First-time buyers need to remain positive in their outlook, despite the withdrawal of Abbey and other lenders, from 100 per cent mortgage products. We all are familiar with the saying ‘all good things come to an end one day.’ We, who have been involved in the property industry for three decades, will understand and appreciate that we have just completed another economic cycle.
The property market moves in peaks and troughs and in cycles. Some commentators call it ‘boom and bust’. The UK has seen a huge increase in house prices in recent years, and we are now about to experience a correction or re-alignment of true property values. Likewise gone are the days where lenders will offer mortgages purely on speculation that the property will increase in value indefinitely.
If prospective buyers take the time to investigate, there are still plenty mortgage products available, as well as some excellent re-mortgage deals for those whose parents are willing to assist their child onto the property ladder. First-time buyers who have managed to save their five or ten per cent deposit are in a strong position. You do not have to look too far to realise that it is a ‘strong buyers’ market out there. A buyers market is one where each buyer has a multitude of offers on several different properties, all at prices he or she is comfortable to pay.
For those who need and want to buy a property, it’s important they get the best deal through a broker. If you are looking in areas where prices have remained robust, and you are throwing money away on rent, then some shrewd negotiating over the next few weeks and months could prove to be a sound long-term decision for first-time buyers. Lastly with the Government’s recent further assistance of £300 million, many builders and housing associations will now give first-time buyers increased assistance through incentives and reduced offers in the coming weeks ahead. Your first home is still within your reach, providing you can obtain a mortgage.
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