Forum | Any property experts out there? by portmanking

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Any property experts out there? 21:07 - Jan 4 with 1470 views

My wife and I are pondering a move in 2022, but are rather unsure as to whether it's likely to be a buyer's market this year or not.

Anyone work in property? If so, what are your thoughts on the year ahead? We'd be looking for a move up the ladder so loathed to enhance our mortgage if equity could diminish quickly. Darn Covid.

Any property experts out there? on 21:10 - Jan 4 with 1432 views

BanksterDebtSlave

Buy somewhere you want to live and it shouldn't really matter.

Edit....I may or may not be an expert but Harry is in the area so maybe he will know the truth of the matter.

[Post edited 4 Jan 2022 21:12]

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Any property experts out there? on 21:11 - Jan 4 with 1427 views

Dubtractor

Oddly enough I asked this question recently - answers here.

Anyone on here got any inside knowledge on house prices? by Dubtractor 8 Dec 2021 18:20
We're considering a move, and obviously house prices have gone crackers in the last 18 months, so if a likely depression of prices is likely we'd rather hold off for now.

Or conversely if prices are likely to still keep rising we prob ought to get on with it!

I know that the stamp duty 'holiday' will have played a part in the higher prices, but I'm not going to pretend to understand the overall impact.

Advice I've had from from elsewhere supports most of this - prices aren't going down any time soon, or indeed ever. So prob buy now whilst you can still afford it!

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Any property experts out there? on 21:13 - Jan 4 with 1396 views

Dubtractor

Any property experts out there? on 21:10 - Jan 4 by BanksterDebtSlave
Buy somewhere you want to live and it shouldn't really matter. Edit....I may or may not be an expert but Harry is in the area so maybe he will know the truth of the matter. [Post edited 4 Jan 2022 21:12]

Yep, this too.

Buy a house you want to stay in, and fluctuations won't matter.

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Any property experts out there? on 21:13 - Jan 4 with 1393 views

Nthsuffolkblue

Any property experts out there? on 21:10 - Jan 4 by BanksterDebtSlave
Buy somewhere you want to live and it shouldn't really matter. Edit....I may or may not be an expert but Harry is in the area so maybe he will know the truth of the matter. [Post edited 4 Jan 2022 21:12]

I would add in "and can afford to".

The main issue we are finding is the lack of suitable properties on the market. This tends to increase prices and mean properties sell quickly - very much a seller's market. Overall in an ideal world you want to downsize in a seller's market and upsize in a buyer's market. The reality is most people want/need to move when circumstances demand.

Anyone able to advise at all on self-builds? I am unsure if we could find a plot.

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Any property experts out there? on 21:16 - Jan 4 with 1380 views

PrideOfTheEast

Any property experts out there? on 21:11 - Jan 4 by Dubtractor

Oddly enough I asked this question recently - answers here.

Advice I've had from from elsewhere supports most of this - prices aren't going down any time soon, or indeed ever. So prob buy now whilst you can still afford it!

I make you right. I think it’s more a question of the general economy and financial markets - both of which will likely continue to rocket in the short to medium term. There is an awful lot of disposable cash out there and debt remains very cheap.

[Post edited 4 Jan 2022 21:32]

Any property experts out there? on 21:43 - Jan 4 with 1305 views

BlueandTruesince82

If you stay long enough you should be able to ride out any troughs, even deep ones if your pretty confident that there is no major change of circumstances in the offing

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Any property experts out there? on 21:46 - Jan 4 with 1289 views

Nthsuffolkblue

Any property experts out there? on 21:43 - Jan 4 by BlueandTruesince82
If you stay long enough you should be able to ride out any troughs, even deep ones if your pretty confident that there is no major change of circumstances in the offing

The crux of it is for those who have little choice but to move for some reason. If you end up buying high and then the market comes down significantly again you can easily be in a position of being unable to sell.

Long term you are right, property always appreciates.

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Any property experts out there? on 08:31 - Jan 5 with 1042 views

EdwardStone

Any property experts out there? on 21:13 - Jan 4 by Nthsuffolkblue

There are a few specialist websites for finding a self-build plot... just like there are specialist sites for everything

But it is very hard to find a pleasant site at a fair price

The site price tends to be the market value of the completed future house, less the build cost, less 10%

So when you add in specification creep, cost over-run and the provision of services....you can actually end up paying more, not less for a self build

Plus you get the joy of living in a caravan/mobile home for the duration of the build unless you have sorted something better

I lived in a tipi for part of the duration of my self-build....less than ideal in winter

Any property experts out there? on 08:47 - Jan 5 with 983 views

Churchman

Any property experts out there? on 21:10 - Jan 4 by BanksterDebtSlave
Buy somewhere you want to live and it shouldn't really matter. Edit....I may or may not be an expert but Harry is in the area so maybe he will know the truth of the matter. [Post edited 4 Jan 2022 21:12]

I agree with this. Buy somewhere where you want to live when you want to do it - and enjoy it.

I’d avoid worrying too much about trying to second guess the market.

Any property experts out there? on 09:07 - Jan 5 with 925 views

gordon

Think further interest rate rises are likely in the first half of this year which will add a bit to mortgage costs and (perhaps) depress the market a bit, where I am there's just a big shortage of properties coming on to the market, and a backlog of people wanting to move, which is meaning people in some cases are offering far, far above asking prices.

Any property experts out there? on 09:08 - Jan 5 with 925 views

hype313

It's without doubt a sellers market due to the lack of supply in the Market, an Estate Agent was on the Ipswich Star a few weeks back saying he's never known the market so depressed in his 30 years.

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Any property experts out there? on 09:09 - Jan 5 with 916 views

gordon

Any property experts out there? on 08:47 - Jan 5 by Churchman
I agree with this. Buy somewhere where you want to live when you want to do it - and enjoy it. I’d avoid worrying too much about trying to second guess the market.

Agree with this in general, but e.g. there have been properties going for 30 - 50% over home report value (this is in Scotland) in my area, so it's not always quite as simple as this.

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