Have asking prices bottomed out?
Published: 29/04/2019 By Jane Robathan
Everyone is always keen to know if asking prices have hot rock bottom. But the truth is that, around here, prices have remained pretty stable. They just aren’t rising at an excruciating rate anymore.
Without knowing the outcome of Brexit, whenever it finally happens, low-rising prices in our postcodes are at least are giving buyers a break, particularly first-timers.
It’s never easy to predict when to time a purchase, one well-known rule is to buy as soon as the market begins to rise again. But in our patch, as we haven’t really hit a true price dip, that advice isn’t helpful. If prices in your area have dipped, then be sure to buy the second prices start heading upwards.
First-time buyers could wait to see if Brexit spears a proper drop or snap something up now while borrowing is still cheap (we can’t say what might happen to rates if Brexit is a mess). It’s a gamble, but that’s exactly what the housing market is. It may be more helpful to think about how long you’re planning to live in the property and remember that even if you buy just before the market dips, prices will recover within five years (and often two or three).