It’s the age-old question for first-time buyers. In fact, it’s the age-old question no matter whether it’s your first house or your tenth potential property purchase: ‘Should I buy a house now or wait?’ is a common buyer question no matter what stage of the buying process you’re in!
So, how do you know when it’s the right time to buy a house? Completing on a property purchase is an understandable goal for many people; but there are a number of factors both in and out of the buyers’ control that need to be considered! For instance, of course your personal finances are the single most important part of whether or not now is the right time to buy a house – as are factors like family circumstances, work commitments, children’s schooling and much more!
However, what our experts really want to share is an insight into the property market right now. Here in the UK, the property market has seen huge fluctuations for the past eighteen months, particularly in light of the Covid-19 pandemic, and can make it hard for individual buyers to know whether now is a good or a bad time to buy.
With the help of your dedicated experts here at Buying Agent Partnership, however, you’ll receive expert advice and world-class guidance about the property market – and whether now is right for you.
Is Now A Good Time To Buy A House?
Thanks to the fluctuation caused in part by the Covid-19 pandemic since March 2020, the property market has been in turmoil and left buyers fighting for properties – which remain relatively thin on the ground.
Currently, the property market is in a boom for sellers: with house prices rising 10% year on year. This increase was partially fuelled by a temporary cut to stamp duty during the pandemic; but with the tax break now tapering off, these astronomical price growths could be set to slow down. During the tax break, the number of houses sold in the UK rose, as buyers rushed to snap up the available properties.
Our experts say: ‘There haven’t been enough properties brought into the market to meet the recent rise in buyers’ demand. This means that prices could stay high in the coming months, despite the opportunities to save through taxes. Currently there isn’t a strong indication that supply of properties will increase – so the current seller’s market could mean a tough position for current or hopeful buyers’.
In light of this, our property finders are advising our clients that, if they have the ability to hold on a little longer, our professional advice at Buying Agent Partnership to our clients is wait to proceed. We know, this isn’t something you’ll often hear from a property finding service: but our priority is always our clients, their future homes, and their value for money. In such a competitive marketplace, the reality of the real estate market here in the UK is that not enough people are selling, and too many are in line to buy.
What Should You Do?
The result of this is that properties are understandably scarce; and in a competitive marketplace, prices can reach astronomical levels as buyers race to beat each other to the punch. Agents have no shortage of buyers on their books, which can mean that the quality of service clients deserve is at risk. If you as the buyer have the option, the best course of action is to delay purchasing until the market has stabilised.
If, however, you as the buyer do not have the option (i.e. you have sold your existing home) and you are in a position to proceed, partnering with Buying Agent Partnership is a smoother and easier path to purchase.
It isn’t all doom and gloom! Our local buying agent, property buyer for the Cotswolds, comments: ‘Where necessary, we can create a list of buyers that can proceed now – which takes them right to the front of the queue’. Our property finders can get our buyers to the front of the line, and help them to find their best possible address and proceed with their sale.
Work with Buying Agent Partnership to buy your property
Our experts recommend that if possible, you should work out where you want to live first! It might sound simple, but we don’t just mean ‘Devon’ or ‘Norfolk’ (or even, as we sometimes hear, ‘England!’) – we mean taking the real time to get to know the place you think you want to settle in. If you can, our property buying agents spend the summer doing the research and then we can help you to narrow it down.
Once you have a more specific idea of where you’d like to live, you and your property buying agent can discuss and explore the types of properties that are right for you. Our agents can suggest, shortlist and visit your chosen properties, offering you live video or virtual walkthroughs if required to allow you to gain a real insight into the property’s features.
What else should I consider before buying a house?
Our experts here at Buying Agent Partnership always recommend a few top tips before you start thinking of buying a house. In no particular order, it’s important that you take the below steps to work out whether or not it’s a good time to purchase a property – regardless of what the property market looks like!
- Check your individual finances
- Meet with a mortgage broker or bank to explore your financial options
- Check your preferred location for suitable property types
- If buying a property from outside the UK, check out our specific guidance for overseas buyers here
- If you’re moving to the UK and need a property, check out our specific guidance for buyers moving to the UK here
- Engage a property-finder to ensure you can find the most value for your money
Once you have the above in order, it’s time to chat to us. With the help of your dedicated property finder, you’ll be able to shortlist and view properties on the market to find out if there’s a suitable place for you: a new address, with minimum stress!