Should i buy a property in South East this winter?

Question

Or will the housing bubble burst sometime soon?

Answer 1

Depends how much of a mortgage you will need. Property has almost always been a good way of making money in the long term but can be a bit of a gamble in the short term. If you were to buy a property for arguments sake and only kept it for a few months for whatever reason you would still have the Solicitors bills from buying it as well as the same for selling it. You would also have the Estate Agents fees for selling so all in all it would work out quite expensive. As for buying property in the South East I feel this would be one of the better places to go to financially as the increase in this area is usually only second to those in London. Also if you were prepared to invest in a property that needed some work done on it and you were capable of doing this yourself you would not find a better place to look as there are still plenty of these places about in the South East. I bought a detached property in 2001 for £39.995.00p, did some work on it over the years, (nothing major) and have just sold it for £149.999.00p and recon i've spent out around £15.000.00p doing it up. Not a bad profit in such a short time. As for the bubble bursting in the housing market it used to happen about every 10-years. We had a boom in the 70's then a drop in prices and again the same thing happened in the 80's but since then nothing so I guess it is due but having said that there has been a steady rise in house prices nationwide since the 80's so if there is to be a fall I believe it will be minimum rather than a major drop. Taking all that into consideration I feel it would be a very sound investment providing you do not overstretch yourself financially.

Answer 2

I feel that our good friend who just answered this question could be an Estate Agent! Looking at the data being released I feel it would be a particulary bad time to buy a property, specifically in the South East. The slow down that has set in State side will affect us here. I suppose the main question I would ask is; Will this be an investment property? Are you lloking to make a quick buck on this or is it simply a family home? The answer to this will depend on the outcome of a suitable answer for your question, holding a property for 10+ years I can see no problem, With investment properties and short term money making I dont see a viable reason to do this? PArticularly if prices actuall peak then the rent on investment propertiers will start to fall as there will much more supply than demand! Plus, with rising interest rates from the ECB, many will be stretched and homes will be repossesed. If you can give me a better idea i may be able to gibve you some advise, as opposed to our good friend there giving his view as opposed to an independent outlook which is what I expect you will need?

All thes best!

Answer 3

Hi,
I live in Essex not far from Colchester, this area is quite safeish
refrence to prices as it is so near London. I think that in years to come Essex property prices will rise quite a lot as the London yuppies etc keep on pushing outwards as London property gets very expensive, the so called run down areas in London's outskirts are now being revamped and sold at crazy prices for the so called semi rich folk. This is good for people like me because the people who sold their property in Londons outskirts and have the money to buy better further into Essex push up the prices which I don't think will stop, because London being London will never or shouldn't collapse.

Essex also has a direct rail link into London and can be reached within average of 1 hour.

I bought my 3 bedroom semi with garage and extention back in September 1993 for £57k and now is worth around £160k not bad investment?

always remember when buying a house, apart from bad areas, if you want your property to at least holdits price then buy in good places near London because eventually the yuppies will push out further pushing our house prices up more because people aqround London cannot afford the area.

Eventually, we will all be living on house boats if the yuppies push any further ha ha.

Answer 4

I am not sure about the housing bubble, but it is getting to be more and more of a burden to heat buildings in the north with high fuel prices. If high fuel prices continue, then many in north will be moving to southeast and other warmer areas which will help keep value of property. Taxes are lower in south too so that will cause increased migration from north. When the babyboomers retire they will continue to head south/southwest. So many that they will be driving the Mex back accross the borders.

Answer 5

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Answer 6

There are such varying views on the state of the housing market. One thing for certain is that this is definitely not the safest time to be buying. Especially in the SE. I would suggest renting if you can hold out for 4-6 months.

The Bank of England are likely to keep interest rates as they are in November but expect movement in the New Year

Answer 7

Yes. this is a great time for a buyer, and a bad time for a seller. If you can afford it, buy property now, but be prepared to hold it for a year or two. The housing market, should level off, and then start to climb again.

Answer 8

Prices may be higher in winter (because people "up-North" want property in a warmer climate). It also pays to check real estate taxes in various states. Owning property some distance from you (where you cannot do the maintenance required) may make you liable for additional expense --- for bush hogging, grass mowing, etc. mandated by local ordinances.

Answer 9

Honestly, If I were you adn were from another part of the country, choose somewhere near a big city or in the mountains. Otherwise, you are pretty remote and it is kind of boring. Also, if you are married, have kids, etc. your kids will have a better chance at getting into college if they live in a bigger city. Hope this helps.

Answer 10

Hopefully its a good time as i intend to buy in the SE too this winter.