Mortgage rates Q&A: Part 2

Should I wait to buy a house?

“Generally, you’re buying a house because you need to so it’s all about when’s right for you. If it’s within reach then I would suggest it’s still a good time to be looking at property, not as a short-term investment to make a profit, but as part of your long-term future.

“Interest rates have increased recently but to put it into perspective, the average Bank of England base rate over the last 40 years is just over 7.5%. This means that the latest increases are behind the long-term average.”

Will house prices drop?

“There are still more people looking to buy a house compared to the number of properties on the market which means house prices may not change for now. The cost of renting is also increasing so it may not be favourable to wait for house prices to drop as there’s no guarantee that they will.”