Would you buy a house now?!

[SaltySeaAir]

Just went to see a house that we both like. Husband thinks it's a rediculous time to buy a house. He thinks prices are inflated at the moment due to stamp duty holiday. I don't know what to think anymore. We've been renting since June, I'm desperate to get settled, he would rather wait a few more months and let the market settle. I'm so over moving house now 😭

Absolutely I'd buy now

We did, our purchase went through in March but we'd been looking for over a year. We got involved in a couple of sealed bid situations but didn't end up buying that way. I'm confident what we paid for the house we bought was the 'pre-Covid' price and so I'm happy we bought it. It is certainly worth looking, but try not to get caught up in the frenzy.

I think he's over thinking it, but he's much more sensible than me!

I just want a house 🤣

If you're renting at the moment it means that every month's rent you paid is money that could be paid towards your own mortgage.

@patienz

If you're renting at the moment it means that every month's rent you paid is money that could be paid towards your own mortgage.

That's true, Im not sure it's a massive consideration for us though. We can (almost) buy in cash - depending on the house we buy.

We are buying now

www.mortgagestrategy.co.uk/news/change-in-housing-market-character-may-be-here-to-stay-boe/

Also worried if may become a lot harder to get a mortgage in future

Market has just started cooling where I am, houses are coming on and not instantly being snapped up and reductions are now happening. I would start to look in the next few months or if you are cash buyers look at getting some money off.

It depends to an extent what and where you are buying. A flat in London with no outside space is a very different market to a 3-bed semi with garden in a commuter town, for example.

However, no one just starting the process of selling or buying a house right now is going to complete before the end of June anyway, so whilst your husband might have been right about the stamp duty effect a few weeks / months ago, it's less of a concern now.

Why wait? There are people sitting in rented accommodation for years because they've missed the boat over and over again waiting for the 'perfect' market conditions. Just go for it and as a pp said, just don't get caught up in the current silliness.

No the market is very inflated at the moment, it would be foolish to buy now. There may not be a crash but prices will go back to levels they were at a year ago. Desperation due to a shortage of supply is making people put in silly offers on houses

I'm looking to buy now and so are my in laws.
Stamp duty holiday is pretty much over for ppl still in the searching stage like me.
I really want to move and the market isn't going to panic me.

We are, as we felt the bigger risk was being priced out. The stamp duty deadline is due to expire soon so prices will probably cool a bit (I think it's starting already). I don't foresee a mega decrease though, as demand is going nowhere, especially on family homes.

If you buy for the longterm it doesn't really matter how the value fluctuates, you might as well start putting your rent payments into your own home!

If you've got a 10%+ deposit and you're planning to settle for 5+ years then I'd go for it - "time in the market beats timing the market"

Just be sensible and don't get caught in a bidding war.

I also think interest rates will rise soon and will be rising to levels we haven't seen in a long time.

We bought at the top of the market in 2008. Everyone said not to. We are sitting on some nice equity now!

If you’re buying as an investment it’ll be different to buying because it’s your home. House prices always go up over time so if you’re buying to live in it you may as well buy now.

Honestly I don't think it will drop. Demand may dampen and prices may flatten a bit but that's it.

People were making snidey comments when we were buying 2 years ago. Saying a brexit dip was coming and everything would drop by at least 10% and it was an awful time to buy.

While we thought that could happen but we needed a home and weren't prepared to put our lives on hold.
Our house would easily go for 10% more than we'd paid for it now.

The market has been suppressed for an age and there is just SO much shit stock on right now. If you find something you actually like grab it with both hands.

Only if you're comfortable you can definitely afford repayments with higher interest rates. Of course, that should always be the approach - but much more so now.

Were just about the buy. Low interest rates & property like ours is being snapped up.
I think interest rates will rise a lot in the next 12 months.

Thanks everyone. Lots to think about. I think perhaps this just wasn't the right house, and if he truly loved it he would throw caution to the wind. I definitely agree though with not getting involved in any bidding wars, that's what I hope is going to cool off now. We are in an excellent position, hopefully something we both love will come along soon!

Those saying interest rates will rise - why do you think that?

@Rosieandjim04

Market has just started cooling where I am, houses are coming on and not instantly being snapped up and reductions are now happening. I would start to look in the next few months or if you are cash buyers look at getting some money off.

This seems to happening near me now too (south west London), it was pretty crazy for a while, but seems to be calming down a bit so I'd say this is the perfect time to buy.

Personal I would wait until October this year, then decide to buy a house until then.

I felt 4 months waiting is worthwhile to make a biggest investment/purchasing in my life. If the house market still hot by the end of this year with all government intervene stopped, I admit I am lose in the gamble. I will crack on my life.

I am just very keen to know how is property market in Wales & Scotland now, Is there is any sign of slowing down..

Inflation will keep rising by the end of year. If USA Fed reserve raise the interest rate by the end of this year, It seems highly possibly BOE will follow. Although nobody got crystal ball at the moment.

Yes buy now! What's the difference if you spend the saw money on stamp duty or house?