Latest news on the housing market
So we have a new Government in power. The cost of living is an issue few of us can ignore. Summer has been and gone, the weather is going bonkers, autumn is fast approaching and Christmas is on the horizon. When will there be good news?! Well, this is traditionally the time of year when the house market starts to get a little busier and here at Home-Approved we’ve definitely noticed the trend. And generally, despite Labour’s assertion that there is a bumpy road ahead and difficult decisions to be made in order to get the economy back on track, it’s not actually all doom and gloom – things are looking up for buyers who are in a position to move quickly.
More opportunity for first-time buyers
Great news for anyone looking to get their foot on the property ladder, a lot of rental stock is now being sold. Many landlords have found that rising costs and changes to legislation are making their property portfolios less profitable. Rightmove recently reported that 18% of all properties on the market were previously rented out. Back in 2010 the national average was just 8%, so rentals are swelling the market. Naturally, this percentage varies by location, with the London market being significantly higher – almost 30% of properties being sold were previously rented accommodation. Whilst a shrinking rental market is worrying for those who can’t make the leap, it does present an opportunity and greater choice for first-time buyers.
Better mortgage rates
Mortgage rates may still feel eye-wateringly high compared to previous years, but there have been reductions since the Bank of England reduced the Base Rate to 5% back in August – this has buoyed the market and helped to create a greater sense of optimism. Fast forward to Friday 13 September – not usually considered the luckiest of dates – and several of the UK’s biggest mortgage providers reduced their fixed rates in a bid to entice new customers, with some relatively good deals for first-time buyers. Yes, good news! With the Base Rate holding at 5% experts are now predicting further good mortgage deals being introduced over the next few months, so it sounds like a great time to be house hunting.
Don’t forget to invest in a building survey!
We know that buying a property is expensive, one of the biggest financial investments anyone can make, especially in the current economic climate. But it’s also critical that you make that investment wisely. Whilst you’ll want to watch every penny, it’s important to not cut corners – particularly when it comes to getting a survey. A positive report will give you all the information you need to move forward in the buying process, confident that you’re not buying a money pit. Alternatively, if problems and defects are revealed, the findings may give you greater negotiating power to achieve a better sale price or you may decide it’s better to simply walk away and look elsewhere.
If you need a building survey that will provide a thorough inspection and detailed report of the condition of the property you are hoping to buy, give Home-Approved a call.