Good reasons to buy property NOW !

[shoes]

Really?

Thanks for that info, no idea what I would have done without it

You would have bought 2 years too soon, like wot you 'ave done.

Next time check with me before making a financial commitment in a market you don't understand.

[Cheshire Cat]

My punt is that prices will drop by 25-35% of late 07 early 08 prices over the next 3 years. Probably bottom out in 2011 followed by a slow but steady increase.

In London, over the same period, I expect an average 5-15% drop over the same period. Some areas in London will just plateau for the next 2-3 years.

p.s. IANAFT

[snaw]

You would have bought 2 years too soon, like wot you 'ave done.

Next time check with me before making a financial commitment in a market you don't understand.

Are you always this patronising?

[snaw]

My punt is that prices will drop by 25-35% of late 07 early 08 prices over the next 3 years. Probably bottom out in 2011 followed by a slow but steady increase.

In London, over the same period, I expect an average 5-15% drop over the same period. Some areas in London will just plateau for the next 2-3 years.

p.s. IANAFT

WHS

Thing is, every area is different. I'm taking a 'punt', on an area I know, with multiple good transport links, which is trending above national average which didn't gain spectacularly, nor looks like falling spectacularly cause I need the extra space for my family, for a price that's below what I think it's worth even now cause the developer has a bunch of properties on his hands which he's suddenly very worried about.

I'm not a complete idiot, despite what the housing 'experts' on this board may say. And worse case I've a large chunk of cash aside and no intention of selling the house in the near or even distant future. To rent a similar house in my area would cost me about a grand more a month than my mortgage will be (Taking the closing costs and deposit out of the equation).

[Xenophon]

Never fails to amuse me how much people worry and fret about house prices.

[sasguru]

WHS

Thing is, every area is different. I'm taking a 'punt', on an area I know, with multiple good transport links, which is trending above national average which didn't gain spectacularly, nor looks like falling spectacularly cause I need the extra space for my family, for a price that's below what I think it's worth even now cause the developer has a bunch of properties on his hands which he's suddenly very worried about.

I'm not a complete idiot, despite what the housing 'experts' on this board may say. And worse case I've a large chunk of cash aside and no intention of selling the house in the near or even distant future. To rent a similar house in my area would cost me about a grand more a month than my mortgage will be (Taking the closing costs and deposit out of the equation).

You ruined your otherwise good argument with that phrase. No property in the UK anywhere is worth the asking price as things are. If you got something off after 40% had already been removed from the asking price then that would have counted as a genuine bargain.
Forget 20% as a fall, that is being optimistic. My working assumption is that a 40% fall will happen. That will bring prices in line with their long run average. However there is usually an element of over correction so expect the bottom at around 50% sometime in late 2010.

[Moscow Mule]

... To rent a similar house in my area would cost me about a grand more a month than my mortgage will be ...

That's the opposite of our area at the moment. To buy the house we're living in now would cost us about £1500 a month more in mortgage than we pay in rent.

[snaw]

You ruined your otherwise good argument with that phrase. No property in the UK anywhere is worth the asking price as things are. If you got something off after 40% had already been removed from the asking price then that would have counted as a genuine bargain.
Forget 20% as a fall, that is being optimistic. My working assumption is that a 40% fall will happen. That will bring prices in line with their long run average. However there is usually an element of over correction so expect the bottom at around 50% sometime in late 2010.

I do get it believe it or not. It is also a concern, that does have me hesitating. I don't think it's a massive bargain, but I'm pretty sure I'm getting it a reasonably good price cause the developer is bricking it since he's just finished his development at the worst time. We went in at a really cheeky offer on the offchance ... like I say a smaller place went off plan for about 5% more than we're offering.

Anyway, primary reason is family - unfortunately I can't put my daughter on hold for a couple of years till the market bottoms out.

[oracleslave]

However there is usually an element of over correction so expect the bottom at around 50% sometime in late 2010.

Is that a country-wide prediction?

[sasguru]

Is that a country-wide prediction?

On average, yes. Unless we have the Japanese experience in which case the bottom will be around 2018.