Before I start I know that no one has a crystal ball and can exactly predict what will happen with the housing market next year otherwise we will all be millionaires!
However I'm looking for some advice with regards to selling and buying from someone with a bit more experience and knowledge of the markets.
Long story short, we are in a 3 bed new build and have a 15 week old baby who comes with a lot of stuff and we have now realised we need a bigger house! It's not unmanageable at the mo but would be much more comfortable in somewhere bigger especially when she starts walking. This house is mine and my partner and I now want to buy together. He has £25k deposit from a previous house and I have around £40k equity so would leave us with around £60k. Mortgage deals as they are right now a 15% deposit is required which eats around £53k of our savings on a house price of £350,000 not leaving us with much to do things to a new house. However, there is obviously no stamp duty to be paid if we completed in time.
Our house went on the market yesterday but now I'm unsure whether we are being smart selling and buying now with all of the price increases, or whether we are better waiting until next year with the predicted house price crashes? I know the stamp duty will be payable again but will house prices drop enough to offset that and also will mortgage deals become more favourable in terms of LTV in order to prevent a total housing market stall once people have to find stamp duty costs too.
Thanks for your help- any advice greatly appreciated!