Aug
14
There are two interesting news items about UK house prices today: House prices have continued to rise on the one hand and first time buyers are fleeing the market on the other.
Conflicting news, it seems, however I think what we are seeing is what happened to house prices over the last year before the latest interest rate rises with one report and a glimpse into the future with the first time buyer news.
In other words, the news about first time buyers losing interest in buying property shows us that buyer activity throughout the property market will slacken. First time buyers fuel the market, and if they fall in numbers then that will have a knock on effect on higher rungs of the property ladder.
So is now the right time to buy a house?
It depends on your local market, but it feels to me that we are at, or even past the peak of house prices, at the moment.
