This is a pure anecdotal, I completed on my first house a year ago today.
So, why did I buy after all I had learnt both here and elsewhere?
Turning the big 4-0 I had a ‘now or never’ moment and frankly I was tired of renting; having to deal with incompetent (and sometimes just plain evil) landlords as well as being treated like a second class citizen.
I found a place just outside London that ticked all the right boxes. It was empty and had been on the market for five months, a little bit run down and somewhat neglected; the previous owners wanted to sell following a divorce. It just needed some TLC, no major structural issues. I was able to haggle on price and with some help from my parents was able to afford to put down a decent deposit to get a lower mortgage rate.
So now I have my own place, I enjoyed decorating to my own taste and have never been happier.
Having said that, I do miss being able to just pick up the phone when anything goes wrong, I now have to identify problems myself and find someone willing (and able) to fix it, much easier said than done! I also haven’t been able to afford to go on holiday at all this year!
It can be done, but you WILL have to make sacrifices.
I would have loved to have been able to wait longer but time is against me. The temporary boost to prices only made possible because of ‘Help to buy’ will be short lived IMO.
So, will prices continue to rise? Almost certainly not.
Any regrets? No, so long as I keep my job and keep paying the mortgage I do not care how much my home is ‘worth’, I no intention of moving.
So should you buy now or wait? Damned if I know!
Good luck, whatever your decision.