Never a better time to buy! Heard Tom Parlon speak recently and he said youd want to be a sap buying now (as soon as possible?) 7 times the combined salary of myself and the other half is value particularly at this time because everyone knows 2009 is when the party starts. I want to be holed up in our 2 bed shoebox looking on as prices rise knowing that our step on the ladder is moving at pace! we are going to look at using the equity in our box to fund the purchase of a 1 bed in the south of egypt as ryanair are flying there from may 2009 onwards. shame on the fools on this site that dont know how property works. theres only one place prices go in housing and thats up up up. so long suckers
you can move at relatively little marginal cost. The problem is, you have to sell you old house first. So while it is not a bad time to buy if you are trading up, it is a bad time to sell as you will find difficulty getting a completion.
Having said that, if you do manage to sell and hold on for a while renting, you will be able to get more for your money in future!
It is an absolute certainty that most buyers will not guess the bottom of the market anymore than they guessed the top.
So at some, unspecified, time in the future, your decision to buy will be the correct one.
It may not be now. But, then, it may be.
Who the hell knows? A cataclysm like the bombing of nuclear facilities in Iran, or a standoff between the Ukraine and Russia, or a first-world earthquake could throw the whole ball of wool into the air again, as in 1999.
Tougher mortgage conditions, you’ll need to have a deposit saved, so less likely to be tempted into 100% mortgage - negative equity once you turn the key.
Bank is more likely to ensure you don’t overpay (to a certain extent).
The situation varies so much, many different incomes for many types of houses in different areas, all the variables.
I think that there are a too many types of certian properties out there,
eg 1/2 bed apart - 2/3 bed duplex where people eventually (a)get married, (b)have kids (c) are older and are unable for stairs or steps anymore, basicaly need a trade in or something bigger.
Next up, (a)3bed townhouse (b)3 bed end terrace/semi (c)4 bed semi etc all the way up to detached.
Buying now, you can find some great reductions in price as long as you are in it for the long haul.