by Medway » Mon Feb 20, 2017 1:16 pm
Now is also an excellent time to buy if you can find a realistic seller who wants to get moving. An article on the front page of the Times this past Saturday puts it far more eloquently than I can (and with lots of back up figures), but in short the housing market is at a standstill. Prices are still pre-brexit, agents are overvaluing to win instructions this is leading, many sellers are still unrealistic about their property value (thanks in large part to the agents), first time buyers can't get credit stalling chains, mortgages much harder to come by (more hoops for everyone to jump through) AND fear is looming re article 20 trigger = a COMPLICATED property picture. As soon as sellers realise their houses are worth considerably less than they were this time last year (and certainly no more), and prices become realistic it'll be a good time to buy because everyone's ongoing purchases will have come down. I remember in 2009 we sold our flat for £100k less than it had been 'valued' at 6 months earlier, people thought we were mad. But we found a house where the sellers also really wanted to move so they dropped their price and so it went up the chain. Hooray - we all got moved, with small mortgages
Now is also an excellent time to buy if you can find a realistic seller who wants to get moving. An article on the front page of the Times this past Saturday puts it far more eloquently than I can (and with lots of back up figures), but in short the housing market is at a standstill. Prices are still pre-brexit, agents are overvaluing to win instructions this is leading, many sellers are still unrealistic about their property value (thanks in large part to the agents), first time buyers can't get credit stalling chains, mortgages much harder to come by (more hoops for everyone to jump through) AND fear is looming re article 20 trigger = a COMPLICATED property picture. As soon as sellers realise their houses are worth considerably less than they were this time last year (and certainly no more), and prices become realistic it'll be a good time to buy because everyone's ongoing purchases will have come down. I remember in 2009 we sold our flat for £100k less than it had been 'valued' at 6 months earlier, people thought we were mad. But we found a house where the sellers also really wanted to move so they dropped their price and so it went up the chain. Hooray - we all got moved, with small mortgages