If 2023 was the year you were going to buy a new home, it\u2019s fair to say that the gloomy news headlines might have you rethinking things a bit. Is it the right time to buy? Should you rent instead? Should you move in with your nearest and dearest and hope they don\u2019t mind?<\/p>\n
It\u2019s a tricky one. But when the housing market is rockier than a Bon Jovi concert, you might feel more apprehensive than usual about investing your cash.<\/p>\n
In this quick read, we look at three reasons why buying a property this year is still a good idea and why it\u2019s important to stay positive.<\/p>\n
1.It\u2019s a buyer\u2019s market<\/strong><\/p>\n Let\u2019s get into some basic economics: when supply is greater than demand, the market responds and prices drop. And right now, due to a range of factors, the housing market is floundering. There\u2019s lots to buy but not many people actually buying. So, if you are a serious buyer in the current economic climate, you may be able to afford properties that were out of your reach this time last year.<\/p>\n Properties are getting stuck on the market for longer, so sellers may resort to reducing their prices or there may be more room for negotiation. Of course, this rule doesn\u2019t apply uniformly throughout the UK (as some areas retain high asking prices), but it\u2019s always worth a shot.<\/p>\n 2. Mortgage mayhem<\/strong><\/p>\n Unless you live under a rock, in a cave in a faraway land, you\u2019ve probably heard that mortgage rates are high right now. But does that mean you should back out of buying completely?<\/p>\n By working with a good mortgage broker, you can learn what type of mortgage best suits your needs, find competitive rates from various lenders, and decide on a reasonable mortgage term. All this information may surprise you into realising you can still afford to buy.<\/p>\n It\u2019s also worth noting that mortgage rates are subject to change (i.e. they won\u2019t stay high forever), so don\u2019t let go of the dream of owning your own home.<\/p>\n 3. Rents are higher than ever<\/strong><\/p>\n If you\u2019ve been saving for a deposit, but you\u2019re worried about mortgage repayments, it\u2019s worth looking at rentals in and around your chosen area. You may find that mortgage costs work out at less than monthly rents.<\/p>\n Speak to your agent about the local rental market and they\u2019ll be able to give more insight into the situation. They may also be able to refer you to a mortgage broker to find a good deal.<\/p>\n If you\u2019re looking for a new home, give us a call. We can help you find what you\u2019re looking for. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" If 2023 was the year you were going to buy a new home, it\u2019s fair to say that the gloomy news headlines might have you rethinking things a bit. Is it the right time to buy? Should you rent instead? Should you move in with your nearest and dearest and hope they don\u2019t mind? It\u2019s […]<\/p>\n","protected":false},"author":3,"featured_media":1768,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_themeisle_gutenberg_block_has_review":false,"footnotes":""},"categories":[1],"tags":[26,25,16,10],"class_list":["post-1709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-moving-home-advice-and-guidance","tag-buyer","tag-jerry","tag-mid-family","tag-young-family"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/1709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/comments?post=1709"}],"version-history":[{"count":4,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/1709\/revisions"}],"predecessor-version":[{"id":1715,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/posts\/1709\/revisions\/1715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media\/1768"}],"wp:attachment":[{"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/media?parent=1709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/categories?post=1709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.craneandco.co.uk\/pages\/wp-json\/wp\/v2\/tags?post=1709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}