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Million dollar question!

(16 Posts)
fruitqueen Thu 27-Feb-14 14:55:29

Do you think it is a good time to buy ?
Or do you think the prices have risen to an all-time high and the bubble is likely to burst soon?

HaveToWearHeels Thu 27-Feb-14 16:01:16

If had an sawer for this I could make millions !
IMHO I think it will continue to rise but with flatten off as interest rates rise. I do not think it will burst/crash.

HaveToWearHeels Thu 27-Feb-14 18:54:19

an answer

namechangeagaininnit Thu 27-Feb-14 18:56:33

Who knows.

Interest rate rises may have an impact.

Market in London is off the charts and just keeps going...

bakingaddict Thu 27-Feb-14 19:06:03

If you can afford to buy, you should just take the plunge

At the end of the day a home should be somewhere for you to live. It is the icing on the cake if your home appreciates in value along the way

HaveToWearHeels Thu 27-Feb-14 19:40:02

Agree with bakingaddict

MisForMumNotMaid Thu 27-Feb-14 19:52:40

The thing is that its not what the market does its about what the specific house you buy does. I've barely broken even in a rising market when I've needed to move, yet made money after only a few years in a falling market. Plus everything in between. I've moved lots.

With so much information available on property prices of similar properties, especially in urban/ suburban areas, it's easier to establish if your paying a fair price. If you can afford the fair price, have a reasonable deposit and you don't foresee yourself stepping off the the property ladder in the next five years and aren't in the bit of London where there appears to be a potential bubble at present, I think its still worth climbing on the ladder. I'm not a professional its only a personal point of view.

When you're a first time buyer with no chain you are in a position of strength, especially if you have a good deposit. You should be able to get something a little under a streets average selling price.

namechangeagaininnit Thu 27-Feb-14 19:57:13

Which bit of London do you think has the bubble Mis?

SteeleyeStan Thu 27-Feb-14 20:00:27

Surely it will depend on your area quite a lot, too. No changes in prices that I can see in our tiny corner of NW England for a year or two at least; at least in the type of houses we've been looking at. Seems as good a time to buy as ever, since we finally can.

MisForMumNotMaid Thu 27-Feb-14 20:04:23

Where properties are selling quickly over the asking prices. There have been one or two snippets on the TV and I'm sure its on the threads here (mumsnet) that its been discussed about offering x % over asking price.

I'm no great expert on property but when things suddenly start changing the rapid pace means I tend to pull back. But I'm not a millionaire so don't have the answers, just opinions.

MisForMumNotMaid Thu 27-Feb-14 20:14:37

this thread makes interesting reading about opinions on how the market is in different areas

fruitqueen Fri 28-Feb-14 06:49:44

Hmmmm...Very interesting indeed.....

fruitqueen Fri 28-Feb-14 06:54:22

Have today's prices overtaken the peak of the last cycle ie pre 2007-2008prices ?

Eastpoint Fri 28-Feb-14 06:58:34

Where we live in London house sales were crazy last summer - people were having 22 people look at their house over a weekend and everything went to sealed bids. This was particularly the case for first family homes, not one or two bedroom flats but 3 bedroom houses around the £700-900K range. One bedroom flats (no garden space) are going for around £450K.

It's hard to believe these price levels are sustainable & if you were earning £150K per a mum would you really want to live in a 1st floor 1 bedroom flat?

Eastpoint Fri 28-Feb-14 06:58:55

Annum not 'a mum' !!

SookyLaLa Fri 28-Feb-14 11:09:04

I think it does depend where you are buying. I'm in London so I only really know this area but truthfully, I wouldn't buy now. I'm not sure if it's going to burst or not but I think what the selling prices are aren't sustainable to the average family when rates rise, and they will, eventually. Unless you have a plan and are able to overpay massively to bring the loan amount down?

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