Many potential first-time buyers who held off on property purchases while hoping for prices to fall have now concluded they are “over waiting”, experts have said. As interest rates rose in 2022 and 2023, some property market analysts thought that prices could fall dramatically. However, although there have been some reductions at times over the past three years, the most dramatic predictions have not yet come to fruition. Buying agents and mortgage brokers say some clients over the past few years opted to pause on buying, waiting to see if prices fell as much as the predictions suggested, but have now chosen to give up and get on to the property ladder. Emma Fildes, a buying agent, said: “After bidding wars in 2022 to the market nosediving and then a number of false starts, many now have come to the conclusion they are over waiting.”
