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Waiting for what?
Lets say there's a meaningful slowdown or dip that pushes your chosen house to -20%; will the sellers still be able to move? Will the bank still lend you money? Will the overall economic impact that comes along with that mean you and your partner still have jobs? Etc.
What are you (or will you be) paying on rent vs monthly mortgage payments? For us that was a major push. We'd been covering a mate's mortgage while they were travelling, so when they came back, we were looking at something like £1,800 to rent vs £1,200 in monthly payments.
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A lot of the house price crash loons reckon things are going to dip by 30-50pc.
In some areas that could possibly happen. however in areas backed by strong rentals (like London) I cannot see that happening.
If you need somewhere to live and can afford it, buy it but make sure you have a plan B i.e you could rent out a room, extend the term or borrow money off your folks if the shit hits the fan and you lose your job or whatever. I think it could be a rocky next year or two until rates start to retreat.
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Who knows. I bought at the height of COVID and plenty of people were predicting a crash then but actually prices continued to go up.
If you're planning on living there, and you'd be happy to live there for a few more years then go for it.
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@Jeromeo
Any thoughts on house market. First time buyers. Property near Penge , on for £500k but needs a lot of work and we have offered c. 10% below the asking. Don’t really want a project but cost dictates . We should be able to manage a mortgage even at higher rates than current , but should we be waiting :)