We all know the feeling. You start thinking about buying a home, check the news, see the mortgage rates, and tell yourself, “Maybe we’ll wait until things calm down.”
Waiting feels safe. You stay in control and avoid risk. But when it comes to property, waiting is rarely the safest option. In fact, it can quietly become one of the most expensive decisions you ever make.
Every month you delay is a month of rent gone forever. Every year you wait is a year of missed equity. The market doesn’t pause while you decide — it keeps moving.
The truth is simple: time in the market always beats timing the market.
What History Teaches Us
People often think today’s market is uniquely uncertain. But every generation has faced its own fears.
Take 1979. Interest rates shot up to 17%. Newspapers were full of doom. Yet buyers who took the plunge then saw their homes double in value within a decade.
In 1992, “Black Wednesday” sent rates soaring again. But those who already owned property held steady and gained long-term.
Even in 2007, right before the crash, homeowners who stayed the course eventually saw values recover — and then rise beyond their previous peaks.
And remember 2020? Many feared the market would collapse during lockdown. Instead, Lancaster’s property market took off, driven by lifestyle changes and low supply. Those who bought then are now sitting on healthy equity, while those who waited are still paying rent.
At every “wrong” moment, the same pattern repeats. Buying felt scary. Waiting felt safe. But buying won.
Why Waiting Costs You Twice
There are only two places your monthly housing money can go — rent or mortgage.
When you rent, every pound disappears the moment it leaves your account. Nothing builds. When you own, part of each payment goes toward reducing your loan and growing your share in the property.
And while rents keep rising, a fixed mortgage payment stays the same. At first it feels like a stretch, but over time, as your income grows, it becomes easier.
So waiting costs you twice — you lose money to rent and miss out on years of building equity.
The Real Numbers in Lancaster
Let’s look at what’s actually happened here in Lancaster.
Back in July 2020, a typical first-time buyer home cost around £122,911. With a 5% deposit and a 2.79% mortgage, the monthly payment was about £479.
Fast forward five years. That same home is now worth £171,242. The buyer who stepped forward in 2020 would have:
- Paid off about £13,400 of their mortgage
- Built equity of around £61,700
- Remortgaged with a much lower loan-to-value, keeping repayments manageable
Meanwhile, the renter would have paid over £46,000 in rent — and have nothing to show for it.
That’s the real cost of waiting. Not just higher prices today, but five years of lost opportunity.
The Hidden Emotional Costs
Money isn’t the only factor. Waiting takes a toll emotionally too.
Each time you check Rightmove, talk yourself out of it, and wait another few months, it chips away at your confidence. You end up stuck in a loop of hesitation.
Renting also makes it harder to settle. Many people avoid decorating or making long-term plans because they don’t feel the home is truly theirs.
Buying, on the other hand, brings stability. It gives you a sense of belonging — something that no rental ever quite can.
Common Worries — Answered
“What if prices fall after I buy?”
They might in the short term, but property works best long term. If you buy a good home you can afford and plan to stay five to ten years, history shows you’ll come out ahead.
“What if interest rates rise again?”
They could, but today’s rates are still normal by historic standards. Fix your mortgage, budget sensibly, and inflation will gradually work in your favour.
“I’ll wait for the bottom.”
Nobody knows when that is — not even the experts. You don’t need perfect timing to benefit, you just need to start.
The Real Lesson for Lancaster Buyers
Buying a home in Lancaster has never been about finding the perfect moment. It’s about starting the clock.
Every buyer in history has felt nervous. But those who acted moved forward, while those who waited were left behind.
If you’re financially ready, the smartest move isn’t to wait for perfection — it’s to buy a good home at a fair price and let time do its work.
Your future self won’t thank you for the years you spent renting and waiting. They’ll thank you for taking the first step.
So, stop waiting. Start owning. Do you agree? I’d love to hear your thoughts. You can email me at james@jdg.co.uk or call me on 01524 843322
Thanks for reading
James