Is now the right time to buy uk property?
After 18 months of the harshest trading conditions in the UK market for more than 50 years, is now the right time to buy?
- Interest rates are falling as signs the credit crunch is easing, making it cheaper for first-time buyers to get on the property ladder
- House prices have fallen dramatically as Land Registry figures show that between July and September, house prices fell by 6.1 percent
- It's a buyers market as unsold properties hit record levels
- Some good mortgage deals are beginning to come onto the market as financial institutions are recovering. To ensure you get the very best deal use a whole of market broker and shop around yourself for a mortgage deal on the high street
- It's a good time to trade up, as desperate sellers might accept a 'cheeky offer' if your in a position to move quickly
- Buy now, ahead of the curve, before property prices have bottomed out
posted by (26/11/1926 - 21/01/2010)
8 Comments:
There's small window of opportunity for buyers as lower interest rates kick-in. Whilst property developers are under pressure from the banks to sell existing stock.
Another good post! The market will recover and property will go up eventually. If your buying for the long term now is the right time to buy.
If you can raise 15% deposit there are some good deals around but you need to really do your research to find the best deal.
A whole of market broker is a good idea but sadly some lenders have stopped brokers accessing their products since the credit crunch. So you should check some specific lenders yourself for the best mortgage deal.
Mortgage lending plunged 70 pc in just 4 weeks according to the Daily Mail December 2, 2008
Homeowners are now facing an up hill battle to get a mortgage as Net Lending collapsed. The cheapest mortgage deals now require a 40 pc deposit and all 100 pc mortgages have been scrapped.
It's not just the banks fault. Many homebuyers are holding back to see if prices fall further.
I read in The Wharf newspaper 27/11 that Mayor of London, Boris Johnson hd launched a £5 billion investment plan to bolster the housing market in the capital.
"...The London Housing Strategy is designed to create 50,000 new homes in the next three years, as well as provide several incentives to encourage home buyers in the current financial climate..."
Although it's a buyers market, homesellers shoudn't rollover for tummy tickles!
Most buyers always start low and work up, but in these tough times it's not just about the asking price.
Homesellers should think carefully. As an offer from someone in a good move position (cash buyer, not in a chain) is much better proposition than someone in a chain and needs to raise finance!
When choosing a local whole of market broker ask them a few questions and determine if they are offering advice on every lender and their products. Some brokers who say they are whole of market are or representing a handful of lenders.
Now is the right time to buy property
With many conflicting surveys and data regarding property prices and the state of the housing market, Callum Roberts Property Consultants put the record straight on BBC Breakfast News.
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