[Cherie]

Originally Posted by DemolitionRed

I certainly wouldn't buy atm. Five years from now is a good plan.

I'd advise anyone who's not on a fixed rate mortgage for the next five years to get on one asap because if the economy crashes, the interest rates will rocket and there's going to be loads of default.

Why not? if you are buying a home rather than an investment it's a great time as buyers can take advantage of locking down a fixed rate for the next ten years, yes the value might fall but it will rise again down the road, equity in a property either positive or negative is just a figure in a home that you plan to live in for along time.

[kirklancaster]

Originally Posted by Cherie

Why not? if you are buying a home rather than an investment it's a great time as buyers can take advantage of locking down a fixed rate for the next ten years, yes the value might fall but it will rise again down the road, equity in a property either positive or negative is just a figure in a home that you plan to live in for along time.

So true Cherie. There is ALWAYS cyclic 'peaking' and 'troughing' in any market - not just the property market - but historically, property prices have only increased, and the price of the average property DOUBLES every 10 years or so.

True again, is the fact that Fixing at a relatively low rate now for as long as possible is a very smart move.

[DemolitionRed]

Originally Posted by Cherie

Why not? if you are buying a home rather than an investment it's a great time as buyers can take advantage of locking down a fixed rate for the next ten years, yes the value might fall but it will rise again down the road, equity in a property either positive or negative is just a figure in a home that you plan to live in for along time.

You're right about people who buy homes rather than investment properties to a point but I wouldn't be happy if I bought an apartment for 200k and five years later it was only worth £150. Yes, once we are in we can always sit it out and that's what people will do but if I was to hold my money back for now, I may well be in a position to buy at a much cheaper rate sometime soon.

[Cherie]

Originally Posted by DemolitionRed

You're right about people who buy homes rather than investment properties to a point but I wouldn't be happy if I bought an apartment for 200k and five years later it was only worth £150. Yes, once we are in we can always sit it out and that's what people will do but if I was to hold my money back for now, I may well be in a position to buy at a much cheaper rate sometime soon.

If you are a cash buyer that is sensible, if someone needs a mortgage they will never get it cheaper than now