is it worth buying a house now, or waiting a year?

Question

first time buyers

Answer 1

Be careful....while it's true that prices are still likely to go down, interest rates are on the rise which can EASILY more than offset any gain you realize by the lower price. It depends on the market your in, but like the stock market, you'll never be able to time it perfectly. Buy when you're ready and have a good sized down payment

Answer 2

You can always do what the others are saying, wait a year, you never know interest might hit 8-9% then what you going to do, you wont be able to afford to buy!
Buy while the interest rates are low and get it fixed, you never know what stunt the Bank of England is going to pull next. House prices will only fall if the rate rockets to 12-15% like they did years ago. It is a hard descision to make as it is going to be the biggest one you ever make.

Answer 3

It does depend where you are looking to buy but for most of the UK I think it would be wise to wait a bit and see what affect the rise in interest rates has on the prices. They have been rising very fast and it seems likely they will slump a bit in the next 12 months.

Answer 4

Interest rates have been raised to cool the money market and to reduce demand.
Therefore it follows that now is a good time to negotiate a good deal.
In other words, we are temporarily moving into a (weak) buyers market.
Go for it!

Answer 5

Buy when YOU are ready. Line up your financing and your life, then go for it. There will never be that "perfect" time to do it. Only if you are buying it as an investment should you worry greatly about what the market is doing.

Answer 6

id wait a year. at the moment the prices on houses cant go any higher or people wont buy. they were supposed to go down this year, i'd wait until next year.

Answer 7

In most markets Id wait. Prices are still deflating in most parts of the country

Answer 8

now in a year time morgage rates will be even hire