Why now is the right time to buy a property in Horsham
Josh Harris created on 6th October 2023
If I had a pound for every time someone asked me if now was a good time to buy, I would have enough money to buy more property in Horsham!
Many Horsham households are wondering if they should wait before making any housing decisions.
This uncertainty has been heightened by the mini-budget last year, rising interest rates, inflation, and the cost of living.
However, there has always been a reason over the years to delay and not buy a property such as Covid or Brexit in recent years.
Many commentators predicted a market crash when COVID-19 started in 2020 and when the UK voted to leave the EU in 2016.
This then makes people nervous that they are going to buy a property at the top of the market and see the value of it drop.
There is a great saying that goes:
“Don’t wait to buy property, buy property and wait”
The below figures justify this statement when it comes to the Horsham property market over the last half a dozen years or so.
In July 2023, according to the latest land registry data, Horsham property prices were only £4,470 down on their November peak and still £2,010 up on July last year.
Considering all of the uncertainty of the last 12 months, highlighting what a resilient property market Horsham has.
Since the start of Covid, Horsham property prices are up a staggering £90,140 and £101,698 since the vote for Brexit.
This goes to show that if someone put off buying a property in Horsham because of Brexit or COVID-19, it would cost them over £100,000 more to buy a property today, and not to forget at significantly higher interest rates as well.
If you’re considering moving house or buying your first home in Horsham, it’s hard to see a strong case for waiting.
Mortgage rates do appear to have settled and are predicted to remain this way for the rest of the year suggesting that waiting may not be necessary.
Moving home is a process that can take several months.
As long as it’s the right home for you, you’ve considered all your options, you don’t plan to move again soon, and your job prospects look good, there is no strong case for delay.
Here are a few things to consider:
If you buy now and mortgage rates don’t change: You made a good move since home prices are projected to grow with time, so at least you beat rising prices.
If you buy now and mortgage rates fall (as projected): You probably still made a good decision because you got the house before home prices appreciated more. And, you can always refinance your home later on if rates are lower.
If you buy now and mortgage rates rise: If this happens, you made a great decision because you bought before both the price of the home and mortgage rate went up.
Predicting house prices as mentioned earlier is difficult and timing a move is also a challenge.
Most Horsham homeowners only move once every 20 years or every half a dozen years if they are moving from their first home.
The decision to move or buy a home is a significant one, and many households are pondering whether to wait for the right moment.
Ultimately, the key is to make an informed decision based on your unique circumstances and aspirations in the housing market.
While uncertainty exists, the current stability in mortgage rates and housing market conditions presents a compelling opportunity for those contemplating a move.
Take the time to evaluate your situation, explore your options, and assess your readiness for a new home.
Consider taking the leap if the right opportunity presents itself, and your circumstances align favourably.
Making informed choices is essential, considering your long-term goals and financial stability.
Don’t let indecision paralyse you and seize the moment as the time could be now to turn your housing aspirations into reality.
If it’s the right home, it’s the right time.
Your dream home in Horsham might be closer than you think.
Please do feel free to connect with me if you have any questions about the Horsham property market.
Josh opened Harris Wickens in 2023 following a successful 17 years working for a local independent estate agent. His success has been built on a vast local knowledge, coupled with a reputation for honesty, professionalism and a genuine care for his clients.
Having grown up in the Horsham area, Josh has an intimate knowledge of the local market and is experienced at selling a wide range of properties.
He lives in Horsham with his wife Helen, two young daughters and their Irish terrier ‘Teddy’, in a character cottage that they have lovingly restored and extended. He has always had a real affinity with period houses and is a keen sportsman, when time allows, he enjoys running, a round of golf or playing football.
Shortly after joining the industry in 2006, Josh obtained his NAEA Technical Award, and so has a comprehensive knowledge of the property industry which has been further enhanced through extensive training with the world’s top trainers.
