Interest Rate Update: What Buyers and Sellers in Wembley Need to Know
Property experts say that many people have put their moving plans on hold until interest rates drop*. Is this the right or wrong thing to do? Let’s take a look**.
- Currently, properties on the market are competitively priced. There are some very good deals to be had.
- If many buyers enter the market at the same time later in the year, there will be more demand and increased competition between buyers.
- When interest rates drop, and people can borrow more, property prices tend to rise.
- Delaying a move can have a financial cost. If your aim is to move closer to work or family, you’ll spend more on commuting or childcare in the interim.
- Property transactions can take longer than you expect to complete. If it’s your ambition to live in the catchment of an outstanding school, it’s good to have certainty.
- There’s an emotional cost to putting your life on hold. It’s one thing to delay a move for a few months, but if you’re keen to downsize or upsize, waiting means you’re left in limbo.