UK house prices are falling at their fastest rate for 12 years - so is now the time to buy a house?
, according to financial comparison website Moneyfacts. Higher interest rates mean higher monthly repayments for borrowers, squeezing how much they can afford to pay for a property.
If you are a cash buyer, you may be able to get more off the asking price – perhaps around 10 per cent – as you are likely to proceed more quickly and with more certainty than buyers who are purchasing with a mortgage.For the best chance of getting the property you want for a good deal, it pays to be prepared. Get a mortgage decision in principle – a statement from a lender confirming how much they will lend to you – in advance.
The most common options are a two-year or five-year fix, or a tracker or variable deal that moves in line with changes to the base rate. Gary, 43, initially offered £470,000 after researching what other houses in the road had recently sold for, and the sellers accepted £477,000 after some back and forth.
Gary ported his existing mortgage as he has three years left on his five-year fixed deal. He advises other homemovers to port or transfer an existing mortgage where they can, as it’s likely they’ll be on a much lower interest rate than what’s being offered by lenders now. “It is very difficult to try and time the market in the current economic climate,” says Dean Esnard at mortgage broker Magni Finance. “Buyers will have got a lower interest rate last year but house prices were at record highs. Now rates are higher but house prices are lower so it’s swings and roundabouts. If it’s going to be your residential home and the monthly mortgage payments are affordable, then buyers should go for it.
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