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Now Is The Time To Buy

As autumn leaves fall, now is the time that many of us put aside all thoughts of moving home or making decisions until after the festive season and the winter are over. What could be worse than trudging around estate agents and properties in the cold and wet when you could be at home in front of the fire watching the latest box set?

You may have heard the saying ‘he who hesitates is lost’ and this could well be the case for aspiring home owners over this autumn/winter period.  House prices are rising at the rate of 5.2% a year.  This means that a whopping £10,400 will be added to the price of a £200,000 home over a 12 month period.

Demand for home ownership has never been higher as incomes rise in real terms and mortgage rates continue to stay low.

The return of the 95% mortgage is now making it possible for first time buyers to achieve that all important leap onto the housing ladder.

Although the 95% mortgage may come with a higher interest rate, the temptation to save for a bigger and bigger deposit is outweighed by the fact that house prices are rising faster than incomes.  This month’s Average Price House Watch revealed that house prices are up on average by 0.2% in the past month alone. This means that if you buy with a 5% deposit, pay the higher interest rate, you can then re-mortgage to a lower rate in a couple of years when the value of your property has increased.

Lack of affordable homes for first time buyers means that competition for homes remains fierce. Today’s buyers need to be armed with their deposit, a mortgage agreement in principle and a good solicitor ready to swing into action if they are to have any chance at getting an offer accepted.

CMS have been providing first class conveyancing at a competitive price since 1995. For a conveyancing quote please visit our web-site www.conveyancing-cms.co.uk or call us on 0845 060 33 55 or 01638 576478.

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