In today's world, it's difficult to know whether you're coming or going with the property market. Each day, a plethora of articles are written in the newspapers that claim that the buyers market is heating up again, or that prices are finally coming down in the rental sector in London, but opinions seem to change each day.
If you're in the position where you could afford to purchase your own home, but you're not sure whether it's a smart decision - given that you could save your money and just rent - then don't worry. We've put together this helpful guide that explains what you should be doing with your money and why. The short answer is that now is the time to buy.
The Housing Market Is Finally Cooling off
The first thing to remember is that the housing market is finally starting to slow down. What this means is that over the past two or so years the average increase in the price of a property (to buy) has been increasing rapidly, with the average price in - for example - Brixton increasing by 37% in this last year alone. This means that it has been extremely difficult to keep up with inflated house prices as a potential buyer. Now, however, inflation is starting to slow, and this is a good indication that now could be a good time to buy. Keep watching the news to see if this decrease in inflation continues.
Rent Prices Are Still High
With the inflation rate on the buying market starting to decrease, you might think that the rental market would be doing something similar. Unfortunately however, it seems that the rent prices for properties continues to increase at a rapid rate. This means that more and more people are going to find it difficult to rent a property and at the same time save for their own home. So, we believe that if you can afford to purchase your own home, now would be a good time to do so.
What Are the Experts Saying
A great way to keep up to date with the goings on in the property market is to read the news, but another way is to ask the people who are selling and easing out properties to the people in your local area. Estate agents like MorganRandall will be able to give you with advice as to whether now is a good time to buy. Though with inflation decreasing and rent prices soaring, the answer could be yes.
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