Is now a good time to buy?

[JetSetWilly]

Or is the market really heading down over the next couple of years?

We have the opportunity of extending our (v low) mortgage to enable us to release a deposit for a buy-to-let. DP has the skills and trade to renovate/extend as necessary. The rent will more than cover the mortgage however this will pretty much be offset by the increase in mortgage of our main residence.

It will definitely be a long term investment as I can't see any money to be made selling on due to captail gains tax fees etc. However worse case scenario would be if the Market dropped massively.

Writing this down/ gut instinct says don't buy but would really appreciate some views and advice

Where are you thinking of buying. A lot depends on the location.

Forest hill/honor oak park or grove park in London. Both places we know well

Mostly houses within our price range on grove park. Mostly flats in fh/hop. I prefer grove park for this reason (no service charge plus potential to extend loft which is the area DP is skilled in)

Bumping for you.

Thanks madness

I'd go with my gut instinct. Why put yourselves in more debt. Property is going nowhere for a long, long time.

There are still good accounts to be had for savings. I've just opened a 4.3% account - more than I made when I was an accidental landlord (sold a couple of years ago)

If the thread above is anything to go by, dont buy now, buy in a couple of years! House prices are supposed to drop by 20%, so may be worthwhile waiting :)

Thank you beautyspot and Lou. I think we're definitely heading to the don't buy camp for the reasons you've stated