Is it a good time to be buying a first house in the UK?

Question

I've been hearing that house prices are still rising. I'm looking to get onto the housing ladder within the next year, but I'm a bit nervous of getting a mortgage and then the housing market crashing! Any tips for a first time buyer??

Answer 1

Buying your first house will be a good investment, providing its in the right area, you consider your mortgage carefully,you have the house checked out buy experts.

Consider if you can aford it your insurance options against redundancy ill health etc being out of work a few times the mortgage payments were covered till i was back in work.

Answer 2

The best advice is always 'buy now - if you can afford it'.
The talk of a price crash has been ongoing for three years...the housing market never really crashes...there were a few problems in the 1980s...but as long as you could afford your mortgage, no one lost out.
Expect interest rates to go up a bit - but once again, because the economy has been so stable for so long, they will not need to go up far.
One thing that is never good news for interest rates are Tory party economic policies, so you should be more worried about paying your mortgage if they win the next election.

So, buy now, as soon as possible, but only if you can afford it, even after a few interest rate increases - it's probably worth getting a fixed rate mortgage for a couple of years at least.

Answer 3

You do need to get on the housing ladder soon. I cannt see house prices slowing down as the market is still bouyant. If you cannt afford to buy where you want buy a house in another area - rent it out and sell once the price has gone up and use the equity to buy in a place you want. Dont over spean too many lenders are allowing high income multiplies and youwill struggle to survive unless you rent one of the rooms out. You have lots of options need good Independent Financial Advice go to www.thepremiergroup.co.uk

Answer 4

I've just bought my first house in Farnborough, Hants. We were told that if we wanted to get a house fairly cheap, Aldershot was a good place to buy. Mainly because they are taking over 25% of the army's land and have just put in place a 5year development plan. This in turn should see prices in the area rises slighly faster.

Answer 5

my girlfirend and me just brought our first house in feb this year. i was thinking the same thing as you but everything i've read and heard says house prices wont crash they will level out. rising has slowed down at the moment. its a risk you need to decide if you want to take. its great having your own house so you can do what you want to it when you want. if you leave it to late you may get left behind. good luck if you decide to go for it.

Answer 6

When I bought my first flat in 1974 everybody told me I was mad, the prices were bound to fall, 4000 quid was far too much, etc.

There's never a good time to buy a house!! but if you need a home, just do it. Don't leave yourself short though. You still have to have money left over to have FUN don't forget.

Answer 7

good question - prices continually rising, but forecasters say bank interest rate is due a hike to slow the trend of increases. See a financial consultant to gauge fixed rate deals aainst normal fluctuating rates

Answer 8

The market is a funny thing but don't think it will be crashing anytime in the near future....well I hope not anyway.....

Answer 9

that's the chance you have to take but i think you should go for it and never mind the pundits forecast they are only guessing there is no hard facts either way Good Luck

Answer 10

it will never be a good time to buy in the uk. it's just to expensive. but if you can buy. then go for it.