It certainly is uncertain times and do not let anyone convince you that they know what the future holds for the markets. There are a lot of ‘experts’ out there who often have agendas!
Times are difficult and expected to continue to be very volatile for some time, but with the releasing of further lockdown restrictions this week, you would like to think and believe that the financial and property markets will begin to recover.
There hasn’t been a sudden drop in property values, despite Nationwide quoting a drop this week, which is only expected in the current climate, but more of a suspension in everything and with estate agents and solicitors recently opening up again, there will inevitably be an increase in interest in restarting a sale and purchase process for many people.
Confidence is a big thing and a lot depends on how people see their job situations and financial circumstances, as to if they commit to property purchase.
Current interest rates are probably as low as they will ever get, so the monthly costs are at a historic low when paying for a mortgage, so there is some sense in considering moving now and to be fair interest rates have been very low for over 10 years! but a mortgage is a long term commitment and rates will inevitably increase again at some point depending on recovery timescales etc, so buying now if affordable is worthy of consideration in my opinion.
There has in fact been some changes this week, with a number of major lenders reducing the amount of deposit needed, so there is certainly signs of lenders wanting to kick start the market, which can only be good news.
In principle the bigger deposit will give you the better product rates and lesser monthly cost of course and hence saving as much as possible is always a good idea to cover buying costs as well.
Obviously, our advice is always based on an individual’s personal and financial circumstances and their plans and thoughts and a house purchase is an emotive decision as well as a financial one.