Buying a house has always been a popular investment, but with the recent turmoil in the economy, it’s more important than ever that you know what you’re doing before you throw your money into a 25-year commitment.

The last time the market crashed, in 2008, many people lost what they had worked for because they had bought into a system that was designed to make them fail. This was more true in the US than in the UK but nonetheless, the market was hit pretty badly with values on the slide. 

What should you do before buying a house?

It’s simple: save up your money, don’t go over budget, and don’t get into debt.

If you can do those things, then you’ll be in better shape than most of the other homeowners out there if interest rates continue to increase.

There are two main reasons why I’m saying this to everyone who’s thinking about buying a house in 2022.

First off, interest rates are still relatively low currently but may continue going up while inflation is still so rampant in the economy.

If you’ve ever taken a loan out for anything (car, credit card), then you’re probably familiar with how interest works. It is a fundemental and integral part of financing any loan.

Buying a house in the UK is most likely still a good investment despite the fact that mortgage rates are going up and property prices are climbing after Brexit. In fact, homeownership is still a good idea even if the Bank of England raises the base rate from 3% to 4% next year.