Why the time to buy is NOW!!
I am sure you can guess the most frequently asked question to most estate agents at a social event? Of course, it is “With Brexit on the horizon now is a bad time to buy isn’t it?”.
Most are expecting to hear the woes of a bad market and that is it a nightmare putting sales together, especially if you read certain newspapers, but my response always surprises people!
Now is a great time to buy and many savvy buyers are taking advantage. My view is that prices are lower than they have been and many people who need to move, have been holding back to see what happens, meaning that once Brexit is executed (let’s assume on the 29th March) these people will be out there house-hunting because they must move.
With more people needing to move means the balance swings. With more buyers than sellers and demand outweighing supply, prices increase – something I have seen through many cycles of the housing market in the 20 years of Conran trading!
For one type of buyer it is incredibly favourable… First Time Buyers (FTB’s)!
With properties well-priced coupled with Stamp Duty incentives for FTB’s, buying now is an absolute no-brainer! Let’s take an example: a FTB purchase at £300,000, there is ZERO stamp duty to be paid compared with £5000 for non-FTB’s.
If I were an investor, I would also be looking at buying in this market too. With the sales market being subdued it has most certainly increased rents in most areas and therefore gross yields have increased. Those investors who are concerned with HMRC taxation rules on mortgages can buy in Limited companies (take advice from an accountant).
With mortgages freely available for most borrows and rates remaining cheap then now is such a great time to make your purchase! Have a look at www.conranmortgages.co.uk
So go on, what’s stopping you?