It’s a buyer’s market; here’s how to make the most of it
Now is the ideal time to get ahead in the house-buying game
08/11/2023
If you are looking to buy a new home then now is a good time; the housing market in the UK has witnessed a significant shift towards a buyer’s market.
Get ahead in the house-buying game
Now is also the lull period in the run-up to Christmas; it’s well known that buyer activity increases substantially over the festive period and into the new year, so now is the ideal time to get ahead in the house-buying game. Make sure you get the best mortgage deal for your needs, secure your mortgage Agreement in Principle, and be ready to snap up your dream home before the market becomes more competitive.
What does a buyer’s market mean
What a buyer’s market means is that conditions in the UK housing market favour potential buyers over sellers.
The number of homes for sale is at a five-year high, reports Zoopla in its latest House Price Index report (published October 30th, 2023), so sellers need to price competitively. It says UK house price inflation has slowed from +9.6% a year ago to -1.1% today.
Buyer demand is now a fifth less than this time last year
Zoopla reports that buyer demand has been hit by higher mortgage rates and the ongoing cost-of-living squeeze. It says there was a rebound during the first half of 2023 as mortgage rates dropped towards 4%, but increasing rates over the summer stalled buyer demand once again. Buyer demand is now a fifth lower than this time last year, and 25% below the five-year average for October. This all contributes to the current buyer’s market; there are more houses for sale but less buyers, giving buyers the power.
A prominent feature of a buyer’s market is declining or stagnating property prices. In many areas of the UK there has been a slowdown in property value growth, providing buyers with opportunities to negotiate better deals and secure properties at lower prices compared to previous years.
Rise in available properties
Another characteristic of a buyer’s market is an abundance of housing stock. In the UK, there has been a rise in available properties, providing buyers with more choices and the ability to take their time in making decisions; a far cry from the frenzied market of the pandemic when properties were selling immediately, often for way over asking price.
Take full advantage
If you are a buyer now then it’s important to take full advantage of the current housing market you ensure you do thorough research, exercise due diligence, and seek professional advice to make informed decisions.
Speak to a mortgage advisor
Speak to a mortgage advisor and get everything lined up so you can take full advantage of the housing market; doing this before Christmas will ensure you stand the best chance possible of getting the property you want.
Feel Good Financial is here to help you
If you want help with a mortgage then please get in touch. We will advise you on the most suitable mortgage for you from our extensive panel of lenders. We are happy to give you a free, no obligation mortgage consultation to go through your mortgage options.
We can help you with your mortgage and protection needs, and we can also help you negotiate the best deal on the property you want to buy and will be with you to support you every step of the way.
Contact us on 0800 5053355 or email info@feelgood.financial
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is £695 for a purchase application and £300 for a remortgage.
For our mortgage advice services, we will charge a fee of between £150 and £995. The standard fee for purchase applications is £695 and £300 for remortgages/product transfers. This charging structure is based upon the amount of research and work involved in administering your mortgage. You will not receive a refund if your mortgage or loan does not go ahead. We will also be paid a procuration fee from the lender. The amount of the procuration fee will be disclosed to you. You have the right to ask us for information about the levels of commission payable to us by the lenders whose products we offer. If an application is submitted to a lender via a packager we will be paid commission by the packager. This will be disclosed to you. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
