Delighted to have been featured in February’s Scottish Field Magazine sharing advice about why now could be a good time to buy. 

The rise in interest rates towards the end of last year combined with the increasing cost of living, not to mention the impact of high energy costs, might feel like the perfect storm of discouragement if you’re contemplating a house move in 2023. And Paton & Co’s co-director Patrick Paton isn’t about to deny that there are challenges in the market. “It’s tough out there,” he acknowledges. “Buyers have been spooked by the increase in the base rate, and it’s caused a lot of hesitation in the market.”

But there’s also positive news both for those selling and those looking to buy. “Some buyers will hold off until they see the base rate come down again, but for someone who is wanting to get on with life and move, buyers are able to get a mortgage product now that costs less than it’s likely to as we move into late spring and early summer,” Patrick says.

Buyers also face less competition currently, which might make that dream property a more achievable prospect than it was six months ago. While viewer numbers decreased towards the end of 2022, those who were actively viewing were serious about a purchase. As a result, Patrick says: “We had properties going under offer in November and December as well as new properties coming to market.” And for vendors, having less stock available in the market can be positive as there are fewer properties competing for a buyer’s attention.

Clearly, affordability is key, and Patrick stresses the importance of getting sound financial advice, and also being realistic about other factors such as the cost of living going forwards. “Finding a solicitor who communicates properly is so important in the current market. That might mean speaking to an agent like myself, who has good relationships with solicitors and can recommend someone to handle the conveyancing.”

It’s also crucial to consider how long you plan to live in a property. “If someone is looking at a five year proposition, they’re going to be very careful about what they’re paying for that property at the moment. But if it’s a long term proposition of anything between 10 to 20 years, and when a buyer knows that a property is the right one for them and is in a financial position to do so, then I’d say to get on and buy it.”

The question of whether now is a good time to buy depends on the individual. After all, regardless of fluctuating interest rates and the wider economic challenges, families will continue to grow and people will relocate for space or for work or for a change of lifestyle. There are so many factors influencing the decision to move, and the key for any buyer is to seek out sound advice based on a keen understanding of the market as well as the financial climate.

If you are currently considering buying or selling in a property and are looking for advice, give us a call on 01896 809 200 or email Patrick Paton on patrick@patonandco.com or Fiona Pagett on fiona@patonandco.com