Anyone looking to buy a house right now?
07-07-2008, 05:25 PM
#1
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Anyone looking to buy a house right now?
Just wondered if anyone's looking at buying in the current market? We are currently in the best position we have ever been, lots of disposable income, cheap rent currently (WELL under market rent), both walk to work (looking to move 15 miles away), and no real need to be moved until May 2009 because of getting secondary school sorted out for little un.
We are at the moment only starting to come down off the crest of a wave of very high house prices. I don't think by any means it's going to start going up any time soon. And personally I think we're in for a bit of a crash in the next few months.
The missus just wants to do it and get it over with. I don't want to be kicking myself 6 months down the line and wanting to say " told you so" to her.
Theres also job cutting going on at the moment, so I'd at least like to wait until that happens so I know if I still have a job. The wifes argument is, that that could happen anytime. I'd probably struggle to get what I get now in any other place.
Really doing a lot of this -->
at the moment, and it's doing my head in.
We are at the moment only starting to come down off the crest of a wave of very high house prices. I don't think by any means it's going to start going up any time soon. And personally I think we're in for a bit of a crash in the next few months.
The missus just wants to do it and get it over with. I don't want to be kicking myself 6 months down the line and wanting to say " told you so" to her.
Theres also job cutting going on at the moment, so I'd at least like to wait until that happens so I know if I still have a job. The wifes argument is, that that could happen anytime. I'd probably struggle to get what I get now in any other place.
Really doing a lot of this -->
at the moment, and it's doing my head in.
07-07-2008, 06:08 PM
#3
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Prices will continue downward for the next year, that much is pretty much agreed on by anyone without a vested interest in saying otherwise. I don't think anyone agrees that they've bottomed out already.
I think the timing is a delicate thing to think about!! Interest rates WILL start to creep up... which makes some price falls largely irrelevant as it won't bring your monthly payments down by as much as some may anticipate.
I wouldn't worry about prices too much as long as you can afford the monthly payments [and have a long term fixed rate, watch for interest rates next year!] if you're buying a home and not trying to find an investment property? If it's a home you want then pricing is just relevant to what you can afford at the time and if you plan to stay in the lpace for say, 5 years minimum it's highly unlikely you would be in negative equity after that period. And anyway, the price of your house would be the same in relative terms to whatever else you're looking to buy!
Personally, if I was looking to buy a house I would consider December onwards as being a pretty good time to buy.
Those caught up in the investment boom in the last few years are starting to off load already. Going to an auction next week to have a look at the prices and see what the 2 bed stuff they were buying to rent is fetching! I think there's going to be a few of them on the market in the next 6 months....
I think the timing is a delicate thing to think about!! Interest rates WILL start to creep up... which makes some price falls largely irrelevant as it won't bring your monthly payments down by as much as some may anticipate.
I wouldn't worry about prices too much as long as you can afford the monthly payments [and have a long term fixed rate, watch for interest rates next year!] if you're buying a home and not trying to find an investment property? If it's a home you want then pricing is just relevant to what you can afford at the time and if you plan to stay in the lpace for say, 5 years minimum it's highly unlikely you would be in negative equity after that period. And anyway, the price of your house would be the same in relative terms to whatever else you're looking to buy!
Personally, if I was looking to buy a house I would consider December onwards as being a pretty good time to buy.
Those caught up in the investment boom in the last few years are starting to off load already. Going to an auction next week to have a look at the prices and see what the 2 bed stuff they were buying to rent is fetching! I think there's going to be a few of them on the market in the next 6 months....
07-07-2008, 06:19 PM
#4
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im in the same boat mate i holding on as long as i can the area i want to move to is now in my range 3-4 bed detached in the burbs big garden garage ect 150-180k these were 180-230k hold out mate take her away somewhere or buy her a rampant rabbit that,ll keep her quiet for abit and save you large lolly
07-07-2008, 06:43 PM
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get your cash invested in some good portfolio's, and hang for a year, if you can stump up a good 25-40% deposit you will be laughing I recon as LOTS of people will be feeling the pinch of falling prices and rising inflation.
07-07-2008, 06:53 PM
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There not going to fall as much as some people would like. If they did, then would the last person to leave the UK please turn off the lights
If you've got the money to do it, then crack on with it. The only way to make money is to take the plunge. I can't honestly think that no-ones bought any houses in the past few months if that makes sense to you
If you've got the money to do it, then crack on with it. The only way to make money is to take the plunge. I can't honestly think that no-ones bought any houses in the past few months if that makes sense to you
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07-07-2008, 07:06 PM
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The market is crap at the moment, Just knocked 25k off my house and not one phone call to come and view 
You can buy my house is you want lol (somerset)
I would leave it a bit longer prices are still going down, just not as slow as they were.
You can buy my house is you want lol (somerset)
I would leave it a bit longer prices are still going down, just not as slow as they were.
07-07-2008, 07:17 PM
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07-07-2008, 07:17 PM
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There not going to fall as much as some people would like. If they did, then would the last person to leave the UK please turn off the lights
If you've got the money to do it, then crack on with it. The only way to make money is to take the plunge. I can't honestly think that no-ones bought any houses in the past few months if that makes sense to you
If you've got the money to do it, then crack on with it. The only way to make money is to take the plunge. I can't honestly think that no-ones bought any houses in the past few months if that makes sense to you
07-07-2008, 07:22 PM
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07-07-2008, 08:58 PM
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House prices haven't dropped at all where I live (SE London / Kent). I've been monitoring the prices weekly and there are less houses on the market for sure but no noticable drop in prices.
07-07-2008, 09:02 PM
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my uncles a mortgage adviser, self employed all his life and never known a dry spell like it, 12 days without the phone ringing he said, really making him worry
07-07-2008, 09:02 PM
#17
............
its not the house prices thats a worry, its the cost of borrowing, even though the interest rates have dropped the banks still dont have the same lending capacity so their rates are much higher...i've just moved but i agreed my mortgage last year for 10 years at 5.5% with a very good buyout clause and portability.........I couldnt get the same deal for 6.5% now.
07-07-2008, 10:12 PM
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its london and the southern areas that have been propping the market up for so long its unlikely you,ll see the drop yet foreign buyers still flock to london and the south
07-07-2008, 10:22 PM
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its not the house prices thats a worry, its the cost of borrowing, even though the interest rates have dropped the banks still dont have the same lending capacity so their rates are much higher...i've just moved but i agreed my mortgage last year for 10 years at 5.5% with a very good buyout clause and portability.........I couldnt get the same deal for 6.5% now.
double fucked thats common sense not just the buyers the owners too so id say yeah its a worry
08-07-2008, 09:07 PM
#20
............
ofcourse price is a worry if you own 10 houses and stand to lose 20-30k off each your fucked intrest rates go up your mortgage in turn paying more for something that is worth less in a stagnent market they wont sell anyway double fucked thats common sense not just the buyers the owners too so id say yeah its a worry
double fucked thats common sense not just the buyers the owners too so id say yeah its a worryIf anyone is stupid enough to have ten houses on interest only payments expecting to hold on to their capital when the housing market slump has been so obvious for so long then cest la vie...
08-07-2008, 09:10 PM
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Graham, i am in the same position mate! I am currently in the best fincial position i have been and would like to buy my own house asap. However my advice would be to wait unless something comes up in the right location for the right price.
Im currently looking at a house, but its a repo and needs gutting but is in the right location and is a nice little house. Just see how it goes with my offer..
Im currently looking at a house, but its a repo and needs gutting but is in the right location and is a nice little house. Just see how it goes with my offer..
08-07-2008, 09:42 PM
#22
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Graham, i am in the same position mate! I am currently in the best fincial position i have been and would like to buy my own house asap. However my advice would be to wait unless something comes up in the right location for the right price.
Im currently looking at a house, but its a repo and needs gutting but is in the right location and is a nice little house. Just see how it goes with my offer..
Im currently looking at a house, but its a repo and needs gutting but is in the right location and is a nice little house. Just see how it goes with my offer..
08-07-2008, 10:18 PM
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08-07-2008, 10:27 PM
#25
im sure i read somewhere that last year actually averaged a 1% increase in property prices last year 2007-2008 despite all the people saying they are dropping.
certain price brackets are, others are not, if you are in it for the long term go for it when you can afford it, dont fuck about waiting, its allways the people without property that say wait, and always the people with that say go for it. had i waited 8 years ago i would not have the same amount of property i have now, who's to say i will not double them in the next 8 years.
certain price brackets are, others are not, if you are in it for the long term go for it when you can afford it, dont fuck about waiting, its allways the people without property that say wait, and always the people with that say go for it. had i waited 8 years ago i would not have the same amount of property i have now, who's to say i will not double them in the next 8 years.
08-07-2008, 10:34 PM
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Graham, i am in the same position mate! I am currently in the best fincial position i have been and would like to buy my own house asap. However my advice would be to wait unless something comes up in the right location for the right price.
Im currently looking at a house, but its a repo and needs gutting but is in the right location and is a nice little house. Just see how it goes with my offer..
Im currently looking at a house, but its a repo and needs gutting but is in the right location and is a nice little house. Just see how it goes with my offer..
Last edited by Rudey; 08-07-2008 at 10:36 PM.
08-07-2008, 10:35 PM
#27
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im sure i read somewhere that last year actually averaged a 1% increase in property prices last year 2007-2008 despite all the people saying they are dropping.
certain price brackets are, others are not, if you are in it for the long term go for it when you can afford it, dont fuck about waiting, its allways the people without property that say wait, and always the people with that say go for it. had i waited 8 years ago i would not have the same amount of property i have now, who's to say i will not double them in the next 8 years.
certain price brackets are, others are not, if you are in it for the long term go for it when you can afford it, dont fuck about waiting, its allways the people without property that say wait, and always the people with that say go for it. had i waited 8 years ago i would not have the same amount of property i have now, who's to say i will not double them in the next 8 years.
09-07-2008, 07:26 AM
#28
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ive noticed a change in southampton, houses that were 180 are now 155 160 ish, i personally think they will drop to 130 140.
edited to say i cant believe what i have just seen looking on rightmove
in southampton 3 beds
ok shitty areas but theres a couple houses for 90k and 100k, several for 110 120 thats unbelievable im gobsmacked
edited to say i cant believe what i have just seen looking on rightmove
in southampton 3 beds
ok shitty areas but theres a couple houses for 90k and 100k, several for 110 120 thats unbelievable im gobsmacked
Last edited by lardypants; 09-07-2008 at 07:31 AM.
09-07-2008, 08:26 AM
#29
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In the same position as many, i have a mortgage lined up at 6.59% which they will hold until November for me, plus a deposit and i'm a first time buyer!! Prices are dropping around my area gradually (Chelmsford / Wickford) but as with everyone else i'm still wairy about buying now. All of the houses that were Ł250k 6 months ago are now down to around Ł220k but i still feel they are going to drop more. I've been advised that so long as the offer / offers you put in on houses are a lot lower to compensate further price drops you should be ok. One property i'm very interested in was up for Ł250k, they said they will accept Ł220k but i put an offer in of Ł205k last month which they turned down. Not one other person has viewed the house so fingers crossed in the next month or so i'll put the offer in again and they may accept!! (or if the prices have susbtantially fallen over the next 2 months i'll go lower!!
Chris
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09-07-2008, 09:18 AM
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At the moment, as a buyer you are in a very very strong position to get a big discount off any house. If you wait until the market starts to recover you might not be in such a strong position...
09-07-2008, 10:22 AM
#31
i sold my place a few months ago
now living back at home but have got a large deposit waiting
it seems like alot of the agents down here are trying to keep the prices up
i found 2 houses exactly the same but 50k difference in price
alot of houses are having open days trying to attract buyers
if i find a house that suits me ill put an offer in of at least 50k down on what they are asking
now living back at home but have got a large deposit waiting
it seems like alot of the agents down here are trying to keep the prices up
i found 2 houses exactly the same but 50k difference in price
alot of houses are having open days trying to attract buyers
if i find a house that suits me ill put an offer in of at least 50k down on what they are asking
09-07-2008, 06:51 PM
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Graham i know what you mean about funds etc. This house is a two bed end of terrace, but has a fair bit of land with offroad parking for 4-5 cars, and room for extension. I have put offer in 14k of list and so far im am the highest person. It just in a nice location, and with a lot of potential. Just it needs total gutting, it hasnt even got a bolier! as the person who got evicted knicked it on the way out.
as the person who got evicted knicked it on the way out.
09-07-2008, 08:30 PM
#33
I have no inention of moving anytime soon, so I don't give a toss what the house prices so at the mo, but I am ashitting a brick about renewing a fixed deal next May/April! It's tight as it is, let alone with the current energy bill increases, but if the interest rates creep up I could well be fucked!
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