To buy or not to buy?
We are currently experiencing high levels of viewings for properties and perhaps you are like many people who are wanting to buy but are unsure whether now is the time to commit or if you should wait. The next 5 weeks will be crucial to those looking to take advantage of the current property climate.
So, why buy now?
The answer to this question largely depends on your circumstances. The property industry has been experiencing what we call “a buyer’s market”, where vendors who want to sell must price their property at a more realistic level as there is more stock on the market and those selling are often more genuine.
If you are serious about buying, have maybe tried to buy in the past but you were caught in a queue of people who wanted to buy the same home and you missed out, now could be the right time for you!
Are you waiting for interest rates to drop?
The International Monetary Fund has recommended the Bank of England cut the base rate to 4.75% or 4.5% by the end of the year (from 5.25% currently). Whilst this is exciting news, given last week’s official government figures on inflation, the first cut is unlikely to happen until at least August. Inflation dropped to 2.3%, the lowest level for 3 years but still shy of the 2% target, and it is considered likely that inflation will rise again, slightly, later in 2024.
Despite this, many purchasers who have already bought in this market have taken advice from their financial advisors, and the forecast drop in interest rates is only likely to make a small saving in their outgoings compared to the benefit to buying now in a less frenzied market.
Maybe you are awaiting the outcome of the upcoming general election?
Those buyers waiting for a cut to the base rate are likely to find themselves stuck in a post-election market, where historically property prices rise following the vote and many buyers may encounter bidding wars or needing to offer above the asking price for their dream home.
The property market is always difficult to predict, whether prices go up or down for whatever reasons during any given year, history tells us, prices continue to rise over longer periods.
The latest quarterly data from Savills suggests that values have bottomed out in prime regional markets and prices in the South are expected to rise 3.5% in 2025, making now the perfect time to buy to take advantage of lower values and a greater choice of property.
If you would like to talk to one of our sales consultants about the benefits in buying now, to register for properties that we are selling or if you would like to speak with an independent financial advisor then get in touch today.
Brighton & Hove:
Lewes Property Hub:
Shoreham Property Hub
Independent Financial Advisor:
Josh Sisley
Wooton & Bean, 137 South Road, Haywards Heath, West Sussex, RH16 4LY
For further information on referral fees that Oakley may receive, please visit: https://oakleyproperty.com/referral-fees
