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Patiently Waiting

Should I Wait Or Buy Now?

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Due to a severe illness my partner and I had to sell our house last June, which neither of us wanted to do but it was the only way out of our mess at the time and the doctors prognosis on my illness was not very good.

Fortunately, since June I've slowly recovered and we've been living with the mother in law, so we've managed to put a bit more by. We've see a couple of houses in our area that we like, but neither of us are happy with the amount we'd have to borrow to buy the house.

But the question is do we wait a bit longer to see if they drop, or do we bite the bullet and re-enter the housing market???

Advice would be appreciated :unsure:

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At the moment its a buyers market so I'd state the obvious and suggest there would be no harm in looking around and testing the water would there?

As for buying..I would personally wait for 2 or 3 months. 2 reasons why.

1. See whats happening with interest rates - if they go up, then it might be a inidcator of some rough times ahead.

2. See if there is any kind of "spring bounce" - again if there isn't then will might see sentiment change and prices start to slide a bit quicker come summer time.

I'd suggest if interest rates were to go up Q1 and there wasn't much of a spring bounce then we are on course for some nice discounts later on in the year when the penny drops with Joe Public.

My personal opinion is prices need to drop about 40-50% to be affordable again and I won't bother until that point in time.

But check out sites like nethouseprices.com and upmystreet.com and see what kind of trend prices are showing.

Also bear in mind it will take a few months from finding a property to arranging completion, there should be a drop in prices during this time - factor that in.

Where are you thinking of buying?

Edited by ETOPS773

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Due to a severe illness my partner and I had to sell our house last June, which neither of us wanted to do but it was the only way out of our mess at the time and the doctors prognosis on my illness was not very good.

Fortunately, since June I've slowly recovered and we've been living with the mother in law, so we've managed to put a bit more by. We've see a couple of houses in our area that we like, but neither of us are happy with the amount we'd have to borrow to buy the house.

But the question is do we wait a bit longer to see if they drop, or do we bite the bullet and re-enter the housing market???

Advice would be appreciated :unsure:

Its entirely up to you. But if you do look for a house, haggle hard, offer alot less than asking. Hometrack say selling prices are 6% less than asking, so go in way below 6%!!! If they don't accept, walk away! I don't think there is any significant chance that prices will shoot up again!

With regards to the market as a whole, we have seen a major turn in 2005, with house sales very low. This was mainly because of sellers believing the hype that prices were still rising...

I expect 2006 to be very interesting... and I expect prices to fall alot by the end of the year!

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It seems to me that what you are currently doing (even if it is living ith the mother on law!) is working and good for your health.

I would have to ask why change it? I think it's generally accepted that prices are highly unlikely to rise anything like they have in the recent past. If anything, they may well fall.

Delaying and concentrating on your recovery may be the best for your physical and financial health.

Best of wishes with your recovery.

NDL

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Guest Fiddlesticks

Looks like house prices are not going anywhere fast at the moment. Personally I intend to wait for the spring and see what's happening then, especially with interest rates. I'm keeping a careful eye on my local market.

My problem is that I'm a chronic commitment-phobe and I could probably carry on "putting off the decision for three months" every three months for the next ten years ;-) I've been doing just that over buying a laptop for about two years now.

To be honest, living with the in-laws might focus my mind though, perhaps I should try it ...

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  • 301 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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