First-time Buyers are on the Rise Once Again
In recent times, house prices have slowed considerably in comparison to previous years. While there are a number of reasons for this slow-down, the two main factors have been the continuing recovery from the credit crunch and the increasing uncertainty in regard to if and how the UK will cope with Brexit. As we’ve seen many times in the past, economic uncertainty isn’t good for the property market.
Here in our lovely little corner of Surrey, prices have still increased, unlike many other regions, but not as quickly as in the past. James Neave handle a great many houses for sale in Walton-on-Thames, and although the market isn’t as buoyant as it once was, there is still a discernible buzz here. A location that makes it easy to commute into London certainly helps with this.
One of the more interesting aspects of a slow-down has been the increase in the number of first-time buyers who have been able to finally get on the property ladder. When house prices were rising quickly, it became almost impossible for first-timers to make a purchase at all, but this seems to have changed over the last year or so. The market always offers good news for some and not so good news for others.
New properties constantly coming onto the market
In Surrey and in many other UK counties, there’s been a steady increase in the number of new properties that have been built. While governments and local authorities are still telling us more and more will need to be built, it’s refreshing to know that some new flats and houses have been constructed and put onto the market with the specific intention of attracting first-time buyers.
This development has been helped by the availability of cheaper, more affordable mortgages, some of which again are aimed exclusively at first-timers. While the economic future of the UK isn’t as settled and predictable as we might like, it’s refreshing to know that conditions are right at the moment for those who want to get into property purchase.
Once the dust has settled on what exactly will happen after Brexit is or isn’t introduced, it’s reassuring to know that the market may be in a good position to recover, even if it’s a slow process. Time will tell what happens, we at James Neave the Estate Agents eagerly await the next chapter!
James Neave the Estate Agents are based in Surrey, and we sell a number of houses and flats in Walton-on-Thames which are suitable for first-time buyers. Call 01932 221 331 to find out more.