How do you know when is the 'right time' to buy?

[goatlizard]

Currently living in a rented flat. Been here for three years. Loved it originally but a bit bored. Could potentially afford something similar nearby or could move to a cheaper area of London to buy something bigger.

Need to be in London for work or in a few years could potentially move to another city or tax haven e.g. Jersey or Cayman. But the issue is, I don't know if now is the right time for us to buy. I don't feel settled in London and can't say I love it (mainly due to affordability).

Do people sometimes buy places to live in that they know is not 'home home'?

How old are you?

Getting on the property ladder is usually a positive thing, as you’re gaining equity in your home, as long as you have a repayment mortgage. Mortgage rates have come down a bit, but it may be worth waiting to see if they drop further before committing. Also, if you’re not sure on whether we want to put permanent roots down, then I would do a lot of research on what and where you buy, so that if you do want to move, you stand a good chance of being able to sell quickly and at a price that will either avoid you losing money, or make you a profit.

If you can afford a decent area of London, the positive thing is, most other places in the UK are cheaper, so any equity you’ve gained, can help you buy a nicer place elsewhere. If you’re a first-time buyer, you can take your time and do plenty of research first.

Wait a bit longer and keep saving. Some juicy discounts coming over the next year or so...