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How Low Can They Go

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I'm a 1st time poster - although been browsing here for a year or so - just curious to know when the HPC comes - when will you know the market has hit rock bottom? When would be the right time to buy? Or do you sit and wait and wait and wait because it could go lower? Not trying to be tw*ttish - just trying to work out when to dive into the market again - sold my house a while back - made a tidy sum - currently renting but the thought of paying someone elses mortgage doesn't sit well with me. So while I can see that the market's at a virtual standstill, prices are being reduced (or as EA's say offered at "new price") - just wanna get on with my - so curious to see what folks think about a strategy that if you can get 10-15+% knocked off the asking price for a house in an area that you don't mind staying in for 10+ years if it all goes tits up - is it worth biting the bullet?

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No-one here can predict the future.

Take all replies to your question at face value.

You will only know where the bottom is by considering circumstances at the time.

When is the right time for YOU to buy, is the better question.

The answer to this depends on who you are, what your talents are, what your ambitions are and what are you planning for your future i.e. are you young ?, are you married ? do you have children ? do you plan to have children ? can you earn over £50k per year ? do you want to run your own business ? etc etc

Know thyself and know thy limits. Now might be a good time or 5 years time - you decide !

Apologies for not being able to answer your question, but its kind of hard :D

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Like other markets, this isn't an exact science. If you want to know where the 'bottom' is, you need to understand the factors that drive the market, and especially your local market as house prices are very localised.

House prices are one measure to use. The number of sales per month/quarter is another. If sales are picking up, so is demand. Demand can drive supply; those who were half-pondering whether to sell will start to come out again when the market is picking up.

There is no easy way to see the bottom -- you only know when the bottom was when you are going up the other side. Keep an open mind; view all data with suspicion; try to understand the motives behind any comments you hear. All the way down the market will be 'turning the corner,' if you're an EA. Remember, falling house prices often only benefit those wanting to get on the ladder (although as long as you don't have negative equity lower prices mean smaller steps upwards).

In short, if you use common sense and don't get drawn in to the bright lights of high house prices, you'll survive.

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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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