If you are interested in buying a house, we are sure you are probably very confused on whether it’s currently a good time to buy or not. In September, house prices soared to a record high of 11.8 per cent up from 10.2 in August.
During the Covid-19 pandemic, the rush of moving to more spacious homes increased house sales and ultimately house prices. The average UK house price was at a record high of £270,000 in September 2021, which is £28,000 higher than September last year.
Homebuyers were also taking advantage of the government’s stamp duty before it ended in October, which caused a bit of a frenzy in the property market with a lot of bidding wars that led to some buyers even overpaying significantly.
Our predictions:
After the prices soared during the COVID-19 pandemic the truth is that right now houses are expensive and harder to find, and this pattern could continue during the festive period and in the early months of the new year.
But with life slowly getting back to normal, we believe the property market will also change and prices could fall later in 2022. The urgency to buy houses will slowly drop and less demand will hopefully result to lower house prices in the spring of 2022, traditionally there is more housing stock available in spring too.
Some latest figures, released by property website Rightmove, reveal that the average house price dropped by £2,000 in November, which is 0.6 per cent less than in October, the largest monthly fall since January.
If you can afford to buy your dream home right now, you should buy now rather than wait, but for anyone thinking to buy a home, we would suggest taking your time researching the market and the current mortgage rates before making any rash decisions.
In today’s economic climate and after the substantial changes in the property market during the pandemic, it’s very important to be certain before buying.
Property purchase is a massive deal, and that’s why our conveyancing solicitors are always available to answer all your questions. Going into the buying process without the knowledge and help of experienced solicitors can cause expensive mistakes down the line.
Use our contact form to get in touch, and our dedicated and reliable solicitors will assist you with your conveyancing in a friendly but professional manner.