DO I BUY A HOUSE NOW?! - HotUKDeals
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DO I BUY A HOUSE NOW?!

meshosa Avatar
8y, 3w agoPosted 8 years, 3 weeks ago
When is the best time to buy my first house, do I buy now or do I wait, advice welcomed. Thanks in advance.
meshosa Avatar
8y, 3w agoPosted 8 years, 3 weeks ago
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#1
look around loads of houses and try to guage how desperate the ppl are to sell, if they really need a sale, own them and slash ur offering price by bout 15% of actual price
banned#2
I'm in the same position as you.... I'm waiting till september as this is when I believe the market will bottom out.

Also, rate cuts are for existing morgages only... not new ones!

But, some banks may want upto 30% down payments in the future... so depending on your situation sooner might be better.... personally, I'm saving as much as I can!
#3
if youre planning it as a longterm house, i think its the best time.
if its a shot term investment its a bad time
#4
buy one from the auctions, the auctions were they sell repossed houses
#5
i bought my first house 6 months ago - its a 2 up 2 down terrace wiv 2 bathrooms and a big garden in a new estate - class b tax band. - cost me £120000 - was well priced at the time!

my payments are £820 a month for 25 years

so if u can find better than that, go 4 it :)

i havnt looked because dont wanna get upset
#6
strike
buy one from the auctions, the auctions were they sell repossed houses


And where do the auctions take place?
#7
gavtrfc
i bought my first house 6 months ago - its a 2 up 2 down terrace wiv 2 bathrooms and a big garden in a new estate - class b tax band. - cost me £120000 - was well priced at the time!

my payments are £820 a month for 25 years

so if u can find better than that, go 4 it :)

i havnt looked because dont wanna get upset


Can I ask where this property is located?
#8
saayinla
And where do the auctions take place?


I don't know whether there are any auctions that specifically sell repo's.

Ask the agents in your area.

Auctions are a poor place to buy a house, they have been filled with "Average Joe" trying to get a house on the cheap for the last 8 years at least.

Plus, you generally need to complete in 30 days.
banned#9
saayinla
Can I ask where this property is located?


Glasgow going by that price.
#10
wait until this time next year, trust me houses will be another 20 or 30% cheaper and thats on top of the 20% drop as of today, we might be in a ressecion now but this time next year could but proabaly will be in a depression, alot of bad news to come, on the news in the week they were selling 150k brand new apartments over looking lock in scotalnd for just 75k, the deveopers just need to shift them or risk being bankrupt there will be some great bargains to be had next year, also in the sunday paper last week there was a whole page on house price drops, few examples all bought last year: 123k value now 50k, 133k value now 15k, 157k value now 68k, 139k value now 60k, 249k value now 110k, 199k value now 80k, all different houses from different parts of UK, all being sold at auctions as banks just need cash on there books, get to nearest auction to you, this is just the start next few years will see UK and rest of world in a worse state than the 1927 depression.
#11
wait, definately. I am in the same boat and saving every penny i can get my hands on, im scrimping and scraping and taking extra hours when i can. the more you save the less you pay in the end and with house prices falling and interest rates coming down soon enough there will be mortgages been given out at decent rates and against a good house price.

I was told in a comparisson by a HSBC mortgage manager (one i know) that the example mortgage he showed me was paying back 1.85 for every 1.00 borrowed. so im seeing it as for every pound i put away its worth an extra 85p, if ya get what i mean.
#12
logically if you're in a position to set aside £600+ a month for repayments then saving this amount each month until you are ready to go for it would be a good idea, in 10 months you would have £6k + as additional for you deposit.
#13
bargain surfer
logically if you're in a position to set aside £600+ a month for repayments then saving this amount each month until you are ready to go for it would be a good idea, in 10 months you would have £6k + as additional for you deposit.


correct and saved like another £30k to £75k or more by buying same house this time next year, they got along way to drop yet, you will not see house prices going up for like another 5+ years, in fact they will keep going down for a few years or more then stay at the same level for along time.
#14
i was told next year the house price could come down 25%-35%
#15
Is this a good time to buy in London?
#16
its not a good time to buy any where yet, wait to see what happens next year, they got along way to fall yet.
banned#17
dont listen to all these people. Nobody can predict with any certainty where the market will be in a year.
#18
csiman
dont listen to all these people. Nobody can predict with any certainty where the market will be in a year.



Absolutely spot on.:thumbsup:

Of course they can't, it is like saying how much will the £ be worth against the $ in a months time, nobody knows.
#19
im not predicting house prices falling, im telling you as FACT they will,wait until next year, were see a reccesion not seen in our life time before, that's another FACT by the way.
#20
Can you get a good mortgage deal ? No point asking about buying unless you have a mortgage in principle. Then you will have the option to negotiate prices etc.
#21
Daytrader
im not predicting house prices falling, im telling you as FACT they will,wait until next year, were see a reccesion not seen in our life time before, that's another FACT by the way.


Perhaps you should do the Lottery if you can predict the future.:roll:
#22
He's not predicting, read the news, it's all over the media, house prices are falling now and will continue to do so for at least another year, most people are saying it will continue well into 2010 as well.
#23
Ronaldeano
He's not predicting, read the news, it's all over the media, house prices are falling now and will continue to do so for at least another year, most people are saying it will continue well into 2010 as well.



Trust me, I read the news, just because a lot of people are predicting something, doesn't make it fact.

What would happen if the banks all of a sudden started dishing out 125% mortgages again?
:whistling:
#24
gavtrfc
i bought my first house 6 months ago - its a 2 up 2 down terrace wiv 2 bathrooms and a big garden in a new estate - class b tax band. - cost me £120000 - was well priced at the time!

my payments are £820 a month for 25 years

so if u can find better than that, go 4 it :)

i havnt looked because dont wanna get upset


Wow, are you sure you're paying £820 a month for 25 years for a house worth £120k? Doesn't that add up to £246k :?
#25
Jonny_K
Wow, are you sure you're paying £820 a month for 25 years for a house worth £120k? Doesn't that add up to £246k :?



That is how mortgages work.;-)
[mod]#26
Ask yourself:

1. Can I get a mortgage with my value of deposit?
2. Can I afford the repayments on a fixed rate mortgage?
3. Can I also save up to cover any shortfall or negative equity as the market is unstable.
4. Do I have enough money to pay solicitor costs?
5. Do I have enough money after paying all my bills to live comfortably.

I think that if you answer "no" to any of these questions the time probably isnt right for you to buy a house.
#27
there's no reccession its male cow excression.

Its a plot to stop the middle classes in the world gettin richer and more comfortable. Easy create a false climate of economic crisis boost up the price of all raw resources by 100% and now everyone has less disposible income, so no more savings or investments for us. Back to the grind of struglling to survive.

If your gonna live in it, find a house on the market u like, then make an offer about 20% cheaper than the asking price, they might initially reject your offer but they'll come back soon.

If its for investments wait till the market looks like its hit bottom and starts moving back up, and when it does start going back up its not gonna stop, not in places like london anyhows.
#28
Inactive
That is how mortgages work.;-)


Jeez, I didn't know the interest on mortgages was over 100% the value of the house.
#29
Jonny_K
Jeez, I didn't know the interest on mortgages was over 100% the value of the house.


Not always, but they can be.. ;-)

It's that or pay rent and own nothing at the end of the day.
#30
Still seems a bit steep to me - wouldn't cost anywhere near that to rent it surely?!

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