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The Autumn market is showing signs of movement, with Rightmove reporting the first monthly rise in newly-listed asking prices since May.
Average asking prices rose by 0.7% in September, while the number of homes available to buy remains at a 12-year high. That does not mean you need to rush into a purchase or stretch your budget to keep up.
For buyers, the main thing to take from the latest figures is that the market is active, choice is still strong, and mortgage affordability remains one of the biggest factors in deciding what is realistic.
If you are thinking about buying this Autumn, it is worth speaking to a member of our team before making an offer, increasing your budget or waiting for rates to change.
Your own deposit, income, credit history and monthly payment comfort will matter more than the national headlines.
What Should Buyers Pay Attention To?
The biggest thing to pay attention to is not just the asking price. It is the monthly mortgage payment behind it.
A property may look affordable based on the price alone, but your mortgage deal, deposit size and lender criteria will decide how much it may cost each month.
Rightmove reported that the average two-year fixed mortgage rate rose to 5.29%, up from 5.09% the previous month.
That kind of movement can affect what feels affordable, especially if your budget was based on figures from earlier in the year.
Before viewing too many properties, it is worth checking what you may be able to borrow and what the repayments could look like at current rates.
Does More Choice Make It Easier To Buy?
More choice can help buyers, but it does not remove the need to have the mortgage side checked first.
With more homes on the market, you may have more room to compare properties, think carefully and avoid jumping at the first home that looks close to budget.
Rightmove’s report also suggests sellers are facing a more competitive market, with buyer enquiries and sales agreed both lower than this time last year.
That may give some buyers more time to weigh up their options, though it will still depend on the property, area and seller.
If you are a first time buyer, this is where an Agreement in Principle can help. It gives you a clearer starting point before you spend too much time looking at properties that may not fit your mortgage position.
Should You Wait For Mortgage Rates To Drop?
Waiting for mortgage rates to drop can feel tempting, but there is no guarantee that waiting will put you in a better position.
Rates can move up or down, asking prices can change, and the homes available in your chosen area may also shift.
If you delay purely because you are hoping for a lower rate, you may also miss properties that work for your budget now.
The better approach is to understand what is affordable today, then decide whether buying now or waiting makes sense for your circumstances.
A mortgage advisor can show you what your options look like using current rates, your deposit and your income. From there, you can make a more realistic decision about whether to move forward or hold back.
What If You Are Moving Home?
If you are a home mover, the Autumn market may affect both sides of your move.
You may have more choice for your onward purchase, but your own sale still matters. Rightmove reported that it is taking an average of 64 days to find a buyer and a further 150 days to complete a sale.
That does not mean every move will take that long, but it does show why planning early can help.
Before committing to a new property, it is worth checking your current mortgage balance, expected sale price, deposit position and what your next mortgage could look like.
This can help you understand whether the move works before you get too far into the process.
What Should You Do Next?
If you are weighing up whether to buy, wait, increase your offer or keep looking, start with the mortgage figures.
Find out what you may be able to borrow, what your monthly payments could look like, and whether your deposit works for the type of property you want.
The market may be moving again, but the right decision depends on your own circumstances.
At UK Moneyman, our mortgage advisors can talk through your options and help you understand what is realistic right now. We can also typically provide an Agreement in Principle within 24 hours of your initial appointment.
