Wait or not - any suggestions?

My partner and I want to purchase some land for a self build and have recently been approved in principle for a mortgage. However we are now wondering should we wait as house prices are falling, maybe land prices will also?

However the other side of the coin is that interest rates on mortgages may go up. What are peoples views and advise should we wait?

Hi ZeeDee,

I advise you to go ahead and build because it is probably going to be cheaper to build or at least you should be able to haggle with your builder. With regard to land prices dropping - I live in a rural area and the price of land in a 10 mile radius are not dropping certainly not like house prices are dropping - there is an oversupply of houses for at least the next 12 months hence price reductions.

i agree why wait,go build the house of your dreams and enjoy your HOME.

Thanks Angela59 and Yob for your good advise and response.
I looked at sites again on the weekend and yeah prices aren't dropping if anything they are getting more expensive. I think I'll just go for it now as things don't seem like they'll get any better. Getting on the property ladder sure is tough!!

Go ahead and build is my advice as well. In the process of purchasing with partner for the first time, a home is a home at the end of the day. Came down from 265k to 228k.

House prices are falling back but land isnt at the moment, because people are still looking to build rather than buy. I would however haggle as much as you can on land, as developers are not touching land at the minute and therefore the demand has reduced.

I work for a Civil Engineering and Construction company.

Definitely go ahead. Price of land is not dropping. I bought a site 2 year agos and had it valued again recently - nothing to worry about!