Is now a good time to invest in new property?
For the first time this year, UK home prices are declining, although analysts attribute this to summertime distractions rather than deteriorating economic conditions.
Rightmove said the dip was in line with summer price trends over the past decade, and would probably recover once house hunters returned from their holiday breaks, which for many were the first after Covid restrictions were lifted. However, there are concerns that rising interest rates, which increased in response to soaring inflation, could affect the housing market. It was also said that a dip in asking prices is to be expected this month as the market returns towards regular seasonal patterns following a frenetic two years.
I think now would be a great time to look into a potential new property, as there will be sellers who will reduce their asking price because they must close agreements sooner, partially owing to the fact that it often takes a few months to finalise a sale.
As summer is coming to a close, could we be seeing a rise in current prices as more and more people come back from holiday? With more people looking to move into different spots, could opportunities arise for property investors to land a good deal in renting or selling their property, or perhaps acquiring a new one altogether?
Potential property buyers who are worried about rising rates to acquire a mortgage in principal early should confirm these prices ahead of time, and figure out what they would be able to repay each month in order to determine what they can afford.
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