If you have found the perfect house, or are hoping to get onto the property ladder, buying sooner than later may be a good idea. As experts predict, mortgage rates will continue to increase, and house prices will also continue to rise- albeit at a slower pace. Figures from the Bank of England last week showed mortgage approvals fell further below their pre-pandemic levels in June- as lenders raised interest rates to their highest levels since 2016.
On a local scale, to Dorset, all of the above is relevant and representative of current and
predicted impacts on house values. Although, it is worth noting that Dorset will likely see much a less dramatic change than that of densely urban areas.
Overall, the usual advice can be applied: timing the market is not the thing you should be
worried about- nobody can completely predict this. Ensuring that you can afford your mortgage, even if interest rates rise, and that you will be happy in your new home are the fundamental two things you should ensure.