Comment: ‘Traditional housing wisdom is out the window in these uncertain times’

Should you rent, buy now, or hold off on a move next year? Search me, in 2023 all bets are off
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Shutterstock / T H Shah

There’s an argument that Brits are comfortable with mortgage borrowing because they have only ever lived in a stable economy, predictable enough to save for a pension and take on debt for several decades.

After recent years it’s understandable that people’s confidence is failing.

Gone is the assumption that you should buy property if you possibly can for as much money as the bank can be persuaded to lend you.

In the past week alone I’ve spoken to at least a dozen people in the midst of moving or remortgaging (pity me this Christmas party season) and no two of their stories are the same.

There’s the woman who has sold her home and decided to rent for a bit, but worried she’ll find herself priced out if she waits too long.

There’s the upsizing friend who thought she’d sold her starter flat until the buyer dropped out, leaving her with two homes, a stamp duty surcharge to pay and a tenant to find.

And the first-time buyer couple who found their dream apartment, gave notice on their rental, and then couldn’t get as big a mortgage as they’d hoped.

They are now ready to buy almost any property if it means they don’t have to compete in the crazy rental market.

As the current party ‘expert’ of choice, medics now have my eternal sympathy, but so do all the anxious buyers hoping my crystal ball is slightly less clouded than theirs.

All I can do is apologise — as our review of the accuracy of this year’s property forecasts shows, when it comes to property right now, all bets are off.

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