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To buy first house now

(24 Posts)
blondieblonde Wed 12-Oct-16 14:59:55

We're very happy with two small children and are currently renting. We've saved up a deposit and both have good jobs, but as it stands we'd only have about 10% of the value of the kind of property we'd need to buy (we live in one of the most expensive cities in the South East).

We'd just about pay the mortgage off in 25 years, on a v small house.

It feels very serious, as this would be our first house purchase, and I want to get it right.

Do you think we should do it now, or wait a while and see if there's a downturn? I do find it hard to stomach when I look at the market info on Rightmove and see that all the houses were worth half as much seven or eight years ago.

What do you think?

flirtygirl Wed 12-Oct-16 15:03:12

Id wait for a possible brexit downturn, and buy somewhere nice i could add value to, if poss.

ByeByeLilSebastian Wed 12-Oct-16 15:04:39

I'd hang tight and see what happens with Brexit. I can't see house prices going up..

Whatthefoxgoingon Wed 12-Oct-16 15:06:19

Really no one knows what the market will do when we brexit. Prices at that point could do anything. You're taking a gamble either way. The only thing that's certain is you are getting older, your kids are getting older and we have a limited time on earth. Do what will make you happy smile

blondieblonde Thu 13-Oct-16 11:38:41

I know I'm being dense, but what do you mean by 'when we Brexit'? Will there be a certain moment when it happens? When will this be? Do you mean when article 50 is triggered?

blondieblonde Thu 13-Oct-16 11:38:42

I know I'm being dense, but what do you mean by 'when we Brexit'? Will there be a certain moment when it happens? When will this be? Do you mean when article 50 is triggered?

JeVoudrais Thu 13-Oct-16 12:42:19

Wait til spring at least. Not much on the market at the mo and this is typically the worst time of year for stuff coming up. Know a bit more re Brexit then too smile

IAmAPaleontologist Thu 13-Oct-16 12:46:19

I'm going against what others have said but I think if you find a house you love then buy it. A house you love is your home and that matters more than whether you can add value etc. What I wouldn't do right now is buy something as a house to get on the ladder with and resell in a few years as that is not likely to be a sound investment. Keep checking right move etc, maybe view a couple to get a idea of things but if something perfect comes up don't let it get away.

H1ghw4y61Revisited Thu 13-Oct-16 17:36:16

The rates for mortgages following the vote are at an all time low, now is, but most people's reckoning, the time to buy, at least here.

blue25 Thu 13-Oct-16 18:02:50

I have friends who put off buying several years ago waiting for 'the crash.' They are now still renting with ever increasing rents, while those of us who bought, have properties which have doubled in value. If you can get on the housing ladder in London & the South East, do it. Demand for housing in this area means you're unlikely to lose out long term in my opinion.

Fluffyears Thu 13-Oct-16 18:55:12

We've just sold after 12 weeks and our neighbours dild in a week up in Scotland so it doesn't seem to have affected anything yet.

Matchingbluesocks Thu 13-Oct-16 19:03:08

I would do it. Buy it now.

Reasons: interest rates low
Deposit: example from last year- friend was looking at £350k houses. In 12 months they were going for £425k. You may be able to buy now but could you save cash faster than house prices increase to keep your deposit relevant?

Brexit- SE hasn't really had a downturn. 6 months blip in 2008 then up up up since. I don't see brexit making any difference especially whilst we continue to have a housing/ land shortage

Bearbehind Thu 13-Oct-16 19:10:11

I think it very much depends on where you are thinking of buying.

If it's in an area which is likely to attract investment buyers for the longer term then go for it because the weak pound will make property attractive to overseas buyers even if domestic buyers get cold feet.

Conversely, I wouldn't be buying a house near the Nissan plant in Sunderland for example in case it winds down/ closes and property prices plummet.

Cinnamon2013 Thu 13-Oct-16 19:16:19

It's a tricky one. Matching - I'm going to be that annoying person who says 'we haven't left yet'. If jobs do go to Europe and sterling continues to be worth so little London may not be the financial capital of the continent anymore. This is a real possibility and would affect demand.

Cinnamon2013 Thu 13-Oct-16 19:18:12

Sorry I went off on a tangent... I'd wait a year, then do it.

thisisbloodyridiculous Thu 13-Oct-16 19:23:00

Buy now - get a low interest deal and spend the time and money you would have been on rent on whittling away your mortgage.

misskatamari Thu 13-Oct-16 19:30:07

I'd buy now. I guess it depends where you are, but we're in the northwest and prices here are going up and property is being snapped up really quickly. We've just sold our house and weren't even on the market a week, and bought one a few days after it went on. If you want a house that will be your family home that you will live in for years then I think worrying about the possible changes to the market is less of an issue

seventhgonickname Thu 13-Oct-16 19:35:04

Buy now,properties especially in the south east are still holding and going up.Brexit will not affect prices much as there are still so many people needing houses.Yor savings will probably not be 10℅ in a year or so.

ThisIsStartingToBoreMe Thu 13-Oct-16 20:54:55

Buy now, this time next year you;ll have already paid a year of it off!

JulietteL Thu 13-Oct-16 21:04:50

The Brexit impact won't be clear for years. Don't put your lives on hold - buy now.

LondonNicki Thu 13-Oct-16 21:37:35

Buy now. Interest rates are at an all time low so get a tracker if you can. Month on month you are spending rental income that is better paid into your mortgage.

The most expensive month when you buy is your first year - after then your properly value is likely to increase and loan to value on your property so you can get a better rarer after your fixated term deal has expired.

It gets cheaper from then whereas putting well earned cash into rent is wasted money..

blondieblonde Thu 20-Oct-16 14:41:42

Ok, thanks everyone, good advice.

FeedMyFaceWithJaffaCakes Thu 20-Oct-16 14:44:25

Buy now: south east is never effected x

Thingmcthingyface Thu 20-Oct-16 21:06:55

Buy now. Short term prices will fluctuate but long term you'll be ok if you don't bite off more than you can chew. Don't mortgage to the hilt. Interest rates wont stay low forever- calculate how much you'd be paying in 10 years if rates hit 5% or higher. Buying a house is not just about money and investment. Its about home first. You have to live your life there. Try not to think about the value of the property when you own it, get on with enjoying it :-)

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