There is a lot to think about when purchasing your first home and, with a changing housing market, it can be hard to know if it’s the right time to buy. Changes to Stamp Duty in England are worth tuning into and will no doubt be a contributing factor if you’re on the cusp of deciding. Getting a foot on the ladder before rates revert could save you thousands, but competition for properties could be fierce. Here are a few other things to consider.
House prices and mortgage rates
It is widely predicted that prices will increase in 2025 but at slower pace than before. Meanwhile, the August and November reductions to Bank Rate have prompted some mortgage rates to reduce in recent months. Rates may tend to keep dropping modestly but experts believe that, in the long run, the ‘new normal’ mortgage rate will be higher than the levels seen in the last decade.
What is your current situation?
The right time to buy will be different for everyone. Buying your first property is likely to be the biggest purchase you have ever made, so it’s important to seek professional advice.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed.