Despite the worries and wobbles rippling out from London and South East it is good to see reports that the property market is picking up.
The Annual average increase since 2000 in England is 6.4% and Wales is 6.1%. Aberdeen has a continued decline in both rentals and sales.
The current generation of first time buyers have become more savvy than previous first time buyers they see a depressed market as one which is good news for them rather than a stay away .
What is helping with this is that although getting a deposit is tough for this generation once you are on the ladder the mortgage rates are so low if you can get over the deposit hurdle especially with the Help to Buy Scheme , this means living costs are pretty affordable compared to previous generations.
In February first time buyers took advantage of reduced competition in the market .
25,100 new first time buyer mortgages completed in January 2019, 4.6% more than in the same month in 2018.
It is reported more first time buyers are applying for mortgages than previous years, using the idea of a ‘troubled’ market to their advantage.
First time buyers seem to have a better confidence in making offers currently.
Oakwood Estates works with in house mortgage suppliers providing information to all size salaries.
Deposit as always is key and many first time buyers are using the help to buy schemes . Or pulling together deposits from family member loans.
From our own research we found that our in house mortgage advisors more often than not are able to provide better deals than the banks providing mortgages themselves.
In fact when we approached banks to match or beat the advisor/ brokers deals surprisingly the banks could not match let alone beat the deals even from their own bank.
More buyers are now becoming adventurous with purchasing ‘doer uppers’ and paying off bit by bit often pulling in family members and friends to help with the work .
As an agent we have seen a rise in this type of buying which has tilted more popular than the apartment/ flat style buys