Sponsored Editorial by Aldo Sotgiu, managing director of Wards

July was a month of unexpected showers, occasional blue skies and another rise for those looking at mortgages, but is it really time to be waiting around like everyone else is suggesting?

At Wards we know, more than anyone, how the market can change in the blink of an eye. At the start of the year, many people had more confidence in mortgage rates and we all hoped we wouldn’t see the prices we are experiencing today, with some of the highest mortgage prices since 2008.

It’s impossible to predict with any confidence what’s coming next, although not many would disagree about house prices continuing to dip, which is a positive for buyers.

It’s also important to put any price correction into context for sellers, who have benefited from significant increases in property values over the past few years. Any reduction still provides a substantial increase in house values over the longer term. Let’s face it, most buyers aren’t looking for a quick resale after finding their ideal home, so there’s no need to panic.

The great news is the number of homes available is significantly up, so buyers have more options compared to the past few years. Unfortunately, it does feel a bit like a feast or famine. Wouldn’t it be great to have a stable market which would make life a lot easier for everyone concerned?

Buyer demand is still strong, albeit less than in 2019, but the reduction in the number of buyers has less impact on the number of serious buyers – those who must buy and those sellers who for whatever reason must sell. The key is bringing both parties together, through the right agent, seeing the right mortgage broker and planning well ahead.

Others may advise holding off and waiting for calmer waters, but it should be a matter of what is right for the individual and what is important regardless of the twist and turns of the property market. Also, consider there’s never been a calm time when property is concerned. Everything works in tandem, so weathering the storm or waiting for smoother waters is a matter of perspective.

Getting the best advice from an established agent who understands the pitfalls and has the experience and expertise to help you navigate these choppy times is a good starting place.

With the steady and unhelpful rises in interest rates, getting the best deal has never been more important and locking in a decent fixed rate is the holy grail.

The reality is that many people who have planned in previous months may no longer be able to afford the property they had their heart set on, so they will need to rethink and rebudget.

With the prospect of more house price corrections to come, if you are thinking of buying, don’t leave it too long or those house prices may start to creep up again.

So, is now really the time to be holding back? I don’t think so.

Waiting around for a ‘better time’ to secure your next property might mean that you will be caught in the next Bank of England interest rate rise, and losing out on a property you had your heart set on.