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1 In 5 House Buyers Are First Time Buyers
Lenders are beginning to lower their requirements for first time buyers. HSBC are now beginning to require only a 10% deposit for first time buyers and since just last week, Lloyds are offering 95% mortgages (ties attached). There are also a number of government backed schemes offering shared ownership schemes, very low interest loans for people earning less than £60,000, key workers or council tenants, and plenty more initiatives to help first time buyers. Be aware of what is on offer and make the most of them! Plus of course house prices have fallen since last year by around 15% and are thought to be nearly stabilising at the bottom of the trough. Although they are expected still to fall they are not expected to fall much further. And interest rates are the lowest they have ever been. Fixed deals are attractive and the monthly mortgage repayments are a lot cheaper than it was just a couple of years ago. They are likely to be cheaper than rental payments and take much less of your monthly income. It's a good time to buy. There is not much supply on the market with would-be sellers keeping out of the market, or renting out their properties, but if you can find the property you want then go for it. There will after all be some new properties coming onto the market from probate, divorce or job relations. And remember that sellers want a first time buyer - no chain and therefore the transaction should be straight forward. The economy is in recession and unemployment is expected to continue to rise this year, possibly by another one million according to leading economist, David Blanchflower. With this, housing activity is expected to remain subdued for the rest of the year. If you want to buy a place, and you find what you want then go ahead - make the most of the low interest rates and low prices. But if you do not find what you want don't feel you have to rush to get something. Any housing price increases will be slow - the economy needs to recover and unemployment needs to be falling which won’t be happening until next year at the earliest. And as that happens more houses will come onto the market making it easier for you to find what you are looking for. Keep a keen look out and good luck. Article Directory: http://www.articledashboard.com Susy Copus writes for the UK Property Search Engine, Wheres My Property and Renovate Alerts, the site that finds property to renovate. Susy also writes for Toddler Bedtime Tips. |
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