estate agents

 

A tentative recovery may be underway - as the average UK house price rose 0.2% to £290,000 in August, according to latest government ONS data.

However, despite the huge advantage of not having a chain, it seems that first time buyers are still a rarity and the vast majority of buyers are over 50.

Property data company Outra - www.outra.co.uk - finds that the average age of buyers has increased to 52.5 years and that most buyers now possess and use large deposits, sometimes utilizing up to £250,000 of stored equity in their existing homes.

Outra founder Giles Mackay paints a gloomy prospect for younger buyers: "The UK's housing market is now the preserve of the old and rich. There's a real danger that what this trend indicates is the start of an inheritocracy."

It seems that, in order to take advantage of their absence of a chain, first time buyers also continue to need access to large deposits to secure funding, while also - as detailed in our last blog - avoiding the pitfall of surveys valuing properties lower than their offers.

Qualified good news then for those selling properties and still opportunity for first time buyers, albeit those with large deposits and accurate valuations.

Speaking of which, for free expert advice about Ascot and surrounding areas residential property, please contact us for a no-strings chat.

 

 

 

An Ill Wind - bad news for sellers, but good news for

first-time buyers?

 

The Halifax recently announced that house prices had fallen for the sixth month in a row -

with £15,000 wiped off the value of an average British home.

 

New build prices have been hit harder than older properties, with developers either 

offering big discounts in prices or incentives like cash back or developer-paid stamp

duty.

 

Meanwhile mortgage brokers report that lenders are demanding more information on

property before a lending decision and surveyors are increasingly concluding that

properties are not worth the amount a buyer has agreed.

 

All this driven apparently by low buyer demand in the residential market, in turn 

driven by record successive interest rate rise.  Issues which, when fixed, will allow

residential property prices to continue their accustomed rise.

 

But, while this is clearly not great if you're trying to sell a property at the moment, it

means it's very much a buyer's market, provided you have the funds.

 

For the buyer, particularly a first-time buyer with no chain, deals are then to be

done.  But to do this, you need an accurate estimate of the property's real current

market value.  Thus armed, you can make a compelling offer and one which won't be

negated by a later surveyor's report.

 

Accurate local market knowledge is therefore at a premium in this market to

guarantee a smooth and trouble-free buying process.  Which also plays to the

strengths of repositories of this local knowledge like ourselves at 'Ascots'.

 

In summary then, as the old business cliche goes, every problem creates an

opportunity, the current housing market presents an opportunity for the first-time

buyer and we can help.

 

Let's talk.

 

 

 

 

 

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