Politics vs Property: How do first-time buyers capitalise on the political turmoil?
Politics vs Property: How do first-time buyers capitalise on the political turmoil? CEO of When You Move, Simon Bath, responds.
The only certain thing about Brexit is the uncertainty associated with it. The UK property market has been the casualty of this, with the average house prices dropping by around £5,000. This is even greater in the South. This is now showing sign of changing as the monthly House Price Index is showing a continuous decline.
So, if you’re a first-time buyer, what should you do? Should you wait until 29 March? Or, is it wiser to take advantage of attractive mortgage rates today?
CEO of When You Move, a digital conveyancing service, comments:
“It is undeniable that over the last few months, there has been a noticeable decline in property prices in the UK, especially in the more prosperous regions of England, such as the capital. As a result, first-time buyers are able to make their money go further. It is very much a buyers’ market. Whether this means securing a previously unattainable home, second steppers being able to afford their first family home or look to property investment opportunities.
“First-time buyers can also take advantage of the historically low mortgage rates. This is an indicates an excellent opportunity to buy before the UK’s formal exit from the European Union in March. There is potential for interest rates to increase post-Brexit if the final deal is not passed by Parliament.
“Back in September, Mark Carney, the Governor of the Bank of England, warned that house prices could fall by up to a third if there is a no-deal Brexit. Regardless of what happens, I think it’s important to bear in mind that the property market is relatively resilient, and houses tend to weather bumps in the road. However, there are some indicators that now, or at least in the short term, there are great opportunities to purchase property, either as an investment or buying your previously unobtainable dream home.”
Kindly shared by When You Move