Slow House Price Growth Is Good News for First Time Buyers
Recent data from Nationwide has revealed that average property prices in the UK increased 0.4% in February 2019 vs the same month in 2018. While such a modest price increase isn’t good for all homeowners, for first time buyers looking to get on the property market a stabilisation in prices is welcome relief.
Furthermore, many experts indicate that the number of mortgage products offering first time buyers great rates is great for those trying to get on the property ladder.
Indeed, according to Kevin Roberts, director of the Legal & General Mortgage Club, “Slower house price growth combined with competitive mortgage rates continues to entice buyers, particularly first time buyers, who now make up the majority of home purchases bought with a mortgage”.
Roberts also adds that “With their numbers at a 12 year high, Government initiatives, such as Help to Buy and Shared Ownership are helping those who may otherwise be unable to step onto the property ladder”.
First time buyers are also in a strong position at the moment, as they are chain free, and so able to move quickly – which is attractive to vendors in a sluggish housing market.
We understand that the number of mortgages on the market can be overwhelming for first time buyers, which is why we recommend speaking with an independent mortgage advisor, such as The Mortgage People. They can assist in financial checks and finding the appropriate first time buyer product for you.
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