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Should I Think About Buying Now?

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I have looking to buy for almost 2 years (egged on by the wife) but held off hoping there would be a 'correction'

We just saw a good one on the market.


Good area, close to my place of work, schools etc (no kids yet).

I have a decent deposit saved.

The place has just been reduced to 229950 from 250000 (no interest for 4 weeks). Vendors keen to sell.

Do you think it's worth offering 210000 for it (total of ~17% off initial asking-- similar houses sold for ~230000 in neighbouring lanes last year) or let this one go and wait for prices to fall?

I always (for last 3 years) thought I'd buy when ineterst on mortgage was equal to current rent (£700). On 5% £170,000 mortgage, it is just about even now. Or would I just be contributing to dead cat bounce???



PS: rented for last 5 years here and 3 years abroad so sick of moving every 2-3 years.

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I think the vast majority on this forum think the market is going to fall further, some say much further. I suspect that it has another 10% or so to go. I base that on rising unemployment and poor economic results. I could be very wrong of course. It's all a matter of opinion.

Having said that even if you were to put in an offer now, I'd offer quite a bit less than the amount that you have indicated.

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If you like it halothane, can comfortably afford, work in a secure job then why not buy it?

You will be contributing to a dead cat bounce but housing is not always a financial decision.

Most people on this site (including me) are convinced housing has a lot further to fall, but if you're just going to keep living there (as your post implies) then it's only a paper loss.

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Are other houses in that estate similar? I would say Number 16 is the best house in that road, as it is Council Tax Band E.

The peak was about 220k in late 2006:

This is what others sold for: http://www.houseprices.co.uk/e.php?q=PR2+6RG&n=100

Although, Zoolpa values it at 230k: http://www.zoopla.co.uk/home-values/PR2-6RG/?q=PR2%206RG

It sold for £86,000 Sale date: 3rd Mar 1995

It is a council tax band D.

And it is identified as:

Wealthy Achievers -> Flourishing Families -> 10 - Well-off working families with mortgages

Under the Acorn Classification.

Overall, I would probably say it's over priced. 200k may be a 'going price'. But I don't know the area at all.

It's a very nice house, and one I would aspire to. The only downside to the house is the garden will get very little sun as it's north facing, and the adjacent house will block the afternoon sun.

Just my 2p...

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how noisy is the motorway in the garden? Does a sheet get dirty if you leave it outside for the day?

According to the brochure this is number 1 Larchgate


according to sold prices it has sold in 2006 for 285k! so the current owners have lost alot of money already ;p


Offer 200k and see what happens? Aim to meet in the middle around 210?

Edited by moosetea

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