Housing Market Putting Out Welcome Mat for First Time Buyers

Housing Market Putting Out Welcome Mat for First Time Buyers

The housing market has been resilient during the lead up to Brexit and it appears it will be so even throughout the delay. Last month there was growth that surpassed years past and put experts at odds as to the cause. Some believe it is due to the factors present in the housing market that are welcoming to first time buyers.

One factor is that there are lower house prices. When prices decline it makes a more attractive market to those not yet on the property ladder and to investing landlords. It also helps that there are still attractive low interest rates attached to mortgages and that lenders are competitive for borrowers. That competition could offer not only low interest rates, but also incentives such as free valuations and legal work as well as low deposit requirements.

The low interest rates are also more attractive while there are warnings that higher interest rates could be the norm in the upcoming years.

There is also a rush to take action if a home buyer is expecting to take advantage of Help to Buy which is ending this year.

Lower house prices, more assertive sellers in the market, low interest rates, Help to Buy coming to a close, and cheap loan to value mortgage products available all combine to make the housing market welcoming to the first time buyer.

There is even more good news for first time home buyers as it appears more properties are coming onto the market giving more choices to those ready to step across the welcoming mat the housing market has put out for buyers.

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