A recent article says property prices won't recover until 2020. Other reports say conflicting things. I'll stick to my own research and gut instinct, which says prices will drop for another 2 years. So far stubborn householders are not dropping their prices enough, and some BTL people are still holding on by their fingertips, so surely the worst is yet to come.
My millionaire mentor Mr Piper thinks that house prices have now reached the bottom. He said he can't see how things can get any lower so it's best to just get on with things and take on the market as it is.
Friends that I know who are house hunting are telling me that houses they are viewing are getting snapped up within weeks of being put on the market, and that they are even being gazumped. I agree that house sales are proceeding now, as I am seeing a few "sold" signs, however most properties that I am tracking on rightmove.com have still not shifted for around 6 months. Now is probably a good time to negotiate (drive em down) a house purchase, but I am still going to stick to my guns and not even think about buying for another year.
I have nothing to lose by waiting, as I am building up my finances, which will translate into more equity and a lower mortgage when the time comes to invest. I disagree with Mr Pipers reasoning that we are at the bottom. If I am wrong and prices rise, my calculations show they won't rise by very much at all. I could be wrong, but I am prepared to face the consequences if I am.
My millionaire mentor Mr Piper thinks that house prices have now reached the bottom. He said he can't see how things can get any lower so it's best to just get on with things and take on the market as it is.
Friends that I know who are house hunting are telling me that houses they are viewing are getting snapped up within weeks of being put on the market, and that they are even being gazumped. I agree that house sales are proceeding now, as I am seeing a few "sold" signs, however most properties that I am tracking on rightmove.com have still not shifted for around 6 months. Now is probably a good time to negotiate (drive em down) a house purchase, but I am still going to stick to my guns and not even think about buying for another year.
I have nothing to lose by waiting, as I am building up my finances, which will translate into more equity and a lower mortgage when the time comes to invest. I disagree with Mr Pipers reasoning that we are at the bottom. If I am wrong and prices rise, my calculations show they won't rise by very much at all. I could be wrong, but I am prepared to face the consequences if I am.
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