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Should we Wait To Buy??

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  • Should we Wait To Buy??

    Hi there,

    We are a british family living in the US. We are contemplating a move back to UK but not quite yet, maybe 2 years time.

    We want to purchase an property again in the UK and wondering how the market is over there and are there predictions that the market might slump just as it has in the US.

    Anybody out there who could give me further information.

    Many Thanks!!

  • #2
    The UK market is repeatedly being reported as over-valued by at least 20%, and repeatedly warned as being in a continuing slowdown.

    So waiting 2 years could put you right at the heart of a buyers market.

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    • #3
      to wait or not to wait?

      Most people looking to buy will no doubt be asking this question in view of recent events. The short answer is simple. It depends on your own position. If you are urgently in need of a home then treat your search as if you are in a buyers market and endevour to get the best deal you can. The glut of 3 bed property trying to beat the HIPs issue seems a great place to start. Be flexible and build in a 5% buffer to your repayments budget just in case the interest rates soar.
      If you can afford to wait then use this time to finely tune your wish list and only view the properties that tick most of your boxes you may get the bargain of a lifetime.

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      • #4
        It's also worth pointing out that local conditions can vary markedly -
        you really don't want to be using generic conditions across even the county level, but instead look at values at the town level.

        According to reports, property in the Highlands has either flattened or gone negative, but I know in the local area I live, property prices have gone up waaay above generic indicators - around 25%, as opposed to a 8% generic figure.

        Knowledge of local markets I figure is everything in property investing. Certainly for the better deals.

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