Do you think it is a good time to get a house for a first time buyer now in the UK?

Question

My boyf wants a house for the 1st time...all the houses are cheap...but its harder to get a mortgage...advice on when to start looking for a house now? x

Answer 1

if you can get a morgage now you will be able to pick up a bargain go for it.lol

Answer 2

No way. forecasts indicate there could be a fall in house prices of up to 25% over the next 3 years. That`s a lot of negative equity and with the reality of a recession in the making, jobs will be scarce, posing problems with mortgage repayments. Sit tight!

Answer 3

definatley not the prices are too expsensive and are not applying too first time buyers you will find it difficult but there are gunna drop i would wait a little while longer

Answer 4

looking at the prospect for the future in this country, and what analysists say. i'd wait for some time more if i were u. if the recession will come than it is going to take many many years (last time took 15 years to get back on track)for the country to come back and most of the time the house prices will drop MUCH more.

Answer 5

Hi!

At the moment it's a buyers market.

So, if you've got a decent deposit and can get a mortgage, I'd say go for it!

Obviously, don't pay the full asking price - anyone selling at the moment is desperate, so take advantage.

A bit heartless, I know, but hey, that's life!!

All the best!

Answer 6

Probably the worst time.

but if the prices are low go for it and try hard to get a mortgage.

Answer 7

I wouldn't buy unless you are planning on living in the property for at least 15 years.  Because that's how long it will take for the negative equity fall-off and for the property to be an investment again.

Property prices are still way too high.  They need to fall at least another 15-20% to level out with the current state of the economy and the inflation hike.

Put it this way, you wouldn't be able to move out unless you find a smaller property than the one you are planning on buying.  Thus, you will be throwing lots of money away - £20,000+/-

The unscrupulous banks will be still making money from your misfortune and stupidity.

Answer 8

Prices are down as people can't sell the reason people can't sell is the credit crunch is stopping people getting mortgages.

On the other side everything you buy for your new home will cost you alot more.