Like many things in life, trying to decide whether it’s the “right time” to do something is never easy, but when it comes to major decisions, it can be even trickier. And the truth is, no-one owns a crystal ball that can accurately predict what will happen to the property market this year.
Luckily, we were able to talk to Phil Roberts, Tick’s property expert, who was happy to share his insight and predictions for what may lie ahead.
Phil explained that there are three factors which are pulling the market at the moment, with those factors being inflation, a housing shortage and a rise in mortgage rates. Each of these factors affect supply and demand.
He says, “The property market at the moment is particularly volatile, and no-one knows what can happen. Sure, mortgage rates might come down, but likewise, they might get higher and higher. House prices are already starting to come down, and they may drop by as much as 10-15%.”
What then, does Phil recommend?
“If I was thinking about selling my property, then I’d bite the bullet and do it now,” he says. “Don’t wait to see if prices go up or down, because your gamble might backfire on you. Prices at the moment are still pretty good compared to where we were a few years ago, so why not capitalise on it and sell your property now.”
And in terms of buying a property? Phil’s recommendation is the same: do it now. “Why wait to see if mortgage rates come down when they could go up? Interest rates have been much, much higher in the past than they are now. You’d be better buying now whilst you can secure a mortgage and benefit from the lower house prices.”
So, there you have it: if you’re thinking of buying or selling, do it now. Remember, Tick Property Group’s award-winning team are available 7 days per week to discuss all of your property requirements, whether you’re looking to buy, sell or rent, so get in touch today and start a property journey with a difference.
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