Buying a house can be a nerve-wracking and stressful experience, whether you’re a first time buyer, or a time tried professional. Knowing what you want when entering the property market is just one issue to consider, but knowing when the best time to buy a house is can help to make your purchase run smoothly.
With the current cost of living, house hunting can feel like a bigger squeeze than expected than when you first made the decision to purchase a property, but knowing the best time to buy a house could help you.
When is the Best Time to Buy a House?
According to property experts the best time to buy a house is either during the Spring or Autumn months, as there is a larger range of properties available on the market. Looking for houses in the Summer or Winter months is unlikely to offer as many fruitful offers, as the holidays are a main focus during these times. Keeping an eye on property trends can also tell you when the best time to buy a house will be.
In 2022 the market trends from 2021 look to have continued. Keeping an eye on the changing market trends will allow you to predict the best time to buy your property, you will be able to see potential rises and dips that can help you out in the long run.
2022 see’s mortgage rates remaining elevated at around 5%, but this is still low in comparison to mortgage rates in the 2000’s, which averaged at around 7%.
Buyer demand is expected to take a dip, with property tours decreasing by 12% in June 2022 compared to the same period last year.
Property prices are expected to continue to rise, but slowly. The median sales prices are predicted to rise by approximately 6.6% in 2022 from 2021.
Keeping an eye on this kind of information allows you to predict the best buying periods for your property purchase, tracking the fluctuating property market is a recipe for success.
Buying your first house is exciting! But it can feel overwhelming and complicated, there’s so much to know and do.
Many first time buyers will save a deposit of 10% for their mortgage. Using mortgage calculators, which can be found for free online, can help you to work out the best mortgage rate for you, and therefore the pest price range to be looking at. Remember that a deposit isn’t the only thing you will need to save money for, there are many costs associated with buying your first home, including Conveyancy fees, land registry fees, and more.
If you are considering renovating a property then a Professional Consultants Certificate is another important factor you will need to consider. A Professional Consultants Certificate is confirmation that your property has been built safely and in accordance with the building contract, which you will need if you want to mortgage or renovate the property. Check our First Time Buyers Guide to a Professional Consultants Certificate for more information.
When you’re ready to buy a house, you need to ensure that your future home is fully covered. Trust Professional Consultants Certificates to make the process as streamlined as possible.
Whether you are looking at buying a New Build, or purchasing to renovate, our team is here to help. Get a quote from us today to start your Professional Consultants Certificate, or check out our FAQ page to answer any questions you may have.
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