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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:
Turnaroundandigone · 07/10/2022 16:19

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

The Aberdeen property market was ridiculous till about 2008. Properties going 50% over asking price. Madness!

MacaroniBaloney · 07/10/2022 17:38

Outside of London (and maybe the SE?) Prices just aren't so volatile.

Where we are, there's 4 x 3 bed detached houses for sale in a 5 mile radius. Those house prices are not dropping. Supply and demand.

MargeSampson · 07/10/2022 19:20

I would still buy now if you can. Especially if its a long term option.

OperaStation · 07/10/2022 19:32

This reply has been deleted

This message has been withdrawn at the poster's request

Property doesn’t ALWAYS rise over a five year period. Just look at the london market for flats.

YumYummy · 07/10/2022 19:35

. Prices may fall over the next year or so but property ALWAYS rises over a five year period
this made me chuckle.

user1471538283 · 08/10/2022 07:47

I'm still looking and I think prices will drop. Also as interest rates rise that will have to be reflected in offers. I'm looking for a decent fixed deal when I find somewhere.

I think now and next year is a good time to buy.

I bought my favourite house at the top of the market and went into negative equity. But by the time I sold I made a profit.

Jazz12 · 19/12/2022 10:28

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.

Where is that @Wichit ?

Echobelly · 19/12/2022 10:32

If you can afford it and will be there a while, yeah, I'd say go for it. I looked at a chart recently of UK prices and even after 2008, they only fell to prices 2-3 years before and quickly went over that. We bought our first place together in summer 2007, and still sold it for much more than we paid 8 years later.

SweetSakura · 19/12/2022 10:35

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

Flats are always riskier anyway. I wouldn't buy leasehold unless I really had no other choice

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