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Original poster

Would you be an absolute loon to buy a house right now?

34 replies

BarnetTroubles · 07/10/2022 14:26

Hi,

Just that really. Was seriously considering getting on the market early next year and it's kind of a now or never (well not for a long time) situation, for various reasons.

I was talking to a friend about it earlier today and her mouth fell open in shock 😲 She said I would be absolutely mental to even consider it right now! Is she right? I mean...people are still moving, right?

Be interesting to hear your thoughts.

TIA

OP posts:
AliceS1994 · 07/10/2022 14:33

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BMW6 · 07/10/2022 14:37

Not at all as long as you can afford mortgage even if interest rates rise. Get the best fixed rate you can with the most deposit you xan scrape together.

TheStoop · 07/10/2022 14:40

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This has been deleted by MNHQ for breaking our Talk Guidelines.

justanotherlaura · 07/10/2022 14:43

@AliceS1994 you've obviously not had a house in Aberdeen. We sold our flat 5 years ago for 110k, 5 years before that we could have got 125k, you can get a 1 bed flat for 85k now... prices don't always go up every 5 years

Saying that, if you are looking for somewhere to live long term and can afford for the interest rates to rise a bit it doesn't matter if your house loses a bit in the short term. We want to move closer to home next year and haven't completely ruled it out, we will do the sums closer to the time

FivePotatoesHigh · 07/10/2022 14:47

Thanks for starting this - in a similar position so interested to see the replies.

PinkPlantCase · 07/10/2022 14:53

We are trying to sell/buy now. For our family it’s there right time.

We needs more space for more DC and our income has increased a lot since we bought this house, financially it’d be worse for us to stay put as cash in the bank isn’t keeping rate with inflation.

PinkPlantCase · 07/10/2022 14:55

Will say though that the market has really slowed down, we had 8 viewings in our first week to market, and only 1 or two viewings a week since then.

This in a house in and area that everyone expected would go within a week.

Im also seeing a lot of sales fall through at the last minute.

Though financially it might not be a bad idea emotionally it might be difficult

Whattaweapon · 07/10/2022 14:56

It totally depends on your circumstances.

Remember if there's a crash, house prices will go down but banks will seriously restrict lending.

If you can afford it and you plan to stay there long term, go for it.

DoYouWannaQuilmes · 07/10/2022 15:00

I’m also looking to buy. Quite a few new properties have come up in my area this last week alone for the first time in weeks. I’m keeping my eye on them to see what happens. If they go quickly like they normally would then I’ll I’ll take that as a sign to pull my finger out.,,

Booklover3 · 07/10/2022 15:05

YABU it all comes down to wether you can afford it and how long you plant to stay there.

Booklover3 · 07/10/2022 15:06

I am being unreasonable lol… just saw this is chat 😀

MidnightMeltdown · 07/10/2022 15:22

I wouldn't take any notice. I bought in 2020 and even back then, everyone was saying that it was a crazy time to buy and that the market was about to crash.

The exact opposite happened and the house value has gone up by about 25%. Not that I care as I'm not planning to sell.

The point is, there are crashists who could have bought 10+ years ago, but instead have paid 10 years of rent while being increasingly priced out.

Trying to time the market is a fools game. Especially is you are paying rent while waiting for the crash. Buy as soon as you are ready, and can afford to to so.

WelshNerd · 07/10/2022 15:32

My view is that if you're a first time buyer then whenever you get on a ladder it will be challenging but it's usually worth it.

We upsized last year and honestly I wouldn't have done it if circumstances with rates were then as they are now.

Itstime1 · 07/10/2022 15:37

We’ve just exchanged on a new build that’s due to be finished next year. We’re putting our house up in Jan/Feb so it’s completely based on your circumstances! Don’t worry about it

Wichit · 07/10/2022 15:40

If you can afford it, do it. Two bedroom places round here charge £1400 a month rent. Put off buying for a year and you're already close to £17k out of pocket while your landlord is £17k up. Also the deals available today are unlikely to be available in a year's time.

LunaDeet · 07/10/2022 15:47

We are buying now. We had to try to judge interest rates V house price, but our area is so slow that there may be literally nothing around in a year - and we need somewhere to live! It's all down to circumstance. If you have a big deposit and small chain, plus you're happy to stay put should the market crash then why not?

Coffeesnob11 · 07/10/2022 15:51

Yabu to use the terms absolute loon and mental.
Yanbu to buy if you are buying a home not an investment. I jave been trying to buy a forever home for almost a year and if the right house comes up (very small search area) I will buy it as I plan to stay there for a long time. If this is a stop gap then I wouldn't. It also depends whether you will get the mortgage you need and afford the bills for the house you buy.

latetothefisting · 07/10/2022 15:55

There's never an ideal time to buy!
My brother bought last year and people were saying he was mad to buy when property prices were at an all time high - but at least interest rates were low. Now as you're finding property prices might go down but interest rates are higher.

Martin money saver has written something about this on his website - basically if you're buying to live somewhere long term go ahead, if you're buying with the intention of selling up within a year or two and hoping to make a profit, maybe hold on.

Also depends how much your rent is and if its private or council - if a mortgage even at the current rates would be lower then its a no brainer...mortgage rates are likely to steady or go back down at some point but rent almost always only ever increases! Plus if you struggle with your mortgage there's help out there, you can switch to interest only payments, possibly rent out a room etc whereas there's no cap on how much someone can charge for private rent.

eltonjohnsglasses · 07/10/2022 15:57

completely depends on circumstances

Low LTV, secure jobs, why not.

Are you selling too?

eltonjohnsglasses · 07/10/2022 15:59

posted too soon. FTB buying an expensive flat in an up & coming area with a 95% mortgage? I would wait.

Crunchingleaf · 07/10/2022 16:04

Like PP stated it all depends on your individual circumstances on whether your a loon or not.
For some people it makes sense to wait and for others it’s a now or never situation.

120go · 07/10/2022 16:09

No but you would be if you choose to pay August prices.

Yabado · 07/10/2022 16:10

My son is buying he got a mortgage offer in sept for 3.4 5 year fix
he will sign the contracts I think next week
He is doing shared ownership
But his mortgage is only 94k and with rent and service charge I think it’s about £750
-£800
He put down a 50k deposit and is buying 60 percent at the moment

To rent the same place it would be £1300 -£1400 so it make sense and it’s somewhere he could stay for a long time so he will be able to ride out any highs and lows

But if he was to buy now the mortgage would be a lot more due to the interest rate rise and I would probably say don’t bother - wait and see

Candleabra · 07/10/2022 16:12

Every time I’ve bought a house there’s been a reason not to.
If you were buying a house solely as a short term investment I’d say no. If it’s your home and you need or want to move then go for it if you’re planning to stay put for a while,

krustykittens · 07/10/2022 16:16

The right time to buy is when you can afford it.

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