YOU ARE HERE: first time buyer » Confusing scenario for First Time Buyers

The Inside Edge

 

Confusing scenario for First Time Buyers

by admin

TBPL has been following with interest the recent debate on citywire.co.uk between those who believe the time is right for First Time Buyers and use expressions like ‘a window of opportunity’ and those who believe the market has further to fall and that all the old axioms do not apply anymore.

Lorna Bourke of Citywire proposes that first time buyers are in a strong position with mortgage interest rates at parity with 2007 levels, property prices down up to 20% on that same year and the temporary abandonment of stamp duty tax on properties under £175,000 – even if a bigger deposit is now required.

However in an article two days ago, Ms Bourke’s Citywire colleague Tony Bonsignore launched a reluctant broadside stating that to compare anything to 2007 is lunacy given that ‘it was a housing marlet at its maddest’. Central to his argument are his beliefs that housing prices are still too high based on affordability and that interest rates are at a temporary low which will not last forever.

The comments posted on the website footing each of these articles reveal a pent up hostility from many and nearly all agree with Tony’s viewpoint. Many accuse Ms Bourke of writing in the interests of the homebuilders and mortgage lenders and others with a vested interest in an rising and active property market.

The best advice we’ve seen came not within either of the articles but from a comment posted by a reader (‘al’) who says ‘buy your house when you are comfortable with affordability, or you will end up with a millstone around you for 25 years plus‘.

Sound advice indeed.

Subscribe to The Inside Edge – UK Property News and Advice by Email

Visit our website to view houses for sale by the owner and to find more advice and commentary.

Related Articles:


Bookmark and Share

One Response to “Confusing scenario for First Time Buyers”

  1. Vince Daw says:

    Gifted deposit paid for first time UK home buyers….No Pay Back!

    We are a Cardiff based national property buying company, run by landlords to help and encourage first time buyers who have no deposit to become home owners with out the need to save a deposit.

    The company will provide any member, subject to terms and conditions, wishing to purchase a first UK home with a gifted paid mortgage deposit, this deposit must be used to purchase the property that is to become the home of the member.

    You will own 100% of your property, pay no fees, and pay none of the deposit back, the method used is legal and acceptable to all UK high street banks and mortgage lenders that require a deposit.

    This is our own unique buying method that will be revealed to you free of charge after qualification, to find out if you could benefit and be able to purchase your first home without the need to have a deposit, visit our website at: http://www.nodepositmortgage.com

Leave a Reply

 

  • CONVEYANCING

    When you buy or sell a house in the UK you need a solicitor to prepare and exchange the contract of sale. Find the best price for conveyancing by using our quote tool to get prices from hundreds of solicitors in your area.

    Get Quotes