Buying A House Vs Saving

[SC00BY]

Hi,
I know there is probably not a straight answer to this. So opinions would be good.

I'm looking to but a house for £100000 and have £10000 deposit.
Am I better off buying with a mortgage now. Or waiting and saving. (I can save £1000 a month)

Obviously house prices will go up. But can I "out save" the rise.

I hope this makes sense.
Thankyou

[Old_Geezer]

It's all guesswork. I'd be inclined to get on the property ladder as soon as reasonably possible. Property values have tended to rise faster than one is likely to save.

[Buenchico]

Your question fails to take into account the rent that you'll presumably be paying during the 'saving' period. Unlike the mortgage payments that you would otherwise be paying, that's all 'lost money' (in that you'll have nothing to show for it in the long run).

I'd opt to start house-hunting now but (unless, say, a change of work location forces you to move home) not rushing into anything. If you do find your dream home within a month then go ahead and buy it - but don't worry if you're still looking for it many months later.

[Peter Pedant]

buy now

no you will not be able to outsave the market unless your income is rising at the rate of house price rise - London for ex is 13%

It is not obvious that house prices will inevitably rise
in fact they have fallen twice ( two periods of deflation ) altho the prices had not fallen at all during the preceding 100y ( 1900-2000)
( some question about 1940 and the effect of bombing )

but it is a good bet

the heady days of tripling of prices 1971-1973 wont happen again
and THEY were caused by the oil price hike

[SC00BY]

Thanks for the quick answers.
I currently own a boat that I live on. I would like propety too! So I'm not paying rent. The £1000 that I have to save is surplus.

[waterboatman]

If you can up the rate you could pay monthly then you could well be better off buying now. Bear in mind that house prises do rise more than they fall and is usually more than the interest you would get by saving. Interest rates fluctuate almost daily in accord with market forces.