To be upfront and honest, I am sans house at the moment and renting. I have a bit of money in the bank thanks to a sale of a house a couple of years back.
We started to look at building a year or two ago and got quotes etc. All ready to go and the bank wouldn't lend us the money (us and everyone else). In hindsight they did us a favour.
Now here's the funny thing, it is now more expensive to build than to buy. And that is assuming that the asking prices are real and not a work of fiction. We are now contemplating selling the site we have (we have someone keen to buy for local reasons) and buying.
For the majority of houses in our area, if were were to build them it would cost more than buying them. Now people on this site will argue about rental yields and oversupply. I am not saying the market will move anytime soon. The absence of funding is still a major issue.
What I am saying is that when it costs more to build than buy, the market has overshot it's medium term level. An engineering friend of mine told me that builders are desperate and quote at cost or below cost just to keep cashflow going. So it ain't "greedy builder" syndrome. The costs I am looking at are direct labour.
BTW, we are still sitting back and won't make any call for another 6-9 months at this stage. I am just curious as to the thoughts out there.