Ask The Agent.
Richards is an independent Estate Agents in Corfe Mullen, specialising in residential properties for sale and rent as well as property management in Corfe Mullen, Wimborne and the surrounding areas.
Jason Spiers MNAEA, the owner of Richards Estate Agents, has been an agent for over 25 years.
Let us know any
questions you may have about moving and he’ll answer them for you.
Hi Jason,
My partner and I are fi nally ready to buy our fi rst home after years of saving for a deposit. Family and friends are telling us to wait until after Brexit as they believe there will be a fall in house prices and a change in interest rates. We’re paying a monthly rent of £1,150 on a house in Broadstone and have been advised that our mortgage will cost about £1,000 a month. I’m excited that we are now in a position to be able to buy our own home but wonder if we should just wait. I’d really appreciate your thoughts. Miss L Pitman
Hi Miss Pitman,
Firstly, its great news that you’re ready to own your own home – saving for a deposit is never easy, but you’ve done it so is now the time to buy?
Your family and friends will always have their opinions but the property experts (those who are dealing with house sales every day) aren’t predicting doom and gloom for the housing market post Brexit. Many believe that rather than falling, house prices will stop going up or, at least, go up by no more than 1% in 2019. Even if they do ‘fall’ I do not see anything other than a slight adjustment. The two main reasons are supply and interest rates.
The number of properties coming to the market now is lower than it was in the boom years. With fewer houses to choose from and the good number of buyers still wanting a home, prices will hold steady.
As for interest rates, the bank base rate is expected to rise at some point during 2019 but it’s thought it won’t change dramatically over the course of the year because of the potential weak economy. This means mortgages are still cheap and are expected to stay that way for the foreseeable future.
I think you are right to be excited about your prospective property purchase and given that you estimate that your mortgage will save you £150 a month compared with what you are paying in rent, buying somewhere now seems to make a lot of sense.
It also gives you a bit of a buffer if interest rates did rise slightly as you have been used to paying more than your mortgage.
House price growth has slowed and this could work in your favour as it may make sellers willing to accept offers under the asking price. For a seller who’s keen to move on without complications (you are fi rst-time buyers, so not in a chain) this could also work in your favour. Never be afraid to try an offer (but remember don’t go too low as this could upset a potential seller and affect your chances of getting the house you want).
Finally, as long as the property you want to buy costs £300,000 or less, you’ll benefi t from the abolition of stamp duty land tax for fi rst-time buyers which could give you up to £5,000 to add to the deposit you’ve saved up.
So, in all it’s a great time to be a fi rst-time buyer and my advice is start looking now for your very fi rst ‘it’s ours’ home.
Good luck and please let me know how you get on. Jason
Ask The Agent is brought to you by Richards Estate Agents in Corfe Mullen.
If you have a question for Jason, please email:
jason@richardsestateagents.co.uk or feel free to pick up the phone and call us on (01202) 602121.
44 To advertise, please contact 01202 657317 or email
karen@broadstonelink.co.uk
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