Shall I buy or rent now?

Question

I live in South west of england and I am very much confused whether to buy or rent a house in this curent market situation? I will be going back to my country after 5-6 years and thinking whether it is really a good idea to buy a house in UK at this point of time? Your views/advise will be much appreciated and will help me to take a decission. Thanks in Advance.

Answer 1

Now is a good time to buy and if you intend being here for another 5 to 6 years the situation must have improved by then and you have a chance to make a nice profit

Answer 2

I think if you are intending selling in 5-6 years, then any profits you might make could be lost on fees with solicitors, estate agents, mortgage fees, surveyor fees, stamp duty, HIP etc.  I think you need to work out what these will add up to and how much you'll save by not renting and then calculate how much you need property prices to rise in order for it to be worthwhile. If you put all these figures into a spreadsheet, then you can look at the percentage and decide if it's likely that property will rise that much p.a.

And remember when you put it on the market, it will take at least a few months to sell.

Answer 3

now is the best time to buy, worst time to sell. but if u arent sure then renting is a safe option.

Answer 4

If you can afford to provide one third of your pay towards a mortgage monthly repayments, now is the time to buy a house.  

Answer 5

the property market varies from area to area. In my area houses are selling very slowly indeed and only with price reductions. Some builders of new houses' have stopped building with the houses' water tight but not completed inside. The general feeling here is that the market will continue to fall for a while yet as they are still over priced compared to wage levels and credit is still tight..

Answer 6

The housing market bubble just barely started, don't rush into buy.. Wait a little let the home prices fall some more, then if you like buy one. One thinking about home is that if you're buying to hope to make money, Well that is over. But if you want to own a home to live and enjoy.. Just wait for a few more years... Well what ever you do don't rush into things..  

Answer 7

If you wait until next year.  Then you'll probably be able to buy a house for a better price.  The housing market is still overpriced now.