To buy a house or not buy on right now

24
Posted 1st Jun
Thoughts on buying a property during lockdown
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Providing you have a stable job and income go for it.

Find the one you like, agree the price and there you go.

Remember, this will be your 'home', so ignore everything in the media ref the housing market.

If you are happy with the property, happy with the price, that's what counts.

You will be on the property ladder for a long time. History tells us that overall property prices go up.
24 Comments
If your income is reasonably secure and you plan to stay for at least 5 years, go for it.
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Depends. What part of the country? Have you seen a “steal”. Is this going to be your forever home?
I’d buy one now. If you wait and everyone else waits and then everyone decides to buy again at the same time, then demand will increase and that will drive prices up.
Mortgage rates are super low, if you need a house, then you need a house.
Toptrumpet01/06/2020 15:18

I’d buy one now. If you wait and everyone else waits and then everyone d …I’d buy one now. If you wait and everyone else waits and then everyone decides to buy again at the same time, then demand will increase and that will drive prices up. Mortgage rates are super low, if you need a house, then you need a house.


I’m a first time buyer here
Then buy a house now.. make sure you get mortgage insurance just to cover you in future..
Cbear8101/06/2020 15:21

I’m a first time buyer here


With so many incentives available to first time buyers, I’d jump in now before they get pulled.
Buy a house if you’re confident:
- in your income & whether you could still afford it if your income changes
- in the area where you live (stable prices?)
- in the value of the house & whether you can get a good deal on it

We’re in the process of moving house to a bigger house but it works for us as the mortgage isn’t horrific, we’re both key workers and the house will be worth loads more when it’s finished.
The best time to have purchased a home is 5+ years ago. The sooner you buy, the sooner you get to that point. Even those buying prior to a crash historically have recovered in roughly that time.

I am not an expert though.
Edited by: "daniellndn" 1st Jun
daniellndn01/06/2020 16:09

The best time to have purchased a home is 5+ years ago. The sooner you …The best time to have purchased a home is 5+ years ago. The sooner you buy, the sooner you get to that point. Even those buying prior to a crash historically have recovered in roughly that time.I am not an expert though.


I bought my first house in December 2008 - in the midst of the financial crash!
shelliebish01/06/2020 16:17

I bought my first house in December 2008 - in the midst of the financial …I bought my first house in December 2008 - in the midst of the financial crash!

Ouch. But they pretty much doubled between 2012-2018. My knowledge is very limited to my area though (central london).
Prices and houses stock differ throughout the country and many areas have seen a huge increase in prices, whilst others have remained pretty much static. If the OP needs a home, what’s the alternative, renting?
daniellndn01/06/2020 16:24

Ouch. But they pretty much doubled between 2012-2018. My knowledge is …Ouch. But they pretty much doubled between 2012-2018. My knowledge is very limited to my area though (central london).


It worked out quite well in the end .... I didn’t need any deposit at all as I used a 50/50 key worker scheme, zero stamp duty at the time and the house is now worth £55k more than we paid (somerset doesn’t rise as much as London sadly). Plus the house was originally on the market for £162k and got it for £145k because there weren’t many buyers without a chain
Edited by: "shelliebish" 1st Jun
Providing you have a stable job and income go for it.

Find the one you like, agree the price and there you go.

Remember, this will be your 'home', so ignore everything in the media ref the housing market.

If you are happy with the property, happy with the price, that's what counts.

You will be on the property ladder for a long time. History tells us that overall property prices go up.
shelliebish01/06/2020 16:52

It worked out quite well in the end .... I didn’t need any deposit at all …It worked out quite well in the end .... I didn’t need any deposit at all as I used a 50/50 key worker scheme, zero stamp duty at the time and the house is now worth £55k more than we paid (somerset doesn’t rise as much as London sadly). Plus the house was originally on the market for £162k and got it for £145k because there weren’t many buyers without a chain


Sounds like you did well. Plus Somerset is lovely.
Buy one now. All the fuss about prices going down was fake news and I’m glad the media has stopped spilling the fake crap bulk.

Rates are good too
Cbear8101/06/2020 15:21

I’m a first time buyer here


Like everyone has said buy now if you are ready.
You are only gonna be First Time Buyer once and earlier you pass that stage the better.
Apart from temporary dips, property market only goes one way.
It's a 3 month process in my opinion and nobody knows what will happen in that time.
Good Luck.
Rental market now up 22% since this time last year due to lockdown breakups and job relocations. This will increase rental rates and in turn buyer interest

I would Buy now outside of London as can see that dropping due to increased home working and companies deciding to move out
Edited by: "chocci" 2nd Jun
With current mortgage rates, it is almost certainly cheaper to buy than rent. This means that unless you are only expecting to own the property for a short period, or are expecting a house price crash, buying is the way to go. Even if you do expect a crash, it may not happen and even the experts have difficulty timing when prices fall.
shelliebish01/06/2020 16:52

It worked out quite well in the end .... I didn’t need any deposit at all …It worked out quite well in the end .... I didn’t need any deposit at all as I used a 50/50 key worker scheme, zero stamp duty at the time and the house is now worth £55k more than we paid (somerset doesn’t rise as much as London sadly). Plus the house was originally on the market for £162k and got it for £145k because there weren’t many buyers without a chain


Have you got info on this key worker scheme?
Also buying a flat vs house?
Misslovely01/06/2020 17:27

Buy one now. All the fuss about prices going down was fake news and I’m g …Buy one now. All the fuss about prices going down was fake news and I’m glad the media has stopped spilling the fake crap bulk. Rates are good too


The media are just reporting what the people who actually give the mortgages are saying.

bbc.co.uk/new…991
MakeItHotinHere06/06/2020 16:01

Have you got info on this key worker scheme?


It was called MyChoiceHomebuy when I bought the house, it meant that I could buy any house (not just new builds) so mine is a 1970s mid-terrace and they charge me £120 interest per month for their share with a regular mortgage for the rest. When I sell I repay them 50% of whatever the house is worth at the time. I don’t know if it still exists though, they got into a lot of trouble a few years ago with dodgy small print on the contracts or something and had to repay all of the interest that had been paid to them - I received £7000!
Edited by: "shelliebish" 6th Jun
MakeItHotinHere06/06/2020 16:01

Also buying a flat vs house?


Anything with a garden. Who wants to live in a flat if we have stricter lockdowns?
So theres not going to be a recession with all the job losses then?
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