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Property/DIY

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Original poster

Is it a good time to buy House in the UK?

11 replies

bobnl · 28/03/2018 15:10

Hi All,

I am relocating to the UK in June and I am thinking of buying a house in Buckinghamshire.

Looks like the property prices are already sky high.

How is the real estate market situation currently? I can see in rightmove, many properties are on sale for long time

with this Brexit happening, Is it good time to buy a house in the UK? or do I wait for another year(paying rent)?

Please advise?

Thank you

OP posts:

lubeybooby · 28/03/2018 15:14

I'd buy now, it will likely drop a bit more but not enough to cover rent in that area for a year

JoJoSM2 · 28/03/2018 15:18

Prices have stagnated in many areas. However, different areas and types of properties can be more or less resilient to falling prices. Interest rates on mortgages are still extremely low. I'm not sure how much impact Brexit is having. It's all probably more to do with massive increases over the last few years and affordability becoming more and more of an issue.

IMO, a good way of hedging your bets is to get a fixer upper - you'll add value by doing it up so even if prices fall, you still break even.

Mosaic123 · 28/03/2018 15:20

You probably don't see the ones that are only on for a few days. Doesn't mean that all properties are slow to sell.

Choose one near to good transport links and decent local shops.

Kenny33 · 28/03/2018 20:43

I sold at the end of last year and the house I was supposed to be buying fell through. I think there might be a small correction on the way. When I was viewing to buy last year the market was mental, you couldn’t get a viewing unless you phoned up the minute the property went on the market and they were selling within days. Now even estate agents are saying that it’s been really quiet since October and houses are sitting on the market for months. We’ve had one very small interest rate rise and may be in line for another in May which I think is causing buyers to be cautious. There is also the uncertainty around Brexit. Landlords not buying as much due to the tax changes and some are even selling up. As someone mentioned above, house prices have gone up so much since 2014/15 that affordability is really stretched.

We decided to rent when our purchase fell through so that we weren’t rushed into buying something that wasn’t right but now we’re hanging on a few more months to see if there is a dip in prices. I don’t think there will be a big crash as we still have a supply/demand issue in desirable areas but there does seem to be a few things stacking up against price growth, potentially even causing a small drop.

This is in Trafford in Manchester though, I don’t know Buckinghamshire.

Original poster

bobnl · 29/03/2018 06:24

Thank you all for your support.

I was looking at 3 room house around Milton Keynes and I don’t find anything for less than 350k.
Except being commuters town, I don’t find any reason why the price is so high there.
In my opinion, reasonable price is 250k for a 3 room house in MK, but that is not the case, heavily overpriced.

OP posts:

Ifailed · 29/03/2018 06:32

according to Rightmove, there are 101 3 bed houses for sale in MK under £250k.
Don't forget, at less than an hour from central London it's a popular commuting town.

JoJoSM2 · 29/03/2018 07:47

Unfortunately, London and the commuter belt are very pricey. 250k for a house is a tight budget. Annual train tickets cost a bomb (so factor that in when deciding where to live). I think a ticket from MK+London travel is over 6k a year. If you're working to a budget, you might find that it's cheaper and easier to live in outer London.

Original poster

bobnl · 29/03/2018 08:35

@Ifailed : the 250k houses are in Bletchley and Wolverton area, not sure if these are a good place to live?

OP posts:

Ifailed · 29/03/2018 10:09

@bobnl they are further out from central MK, so make the commute into London longer and more bothersome.
If getting to London is not a requirement, then there are places nearby to MK where you'll get a bit more property for your money.

jenny12443 · 01/06/2021 20:09

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Iamsodonewith2020 · 03/06/2021 12:06

Those 2 areas are the cheapest ares of MK. There are a few nice ares there but lots of areas that I wouldn’t want to go to let alone live in. Wolverton is ok if you live in one of the new build areas on the outskirts. Lots of independent shops. £350k sounds about right for a 3 bed detached and £450k upwards for a 4 bed detached. If you are commenting in to London the Shenleys are nice and Loughton is very very nice.
Yes

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