Is now a good time to buy a house?

To apply for Skipton’s Track Record mortgage you need to meet certain criteria detailed below:

• Be a first time buyer that is 21 or older
• Have less than a 5% deposit
• Have proof you have paid the last 12 months of rent consecutively over the last 18 months
• Have proof you have paid 12 months consecutively of household bills such as utility bills, council tax etc, over the last 18 months
• Have no missed payment on debt or credit commitments in the last 6 months e.g., phone bills
• Look to borrow no more than £600,000

It’s important to note this does not apply to second time buyers or those looking to purchase a new build flat.

Is now a good time to buy a house?

Throughout this article so far, we have discussed the three factors that heavily influence property purchase decisions. There are many moving parts when considering whether to purchase a house, including taxes, property prices, the conveyancing process and mortgage rates.

Several recent changes have subsided the cost of buying a house in attempts to make the purchase more affordable. With stamp duty reductions and more affordable housing prices, there are plenty of opportunities to be taken advantage of younger buyers with limited finances available may not yet be able to afford the higher mortgage rates. However, different types of property investors can take advantage of the current property market.

Purchasing a buy-to-let property could be a successful investment during this time. Whilst mortgage rates may be higher, those who can generate a consistent income will be able to offset the costs due to the significant demand for rental properties.

Additionally, cash buyers will significantly benefit from the recent drop in property prices.

Now is the time to keep a keen eye on the market and be ready to pounce on a great deal. Not only are sellers willing to accept lower offers due to the lack of activity in the market, but cash buyers are also far more desirable due to their ability to complete the purchase without complication.

What do Redkite Solicitors’ residential conveyancing services have to offer?

Here at Redkite Solicitors, we offer professional conveyancing services for residential property purchases across England and Wales. Despite current economic conditions, we believe there are plenty of opportunities for investment in residential property.

If you have paid off your mortgage on an existing property, inherited a large sum of money, or accumulated a large amount of savings, you may be in the fortunate position to invest your money in a property at a time when sellers are starting to accept lower offers than throughout the previous year.

After placing your offer, working with a proficient solicitor is incredibly important to secure your property purchase. Our legal experts are available to handle the proceedings of your purchase in the shortest amount of time. With Redkite Solicitors, we can make the conveyancing process as simple and hassle-free as possible. Get in touch today to get started.