It has been reported across the country that more houses are being put up for sale than ever before this year, which is welcome news after house sales figures looking pretty glum for some time.
But even with more houses becoming available for sale, many potential buyers are still finding it difficult to obtain the finance that they require to buy the properties in the first place. Lenders now seem to be offering more mortgages, however it is still very much a requirement to have a large deposit available in order to benefit from attractive deals.
Experts in the marketplace have commented that although there are many more properties being put up for sale, there still appears to be little in the ways of sales actually going through at present, possibly due to the fact that the market is still very slow in its recovery.
A survey by Property site Rightmove conducted a survey which reached similar outcomes. Some 68% of respondents answered that they thought house prices would be about the same, or higher than they were now, twelve months down the line.
Interestingly, the number of "price pessimists" who forecast that property prices will be lower again in one year's time has fallen from just under a third to just under a quarter. If you happen to be one of the fortunate few to have saved enough for a deposit, you might be able to take advantage of an opportunity that comes along once in a generation, purchase property cheaply now and you could see its value increase in the next few years.
It is vital to bear in mind that those buyers who have the capability to place a larger deposit, typically one of more than 10%, are likely to get access to a better mortgage rate. Others might find it hard to access finance in the current wintery economic climate.
Those who manage to secure the necessary funding to buy new properties or to move up the property ladder should consider a remortgage. As the cost of borrowing is still at an all-time low, those who are approaching the end of their fixed term mortgage deal might benefit from accessing reduced monthly instalments. They can do this by checking remortgage deals, and finding a new mortgage with a rate. Monthly savings could be set aside to finance a deposit with which to buy more expensive property at a later date.
The Rightmove research also discovered that almost half of people looking to buy a new home think that properties are overvalued. Unsold properties with estate agents recently took its 'highest jump in four years' according to RightMove's House Price Index, suggesting that houses are not selling because the prices being asked are simply too high.
By obtaining a remortgage, you can lower your monthly repayments while you wait out the storm, and then perhaps look to sell again in the future when your property value has recovered and you can get a more attractive price.
Reducing your repayments will allow you to put aside extra cash. With property prices unlikely to fall much below their current level, you could find yourself in a much more advantageous position in a couple of years when you decide to move house.
But even with more houses becoming available for sale, many potential buyers are still finding it difficult to obtain the finance that they require to buy the properties in the first place. Lenders now seem to be offering more mortgages, however it is still very much a requirement to have a large deposit available in order to benefit from attractive deals.
Experts in the marketplace have commented that although there are many more properties being put up for sale, there still appears to be little in the ways of sales actually going through at present, possibly due to the fact that the market is still very slow in its recovery.
A survey by Property site Rightmove conducted a survey which reached similar outcomes. Some 68% of respondents answered that they thought house prices would be about the same, or higher than they were now, twelve months down the line.
Interestingly, the number of "price pessimists" who forecast that property prices will be lower again in one year's time has fallen from just under a third to just under a quarter. If you happen to be one of the fortunate few to have saved enough for a deposit, you might be able to take advantage of an opportunity that comes along once in a generation, purchase property cheaply now and you could see its value increase in the next few years.
It is vital to bear in mind that those buyers who have the capability to place a larger deposit, typically one of more than 10%, are likely to get access to a better mortgage rate. Others might find it hard to access finance in the current wintery economic climate.
Those who manage to secure the necessary funding to buy new properties or to move up the property ladder should consider a remortgage. As the cost of borrowing is still at an all-time low, those who are approaching the end of their fixed term mortgage deal might benefit from accessing reduced monthly instalments. They can do this by checking remortgage deals, and finding a new mortgage with a rate. Monthly savings could be set aside to finance a deposit with which to buy more expensive property at a later date.
The Rightmove research also discovered that almost half of people looking to buy a new home think that properties are overvalued. Unsold properties with estate agents recently took its 'highest jump in four years' according to RightMove's House Price Index, suggesting that houses are not selling because the prices being asked are simply too high.
By obtaining a remortgage, you can lower your monthly repayments while you wait out the storm, and then perhaps look to sell again in the future when your property value has recovered and you can get a more attractive price.
Reducing your repayments will allow you to put aside extra cash. With property prices unlikely to fall much below their current level, you could find yourself in a much more advantageous position in a couple of years when you decide to move house.
About the Author:
James writes for Just Remortgages one of the UK's top sites for the latest remortgage rates and remortgage deals
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