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I’m a first time buyer and have heard that house prices are expected to fall even further this year. When will be the best time to buy?

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I’m a first time buyer and have heard that house prices are expected to fall even further this year. When will be the best time to buy?

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There is no definitive answer to this. The Nationwide Building Society says that prices fell 15.9% in 2008, but refused to predict what will happen this year, saying only that the outlook will be subdued. The Royal Institution of Chartered Surveyors, however, predicted in December that house prices will fall by a further 10% in the next 12 months, meaning house prices will have fallen by 25% from peak to trough. So prices are already considerably lower than they have been – Halifax says they’re back to 2004 levels – and most commentators think the decline will continue this year. But do remember, while your home needs to be affordable, buying a home of your own is not just about maximising monetary value!

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