Is now a good time to buy a property?

Posted on November 6th, 2016

If you’re planning to buy a property you’re no doubt feeling somewhat uncertain right now. 2016 has not gone the way anybody expected. A decision to leave the EU. a new Prime Minister and Cabinet. The second labour leadership contest in a year. It’s safe to say the last 12 months have been unprecedented.

It’s understandable therefore those would-be buyers don’t know what to do for the best. It’s a question we’re asked regularly at the moment – is now a good time to buy or should we hang fire?

The fact is now is actually a very good time to get on or move up the property ladder. The market has been quieter over the last few months – a combination of the summer lull and the uncertainty from the period of political madness from June onwards. As a result buyers are now in the driving seat. House prices haven’t risen in many areas so it’s possible to get a good deal.

Furthermore of course mortgage rates are at record lows. Fixed rates are very attractive right now with rates on two year fixes particularly low.

Market commentators are predicting this to change over the next few years, despite the recent cut to Bank Base Rate. Swap Rates, the rates at which banks borrow money, are rising so mortgage rates could follow suit.

Furthermore we may see house prices creep up as some sort of stability returns to the market.

So if you’re ready to buy a property now don’t be put off by the chaos of the last few months. Come see us at We Know Mortgages and we’ll help you find the right deal for your next move.