House Prices - is buying now a good idea?

[Bungalowblues]

We sold our house and moved into a rented property for a while whilst we cleared some debts. We are now starting to think about when we will look to buy again. When I moved in I was adamant that we wouldn't be long in rented and wanted to get back on the ladder asap. But I'm starting to change my mind. House prices seem to edging downwards, so it seems to me it would be better to wait and see where the bottom is.

Is anyone else in the same position? Do you think it will be a gradual move downwards or is there going to be a slide? can you see it bottoming out soon - if so why?

@bungalowblues

I agree with comments re landlords selling up. One of the reasons why I wouldn’t buy a flat as landlords are the main people you would sell to. Gone are the days when people would buy a flat as a first home and move to a house 5/6 years later.

HTB has also increased prices and it will be interesting to see what happens when people try to sell these new builds as 2nd hand with no HTB loan available.

What impact do you think MMR is having? In my area I’m seeing a lot of houses go SSTC and then reappear as For Sale again, a couple of months later. An estate agent friend mentioned that an increasing number of mortgage applications are being declined when the MMR/in depth checks are done.