Should I Buy a House Now or Wait? Is It a Good Time to Buy?

Someone asked me this very question yesterday, I thought to myself, maybe other people are wondering this as well. Especially with the uncertainty in today's property market. It is very easy to be given unqualified advice from a neighbour, or a friend who has dabbled at the idea, or maybe a person you met on the bus into Preston City Centre who just so happens to have scrolled through Rightmove that morning and decided they're an expert.

Is There Actually a Good Time to Buy a House?

Of course there are external factors. The current average mortgage rates dropping from 4.4% to 4% is one. But in terms of getting a bargain on your new home, now is a great time. Being in the tail-end of January 2026, all the "new year, new me" homeowners are well and truly underway with their move. That means more properties on the market. More properties means less demand as there are fewer buyers per property, which drives house prices down.

What Type of House Should I Buy?

Picking your next home is a tough decision. Lets break it down.

New Build Homes

it seems everywhere you look there is a new development popping up. Long gone are the days of beautiful views, I look out of my own window, I see three builders having a brew whilst taking their time to build a house on the new estate across the road. Yet more and more of these are being built. That being said, the standard of quality in terms of the build is (chef's kiss).

Leading developers like Bellway and Persimmon set the standard for new build properties, even local Preston developers like Fellows Homes offer fantastic bang for your buck. There are many many many plus points in buying a new build property.

Positives of New Build Properties

• Pristine Quality - You get to customize the interiors of the build before its finished, giving it that "showroom feel" from day one.
• Warranty - Due to the high standard and legal bodies involved in new builds, they tend to come with a warranty if any of the internal components of the property break of fail within this period.
• Good for the planet - New developments in Chorley and around Preston tend to use modern construction methods. Meaning high insulation levels, efficient lighting and appliances which massively reduce the wear and tear on the planet, and your wallet.
• Modern Design - Generally in new builds are designed to the modern way of living. We're talking open plan kitchens, Velux windows, ensuite and loft conversions. Definitely a plus point having this layout from the outset rather than having to spend money on modernizing a home.
• Social Housing - New estates, especially when they have over 10 dwellings in the development, there has to be a portion for affordable housing. These are usually terraced properties that sit at the back of the estate. They are there to help people get onto the property ladder, and usually are offered as part of a shared ownership scheme. This is exactly how I got myself onto the property ladder.
• Chain Free - As there is no-one living in the property, you don't have to worry about a property chain. A property chain is when there are multiple houses/transactions in a related sale. Each property sale has to complete in order for everyone to buy their home. The money moves up the chain, for example, a homeowner may need to sell their home to purchase a new property. Those two transactions are linked together like a chain.
  Here's a more in depth piece on property chains if you'd like to learn more.

Negatives of New Build Properties

• Copy & Paste Job - This is a term a client said to me last week, she signed up to our buying service as she was struggling to find the perfect home to buy. More on that later. She said that she doesn't want a new build home, this could be a house being built currently or one that has been built in the last 3-5 years. She said they all look the same, which is true. They do have "different" types of property on new developments, you'll find names like the hampton, or the jersey. But on the outside, the brickwork is the same, the front door is the same, the garage is the same, the window frames are the same. You get the idea.
• Garden Size - Sadly developers want to maximize the full plot size that they have to add as many houses as possible to the estate, this comes as a detriment to your garden space. Generally the layout of the estates have back to back gardens, so there is no scope to expand this. This also proves an issue if you ever look to extend the property, as you are basically eating up your garden space.
• Expensive - Premium features come at a premium price. Customizations are a hefty sum but they do come at a convenience. If you're looking to save as much as possible, I'd get the basic options and decorate/upgrade yourself.
• Timescales - Often new builds can run over their expected completion date, this could be down to multiple reasons, running out of materials or poor weather to name a few. This can prove difficult if you are selling your home to fund the move. That being said, a lot of new developments a part exchange scheme.

Preloved Home

A preloved home is a property that someone currently lives in. They come with character, memories and usually a little more space. These can be snapped up a reasonable price compared to new builds in recent years. It's worth checking out the property portals like Zoopla, OnTheMarket and Rightmove for these. Your local estate agents is a great shout too for family homes.

Positives of a Preloved Home

• Full of Character - Older homes tend to have quirky layouts, bigger rooms and nice features throughout. Whether that is a log burner or a huge bay window.
• Cheaper option - Pound for pound preloved homes are cheaper as they are not as modern as new builds. This allows you extra funds to put your own stamp on it.
• Location Location Location - As they are not squished into a new estate, there are plenty of rural houses available that give you space and scenery. Abbey Village and Withnell are great option for homeowners looking to get away from built up areas.
• Instant Curb Appeal - Green spaces, fully grown trees and finished roads. You're not walking out of your door and into a building site unlike the early stages of new developments.

Negatives of a Preloved Home

• Hidden Costs - Buying a pre-owned property can have costs that you don't think about, surveys tend to uncover all sorts. From outdated electrical circuits to leaking roofs, there is the potential for heightened expenses when you first move in.
• Renovation - Depending on the quality of the property, it may need a little TLC. We're talking a new kitchen or new bathroom to modernise it. This however isn't always the case. A study by Zoopla shows that around two thirds of homeowners renovate with the first 12 months of moving home.
• Property chains - I've said it before, and I'll say it again. Property chains can be a nightmare when handled wrongly. This is one thing to bare in mind when putting an offer in for a house. Always ask the estate agent to chain check a property first, this can be a deal breaker at times.

What's the Best Way to Buy a House?

This is a whole other article in itself, but we'll run through the basic steps on how you you buy a house.

1. Make Sure You Are Financially Prepared

This is the most important part of the house buying process, and this is often overlooked. You need to make sure you can comfortably afford the move. Mortgage lenders often check your credit score, this is where they figure out if you're a good bet for their money. They look at things like outstanding balances on credit cards and overdrafts, how often you use them, and how much money you take home. These need to stack up as lenders can be picky.

Pro tip: Mortgage Brokers know how lenders work, it's definitely worth consulting with one before you apply for a mortgage in principle.

You also need to make sure you have saved up for the down payment on the mortgage. This is generally between 5-10% of the property value. Of course if you can afford a higher deposit, you'll save on interest fees with your lender.

Stamp duty is another thing to keep an eye on. The cost depends on your house price. Check out the government website for the most up to date stamp duty changes.

2. Apply For a Mortgage in Principle (if you need one)

Unless you are in an amazing position financially, most people will need to apply for a mortgage to fund their purchase. Speak to a mortgage broker, they will advise which lenders will accept you based on your credit file. They will also try to get the best rates for you, but keep in mind that a lot of brokers make a referral fee, so be up front and ask them first. In end you will receive a mortgage in principle from your chosen lender, this is a great milestone.

3. Instruct an Estate Agent to sell your home

If you're a first time buyer you can skip this one. If not, you'll most likely need to sell your current property to fund the new one. This is where we come in.... Plug alert. We do a fantastic job with our clients when selling homes, we give a fair valuation, use modern marketing techniques like videography and social media ads, we work our socks off, but most importantly, you're not just another number. Get in touch today to start your move.

Okay where was I, yes you will need to get a valuation on your property. A valuation is a professional opinion of what your home can achieve on the current market. A good estate agent should look at comparable properties in the area, check the price per square foot, and the overall curb appeal of your home. They'll look at properties that are on the market currently, also at properties that haven't sold. All of this data is then used to give you an accurate value. The very best agents will also recommend upgrades or tips on how to increase your home's value. WE DO ALL THESE THINGS. Just saying.

During the market appraisal, they should outline how they plan to market the home, what's included in the package, and let you know when the photoshoot can be done.

Once you are happy with the valuation, the service, timescales and the fact that the agent asked whether they should take their shoes off at the door, you're good to go!

4. Find Your New Home

This is the fun part. Whilst your newly instructed agent, ahem ahem, Key & Frame, is handling your viewings and negotiating your offers from qualified buyers. You can crack on with finding the right property.

There a few ways you can do this.

Property Portals

This is the biggie. Rightmove, Zoopla and OnTheMarket showcase the full housing market. Here you will fine well located properties from motivated sellers. The problem is that everyone else who is moving is also looking on here for their next home. So if you find something you like, you need to act quick due. The national average for a property to be available on the current market is around 30 days. The strong interest can often lead to bidding wars etc.

Register with Local Estate Agents

99.99% of homeowners will sell their house with an estate agent. So it makes sense to register as a buyer, you can tell them what type of property you're looking for and in which areas. Then before it comes on the market, they can reach out to you if it fits your criteria.

Buying Service

This is where a certain estate agent stands out. We offer a buying service. You would let us know exactly what you are looking for. Number of bedrooms, bathrooms, property type, budget and area. We will not only alert you if a property is coming on the market with ourselves, but we will actively search for the right property. We will look at properties that are not on the market yet and give you a list of homes to choose from. Then you can have a one off viewing on the home, with no competition.

Recently we helped our client, Reece. He was looking for over 12 months for a house, he was a first time buyer looking for something less than £170,000 in the Bamber Bridge area. We sourced him a 2 bed bungalow in Bamber Bridge for £165,000. He completed on the Bungalow in December 2025.

This is hands down the best way to buy a house now.

5. The Legal Stuff

Once you have accepted an offer on your house, you will need to instruct a solicitor. To search for a solicitor i would absolutely urge you to ignore any recommendations from your estate agent. A lot of agents take a referral fee from solicitors, so they can be a little biased. (We don't refer clients).

Your solicitor will handle all the legal stuff, your property searches, draft a contract for the sale, and handle all the enquiries from the buyers side. This could be questions about the structure of the building, conservation orders or extension documents to name a few. When all that is completed you will sign the contract and then exchange with the buyer.

Whilst you are going through this process, you will be going through the same thing but as a buyer this time on your new property. A common and standard practice is to get a survey on the property. A qualified surveyor will inspect every inch of the new house with a fine tooth comb. This can uncover many issues that will most certainly cost you money when you move. This is your opportunity to renegotiate the price if it is a huge extra cost.

Some lenders also require a survey to be done before they will actually lend you money for the purchase. This is to make sure it is a sound investment for their money and isn't going to fall down next week.

When all parties are happy, your solicitor will exchange contracts with the sellers solicitor and will transfer the funds for the purchase. You'll then be able to pick up the keys! Hooray!

My Verdict - YES

Back to the main question - should you buy a house now or wait?

Taking into account the current property market conditions, interest rates, buyer demand, property prices and the rising costs in moving fees, I would say now is a great time to move. But it all depends on your personal circumstances and your financial situation.

If you need your hand holding through the process, or even just to ask a question about market timing and current house prices, lets have a chat. We'll always offer tailored advice and help you every step of the way. Register for our Buying Service if you would like us to find your dream home. Oh, did I mention it was free...