This question has been going around and around in my head for quite some time?
The advantages or advantage as I can see it is that House prices have fallen and possibly even halved.
However against this dramatic drop there are significant disadvantage in playing the waiting game and there must come a point in time when it is no longer viable to continue to wait.
Since 2007 we have seen the loss of the Tracker mortgage possibly ECB+0.75% and better.... This has lead to significantly higher repayments even when compared to the aforementioned rate applied to much higher House Prices.
Banks are no longer willing to lend to potential house buyers and whilst this may be a good thing for some, there are many who feel that they are being unjustly dealt with and who would love the opportunity to buy a home.
Many people have put their lives on hold for the past 4 years. This will surely have a knock on effect in later life when a person who was 30 in 2007, now 34 will be 59 at least by the time they will have their 25 year mortgage paid off (if they are lucky enough to be able to afford to buy one this year) This compares to 55 if they had bought in 2007.
How will this affect the economy? People working later in life to pay off mortgages? Less people taking early retirement, I'd guess and therefore less paid out by private pension funds at that point in time.
Maybe I'm crazy and I probably am, but I'm glad I bought when I did and for the price I did at the rate I have back in 2007. Am I?
The advantages or advantage as I can see it is that House prices have fallen and possibly even halved.
However against this dramatic drop there are significant disadvantage in playing the waiting game and there must come a point in time when it is no longer viable to continue to wait.
Since 2007 we have seen the loss of the Tracker mortgage possibly ECB+0.75% and better.... This has lead to significantly higher repayments even when compared to the aforementioned rate applied to much higher House Prices.
Banks are no longer willing to lend to potential house buyers and whilst this may be a good thing for some, there are many who feel that they are being unjustly dealt with and who would love the opportunity to buy a home.
Many people have put their lives on hold for the past 4 years. This will surely have a knock on effect in later life when a person who was 30 in 2007, now 34 will be 59 at least by the time they will have their 25 year mortgage paid off (if they are lucky enough to be able to afford to buy one this year) This compares to 55 if they had bought in 2007.
How will this affect the economy? People working later in life to pay off mortgages? Less people taking early retirement, I'd guess and therefore less paid out by private pension funds at that point in time.
Maybe I'm crazy and I probably am, but I'm glad I bought when I did and for the price I did at the rate I have back in 2007. Am I?