Would you.....

[TW]Fox · 13 Jul 2008 at 23:53

Blokey57 said:
I'd take advantage now, never know whats going to happen.

Except the thing is, we DO know whats going to happen - rising fuel/food prices and the situation with global financial markets will cause the UK to drop into a recession at some point in the near future. This makes now a particularly poor time to buy a property.

ChrisD. · 13 Jul 2008 at 23:54

[TW]Fox;12083484 said:
Except the thing is, we DO know whats going to happen - rising fuel/food prices and the situation with global financial markets will cause the UK to drop into a recession at some point in the near future. This makes now a particularly poor time to buy a property.

The country is in recession already.

rotters · 13 Jul 2008 at 23:57

MilanoChris said:
The country is in recession already.

no its not we still have some net growth, technically we are int a recession unitl we have neutral or negative net growth for 4-6 minths in a row.

how ever the stock markets have taken a hit. we are on a downer at the mo, something called a boar market i believe rather than a bull market.......tis a little beyond my understanding the stock market though.

[TW]Fox · 14 Jul 2008 at 00:13

MilanoChris said:
The country is in recession already.

Not officially, no.

[TW]Fox · 14 Jul 2008 at 00:13

rotters said:
how ever the stock markets have taken a hit. we are on a downer at the mo, something called a boar market i believe rather than a bull market.......tis a little beyond my understanding the stock market though.

A bear market?

ChrisD. · 14 Jul 2008 at 00:14

[TW]Fox;12083607 said:
Not officially, no.

Not officially no, however it's plainly obvious that we are.

Raymond Lin · 14 Jul 2008 at 00:17

MilanoChris said:
Not officially no, however it's plainly obvious that we are.

anyway, back to OP....

I'd wait.

ChrisD. · 14 Jul 2008 at 00:24

Raymond Lin said:
anyway, back to OP....

I'd wait.

My apologies, didn't realise the fact that the fact that we're in for some hard times didn't have any relevance to the current housing market. I might as well have posted something to do with, say, sailing, or surfing.

House prices are falling off a cliff right now in a lot of areas in the UK as people can't find work or can't afford rates on new Mortgages.

Now is not the right time to buy unless you have a large deposit, can secure a good fixed rate and buy a house that is currently way under market value, which to be frank, is going to be hard.

BigglesPiP · 14 Jul 2008 at 00:30

Will a mortgage cost much more a month than rent?

Glaucus · 14 Jul 2008 at 00:34

Depends, I would.
But then I wouldn't be looking to move anytime soon.
Being able to decorate is important to me.

I have to start saving. I reckon next summer will be the time to buy..

aa6972 · 14 Jul 2008 at 00:38

Add all the cost to go with buying a house (+ maintenance, extra travel cost etc), compare that to renting cost. Then you can build a scenario of what if the price fall 10% or 20% etc..

Scuzi · 14 Jul 2008 at 00:39

BigglesPiP said:
Will a mortgage cost much more a month than rent?

Generally, yes. Depending on the amount you mortgage of course. The falling value of property along with the interest rates on mortgages make renting a significantly cheaper option at present and this may well be the case for the next few years.

MikeTAD · 14 Jul 2008 at 13:04

Definitely a buyers market at the moment...good bargains to be had at auctions...

The Dread Pirate · 14 Jul 2008 at 13:26

1. no
2. wait 3-4 months

atpbx · 14 Jul 2008 at 13:30

I would buy, but then i dont live in an area where house prices have had stupid rises and catastrophic falls either.

sdfuk · 14 Jul 2008 at 14:38

Ideally - I'd love to get a bit of land and build but it still too expensive - some estate agents are still trying to blag higher prices.