Even though house prices increased in January by 0.2%*, the rate of growth is still very measured and are expected to remain this way for the first half of 2017.
This is the news First Time Buyers want to hear as it will be their opportunity to get onto the property ladder.
The number of landlord transactions has also remained static with investors still waiting for lenders to re-introduce softer criteria. This is having a domino effect onto properties for sale and being readily available for FTB and sensible offers to be made as you won’t be out-priced by eager landlords wanting to add to their portfolio.
With the Bank of England holding the base rate at 0.25% – I will be surprised if there is any major movement with lender rates. Added incentives of free valuations and cashbacks shows there is plenty on offer to assist with the mortgage transaction.
With the press recently reporting that the amount of deposit required for first time buyers has increased to just short of £100k for the average first purchase, the bank of mum and dad will be a big part of mortgage transactions in 2017. By using a deposit gifted by mum and dad or a close relative, this can be a quicker option than saving for what you need.
With the amount of money borrowed from “the bank” estimated at £5 billion in 2016 – this is likely to remain at a similar if not higher figure in 2017.
Whether you are in a position now to purchase your first home or are considering it in the near future please call us on 0333 772 0672 or email us on with your enquiry.
All initial consultations are at no cost with no obligation and we are always happy to help.