First time buyer - tracker or fixed rate?

[DaveB]

TBH we'd still be looking to buy even if the bubble hadn't burst as we're sick of renting.

I'm really just after some pros and cons of tracker vs fixed rate mortgages, not whether it's a good time to buy or not.

On that note however - is now not a good time to get very good value for money when buying a property?

Depends how far you tink the market has left to go down.

Compared to this time 2 years ago the market is great value. In two years time it could be a lot different.

Saying that if you want a house to call your own and you know you will be staying put for more than a couple of years, go for it. Owning your own home is about more than just the money.

[sasguru]

On that note however - is now not a good time to get very good value for money when buying a property?

What do you think Sherlock? Do you reckon we've hit bottom yet?

[DimPrawn]

On that note however - is now not a good time to get very good value for money when buying a property?

Depends what you pay for the property doesn't it?

At auction you might be able to pickup something very cheaply on the other hand at the higher end of the market I'm finding the vendors very reluctant to discount the price, even as a cash buyer.

One said they'd rather burn the place down than ever drop the price from the peak.

If you can wait I'd wait, this might not even be the start of the real depression, but if you really want to buy, then buy. Not everything in life has to have Mr Logic (sasguru) approval.

[sasguru]

If you can wait I'd wait, this might not even be the start of the real depression, but if you really want to buy, then buy. Not everything in life has to have Mr Logic (sasguru) approval.

Yeah why listen to me? Why not purchase a property now and watch it fall in value by 20% over the next year? It'll be a bit of a laff innit?

[Bagpuss]

.

One said they'd rather burn the place down than ever drop the price from the peak.

Someone's having an expensive Bonfire night!


IMHO the boom was already too high by 04. So unless it goes below those values I'm not buying.

[Jog On]

Depends how far you tink the market has left to go down.

Compared to this time 2 years ago the market is great value. In two years time it could be a lot different.

Saying that if you want a house to call your own and you know you will be staying put for more than a couple of years, go for it. Owning your own home is about more than just the money.

This is more of a driving force behind the decision to start the ball rolling- and the £80k windfall.

What do you think Sherlock? Do you reckon we've hit bottom yet?

No idea - I try to stay away from those kinds of conversations, no one really knows what's going to happen. Ideally we'd like to be in a nice 2 bed house/flat in our chosen area (Richmond/Twickenham/Petersham/Ham) by the summer.

[DimPrawn]

Yeah why listen to me? Why not purchase a property now and watch it fall in value by 20% over the next year? It'll be a bit of a laff innit?

Thing is sasguru, you buy a nice car and it loses 20% but you still buy it, use it and enjoy it.

I mean, food is a waste of money isn't it? You buy it and it turns to tulip. What a waste!

[sasguru]

No idea - I try to stay away from those kinds of conversations, no one really knows what's going to happen. .

Data analysis exists for a reason - to avoid people's silly opinions.
Look at house price patterns in the last recession and factor in that this recession is probably a lot worse.
If you're patient you can have your dream flat in Richmond etc for a lot less in a couple of years.
Of course I may be wrong but I don't think so.

[DimPrawn]

Nationwide House Price Index for March should be out any day now.

[sasguru]

Nationwide House Price Index for March should be out any day now.

Where's the poll?