Buying a home in the UK is everyone’s dream and forms a part of our settlement. It happens only once in most of our lives. Houses are very expensive in the UK therefore buying a house is an expensive affair, however you can save thousands of pounds on your mortgage payments instead of the rent that pays someone else’s mortgage and also if you buy at the right time. One has to do their homework properly and choose your location and make the decision on time which are the key things you may have to follow in order to save money. Most of the houses in the UK are purchased with an assistance of mortgage therefore it is equally important for you to buy when the interest rates are low.
The house prices were stagnated until 2013 and market started showing upward trend till the beginning of this year. The housing market started slowing down from this year onwards and this was assuming due to the political and financial uncertainty developed over the widely discussed Brexit. Of Couse there are two level of thoughts, the optimistic Brexiters believe that the Brexit will bring financial security, property stability and more jobs etc. whereas the others believe that if the country leave EU, this will be a catastrophe. What is evident now is that the economic activities have slowed down, and the situation has led to a dilemma among the public.
The housing market is considered to be buyers’ market when the market is stagnated in other words the house price is low and interest rates low. It is always advisable to enter into the house market when it is the so called “buyers’ market”. If you purchase your house in the right time, your equity may rise when the market is back to normal and you can even consider taking equity out of your first house to buy your second house.
When you purchase a house, it is very important for you to choose the right location which is either near to your workplace or close to your children’s school or ideally both.
The area where your house is located is important as this will affect the future house prices and if you ended up purchasing your house in a wrong area, it may affect the resale value of your house.
If you are unable to finance your purchase, you may also be able to explore the possibility of purchasing under the shared ownership scheme. The government is also encouraging the first-time buyers as they are exempted from paying stamp duty when buying their first house up to a value of £300,000.00
When it comes to the purchase of your dream home, I believe now it is a buyers’ market and this may give you more choices and bargaining power. The same principle applies to purchase of a business such as shops and Leases etc.
Primarc solicitors are CQS accredited and accepted by most of the mortgage lenders in the UK. We are specialised in dealing with the purchase and sale of houses and leasehold shops and other business etc. Please contact our office if you are interested in getting a free conveyancing quote.