Is it a good time to buy?

Wed 28 Feb 2024

WHAT PRICE SECURITY?

 

A question often asked of estate agents is, “is this a good time to buy?”

 

Whilst the answer to this question is never a straightforward yes or no, it depends upon individual circumstance, there is very rarely the wrong time to buy.  When there is uncertainty in the property market there can be a tendency to rent rather than buy.  Some think if prices are slipping back a bit they will wait until the prices “bottom out”, however this can be dangerous game as often it is more by luck than judgement that this is achieved.

 

A much more significant factor to consider is certainty.  At the moment rents are rising ahead of inflation, current figures indicate rents are rising on average at over 6% year on year due primarily to a severe shortage of properties to rent.  A significant number of properties are owned by “accidental landlords” who probably have no plans to let their properties in the longer term.  These two factors alone can either lead to unexpected steep rent increases or worse a request for a tenant to move out in order that the property can be sold. 

 

If you are financially able to purchase your own home this provides 100% certainty.  Whilst mortgage rates have climbed in recent times, every indication is that they have probably now levelled out, resulting in more stable mortgage costs in the longer term.  So long as you pay the mortgage, no one can ask you to leave your home and you will not be restricted by conditions imposed by your landlord.

 

Eric Lloyd & Co have a wide selection of properties for sale, many being offered chain free, may now a great time to buy.  If you are considering a purchase call the sales team on Brixham (01803) 852773 or Paignton (01803) 844466 to discuss your requirements.