tdrinker

Be aware that the buying process can be quite long, so once you've found your house the paperwork can take longer than you'd expect:

https://www.zoopla.co.uk/discover/bu...g-is-too-long/

Buying a new build has pros and cons, but one advantage is the reduced risk - chain collapsing, buyer pulling out, being gazumped, etc. There's a new build premium though, although builders partly justify this by saying repair bills should be lower. Energy efficient houses (new build or otherwise) may attract premiums.

You're correct that negotiating should be easier as the market cools. Being a cash buyer is helpful, although I was surprised to learn that 35% of buyers are cash buyers so it's not as big an advantage as expected:

https://www.ft.com/content/e0ad2830-...a-d77457e2edbb

Rents are high and increasing and there's (a lot) more tenants than available rental properties, so if you can't quickly find a property to buy, finding one to rent won't necessarily be easy. In this case, be wary of telling the landlord you're renting whilst searching for a house to buy, because they may prefer an alternative tenant who is likely to stay longer.

jarv5116

Thanks
Yeah I bought in north Notts.
They are predicting mortgage rates to peak at 7-8%.
I would be paying 500-600 a month more on my mortgage over 5 years if the predictions happen. if I had waited another year.
500 x 60 monthly payments. So property market would need to crash 20% before i would be any better off if intrested rates are 8% next year.

ExBritFL

Do you mind me asking where in North Notts ? We are looking at Notts and surrounding areas but want to be no more than 20 mins from city centre.

brits1

A friend who now lives in Yorkshire said that’s “South Nottinghamshire is nicer but more expensive” could you look at areas in the south of Derbyshire ie Alfreton, Belper and Matlock and Melbourne are nice areas Hucknall and Papplewick are nice good luck not sure about the travel time but Wirksworth and Cromford are nice but small. We have travelled around theses area quite a lot over time (my DH family originally “came from” these areas in Derbyshire so it was lovely to explore. Good luck

tdrinker

There's a report out today saying that house prices in big city centres have risen more than in suburban / rural areas in the past year. Seems to be the reversal of the post covid trend, where being locked down gave people an appetite for more space, and the increase in working from home meant people could do their jobs remotely from the office. House price increases reflected this as city centre properties became less attractive. Now some people are being required to return to working from the office, and probably some have discovered they prefer city centre living, and city centre properties are more attractive. I expect the weak pound will attract overseas investors, who also tend to invest more in cities. It could be a good time to be looking to buy in a village / smaller town vs. a large city.