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Is this the right or wrong time to buy a house?

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Originally posted by robh

Both practises are frowned on but I think still not illegal in England (in Scotland it's better in some respects, once you've signed the contract it is just that, binding, no way out for either party whatever happens).

 

Both in England or Scotland once you have signed contracts it is legal, what you are thinking is in Scotland once your offer is accepted it is legal.

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From my experience if you see a property that you'd really like then offer the asking price. While you are offering a lower bid somebody else could have crept in and offered the asking price and pipped you to the post. Then if you still want the house the fun begins. ;)

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The best thing to do is offer the asking price and request the house be taken off the market. If you don't, someone can come along a couple of days later and bid something higher.

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When we bought our house just over 12 months ago we offered £3000 over the asking price on the condition the owners took it off the market.

 

They promptly did so!8)

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Well I just bought the property guide today. There isn't a single house, in the area we want, that we can afford! Not a single blo0dy one.

 

It's really annoying. We want to move because of the problems we are having with our council property and well just because we'd like a nice home in a nice area without scummy parasites for neighbours, ruining our enjoyment of life.

 

We said we were going to wait, in the hope of some type of property crash but it just doesn't look like it's going to happen. Again in the paper today there is talk of how house prices are still rising, with South Yorkshire as one of the places to feel the rises most. Great!

 

I know it's a bit bad of me to hope for a crash but that is our only way of affording anything half decent.

 

We have started looking again anyway just out of curiosity although I'm worried we may take on a mortgage we can't afford just to get out of where we are now.

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Xxxxxxxxxx

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While the bank of englands base rate is at an all time low th house prices (in South Yorkshire especially) will continue to rise.

 

It all about supply and demand, there are more people wanting a house than there are houses available. Fact of life really!

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Fed up...as fast as I save....house prices go up faster......I cant keep up. The particular type of house I am after in a certain area seems to rise in general pricing terms by about £3K a month....this is getting rediculous now....my dream house is just getting further and further away. I cant save £3K a month unless I sell my body.....

 

A house in the very street I was looking at just 12 months ago, identical to the one now on sale, has risen by a staggering £35K...my God when will it stop!!!!

 

Anyone else got any horror stories about chasing houses and just getting left behind by the rip-off inflationary market prices?

 

The only way I can have a house like this at the moment is to rent it and that is all totally dead money down the drain.....

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There is a big difference between the present market value and actual worth of a property.

 

If interest rates were to rise steadily, the market would slow down - but knowing good old Labour they will keep it low, keep the housing market stable, but shaft you on another 20 different taxes somewhere else down the line.

 

Fantastic hey!

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you are aware that the government gave up direct control of interest rates some time ago.

And that the latest predictions suggest interest rates will be at 5.5% by the end of they year, possibly higher?

 

It will either take a long while of 0 inflation for house prices to become reasonable again, or a sharp crash. Not sure which I'd prefer... If they crash I can buy a 2nd one. If they stay flat... then the value on this one stays flat. I think i'd rather they crashed and burned.

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Originally posted by Cyclone

you are aware that the government gave up direct control of interest rates some time ago.

And that the latest predictions suggest interest rates will be at 5.5% by the end of they year, possibly higher?

 

It will either take a long while of 0 inflation for house prices to become reasonable again, or a sharp crash. Not sure which I'd prefer... If they crash I can buy a 2nd one. If they stay flat... then the value on this one stays flat. I think i'd rather they crashed and burned.

 

So in plain English, are you saying the forecast is good then for first time buyers? Are interest rates going to level off at some point/is the market going to crash??? I presume you've not lost the gist of the original question?

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Originally posted by Blootiger

So in plain English, are you saying the forecast is good then for first time buyers? Are interest rates going to level off at some point/is the market going to crash??? I presume you've not lost the gist of the original question?

 

Even the experts can't agree on this, too many variables, a slow down seems the most logical viewpoint, but 'when' is another question.

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