Is now a good time?

[Woolandwonder]

Long story short but I'm a potential ftb (but in my early 40s) Have finally managed to just about save enough for a 10% deposit and can get a mortgage on something (not something amazing but potentially a small terrace in an area we already live in and like)
The reason I'm panicking is wondering whether this is just terrible time to buy, I'm really worried about ending up in a negative equity nightmare given how much property has gone up over the past couple of years, interest rates rising, cost of living, a recession etc etc. I've had a really hard decade with loads of health issues and dealing with subsequent childlessness so don't know whether I am just seeing the worst case everywhere or whether it really is just not a good time for someone in my position to buy for the first time?

you can probably borrow for more than 25 yrs tbh

The market seems really crazy here (maybe everywhere?) Can't even book a viewing after 24 hours as no fully booked and everything is going over the asking price. I wonder if this is just how house buying will be for the foreseeable or whether it will calm down a bit.

We haven’t been to a viewing for weeks now. Can’t be doing with the competitiveness for viewings and bidding wars. We’re waiting for things to cool, which seems to be slowly happening now.

Not a great time to be making the biggest purchase you have made to date.

Buying a house is essentially very different to other forms of investment.

Compare the cost of renting versus this potential purchase over the next twenty five points. It's unlikely that renting will be cheaper over that time.

After that period, when you have paid off the capital, it will very likely be a lot cheaper. Any capital appreciation, any rise in value, is just a by product.

Well managed first viewing and it was good in lots of ways but not right for us. Doesn't seem to be anything else thats right we can even book in for a viewing for right now so we'll see how it goes!
Thanks for the advice and support!