Buyers should recognise current opportunities for them in the market
- 24th November 2017
- Buying Property News
With still historically low interest rates, stamp duty concessions and high levels of mortgage approvals, the market presents potential buyers with welcome possibilities
As we enter the winter months, it can be a good time for potential buyers to take stock of the current housing market. Although interest rates have risen for the first time in a decade, the current market is still more than welcoming for those thinking of getting on the property ladder or moving further up it.
Recent comments by a leading housing commentator for Which? confirm what we have always said – that there are large numbers of properties available in London for all income brackets and there are several ways for first time buyers to enter the market. This can include using the ‘Bank of Mum and Dad’ as a stepping stone or applying for a wide range of available mortgage options.
Earlier this year, for instance, we discussed how the outlook is bright for those individuals thinking of applying for a mortgage. Research shows nearly 90% of all mortgage applications are successfully approved, a record high. Successful first-time buyer applications alone increased 17% in a year to 88%.
With the Budget Statement announcement to abolish stamp duty for first time buyer purchases of up to £300,000 and for the first £300,000 of their purchase for first time buyers in London, now is an especially good opportunity for potential buyers to look at the market and think about getting on the housing ladder.
Stephen Ludlow, Chairman at ludlowthompson, comments: “With current mortgage approval rates, stamp duty concessions, and still historically low interest rates, my advice to potential buyers would be to get out and view properties to see what is out there.”
“In particular in the run up to Christmas, many sellers want to get a sale agreed before the height of the holiday period, so there is often a desire on both sides to move things along.”
“Those interested in entering or moving up the property ladder should look to use the current low interest rates to their advantage and secure a good mortgage deal. Cutting stamp duty for first time buyers means now is a great time to start looking."
With current mortgage approval rates, stamp duty concessions, and still historically low interest rates, my advice to potential buyers would be to get out and view properties to see what is out there
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