Google searches for “should I buy a house” have hit a 12-month high following the news that the country entered a recession at the end of 2023.
Wealth of Geeks said searches for “should I buy a house” had almost tripled (285%).
With inflation figures proving steadier than expected, investors were found to be more confident that the Bank of England (BoE) will cut rates as early as this summer.
Experts encouraged prospective buyers not to be dismayed by the recession news, and to start weighing their housing options more confidently and prepare to act when the time is right.
Michael Dinich, personal finance expert at Wealth of Geeks, said: “Central banks usually cut rates during a recession and UK investors have already signalled they feel more confident now that this will happen.
“At the very minimum, borrowing is unlikely to become more expensive in the near future than it has been over the past two gruelling years.
“At best, we might finally hear some good news and get lower mortgage rates overall as early as June.
“This means house hunters can start budgeting based on today’s rates, as the worst of the latest wave of bad news is over now.
“Now is a good time to start planning and be prepared to possibly implement between now and this summer.”
Dinich continued: “Ultimately, if you have your finances sorted, a secure job and you find the right house for you, now might actually be a good time for you to act.
“Bear in mind that banks have just started offering more competitive fixed-rate mortgage products, which might not actually be ideal if the base rate is going to fall to levels that make variable-rate mortgages cheaper.
“Your major indicator to consider acting on your house-buying plans is when the Bank of England does decide to lower the rates, which may happen as soon as June. So it is wise to have a solid plan ready for when that day comes.
“A financial adviser or broker will be able to tell you exactly when the right time for you is, based on your personal circumstances.”
