When Is The Best Time to Buy Property?

The price of the average British home has topped a quarter of a million pounds for the first time, according to a leading index.

The long-running Nationwide house price index, compiled by one of the country's biggest mortgage lenders and largest building society, says the typical house price is now £250,011.

UK-wide house price growth reached 10.3 per cent in the year to September 2021, the report said, the highest annual figure since September 2014. 

Housing transactions over the same period reached 442,930, the highest recorded since the third quarter of 2007.

In the five years to 2025, Strutts predicted that the typical home would increase in value by between 20 per cent and 35 per cent – a forecast that has remained unchanged since its last quarterly report.

Between January and September 2021, the report said that the number of sales in locations outside of London were up 37.5 per cent year-on-year – though in 2020 the housing market was closed for two months during the first national lockdown.

Since the beginning of the coronavirus pandemic, the average house has seen more than £30,000 added to its value, as a property boom has been driven by people seeking more space, moving out of cities, and chasing the now finished stamp duty holiday tax break.

My thoughts? The best time to buy is NOW, don’t hold back. If you can make it happen, then make it happen!

(Source: https://www.thisismoney.co.uk/money/mortgageshome/article-10160157/Nationwide-Average-house-price-tops-250k-time.html)