Indeed, according to data just released by the Office for National Statistics (ONS), hose prices in the UK have gone up by 10.9% on average in the 12 months up to February 2022, which is even higher than the 10.2% figure recorded for the 12 months up to January 2022. It means that the average property price in the UK now sits at £276,755.
For those who specifically wish to buy a house in Surrey, the figures for South East England make for sobering reading as well, the region having seen a 12% increase in its property prices between February 2021 and February 2022. That means, in this part of the UK as a whole, would-be purchasers can expect to have to pay £380,528 on average for a home.
The factors to consider if you are considering ‘taking the plunge’ now
But the raw figures are one thing; it’s quite another thing to ask whether you should look to buy a property right now. After all, not everyone is affected in the same way by the cost-of-living crisis. And of course, you may simply have your heart set on buying a home – whatever the prevailing circumstances in the wider world, you might not want to wait.
Depending on your current circumstances and ability to make a move now, it might even be the better decision to buy a house in Surrey without delay. That’s because, while experts have said that the recent stellar growth in house prices could slow down, none of them have predicted that they will actually fall – at least in the short term. So, the chances are that it will only become even more expensive to get onto the housing ladder in the months and year to come.
With the Bank of England having recently put up its base rate to 0.75%, it is also important to be wary of those variable-rate mortgages if you’re thinking of buying now. But on the more positive side from a buyer affordability perspective, there has also been an increase lately in the availability of low-deposit mortgage deals. Such a mortgage would require you to have less cash already saved up for a house purchase, but the downside is that you would need to borrow and pay back more.
And of course, the implications of a mortgage for your life will last well beyond the cost-of-living crisis. So, before committing to one, you really do need to be sure of your long-term commitment and ability to afford the mortgage you ultimately go for – not just now, but also long into the future.
If, then, you are in any doubt about the wisdom of buying a home now, it might be a very good idea to talk to an independent advisor, who could help ensure you only purchase a property if you have the fundamentals in place in terms of your finances.
How could the Yooodle team help you secure the right deal on a property?
Here at Yooodle, we are highly skilled and experienced in assisting those who wish to buy a house in Surrey. With our comprehensive and outstanding customer service, we can help ensure that you, too, only make the decisions that best suit your needs as a prospective purchaser here.
For a chat and to have any questions you may have about the process answered by our experts, please don’t hesitate to get in touch with our Surrey office today.