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It depends on your plans. For example I'm looking at moving up the ladder in the next year - 2 years. For every 50k that my current house drops in sale value, the houses I'm looking at drop 100k. And I quite like the concept of taking out a loan that's 100k less, so I'm not terribly upset about falling house prices.
As a speculative investment I think the situation is very different though because you're really in it for the profit when you resell later. Whereas someone in my situation isn't - if we got the house we're after I doubt I'd move again in my lifetime.
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