To buy a house now or wait

11 replies

User5512 · 31/08/2023 07:45

We are currently living in a property owned by family. No rent and no particular rush to move. We have a large deposit (50%) and are looking to buy our own place- in Rochester (Kent).

We are in two minds about buying now or wait to see if the prices come down?

What would you do ?

OP posts:

DustyLee123 · 31/08/2023 07:47

There’s been a crash coming for years, but it hasn’t. I’d get on the property ladder and start paying your mortgage off.

Zanatdy · 31/08/2023 07:48

Prices will drop. Mortgage broker said to me if buying now (a flat, 300k) offer 10% less minimum to compensate for drop. I’m just waiting a bit and watching, prices are dropping

TheAOEAztec · 31/08/2023 07:48

Every year is the pre crash year according to some people....

Zanatdy · 31/08/2023 07:48

DustyLee123 · 31/08/2023 07:47

There’s been a crash coming for years, but it hasn’t. I’d get on the property ladder and start paying your mortgage off.

It’s happening, prices have dropped a fair amount already. Many people can’t pay their Mortgage with such increases

PinkCherryBlossoms · 31/08/2023 07:49

I think prices overall are at least flattening somewhat now, but it isn't a uniform picture. Are you keeping an eye on what's happening with the sort of property and area you want?

canfor · 31/08/2023 07:53

Prices are dropping a little but they will rise in time and your home is a very long term investment. In your situation I would give myself some time, maybe a year to look for the perfect place, but that's because you have a bit of time to be choosy. If you find something now don't turn it down because you are playing property price roulette....

Oliotya · 31/08/2023 08:23

You've got a huge deposit, so very insulated from price fluctuations.
There's not been a significant crash yet, I'll believe it when I see it. But there's very little on the market (round here at least) at the moment, and I don't see that changing any time soon.
I'd not be in a rush, but would be ready to buy when I find something I love.

hdbs17 · 31/08/2023 08:28

If you're desperate to move into your own home, then buy.

If you're not - how long did it take you to save a 50% deposit? Could you reasonably wait and increase the deposit so you can have a smaller mortgage?

Fieldofbrokenpromises · 31/08/2023 09:09

You should definitely buy now or wait.

Hollyhead · 31/08/2023 09:13

Either is a good choice but be ruthless about not overpaying if you go now - find an equivalent properties covid peak price (summer 21-January 23) and negotiate at least 10% off it, possibly more if it has anything undesirable about it.

There won’t be a ‘crash’ where prices drop over night, but I expect that the covid boom price rises to be eroded down by 2025. Very desirable properties in desirable areas may be ok, but less desirable in less desirable areas will see prices slumping over the next 2 years.

I live somewhere fairly desirable in the midlands. Very little has sold where I live this year, and only things that were sensibly priced, approx 5-10% lower than the mad covid Stamp duty boom.

Adventureplease · 31/08/2023 09:33

We are cash buyers and keen to buy but we have decided to wait six months and see what happens. Obviously it’s hard to predict but it seems likely that prices will continue to come down over the next few months. We are also looking in one of the areas the went up most during the covid boom which apparently means it is one of the areas most likely to see a drop now.

Flip