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renter1

To Buy Or Not To Buy? But When?

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Im a first time buyer and have been waiting upon the advice of my Dad for the market to crash for the last 3 years!! ahhhhhhh!! I am married we both earn good wages and would like to set up home but dont want to be caught out by a fall in prices because we were too impatient.

Well, my dad thinks we should wait until July 2007 before buying, does anyone else agree with this or do you think it will be earlier than that?

Ideally I would like to buy next summer, would this be a bad time??? :(

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Renter1

Its tricky to time when the bottom will be. I reckon it might be 2007/2008. Your dad is wise to tell you to wait it out.

Thing is, not to buy at the bottom, but close to the bottom, when you won't be overly competing. I say wait until prices slide, do your research and decide if you and your partner can afford it then.

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The trough of this cycle is probably a good 5 years away, although the worst of the falls should happen over the next 2.

But don't listen to me, or anyone else.

Do as much research as it takes for you to feel comfortable with the risks, and then make your own decision knowing you have gone in aware of the full situation.

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Im a first time buyer and have been waiting upon the advice of my Dad for the market to crash for the last 3 years!! ahhhhhhh!!  I am married we both earn good wages and would like to set up home but dont want to be caught out by a fall in prices because we were too impatient.

Well, my dad thinks we should wait until July 2007 before buying, does anyone else agree with this or do you think it will be earlier than that?

Ideally I would like to buy next summer, would this be a bad time??? :(

You can always "create your own" market bottom by putting in ridiculously low offers at any time. Right now you would probably just get some pompous venom from the seller, but by next summer you will probably start getting some interest.

frugalista

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annoyingly my dad is usually right, but at least I have this support and advice. A colleague at work is being encouraged by her parents to get the biggest mortgage she can to buy a poky flat now that she has got her first graduate job.

My Dad believes this so much he sold his house and is in rented himself waiting for the market to fall.

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FWIW my dad thinks property will go up in the long run, and owneship has considerable lifestyle benefits over renting, and therefore I should by a property now.

I agree with the premise but not the conclusion. I reckon prices have fallen by 5% in the area I look at since not taking his advice a year ago. Whether its GSD or crash I can increase my net worth more by saving and renting than paying off a mortgage.

I will continue to rent whilst its an almost certainty that its the cheaper option. When I start a family it may be more important to have my own property than be saving money.

At the moment I think I actually have a better lifestyle overall by renting, since I rent a better place than I could afford (and I'm still financially better off for it).

My current expectation is to buy in 18months-2years time, but I am constantly monitoring the situation, ready to change this view at any time.

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Not much help but my Dad's the opposite - he thinks I'm insane for daring to step off the 'property ladder'! I have only been renting a short while and he keeps ringing me up asking whether I've bought another house yet! He just doesn't get it .......

Buy when you want to not when your Dad says you should - that way you've nobody to blame but yourself if it all goes wrong :)

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  • 336 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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