Buying a new home is a big decision for anyone to make. January, 2018 is the perfect time to make it.
There are many factors to consider, not least your finances. We look at what is happening in the property market in the UK to make your decision that little bit easier…
Interest rates will stay low
Another 0.25% rise is expected late Spring, however this will add an extra £22 to a typical £175,000 tracker mortgage. Mortgages will remain cheap. Looking for a mortgage? We recommend you speak to the Mortgage Advice Bureau to discuss your ability to buy your new home and to access a wide variety of mortgage products on offer.
Housebuilding will rise
New home building has picked up and will continue to do so this year, which means that pressure on prices will reduce.
Stamp duty cuts
Last year we saw the abolition of stamp duty for first time buyers on homes up to £300,000 which will help more first time buyers get onto the property ladder. The move is expected to save 80% of first time buyers up to £5,000, which will make the decision to move an easier one.
Less competition from buy-to-let investors
Increasing taxes on landlords and difficulties in obtaining mortgages for this type of buyer means slowing buy-to-ket activity, which can only be good for those of you wanting to buy your next home.
Help to Buy
The government backed scheme won’t last forever. It is due to run until 2020. Many of our homeowners have benefitted from Help to Buy, which is available at all of our developments.