First time buyers unsure whether to buy
The Thirfyscott reports on Considerations first time buyers need to think about
Potential first time buyers are unsure whether to take the plunge and purchase a property according to a recent report, with many wondering whether they should take a wait and see stance due to predictions that both house prices and interest rates will fall over the course of this year, which would increase affordability.
One industry official said that whilst interest rates were set to fall, those looking at taking the plunge may want to consider a fixed rate mortgage in order to stabilise repayments and increase security for themselves.
He also said that would be buyers needed to remember that getting a mortgage may not be all that easy due to tight credit conditions.
He also offered some advice, stating: ‘The days of buyers scrambling to get on to the housing ladder at any cost are well and truly over. ‘Buyers should think hard about why they want to purchase. That is not to say they shouldn’t buy, but they should ask themselves whether it is the right place they are purchasing and whether they are paying the right price.’
He added: ‘Given the current climate of stagnant house prices and rising mortgage costs, it is more important than ever to take a long-term view of any purchase. The days of quick capital gains are gone.’