When is the best time to buy a house?

It can be hard to decide when to move in the property market during uncertain economic times.

When inflation isn’t rising and people aren’t experiencing a cost-of-living squeeze, it’s hard to judge when to buy a house

Spring and autumn are the busiest periods for buying properties as there is more housing stock available. The best time to sell a house is during winter and summer as there is less competition on the market.

The best time to sell your house is in March as more housing becomes available, according to The Times. August is particularly quiet for listings as homeowners head off on holiday, while they tend to stay put over the Christmas period as well, making December one of the more challenging times to buy.

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There was a boom in the housing market in 2021 due to the Covid-19 Pandemic and a temporary stamp duty cut. Stephen Maunder at Which? says that house prices have risen considerably since then.

There was a 12.8% average increase in house prices year-on-year in May 2022, while property purchases fell by 55% in June 2022, according to the Land Registry.

Faith Archer said in The Times that at the moment it is a seller’s market because of limited supply and strong demand.

It is unlikely that house prices will crash because of rising inflation.

According to the property site, house prices could fall slightly at the end of 2022, but still be 5% higher than they were at the end of 2011.

According to the Financial Times, the best time to apply for a mortgage was six months ago, when the Bank of England’s base interest rate was 1%.

Fixed-term mortgage holders need to plan for what to do when it expires, but they are currently safe from the additional cost of increasing interest rates. Anyone on a fixed-term plan who is soon to remortgage will struggle to find a deal as good as the one they have now, according to The Times.

The cost of a mortgage will go up after the interest rate increases.

House hunters can still find low mortgage rates, but they are rising. It’s easier to get a home loan for first-time buyers if you have a low-deposit mortgage.

The Bank of England scrapped a key mortgage affordability test at the beginning of August that should make it easier for prospective homeowners to borrow money. The risk of people taking out mortgages they are unable to afford is created by this.

It’s clear that buying a house is more expensive than it was a year ago, increasing the temptation to hold off and wait for things to become cheaper. James Max in The Spectator said that with all the signs of a slow-down and a possible recession, now is the time to take some decisions.

It can be risky to wait for a better market. She said that there is no guarantee of falling house prices and that mortgage interest rates may continue to rise.

According to Which?, there is little evidence that house prices will fall significantly over the medium or long term.

The broker told The Guardian that clients should consider long-term fixed rates if they want to avoid big hikes in payments next year.