Is It a Good Time to Buy?

“Is now a good time to buy?”

It’s probably the question we’re asked more than any other.

The honest answer is that nobody knows exactly what the property market will do next. House prices may rise, they may level off, and there will always be commentators confidently predicting both outcomes at the same time.

Before we go any further, it’s worth saying that different parts of the property market are behaving very differently right now.

If you’re downsizing or selling a higher-value property, your experience may be very different. This article is really about first-time buyers and those looking to move from their first property into a larger family home, where we’re seeing some interesting opportunities emerge.

For several years, many buyers felt they were constantly on the back foot.

Properties were attracting multiple offers, decisions had to be made quickly, and missing out on one property often meant waiting months for another suitable option to come along.

The market feels more balanced today.

Buyers generally have more choice, more time to consider their options and less pressure to make snap decisions.

Part of this is being driven by changes affecting landlords. Rising costs, increased regulation and changing tax rules have encouraged some landlords to reduce or sell parts of their portfolios.

Many of these properties sit squarely in the price range typically targeted by first-time buyers and those looking to move up to their next home. While the changes present challenges for landlords, they are helping to create more choice for owner-occupiers than we’ve seen for some time.

One of the biggest changes we’ve noticed is that negotiation has returned.

A few years ago, many buyers felt they had little option but to offer the asking price, or even more, if they wanted to stand a chance of securing a property.

Today, conversations are often more balanced.

Many sellers are realistic about current market conditions and some landlord-owned properties are being sold without an onward purchase. In practical terms, that often means chain-free transactions and, in some cases, empty properties ready for occupation.

That doesn’t mean every property is available at a bargain price. Good homes in desirable locations still attract strong interest.

What has changed is that buyers often have the opportunity to ask questions, negotiate sensibly and make informed decisions without feeling quite so rushed.

One trend we’ve noticed recently is that many first-time buyers recognise there may be opportunities in the current market, but they’re understandably nervous about making a mistake.

Buying your first home is one of the biggest financial commitments you’ll ever make.

Campbell often reflects on how different the market was when he bought his first property. At the time, 100% mortgages were available and entry costs were considerably lower than they are today.

Today’s first-time buyers face a very different set of challenges, which is why it’s understandable that many are cautious about making such a significant financial commitment.

It’s no surprise that many buyers worry about whether they’re making the right decision.

Campbell Grafton, Director at Horne Dennison, often recalls being told by his father that he was buying at the top of the market when he purchased his first property.

At the time, it felt like a genuine concern. Looking back, it serves as a useful reminder that almost every generation of buyers has worried about whether property prices had already peaked.

Property has always felt expensive when you’re buying it.

There has always been uncertainty.

There has always been a reason to wait.

The challenge is that perfect market conditions rarely arrive.

For most people, buying a home isn’t about trying to predict what will happen over the next six months.

t’s about making a decision that makes sense for the next five, ten or even twenty years.

Of course, we all hope our homes will increase in value over time.

But a home is much more than an investment.

It’s where life happens.

It’s where you build routines, raise children, work from the kitchen table, host family Christmases and create memories.

That’s why we often encourage clients to think beyond headlines and market forecasts.

A more useful question can be:

“Can I comfortably afford this property, and does it fit with my plans for the years ahead?”

When buyers focus on the long term rather than trying to perfectly time the market, decisions often become much clearer.

Another point that is sometimes overlooked is how modern mortgages work.

Years ago, interest-only borrowing was much more common. If property prices failed to rise, homeowners could find themselves years down the line owing exactly the same amount they borrowed.

Today, most borrowers use repayment mortgages.

That means that every monthly payment gradually reduces the amount owed on the mortgage.

So even if house prices don’t race ahead, homeowners are steadily building equity by paying down their debt over time.

It’s a less dramatic story than soaring property values, but it’s one of the key reasons many people continue to see home ownership as an important part of their long-term financial planning.

So, is it a good time to buy?

As frustrating as it sounds, the answer remains the same: it depends on your circumstances.

What we can say is that many first-time buyers and those looking to move into their next family home currently have more choice, more time to think and greater negotiating power than they have enjoyed for several years.

For some, that may create opportunities worth exploring.

The best time to buy isn’t when the headlines tell you to.

It’s when you find the right property, can comfortably afford it and feel confident it supports your long-term plans.

If you’re wondering whether now could be the right time for you, we’d be delighted to help you explore your options.