Buy Now Or Wait For Market To Drop

home renovation

No sooner were we heralding the possible rise in house property news, than a long awaited but still miniscule hike in bank of england interest rate has sent shock waves and panic through the media, causing panic and dispondency.  In my own family situation, we have a mother in a high end care home, not expected to live as long as she has, she is currently funding it herself from private income but that will be gone before another year is up.  We are left with her house which a few months ago could have raised just under 400k but if we believe the moaners and groaners, will only be worth 200k by summer.  I firmly believe that if folk want to buy property they need to do so now and not wait to see if they can negotiate a whack off the price – by then there could be a huge rise in mortgage rates.  So no benefit.