Is now the right time to buy a house?

[Mich the Tester]

That's a hell of a whack off, ...

We knew you'd get smutty eventually. Welcome to CUK General!

[escapeUK]

That's a hell of a whack off, whatever the percentage drop is. I'm not sure if that's a good or a bad thing. I guess it would all come down to gut feel and research into the seller, the property and the area. Is the guy selling because he needs to move? Or is he being forced into selling at a knock-down price because the area is falling in desirability, or for some other reason relating to problems with the property? If there's no structural issues, you're convinced the area is going to remain desirable, and you can afford to keep a hold of the place for 5-10 years until the markets pick up again, it could be a very good investment. I bought my house in the quiet years just as we were coming out of the last recession, and I've never regretted doing so.

These are all good questions I will need to find the answers too! Thank you. I have been told by those who live in the city that it is the best area in the city.

It does worry me its been on the market so long, but, houses arent selling. In the good old days if a house was sat around for 2 years, you could instantly assume there was something wrong with it. Now days who knows?

[northernladuk]

Real question is can you afford the mortgage when rates rise 3 or 4 percent? Housing market might be in a dip but interest rates have to rise at some point.

Buy a home by all means, get a bigger house for your money but I personally wouldn't stretch the budget just get the biggest one however cheap it may seem.

[escapeUK]

Real question is can you afford the mortgage when rates rise 3 or 4 percent? Housing market might be in a dip but interest rates have to rise at some point.

Buy a home by all means, get a bigger house for your money but I personally wouldn't stretch the budget just get the biggest one however cheap it may seem.

If I'm contracting as now I could easily afford it. Though if Europe destroys the economy and we go into a proper depression, and there is no work then no.

[NorthWestPerm2Contr]

If I'm contracting as now I could easily afford it. Though if Europe destroys the economy and we go into a proper depression, and there is no work then no.

Live for today, worry about tomorrow tomorrow. We don't know when we will depart from this world.

[Mich the Tester]

Live for today, worry about tomorrow tomorrow. We don't know when we will depart from this world.

whs

[alreadypacked]

If I'm contracting as now I could easily afford it. Though if Europe destroys the economy and we go into a proper depression, and there is no work then no.

I have been contracting for a few years not spending much, (ok been really tight) bought for cash, house need some work, but I can do that when I have the money.

If you can't repay the loan with permie wages, I would not do it. Save until then.

HTH

[escapeUK]

I know what you are saying, but think if I had thought that two years ago. Id now be paying back £100k more than I had to if I had waited till today.

Do you honestly think this is the bottom?

[sasguru]

If I'm contracting as now I could easily afford it. Though if Europe destroys the economy and we go into a proper depression, and there is no work then no.

I thought you were escaping the UK. Or have you just found out there is no market abroad for unskilled tossers?

[NorthWestPerm2Contr]

I know what you are saying, but think if I had thought that two years ago. Id now be paying back £100k more than I had to if I had waited till today.

Do you honestly think this is the bottom?

Well it is definitely nowhere near the top especially when you take inflation into account. Mortgages are tough to get these days and I missed out on an awesome deal (northern rock) cos I waited a few months longer.