Let’s face it, there’s a lot of noise right now about interest rates, borrowing and the rising cost of living. If you’re wondering whether now is still a good time to buy property, you’re not alone. We get asked this all the time, and the truth is: it depends on your situation but there’s plenty you can do to make the right call.
The Big Question: What’s Happening With Interest Rates?
Over the past 10 years, interest rates have gone up and down like a yo-yo. When rates are low, borrowing is cheaper. This means your mortgage payments could be smaller and your money goes further. But when rates climb, it can feel like the doors are closing.
Right now, we’re seeing more cautious buyers. That’s understandable. A higher interest rate means higher monthly payments. And when the cost of borrowing goes up, it makes people hesitate. But here’s something many people forget: not all rises are bad. Sometimes, they shake the market up just enough to create new opportunities.
Don’t Just Look at the Rate, Look at the Bigger Picture
If you’re buying a home to live in long term, the mortgage rate today might not matter in five years. Yes, your monthly costs might be a little higher now. But house prices in some areas are falling slightly, giving buyers a chance to negotiate better deals.
And let’s not forget, when everyone else is waiting, it could be the perfect time to act.
Borrowing Smarter, Not Harder
Now more than ever, it’s important to borrow smart. Speak to a good adviser who can help you understand the real cost of your mortgage over time. Some fixed-rate deals might offer stability even while the Bank of England adjusts the base rate.
Your borrowing decision should feel comfortable. Don’t stretch yourself too far. But don’t be frozen by headlines either.
So… Is It Still a Good Time to Buy?
In short—yes, it absolutely is.
If you’re secure in your income, plan to stay in the property for a while and have done your sums, then rising interest rates might not be a deal-breaker. In fact, they might just open the door to a quieter, less competitive market.
And if you’re selling? There are still motivated buyers out there who want a good home. People move for all sorts of reasons: jobs, families or just downsizing and they don’t all wait for the perfect market.
