With house price growth easing and mortgage rates rising, the economic factors that influence the decision to buy or sell are hard to read.
After the lockdown slowdown of 2020 and the home-buying rush of 2021, the housing market has steadied somewhat in 2022. Yet, with sustained demand from buyers and restricted stocks for sale, prices have remained high.
Although mortgage rates have risen in recent months, they remain below the growth of average rental payments over the last decade.
House prices are still forecast to keep rising. So, despite everything that’s going on, if you’re in a position to do so, it could be a good time to start your home search.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.