It’s tricky to know the ideal time to buy a house, and it’s unlikely you’ll time the market perfectly. In an ideal world, you’d buy at the point in time that both house prices and mortgage rates reach their lowest point.

Unfortunately, there’s no way to know exactly when this will be without a crystal ball. These low points are also unlikely to coincide exactly.

However, you can use forecasts and existing data to inform your decision. Both house prices and mortgage rates have fallen during the past six months. The current average two-year fixed rate mortgage rate is now below 6%. In July, this figure reached as high as 6.86%.

The average house price is currently £258,557, according to Nationwide data. In May, it was £260,736. Almost a year prior, in August, 2022, this figure was £273,751.

Pinpointing the ideal moment to buy a house is a real challenge. Various factors such as market trends, economic fluctuations, and personal circumstances contribute to the complexity. In this ever-evolving environment, flexibility and adaptability become key, allowing potential buyers to seize opportunities as they arise rather than waiting for an elusive perfect time.

Source: The Times