FTB south east 1 bed

[buynowororwait]

Trying to weigh up first purchase - would you buy now or wait? Keen to get on housing ladder but house prices are high - are they likely to change with General Election? Property in question is one bed flat in south east, on for 190k. Nearby sold for 130k and 150k in past 2 years, not sure if that's the truss effect.
If you would buy now, how much would you be inclined to offer? Any advice welcome, thanks

Prices are softening a bit. I would wait and keep saving as much as possible. It doesn't look like we will get much, if any rate cutting this year which will put further downward pressure on the market. Focus on increasing your deposit if you don't absolutely need to buy.

Thanks, that's helpful. We don't need to buy now as such, it feels like a huge leap and I don't want to keep putting it off

No one can predict what will happen in the housing market but I would be inclined to keep saving and just keep an eye out on the market. Try and spend the time working out what your priorities are for when you do decide to buy a house. Let’s hope house prices just stabilise for a few years and therefore with inflation will have the effect of lowering house prices.

You're in a strong position as a FTB so I would keep your eye out and buy when a property comes up that you love. There's never a right time. High interest rates often results in better prices as we're seeing now. Plenty of houses sat on the market for months, ripe for an offer. Whereas if you wait until the interest rates come down (like everyone else) you'll have more competition and may not be able to offer under asking price. However as a FTB you may still be in the best position to proceed.

I would focus on getting a property you love rather than try to predict the future, none of us can.