Ever since Brexit, the housing market has come under severe pressure and scrutiny. Reminiscent of the recession just a few years ago, the news has been looking less than peaky for the sector. But since the Bank of England reduced its base rate to an all-time low of 0.5%, many have been questioning whether now is the right time to buy a house. After all, lower interest rates equal smaller monthly repayments, but that also means that house prices could drop significantly. So is now a good time to buy, or should you hold off?

First time buyers

First time buyers are the ones who keep the market afloat during times of slowdown. There’s always thousands of buyers looking for their first home – even when prices are high. And thanks to government incentives such as the Help to Buy ISA, it has become easier for first time buyers to get the money together to buy a home. At present, the low interest rates favour first time buyers more than any other group. When starting out, money is often tight. And if buyers can save £50 on their mortgage a month due to the decreased interest rates, that is certain to entice those into the world of property ownership and out of the high renting cycle.

Those on the move

Those already on the property ladder but looking to up sticks are the ones who struggle the most. Being caught in a long chain is common and can cause stress and worry for all involved. However when markets are unsettled it can make it even harder. At present house prices are high; and according to some reports, they hit their highest ever point in July. This is great if you’re wanting to sell up and downsize, but it isn’t the best news if you’re looking to move somewhere bigger as obviously this will cost you more money. It’s advised that you check your finances before making any rash decisions, as although the interest rate is low now, there’s no guarantee how long it will say low for.

Landlords

Landlords have been the lucky ones. Despite house prices tumbling during the recession, rents stayed pretty stable meaning their income wasn’t affected. And if they waited it out and are now wanting to sell up, now is a perfect time to do so. As mentioned above, first time buyers are always in abundance, and many rental properties offer the perfect base for first time buyers. Likewise, as property prices are high, the chances are they’ll be seeing a good return on their investment.

Buying and selling houses is expensive. There’s estate agents’ fees, solicitors’ fees and moving costs to factor in. All of these can run into the thousands. However sellers can save themselves both money and hassle by embracing technology and choosing a tech-savvy online estate agent, such as I Am The Agent. We have many years’ experience selling houses and know the whole process from start to finish. We pride ourselves on our ‘customer first’ policy, and as such, don’t come with the same high price tags as other estate agents. In fact, we are the cheapest estate agent anywhere in the UK. Prices start at just £19 for lettings and £49 for sales. If that has piqued your interest, find out more now.