When is?.....?

Question

when is the best time to buy a house in the UK? my fiancee and i have been renting for 3 years and have saved up for our own house now but are confused regarding the credit crunch!

the media suggest now is a bad time but friends have told us it is?can we have some proper advuce please thank you

Answer 1

house prices are currently falling. The best time to get into the property market is when they start picking up again, which is likely to happen in about 2010.

Key things to watch for.

Is Inflation low? The amount of people who dont realise the huge effect official inflation has on the economy is unbelievable. A stable inflation rate means less likelyhood of interest rate increases which means a better property market.

Is the stock market generally going up? If it is, then we can assume stable to low interest rates ahead .......

But in short, wait for another year and assess the situation then. But Im telling you right here and now, that late 2009 / early 2010 is going to be your best bet. In the meantime, just keep saving away.

Answer 2

It's a bit 50/50, the credit crunch may mean you'll find it harder to get a good morgage rate but on the other side because your renting your landlords morgage will no doubt increase meaning your rent will increase at some point to cover the extra cost your landlord faces. Your best option is just to do some research, talk to a independant financial advisor and way up your options, how much you can realistically afford with interest rates rising as well as utitily bill rises and council tax. Then ask around and see how much companies are willing to let you borrow and then see how you feel about it, it might be better to keep saving for the next 12 months and see how things pan out over the year.

Answer 3

12 months time? Who knows, you cannot believe anything in the press. Don't forget the housing market will always go up in the long run. So just make sure you are comfortabel with the mortgage payments.

Answer 4

I think you need to wait for at least 12 months, house prices will have fallen by then and you could save a few grand