Top tips for buying a home this autumn

The Savills Blog

Three top tips for buying a home this autumn

In light of the Bank of England’s decision to lower interest rates to 5% – the first cut since the start of the pandemic – you might be thinking about what this means if you are looking to buy a home and whether to act now or wait to take the plunge. 

For buyers considering a move this autumn, here are my three top tips:

If it’s the right property, it’s the right time

Waiting for possible further cuts to interest rates could mean that you miss out on a property that’s currently available, or there might be more buyers going after it later down the line. If you’ve found your ideal home that ticks all your boxes, you may want to take the opportunity to offer now rather than adopt a wait and see approach. For family homes in particular, we are seeing buyers who don’t want to enter into a competitive environment and would prefer to secure a property now given that they plan to spend the next decade or more living there. Additionally, we are expecting to see some house price growth later this year, so those wanting to move up the ladder might find themselves having to pay more to make that next step.

Seize the opportunity

Whether it’s a keenness to get on with their lives, a need to downsize, a relocation or another driver prompting the sale, there is a sense of commitment among vendors currently on the market who have already employed a sensible pricing strategy to attract buyers. So if you want to trade up the ladder, now could present a great opportunity to buy. You may also have a wider choice of property than if you begin your search later in the year when more people could be looking.

Get in before Christmas

Those putting in offers now have a good chance of moving before Christmas, which for many is a major driver as they seek to get into their new home before the end of the year. If you are hoping to get your keys in December, you’d usually need to find somewhere before the end of September. Having the necessary paperwork in order is essential, as is appointing a motivated solicitor and even a removals company as you move further into the timeline as the six week lead-up to Christmas can be incredibly busy.

 

Further information

Contact Victoria Knight

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