The housing market appears to have stabilised in a sense that prices has not changed for the past three months. On the other hand, data from the nationwide indices shows that prices have become stagnant which is favourable to some and unfavourable to some. Furthermore, the number of people lending has lessen which also translates to the demand of home loan decreasing. With all these factors influencing the housing industry of the United Kingdom, there are a few things which you as a home seller or homebuyer should keep in mind.
First-time home buyers are in an advantageous position since they can go as far as haggle with the prices of the properties. For example, I want cash for my house I have to try different ways to sell it quickly. Since most people in the United Kingdom these days are more preoccupied in shopping around than purchasing a property right away. They have their mind set on the idea that an untimely purchase can be financially devastating. At the same time, these youths are the closest into climbing the property ladder. More or less, they are assisted by their parents or relatives in paying for the initial deposit. Though the initial deposit is still a bit steep for some.
Families moving into a bigger home and planning to apply or a mortgage should at least make sure that their credits rating for the past three months are clean. Lending institutions are still particular about loan applicants' credit background. By monitoring your expenses on a regular basis and avoiding unnecessary expenses, you will be able to maintain a good credit rating. The better the credit rating is, the higher the chance that the home loan application will go through.
Pensioners in turn who are working also have equal chance in getting a home loan though the challenge would be through the actual application instead. Lending institutions are a bit reluctant in lending money to seniors since they are doubtful of the pensioners' capability to pay them back, especially at their late age. The good thing is that pensioners can just simply apply a small amount enough to help them downsize their home.
People who are relocating however, need to consider a number of factors. For one, they should take the geographic location of the house they plan to relocate to. Properties have different prices which are affected by geographic location in addition to their actual value. Local developments or landmarks can also influence the fluctuation in the price. Overall, anyone who is financially stable can simply check availability of properties in the United Kingdom and purchase a home although it may be more advisable to wait a bit longer since this can be risky.
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The sale went through very quickly with hardly any hassle and I have been able to stay in my home, which meant no disruption for myself and my children.I would definitely recommend this to anyone in a similar situation.
Mrs J, Exeter