The decision to get a mortgage depends on various factors, including your personal circumstances, market conditions, and financial goals.
Here are some key points to consider:
1. House Prices and Trends:
- House prices have been on the rise recently. According to Nationwide, house prices increased by 1.2% in the year to February 2024, marking the first annual price increase since January 2023.
- Halifax reported even more bullish figures, with a 2.5% annual house price increase in January 2024.
- While prices have risen, it’s essential to assess whether they will continue to do so or stabilize
2. Mortgage Rates:
- Mortgage rates have been falling since the last rate rise in August 2023, albeit slowly.
- The Bank of England’s base rate has stayed at the same level, impacting mortgage rates.
- If you’re confident about managing mortgage repayments, buying now might make sense.
3. Election Impact:
- The upcoming UK general election on July 4, 2024, could introduce uncertainty into the housing market.
- Keep an eye on election-related policies that may affect housing, such as housing affordability initiatives or first time buyer schemes.
4. First-Time Buyers:
- First-time buyers should weigh affordability, stability, and long-term plans.
- If you plan to live in the property for an extended period, buying now could be advantageous.
Conclusion
In summary, consider your financial situation, market trends, and election-related developments when deciding whether to get a mortgage. Seek professional advice to make an informed choice tailored to your needs. Give us a call. We're here to help.
