Thinking about buying or selling a house – I advise you to sit on your hands, says TERRY FISHER | Comment | Opinion

The sacking of Chancellor Kwasi Kwarteng shows that the ‘mini-budget’ announced two weeks ago has not worked. Truss already seems dead in the water and the political vultures are circling.

Banks and financial institutions don’t like uncertainty, and neither should you if you’re thinking of buying a home for the first time or getting on the ladder.

Interestingly, Quartet’s rise has led the markets to recover slightly, although I’m not sure he sees the funny side.

But there are two main factors at play when it comes to brick-and-mortar shopping that aren’t likely to change anytime soon.

Interest rates will continue to rise well into next year, mortgage rates are rising and suppliers are pulling products left, right and centre.

If that sounds like the perfect environment to make one of the biggest purchases of your life, good luck to you.

It’s a big no for me.

Better to hold on to your deposit, ride out the storm and wait for asset prices to drop and the picture to look better before jumping in.

The impact of a smaller budget on mortgages could see Liz Truss become one of the shortest-lived Prime Ministers in history.

It is common for people to report experiencing a 50 percent increase in their monthly payments as a result of renegotiating fixed terms.

You may have had a similar conversation with a friend or family member.

So unless you can make a favorable agreement and complete the purchase before your property is completed, I say hold fire and regroup.

This can be a bitter pill to swallow for many who have their hearts set on a particular home.

You’ve already been mentally decorating rooms and poring over bathroom and kitchen catalogs.

But recommending farming regardless of property purchase is completely wrong advice.

The savings rate is higher and higher. Find the best product you can without too many restrictions on getting your money and make the money work for you.

However, it is not all doom and gloom.

At some point, the UK economy needs to be considered and it is good news that the country is not continuing on a disastrous fiscal path in unrelenting fashion.

The party or parties that can sort out this mess must deliver a better future for most Britons in terms of personal finance.

And if that comes on the back of lower housing prices, some attractive products will return to the market and there will be some bargains to be had.

  • Terry Fisher is the property expert at We Buy Any Home, the UK’s leading home buying service. For more information visit https://www.webuyanyhome.com

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