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Q We have just sold our house and have seen one we would like to buy and had an offer accepted. However, news over the past few days regarding the state of the housing market during August, and the effects this may have over coming months, has made me question whether we would be better to hold off and wait until the new year to make a purchase.
We are currently renting and could carry on in our rented accommodation until the new year. What would you recommend? We are hoping to trade up – how much do you think the housing market will fall and is the talk of a double-dip recession likely to be true?
I'd really appreciate some advice as I'm finding it hard to make a decision with all the conflicting reports coming out – last week the news was that house prices would rise over the next five years. AC
A Predictions about double-dip recessions and house prices are not my strong point, I'm afraid. But I do know that you should differentiate between buying a property to live in and buying property as an investment.
If it is the former, what's happening to house prices doesn't really matter until you come to sell. What matters when buying a home is whether you like it. If you're not sure about the house you've just put an offer in on because you're not sure whether you really like it, then (with apologies to the sellers) by all means pull out. However, I wouldn't pull out if it ticks all the boxes and you are simply worried about not being able to second-guess house prices, as no one can.
Virginia Wallis
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