Property Prices Can Only Go Up In Future ...surely ?

[pumpjack]

im undecided to buy my 2 bed apartment , im paying full cash non mortgage. im undecided to keep my cash in bank or buy this place.

surely the prices can only go up as there is very little social housing being built and new build houses are really expensive now.

i can buy this place for 72k .....im getting on a bit and want a bit of security but theres a part of me says keep renting as im allways moving around the country for my work ( when i have it )

what would you do ?

[dannyk13]

Carry on as at present,at least until you stop travelling for work.

[Buenchico]

Worth a read, I think:
https://www.bbc.co.uk/news/business-45516678

[AuntLydia]

If you have the cash to buy your apartment it makes sense. Interest rates are so low it makes no sense to fork out rental money each month. It will also make life easier in that you will not be under pressure to 'find the rent' every month and will always have a place to live even if you can't find work.

[woofgang]

"surely the prices can only go up" well maybe but maybe not within your lifetime? Therr may be very little social housing being built but people who are entitled to social housing, just about by definition can't afford to buy. 2 questions though. 1. what percentage of your savings is the price of the flat? The larger the percentage, the less I would be inclined to do it. 2. When you move around for your work, do you still pay rent on the flat you could buy or do you give it up? If you are currently having to pay two lots of rent then it might be worth buying as owning could reduce your outgoings. If you give the flat up and are only paying rent for where you are staying then buying the flat will put your outgoings up and needs careful consideration.

[Old_Geezer]

Long term they should rise. But many suggest they are overpriced at present so when you jump in is important. I held off buying my present place for years because of rumours of an iminent fall in prices. Eventually I could wait no longer. It's price has risen since. Thing is, to buy for use, not simply as investment.

[Vagus]

Depends, have you got family you want to leave your flat to when you die? If not stay renting and enjoy your money.

[bobbyenoha]

In the second half of 2020, the acceleration of housing price growth occurred in both the primary and secondary markets and was typical for most regions. At the same time, the pace remained noticeably higher than the increase in consumer prices. So your thinking was correct. I also took a mortgage back then to buy a house -- I had to release equity from a house I owned to do that. As my financial consultant told me, I took the Equity Release Lincoln way https://lincolnmoneyman.com/equity-release-advice-lincoln/