Is now a great time to buy before the tide turns again?

Having been in favour of sellers over the last few years, the property market in West Sussex is now becoming a buyers’ market, giving house purchasers more of an opportunity to negotiate on price. When to gauge the property market is always a game of chance, as none of us have a crystal ball. However, in my experience, often opportunities are missed as the tide turns like this, as a difficult market for sellers can prove to be a great opportunity to trade up as a buyer.

How many of us see a fall in prices and think they will not recover? History tells us they do. If we look at statistics year on year, property has always provided us with a capital growth of approximately 6-7% a year which isn’t a bad return (looking a ten year period with ups and downs). The only issue with this is as for most of us we are property rich and cash poor, but it has its advantages as we grow older as we can sell in retirement or have something to leave to our children.

If you are buying a similar value house to add value, or better; buying a more expensive home and trading up market (as long as you have done the maths on your mortgage repayments), then don’t wait for the market to be at its lowest. You may miss the current opportunity as the tide can turn back in a flash – as we have all experienced recently with the mini budget.

In the eighties and nineties moving was far more frequent, money was easy to borrow and stamp duty land tax didn’t exist, but the obsession with property over the past twenty years has grown and it gives us all a feeling of wealth and importance.  In my experience as an estate agent seeing the dip in the early nineties, then as a buying agent since 2003, then again in 2008; could 2023-24 offer us many opportunities if we are willing to grasp the nettle and see if history repeats itself?