With much uncertain surrounding the economy and housing market, is it still really a good time to sell or buy a property.
2022 has seen the cost-of-living soar. Gas and electricity prices are at their highest level for years with more increases to follow. To fill your car with petrol leaves you with a gut wrenching feeling and that weekly shop – how much!!! With all this, many buyers and sellers will be put off from moving.
Working in the industry for over 28 years, I have seen housing market booms and definitely housing market crashes but one thing I have always said is that buying a house is the best investment you will ever make, so the timing is really down to your personal preference and shouldn’t be dictated to by the economy!
Holding back and ‘sitting on the fence’ can occasional back fire on you. Just plan more and be prepared for the if and buts. Personally, I would never sit back and watch the economy, just plan more when looking at your income/outgoings with my main advice being, don’t push yourself to your maximum budget.
In my professional opinion, the housing market will go quieter with sellers being more cautious and watching what unfolds over the coming months. The demand though is still very high, many good buyers are still wanting to buy. Prices I believe won’t crash, I honestly can’t see that happening, the economy is too reliant on a good housing market so I think the Bank of England will protect it to the best they can. We have already seen this with the government extending the Right to Buy last week.
If you want to move or buy a home, then go for it. The timing is never the ‘best’ because we never really know when that is. One thing for certain is that interest rates remain low and continue to be low even with the expected increases over the next two quarters.
If you plan well and do your correct budgeting, then get excited and enjoy moving. Is waiting really the correct answer!