Mar
24

THE HOUSING MARKET – WHAT IS REALLY HAPPENING?

With media stories in overdrive every day buyers and home owners can feel confused what to listen to. 

The housing market is springing into action in 2014, with record traffic on Rightmove in January, greater mortgage availability and confidence picking up. The data shows that many are set to make 2014 the year to move into their dream home, but it won’t be good news for everyone.  What can we expect this year?

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Should I be buying or selling now? 

Should I hold off and see if prices continue to go up? 

Are property prices coming to a peak? 

Will the help to buy scheme end soon?

These are all questions we are getting asked on a daily basis and we are here to answer these questions

FOR HOME OWNERS

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Now is a fantastic time to sell, with many buyers having waited in rented homes saving for a deposit the Help to Buy Scheme has meant that buyers without a full deposit that they were saving for can move with just 5% With a real shortage of properties coming onto the market buyers are literally fighting for each property, we are finding for every property on the market at the moment we have at least between three to six buyers all wanting the same property.  For home owners this is great news as they are likely to achieve a higher price for their property.  However mortgage companies are still being very cautious on the amounts they will lend so it is importnant to take guidence from a knowledgable estate agent to ensure that the price your property sells for the bank will lend.

FOR BUYERS

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Properties are moving very quickly so the key to the market at the moment is to be proactive in your search.  Drop in to see estate agents to see if you can find out about properties before they load onto the main property portals.  Register with Rightmove and Zoopla and ensure you also have a regular check to see what’s coming on.  Most proactive estate agents have a ‘hot list’ of ready buyers so ask them to enter you on this so that you will get a phone call when properties come on.  Have your finances in check.  Ensure you have your Decision in Principle or proof of finance in place so that as and when you see a property you wish to offer on you are in a ready position.

MORTGAGES

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Interest rates still at historically low levels but speculated to rise sooner than previously expected, there’s a window of attractive fixed rates and available property for first-time buyers or those trading up.

Anymore questions?  Pop into our North Leeds Stonegate Road or our Rawdon Leeds Road branches where we will be happy to advise/guide you through the steps you need to take to sell your home or find your perfect home! 

These blogs may also be of interest

WILL HELP TO BUY SCHEME HELP YOU?

MORTGAGE ADVICE FROM FINANCIAL EXPERT

MOVING TO BE IN A SCHOOL CATCHMENT AREA?

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