First Time House Buyers are Doing the Best
Recent reports of a slowing property market across the UK are continuing to come out in the press. There is however evidence that first time buyers are helping to support a lull in the market by being able to buy houses far quicker and are creating faster transaction conditions amongst the first time buyer sector.
A Faster Market amoungst First time Buyers
It’s being reported that almost a third of all property sales within the UK are due to purchases from first time buyers. In our previous article we reported that the property market is slowing due to uncertainty with the outcome of the up and coming general election. News outlet propertywire have recently reported that even though market conditions are slowing it’s first time buyers which are able to purchase far quicker than ever before, with the National Association of Estate Agents saying that Febuary’s figures show the highest amount of first time buyer purcahases since September 2014 and also currently this is at the highest level since 2009 which is also reported in City Am.
A recent plan to create assistance with a first time buyer ISA also provides optimism for this side of the market and if the Conservatives remain in power then they have agreed to build 200,000 new homes which will give buyers more choice and provide a far wider range of deals that are designed to help first time buyers get a foot on the property ladder.
Conservatives to Remain in Power would be Best
At Direct House Buyer we believe that the property market is on a good road to recovery and even though we have experienced a recent lull, as long as the conservatives remain in power then we expect a uplift in sales and with sellers currently desperate being able to sell their house fast in the near future. On the other side of the coin a leadership change with Ed Milliband coming into power may create uncertainty, with both sellers choosing to wait to put their property on the market and buyers retreating in fear that prices may possibly fall again.
Realistically, prices in the long term should continue to rise, predictions that house prices will double again by 2020 do seem far fetched but the economy continues along the same positive path then we do foresee at least another 25% rise over the next 5 years. Other factors such as a war or another global economic crisis would of course cause the lenders to tighten up and thus create a negative on the market and no one can realistically foresee this happening. Admittedly we are currently experiencing a slight blip but at some point towards the end of the market we expect momentum to pick up once again.