Anyone have experience buying property 07/08? Throwing a wobbly!

[jellywobble22]

Hi all

Made an offer on a property back in July, won against 3 other really strong offers so was estatic when I found out, property ticks a lot of boxes, and must have viewed over a dozen before finding 'the one', could see myself living there happily for 5+ years.

Process is still ongoing thanks to the lawyers being slower than athsmatic ants... as time goes on it seems the news each day gets worse and worse and I am having a few sleepless nights about buying at the peak and being in negative equity for 12+ months from completion :( .. not to mention that the mortage offer was agreed on the basis of 30% LTV so I'd be seeing best part of £150k life savings go is frankly frightening.

Has anyone had experiences buying in a downturn? Just wondering what to do - am I better staying put (my first home bought 6 years ago with negligble debt remaining thanks to overpaying) and waiting for a better priced house next year (admittedly not at the 3.4% interest I have agreed in the mortgage offer) or biting the bullet and moving....

We bought in 2006, lost 10k value in the crash. Now it’s doubled its value.

In my area, like the OP above, good properties just froze, no movement at all unless you were forced into moving. It was like the area hunkered down to wait it out. There was never a price-correction as such. That said, this down turn will be harder when you look at world economics.