After years of rising house prices and a real feeling that they are being priced out of buying their first home, at last there appears to be a reason to feel joyful for first time buyers.
There are real signs suggesting that the housing market has stalled which could lead to house prices falling. A leading property website has shown one in three properties listed has had to reduce the selling price by an average of 6 per cent and in some cases they have slashed them by as much as half since their first listing. Even national data provided by the Nationwide Building Society shows that house price growth has slowed to 2.1 per cent in recent months.
Many commentators attribute this slow down to concerns over Brexit and perhaps sellers being over-optimistic in their original valuation. This is bad news for sellers, but great news for buyers. Couple this with historically low interest rates and a real desire by lenders to help first time buyers, this is a great time to buy your first property. Do not be afraid to drive a hard bargain over the price you are prepared to pay for a property, as you will probably be very pleasantly surprised what a seller is prepared to accept after they have struggled to sell. Once property values recover you should find that buying your first property was a really clever investment, as some time in the future you will want to sell and enjoy or re-invest your profit.
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