To ask if you are still considering moving/ selling this year?

[JanJanBillyBearHam]

Difficult to know what to do with looming recession.
I'm wondering about selling when prices are still high but then waiting to buy another to see if they go down. I know nothing about the market, does this seem like a smart plan?

Bump

Given the way the property market is now, it's unlikely (in my personal opinion, although I work in the industry!) that prices will drop dramatically. I think we'll see a stagnating of prices rather than the steady increase we've got used to, or maybe even a small drop (a few %), but nothing enormous.

Unless you're buying very expensive houses and renting cheaply in the meantime, I doubt you'd benefit hugely from waiting.

Just this month, prices were still climbing - despite the economic background. As a country we've placed so much onto the property market that it's hard to see it crashing 2008-style again.

(Disclaimer: nobody can predict this, of course! I might be wrong. But I think expecting anything more than a 5% - at best - drop would be foolish)

Thanks @housemaus that's really useful

We did the maths on some projected scenarios and concluded that for us, with the rough price of property and size of mortgage we're looking at, there wasn't much difference between buying now (this was a couple of months ago) at lower rates or in future if prices drop but interest rates go up.

Personally I wouldn't try to second guess the market. But running through a few different scenarios (even without much idea of which is most likely) helped reaassure us.

I know a few people who did this last year thinking the same thing would happen after the stamp duty holiday. Except it hasn't and they are now stuck in rented accomodation with house prices still increasing.

So you could do it, it might pay off, but it also might not. So just plan accordingly.

We've just exchanged on a house and will be putting our flat on the market shortly. Prices are still rising despite the COL crisis- ultimately people need places to live.

Really don't see prices drastically falling because government/banks keep finding ways to prop up the market. At most they'll stagnate I think.