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House prices advice

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  • House prices advice

    Hi guys
    i am new here and am looking for some info.

    Looking in to mortgages and at the moment really not sure if i wait or go for it as i hear many stories that prices will crash as interest rates rise. I believe this may be the case as some mortgages will rocket does anyone really know what will happen because i would rather wait if thats the case as my current home is good i know its renting but its cheap enough and a great house but i do want to buy when the time is right.

    Cheers in advance.

  • #2
    Re: House prices advice

    No one knows what will happen - however, interest rates will have to rise in future.

    So far the UK property market has been remarkably reslient against shocks and falls, but even if significant falls can be avoided with rate rises, there is still the danger of years of stagnant house prices.

    Really, the only sensible thing to do for most people is:

    1. Ensure you buy within your means, and can comfortably cope with higher interest rates
    2. Plan to live in your property as a home for a good number of years

    Hope that helps.

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    • #3
      Re: House prices advice

      If interest rates rose to more than 2 or 3%, the entire market would crash so I would not worry about them rising anytime soon. I'm no expert but it would not surprise me if they remained at 0.5% for at least another three years. One of the big advantages right now is that it's a buyer's market. You could offer 20 to 30% less than asking price and get it. I would not let the recession worry you too much - unless there is a global catastrophe in the next 50 years property will be one of the best investments. With rising population, people have to live somewhere! You should also consider all the money you will see evaporate from paying rent for five or ten years which may be more than you could lose if, just say, your property devalued in the long-term.

      Hope that helps

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