Buy Now or Wait to Buy a Home?

Should You Wait for Mortgage Rates to Fall?

The UK housing market in September 2026 continues to be defined by a unique push-and-pull.

The Bank of England held Bank Rate at 3.75% on 17 September 2026. However, the decision was not unanimous, with three members of the Monetary Policy Committee voting to increase the rate to 4%.

Recent geopolitical tensions in the Middle East have also contributed to higher energy prices and continued volatility in mortgage pricing. Moneyfacts reported that the average two-year fixed mortgage rate had risen to around 5.73% by the middle of September, although the actual rate available to you will depend on your deposit, loan-to-value, lender and individual circumstances.

Meanwhile, the housing market remains very localised. Rightmove’s latest national forecast suggests average asking prices could finish 2026 somewhere between 0% and 2% lower than at the end of 2025, but regional performance continues to vary considerably.

If you are waiting for mortgage rates to drop to, say, 3% before looking for a new home, you may be waiting for quite some time. There is no guarantee that rates will reach that level, or when they might do so.

2026, in my opinion, is a market to monitor and manage. Waiting for a sudden drop in mortgage rates or a property-market crash is still a decision, and it comes with its own costs and uncertainty.

If you wait another 12 months, the rent you pay during that period and any increase in property prices within the particular area you want to buy could reduce some of the benefit you might gain from a lower mortgage rate.

Equally, house prices could fall, your deposit could increase, or your own financial circumstances could change. This is why I would look at the whole position rather than trying to predict one particular interest rate.

Buying Now Versus Waiting

There are several things worth considering if you are deciding whether to buy now or wait.

• Buyers currently have more choice in some areas. Rightmove reported that September asking prices increased by 0.7% compared with August, but remained 0.8% lower than a year earlier. The number of homes available for sale is also at a 12-year high for this time of year. This may give buyers greater choice and, in some markets, more room to negotiate.
• Mortgage repayments remain relatively expensive. Mortgage rates are considerably higher than the very low rates seen several years ago, so monthly repayments can feel tight, particularly for buyers borrowing at a higher loan-to-value.
• The length and type of mortgage deal matters. A shorter fixed rate, longer fixed rate or tracker mortgage can each offer different advantages and disadvantages. A shorter deal may give you an earlier opportunity to review your mortgage, while a longer fix provides greater payment certainty. A tracker can move when its underlying rate changes. Which is appropriate depends on your circumstances, attitude to risk and future plans.
• The headline interest rate is only part of the cost. Arrangement fees, incentives and the length of the deal can all affect what a mortgage actually costs. My guide to mortgage arrangement fees and lower rates explains why the lowest advertised rate is not automatically the cheapest option.
• Future rate movements are uncertain. The Bank of England’s next interest-rate decision is due in November. Rates could move up, down or remain unchanged depending on inflation, economic conditions and events overseas. Nobody can know with certainty what mortgage rates will be in 2027 or 2028.

The Cost of Waiting

One of the things buyers sometimes overlook is that waiting also has a financial cost.

Rent is a genuine housing cost in return for somewhere to live, but if you are already planning to buy, it is still worth considering how much rent you may pay while waiting for a particular mortgage rate to appear.

For example, waiting another year could mean another 12 months of rent. Whether that outweighs any future saving on mortgage interest will depend on what happens to mortgage rates, property prices, your deposit and the particular home you eventually buy.

What About the Autumn Budget?

Buyers may also be feeling uncertain about possible property or tax changes in the forthcoming Autumn Budget.

The Government has confirmed that the Autumn Budget will take place on 28 October 2026.

At the time of writing, the Budget has not yet taken place, so I would be cautious about making a property decision based on speculation about possible tax changes.

Rightmove has also identified uncertainty around the Budget as one of the factors affecting its updated 2026 housing-market outlook.

So, Should You Buy Now?

There is no single answer that will be right for every buyer.

Rather than trying to time the market perfectly, I would look at what you can realistically afford now, the deposit you have available, the mortgage options open to you, how long you expect to remain in the property and what monthly payment feels manageable.

If you decide to wait, it should be because waiting suits your circumstances rather than because somebody has promised that mortgage rates or house prices will definitely fall.

If you decide to buy, the mortgage should still be affordable based on your position now rather than relying on rates becoming cheaper later.

I can look at the options available across the market and help you understand the differences between them, including the rate, fees, monthly repayments and how long you may want to secure a particular deal for.

You can also read more about the wider support available through my mortgage services.

This article provides general information only and is not personalised mortgage advice. Mortgage products, rates and lender criteria can change and the options available will depend on your individual circumstances.

We may charge a fee for mortgage advice. The exact amount will depend on your circumstances, but a typical fee is £350.

Your home may be repossessed if you do not keep up repayments on your mortgage.