Barlow Irvin’s Director, Gary Oxborough, gives his thoughts on buying a property in a changing market and what to consider.
Whilst I feel that the demise of the property market being peddled in some parts of the press is exaggerated, there is no denying that the market has changed over recent months. This is partly in reaction to the increase in interest rates and the general state of the economy now but is also down to the normal ebb and flow of the market. We are certainly still seeing plenty of activity in the purchase market with both first-time buyers and home movers still looking to buy a new home.
I would, however, describe the current market as a “buyers’ market,” where there are deals to be done, rather than the runaway price increases we saw a few months back. I have spoken before about how we see our job as more than just getting our clients the best mortgage. Our job is to help them get into their dream home (and stay there!). If you are looking to buy a new home now, the normal rules apply, in that you should be getting an agreement in principle in place and finding out how much you can borrow and if that fits into your personal budget. Once you have those figures and you start looking at properties on the internet (Rightmove seems to be a national obsession!), do not restrict the properties you look at to those priced right within your budget. I would recommend you extend that a little. This may give you properties that are marketed a bit over the amount you can afford, but you may be able to knock the price down to your budget, especially if the seller is keen to move on.
My award-winning team are always available for a chat if you’d like to talk through a property and whether you can buy it within your budget. The most important thing is to not overstretch yourself, but we can help you to see if that “dream house” can be yours.
The most important thing to do is to seek advice and make sure that you are fully aware of both options. As always, my award-winning team of mortgage experts are on hand to talk through the options. Get in touch to see what is best for you.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.