Should you buy a home now? We explain the best time to buy a house

Esther Shaw takes you through what you need to know before you decide to take the plunge and buy a house

Buying a home is a big decision – and one which must not be taken lightly. 

After all, for most of us, it’s likely to be one of the biggest purchases we ever make.

But working out when to buy a house isn’t straightforward. It’s not just about finding the perfect property – or waiting for house prices to come down. 

The right timing depends on your life stage, how settled you feel, and whether you’re ready to commit to staying in one place for the foreseeable future. 

Then, of course, there’s the finances. Do you have a big enough deposit? Can you comfortably afford the mortgage repayments – not to mention the additional (and sometimes unexpected) costs that come with owning a home? And how do current mortgage rates – and wider market conditions – affect all of this?

With so many moving parts, it’s easy to feel overwhelmed. 

Here, we’re going to take a closer look at some of the key factors that can influence your decision on when is the best time to buy – leaving you with a clearer idea of what’s right for you.

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What’s happening in the housing market in 2026?

As we move into 2026, we are starting to see signs of a cautious recovery in the housing market. Property prices continue to rise modestly, with the latest figures from Halifax showing annual growth of 1% (with prices changing by 0.7% over the month). 

The average property now sits just above £300,000, underlining a market that is steadily growing, but not quite booming. 

At the same time, falling interest rates are feeding through into lower mortgage costs. Rates have come off their highs, and lenders are competing again – meaning there’s more choice than we’ve seen over the past few years. 

Buyer sentiment and sales activity are showing signs of improvement – though affordability remains tough in expensive areas, especially in London and the south-east. 

So what does this mean for those looking to buy? With prices going up (albeit modestly), this might prompt a sense of ‘urgency’ as you feel you need to rush to snap up a home before they get more expensive. 

But it’s vital you never rush this. Working out when to buy a house is a big decision – and one that needs careful consideration.

Personal preparedness: Are you ready to buy?

While it’s easy to get bogged down in house prices and mortgage rates, it’s also important to take a step back from this and take a long, hard look at your own situation. You need to review your level of ‘readiness’ and work out whether, for you, is now a good time to buy a house.

Ask yourself: 

• Do I have a steady reliable income that would comfortably cover monthly mortgage repayments?
• Do I have enough squirreled enough away in savings not only for a deposit, but also for legal fees, surveys and other moving costs?
• Do I have a sufficient emergency fund in place for unexpected bills? This should be equivalent to between three and six months’ worth of outgoings
• Do I have a solid credit score?
• Do I have manageable debt levels?
• Are you at a relatively stable – and settled – stage in your life?
• Are you likely to stay put for several years?

If you can answer ‘yes’ to most of these questions, you should be in a strong position – meaning this could be the right time for you to buy.

What time of year is best to buy a house?

As a buyer, it’s easy to get fixated on a particular time-line – and a set move date.

But what you need to remember is that the road to buying a house can be long and winding, with several bumps along the way. 

In fact, the whole process can take five months – and often more. A lot will depend on the complexity of the purchase, and the time it takes to complete the legal work and searches; plus things can get drawn out further still if you find yourself in a chain. 

A good way to take the stress out of things is by acknowledging, early on in the process, that the completion date may change. 

At the same time, when working out when to buy a house, it is worth getting to grips with ‘seasonal timing’ – and knowing the pros and cons of buying at different times of year. 

• Spring – traditionally, this is the busiest season. More homes come to market meaning there’s greater choice. But that also means stronger competition – and potentially less scope to negotiate.
• Summer – you often find that activity slows a little, as many people go on holiday, though the market tends to remain active. Some sellers may be keen to move before the autumn
• Autumn – as demand often dips at this time of year, this can offer up opportunities to negotiate more – and potentially grab a bargain
• Winter – Stock may be limited, but sellers are often highly motivated

 Should I buy now or wait?

As none of us has a crystal ball, there is no way of knowing for certain whether now is the right time to take the plunge and buy a house. 

The best you can do is weigh up ‘tangible’ things such as escaping expensive rent and locking in a competitive mortgage rate now – versus waiting until you’ve amassed a bigger pot of savings or until a time when rates have come down.  

The reality is, there will never be a perfect time to buy. But if you feel you are at a relatively stable point in your life (perhaps you’re in a relationship or thinking about starting a family), and don’t plan on making any major moves any time soon (such as going abroad), then this could be a good time for you to buy.

How do mortgage rates affect when to buy?

Another potentially intimidating – but undeniably essential – element that you need to factor into your decision-making is mortgage rates.

When mortgage rates are high (as they have been in recent years), monthly repayments get more expensive. 

The good news is, rates have eased from their highs, and lenders are battling for business – meaning there’s lots of choice. And even though the Bank of England voted to keep rates on hold in in February some rates are even nudging downwards. 

This should mean that if you’re looking for the certainty of a fixed-rate mortgage, you can lock into a lower-rate – and benefit from lower monthly repayments. (There are currently plenty of deals on the market with rates below 4%).

The alternative to a fixed mortgage is a variable deal, such as a tracker – where rates can change over time (usually in line with the base rate). Opt for this type of mortgage, and you just need to be sure you could still afford payments if the rate ended up going up (as repayments can rise as well as fall).

If you want to be able to budget easily, then a fix makes more sense. But with fixes coming down, you may be wondering whether to lock in now – or wait to see if rates fall further still. 

What you need to remember, is that if you do sign up to a short-term fix now, there’s always the possibility of remortgaging to a more favourable deal when this one comes to an end.

Another piece of good news for first time buyers is the fact we are seeing an increase in higher loan-to-value mortgage products, according to data firm, Moneyfacts. 

This will be a welcome boost for first timers who continue to face significant affordability pressures. 

Greater product choice for those with a 10% deposit – along with signs of more flexible lending – should make it easier to take the first step onto the property ladder.

What government schemes are available now?

If you’re looking to buy in the coming months, it’s worth taking advantage of one of the government schemes. If you’re able to get support, this may be the ‘clincher’ that convinces you that now is a good time to buy. 

Lifetime ISAs

In the Autumn Budget, the Chancellor announced that Lifetime Isas are going to be replaced. 

According to recent reports, this will be with a new product – aimed at first-time buyers – due in 2028. 

For now, though, if you’re under 40 you can still open a LISA and hold it beyond that date. 

• Available to open for people aged 18 to age 39
• You can pay in up to £4,000 each tax year
• You get a ‘free’ 25% annual bonus, worth up to £1,000 annually
• If you withdraw the money before you turn 60, for anything other than a first property purchase, this will trigger a 25% penalty on the full amount withdrawn

Read more about the LISA here.

Shared ownership 

This involves you ‘co-owning’ a place with a housing association. 

• You can purchase a part of the property and then pay rent on the remaining amount
• you can buy anything from 25% to 75% of the property
• there are restrictions on the properties you can buy

Is now the right time for you to make a move?

What you need to remember is that there is no ‘one-size-fits-all’ answer when it comes to working out whether now is the right time to buy. The right decision for you will depend on your personal circumstances and goals.

FAQs about buying a home

Should I opt for a two-year fix?

If you think interest rates are going to fall in the near future, a two-year deal may make sense, as it gives you the chance to remortgage to a lower deal relatively quickly. But if you’re looking for longer-term certainty and protection against potential rate rises, a five-year deal may be the better bet.

How far in advance can I secure a mortgage deal?

Many lenders will allow you to lock in a rate several months in advance. Doing this can protect you from future rate increases – and help with budgeting. 

Is buying a house a good idea in your 30s?

As you enter your 30s, your earnings are likely to go up, but so, too, are your expenses – especially if you decide to have children. 

If you’re feeling a bit more ‘settled’ at this point in life, and plan to stay put in one place for the foreseeable future, it may make sense to put roots down and buy a place of your own. 

This will, of course, require you to have amassed enough in savings for a deposit; a bigger deposit will unlock a wider range of products and more competitive mortgage rates.

That said, high house prices mean that taking that first step can be tricky right now. Plus, you need to factor in all the various upfront costs, such as stamp duty, legal fees, conveyancing costs and so on. 

Remember that renting can offer flexibility, and maybe the better choice for some, especially if career plans – or family plans – are still in flux. 

You need to think carefully about affordability now – and how this fits with your longer-term goals – when deciding whether buying a home now is the right move for you. 

Is a £30k salary enough to buy a home in the UK?

In all honesty, probably not given current market conditions. Your salary is the main thing mortgage lenders look at when working out how much to offer you, and £30,000 will typically only get you a mortgage of about £120,000.

That will certainly help you on your way to taking the first step onto the property ladder, but right now, first timers will also typically need to have more than £20,000 for the deposit alone (based on a 10% deposit).  Even with that in place, you’d only be looking at properties worth about £140,000.

With earnings of £30,000 a year, this wouldn’t really leave you enough to cover the additional moving costs either. Moreover, in London and other expensive parts of the country, you might need closer to £40,000 for a 10% deposit – so you’d need to find extra savings from somewhere. 

If you’re a couple buying, and each earning £30,000, then you have a better chance with a joint application. This should let you borrow more than £200,000 in mortgage – meaning in many places outside of London you could afford a home if you can also put together a 10% deposit. 

When shouldn’t you buy a house?

If you still have a lot of debt and are struggling to clear what you owe, then buying a house should be a big no-no. It is very unwise to take on extra borrowing – in the form of a mortgage – if you haven’t yet got your finances under control. 

Buying a home is likely to be one of the biggest purchases you make – so you need to be sure you can afford it, and that you are in a relatively settled and stable point in life before doing so.

Important

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