As we all continue to speculate about the state of the economy, the oldest dilemma continues. You have found the right property – is now a good time to buy?
This is a question that all homeowner wanting to move on to, or move up, the housing ladder have had to ask themselves at some time. Only time will tell however, we do know many things that might help people to decide.
Owning a property should be about a home in which to live in and not just as a money making exercise. Your home is a statement about you and how and where you live. It is part of your identity and therefore something that should be as exciting as the choice of what clothes to wear or what career to follow.
A home is normally for a long time. The average rate at which people move is every seven years and therefore a property purchase should be viewed in the mid to long term context. Funding and finance are likely to be the biggest issues most purchasers have. We are enjoying very low interest rates at the moment and depending on individual circumstances there are some great deals. If funding can be secured then the property is likely to follow. Prices have been descending for a year or more. No one knows where the market will be in the next few months or years but it is likely to have recovered strong by the time those seven years have passed.
With developers there are a number of incentives to help buyers and these such as part exchange, stamp duty paid or mortgage payments are available now. The government has tried a number of schemes to support the housing industry and it is worth highlighting that the stamp duty holiday is a temporary measure. It has been confirmed in the recent budget that the holiday will remain until December 2009.
In a low turnover market such as we are in now then there is generally less choice. We know from our market research that Market Harborough agents have fewer properties available today that at any time over the last 2 years. This is likely to continue as the easy option for many on the property ladder is to do nothing. Indeed the choice is likely to get less as those that can’t find property, stay and improved rather that sell their own property.
Making the leap to buy a house
In answer to the old dilemma I believe that now is a good time to make that leap and to buy. There are risks of course but in a few years time we will look back at these market conditions and prices and regret not having made the move. William Naylor is a Chartered Surveyor and Estate Agent with Naylors based at 12 The Square, Market Harborough.