If you have been avidly following the state of the property market, you will be aware that while family houses are certainly still selling, particularly in family friendly boroughs in London like Ealing (read an article about selling family homes in Ealing by clicking the link), properties suitable for first time buyers have been selling much more slowly.
The lack of availability of affordable mortgages is largely to blame for the stagnant first time buyer market with most lenders requiring 25% deposits to secure a mortgage. However, at least part of problem is buyer confidence.
Property website Rightmove has suggested that first-time buyers are now poised to return to the housing market. According to a recent Rightmove report, which questioned 25,584 potential buyers last month, first time buyers are encouraged by the current house prices. The survey found that around 33% of first time buyers believe that the cost of property will be more affordable at this time next year. This figure represents considerably more confidence and optimism from first time buyers. In the three months previous, figures showed that just 20% of first time buyers felt that purchasing property would be within their reach.
Meanwhile, just over a quarter of first time buyers hope to purchase their first home in the next 12 months – up from 22% in July, said Rightmove.
This is all very positive news. Even if you are not a first time buyer yourself or do not want to sell a property suitable for first time buyers, the surge in confidence from first time buyers means that property chains will once again be moving, thereby buoying up the entire property market. Don’t know understand what a property chain is or why it is important? Click the link to read an article for more information on property chains
Given all of that information, there are still people who need to move right now, no matter what the market, and London enjoys a particularly special status in that regard. Whether you need to move for work or need more room for a growing family or are looking to downsize, Northfields can help with advice and a free valuation for your home. Call us on 0208 840 6666 to request your no obligation valuation or request your valuation online here.