Worried I'll be priced out the market

[chillconsarni]

What's are the predictions with properties this year? Or anyone have any predictions.
I have a deposit but last year the prices shot up and now the stamp duty relief has been extended I am worried they'll go up again and my deposit will yet again shrink!

I can't buy right now as there's nothing on the market and I'm in a rental that's contract is up in august.

To be honest if you put in an offer today you and the property has a chain then August sounds about right!

Any stamp duty extension price increase should only last until the extension ends, then my expectation is stagnation / a drop in prices. But then I’m just a random person and have no special info ...

It takes ages to buy. Start now if you want to move in August.

Prices won't shoot up in my opinion, hopefully with the short SDT extension and support for smaller deposit buyers that'll keep the market churning along but I can't see any of it causing a huge jump, we are still likely to see economic difficulties when furlough ends, so hopefully the measures will fend off a crash rather than bolster a boom.

In the long term, property prices will always increase.

In the short term they might increase, or they might decrease - certainly no-one on mumsnet (or anywhere else for that matter) will be able to tell you which it will be.

But yes, start the ball rolling now for August, it sounds good timing.

@MojoMoon

It takes ages to buy. Start now if you want to move in August.

Doesn’t help if you still need to be saving your deposit between now and August though, as you need to show proof of your entire deposit when you put in an offer.

And when it comes to June 30th they’ll just extend the stamp duty relief again!

That's what I'm worried about. The stamp duty extending again.
It doesn't help me I don't think. I have the deposit but I'm already priced out of the area my dc is at school in so I'm having to consider so many different things, I know prices fo up and I'm ok with that but last year they shot up, even my backup areas that aren't so loverly are now feeling out of reach.

I would put in an offer now. You could easily be at late may before completion happens and often sellers will be prepared to wait a few more weeks, plus having a bit of an overlap makes a move much less stressful.
I don't think prices will plummet. The govt is clearly (rightly or wrongly) focussed on initiatives that prop up prices.

And with interest rates so low resi is still a fairly solid investment, pretty much one of the few ways to get a tolerable return.

Yes I think I will have to, there's not much on the market right now that I can afford and fits with my criteria but I have got the mortgage in principle from the bank and am ready to go financially.
I didn't actually think about how long it would take if I end up buying as part of a chain.

You'll be priced out . Making house prices rise has the core policy of every UK government since 1990s.

I thought they'd come down. But they have gone up. More government interference on the cards and they'll go up again.

Yes in a free market they would undoubtedly have gone down this year but there is so much interference from the government trying to keep them up I suppose I had better get moving then.