I saw 2 bits of news today, One from Australia and one from the UK. (December 29 2011). The Australian news summary was "THE western suburbs are poised to be at the forefront of a recovery in the housing market in the coming year." The news flash from the UK was "In the UK, Housing market activity will surge in 2013 after a stagnant few years, according to forecasts from the Office for Budget Responsibility (OBR). It said there would be a 20% rise in transactions in 2013-14, compared with the previous year. The OBR also predicted that house prices would rise at levels above inflation from the same year, reaching annual growth of 4.5% in 2015-16."
So what does this indicate for house buyers? Is it right? It seems that 2013 may be the beginning of property growth in earnest and if it is it may be the finish of the discounted property we see in the markets at present. This could be specially important for first time buyers. It's demanding enough to get on the property ladder at the moment, so if you're hanging on for the correct time to purchase your first home it looks like you'd better not hang around too long!
As with all of these predictions and news snippets, it's rumour. Wishful thinking. Well, perhaps it is but I have a feeling that in 2016 or 2020 we'll look back at this time of crisis and unrest and say "I should have purchased then", just as I look back at the 80's. Quite literally I now have credit cards with a threshold larger than my 80's house price!
The choice then is when, not if, to purchase. Once you have clarified that issue the larger headache is "how do I buy?" You'll be pleasantly taken aback at the quantity of mortgage and loan deals out there now which have "tailored " to the economic environment. Schemes to buy with friends, family guaranteed mortgages, Pre funded deposits and property ownership sharing etc. All products designed with you in mind. In no doubt they'll be a little more guarded as to who they will lend to but if you have a job and can cover the repayments you are in business!
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