House prices have risen this month, pushing the average cost of a home to a new record of £336,073.
However, according to experts, there are signs that the market is starting to slow down.
Property website Rightmove, which compiles a monthly house price index, has said the rise in June is only 0.8%, which is significantly smaller than the 1.8% increase in May.
READ MORE: Five ways to save money when the stamp duty holiday comes to an end in England
The Mirror reports, experts say record low interest rates and the stamp duty holiday are behind the rise in house prices.
However, as some of that demand has now been met, they say, with the stamp duty holiday being phased out from next month.
Those buying houses in England and Northern Ireland worth between £125,000 and £500,000 pay no stamp duty if it is their main home.
This was supposed to end on March 31, but was extended to the end of June in the Budget on March 3. From July 1 until the end of September, house purchases worth less than £250,000 pay no stamp duty.
The original stamp duty threshold of £125,000 will apply again from October 1.
With more changes coming soon, should you buy now or hold out until 2022?
Should you buy now or wait until 2022?
It really all depends on your personal circumstance and experts say that there are a few questions you should ask yourself.
Rachel Springall, finance expert at Moneyfacts, told The Mirror that rising house prices will have different impacts for first time buyers and those looking to remortgage.
For first time buyers, it means their deposit may not go as far, as a bigger asking price means you'll need a bigger deposit. That means you might be better off holding out.
Those who are looking to remortgage their home could find they now have more equity in their home and could be better off changing their deal.
She said: "If first-time buyers have a 5% deposit to get their foot onto the property ladder, then they will find deals returning to the market after a notable absence.
"However, whether it is the right time for them to commit must be considered carefully because house prices could fall and leave borrowers in negative equity.
"Borrowers who have a limited deposit or equity may wish to spend more time building a larger pot and wait a little longer before they commit to a mortgage."
She also says that saving for a bigger deposit percentage generally means lower rates, along with lowering your monthly mortgage payments.
She said: "Clearly, stretching to just 5% more could entail some substantial savings on mortgage repayments by moving down the next loan-to-value bracket."
As for those who are tempted by sub-1% mortgages, Ms Springall urges caution and says buyers should assess any fees attached to determine whether they're getting the best deal for them.
But ultimately, rather than trying to time the market for the best price, buyers should just focus on their individual circumstances.
