Is now a good time to buy a house?
Latest figures from Zoopla indicate positive signs for the housing market and indications that things are stronger than this time last year*. With this in mind, you might be wondering whether now is a good time to buy a house? Adam Nanson from Your Mortgage Expert in Salisbury provides his expert commentary:
Is now a good time to buy a house?
“2023 was a more tricky year for the housing market. There was largely led by uncertainty around mortgage prices, inflation and the cost of living crisis.
“But halfway through 2024 and there are indications that things are picking up and most experts are feeling more optimistic about the outlook.
“Data from Zoopla shows there is more housing stock coming onto the market and we are seeing this reflected from the Estate Agents that we work closely with. This means that there is more choice for you.
“Zoopla also reports that buyer demand for homes is a fifth higher than this time in 2023. On top of this new sales agreed are almost a quarter higher than last year.
“All of which indicates that there is a greater consumer confidence in the property market right now. With more buyer demand and more housing stock, both are a good guide that now could be a good time to buy a house.”
What about mortgage rates?
“After a turbulent couple of years, mortgage rates are now going in the right direction.
“Mortgage Rates in the UK have been rising since the start of 2022. This has made the last few years very challenging for home owners and Buy to Let investors. So it’s very welcome news that mortgage rates have started to fall.
“With mortgage rates falling and the expectation that they should continue to fall, this is a further positive indicator for stepping on the property ladder right now.”
What help is there for First Time Buyers?
“If you’re a First Time Buyer, it can be tricky getting on the property ladder. With the average deposit paid by a First Time Buyer in the UK standing at £34,500 and this rising to £144,500 in London***. It can be hard for First Time Buyers to save for that all important deposit.
“While the Help to Buy Scheme has now ended, there are other schemes available to help. Such schemes include the Shared Ownership Scheme, Gifted Deposit and the Mortgage Guarantee Scheme.
“We can advise on all of these schemes and have helped lots of First Time Buyers get on the Property Ladder.”
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*Source: https://www.zoopla.co.uk/discover/property-news/house-price-index/