According to one of the UK’s largest mortgage lenders, House prices in the Uk have just shown the first signs that the market is starting to stabilise, and find a balance between House Buyers, House Sellers And Mortgage Fund Providers.

This truly is good and encouraging news for the House market particularly and the general economy as a whole. But, if we’re planning on getting back into the House market seriously, and certainly before We buy Houses at all, we still should employ the kind of care which has been lacking amongst House Buyers over the last few years.

It seemed for a while that all anyone needed to do was put up a sign saying “Buy my House”, and any numbers of potential buyers were beating a path to their door with cries of “We buy Houses! Sell to us!”

Now it’s completely different. Just because someone invites you to “Buy my House” doesn’t mean you have to respond and dive in quickly. Remember, House prices are still dropping, even though slower than previously. That means, when We buy Houses, time is on our side, because the longer a House is for sale, the lower its price tumbles.

Of course, as we’ve just said, the latest news put out by the UKs most important Mutual Society in the mortgage market, tells us that House prices are presently falling much slower than they’ve done for many months. So it could well be that we are approaching the bottom of the present House Value slump.

So it seems that now may not be such a bad time to buy Houses in the UK. However, you should always apply sound principles & make a clear assessment of the whole situation before you commit yourself.

Firstly, do all the due diligence & pay the extra for an in-depth survey to include a report on the House’s condition, any title complications, flood & future development risks, unruly neighbours etc.

Secondly, make sure you’ll have enough equity in the property in case House prices fall another 20%, because they’ve not finished tumbling yet.

Next make sure you can manage the repayments now, and with a reasonable safety margin for when interest rates shoot up as the economy picks up.

Finally, make sure you have enough liquid funds to live and pay your mortgage for at least 3 months, because if you’re unfortunate enough to lose your job, that’s how long you’ll need to hold on before you get any government help. You just don’t want to be dragged into a distress sale to one of those “We buy Homes” companies.

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