Rising interest rates have made buyers think twice

Thinking twice does not mean do not do anything.  It does mean to reassess the plans previously made.  I guess a good rule would be to keep thinking as circumstances change, especially when borrowing.

From experience, it has shown that when things are good, it is unlikely to stay that way.  On the other hand when things are bad, it is unlikely to stay that way either.  The main thing is to be able to set your finances up so that it is possible to cope with the changes no matter which way the interest rates go, and how other things in ones life will fair, for example, the amount of the mortgage, the amount of money coming into the home each week, as well as the necessary outgoings. Working out how much one can "tighten ones belt" while waiting for the times to change.

It is hard to digress from the basic principles of saving no matter what comes and goes.  For example, when there is extra income, increase the mortgage repayments, to build up as much collateral as possible, which will put a safety nett in place for unexpected changes in the economy, the family, the work place, and so on.

At no time should we give up, even if our goals take a little longer to achieve.