FTB London 1bed flat Z3 - would you buy now or wait?

[DFOD]

Relative scraping it all together to get a home in Ealing. 1 bed - no outside space. Nice area and block. New Mortgage quote has gone up £400 a month since AIP in April. They are now getting worried that this is the wrong time to buy and they should hold out until rates stabilise and the cost of living crisis bottoms out as they are worried that price will drop after they buy.

I know none of you have a crystal ball - but would you just get in with it now - or hold back another 6-12 months?

If buying and looking to live there for a substantial period of time (ie. Over 5yrs£ I’d buy now- the lower interest rates would be better and even if the property value dipped it would prob go back up eventually. If looking to stay short term i’d wait until prices drop, even if mortgage interest rates go up.

Impossible to say but I was advised to wait when I was in your situation in 2005 - looking at Z3 flats for ca 100,000 - and sadly that's exactly what I did, dammit.

So do you think that they will drop?

Yes this has been my historic experience of the London flat market - although in some areas it has flattened since 2016 post Brexit, post Covid - and maybe more post changes to BTL and cost of living / interest rates / economy….

But rent is going up….

Would be a 5 year move.

I wouldn’t wait.
There’s been talk for 6/7 years of an impending crash that’s not happened. Waiting will likely just see them left behind by the market