New Year, New Home
Whether you are looking to buy your first, second or third home, we look at why the New Year is the best time to buy.
During January experts say we can expect to see more bargains than Black Friday as tired vendors, who have reflected over selling their property during the Christmas period, are more likely to amend their property prices to ensure it sells in the coming year.
It is said that between January and the election we will experience one of the best times to buy property for several years as everyone is waiting to see the election outcome.
We can see from recent data that during November and the lead up to Christmas, sellers have typically dropped their asking prices by an average of £4,542. This has lead to average property prices falling to £267,127- the smallest it has been in five years.
House prices typically climb during the spring and summer months as the buying environment becomes crowded. It is the optimum weather for house viewings, as well as the fact that people have more free time to invest in looking to buy a home.
The government has introduced schemes to make property more affordable to buyers. There have been recent changes to Stamp Duty as well as there being more affordable mortgage rates available. Help to Buy is another Government-backed scheme that is designed to help first time buyers and existing home owners alike purchase a property with just a 5% deposit. The two Help to Buy schemes running at the moment are Equity Loans and Mortgage Guarantee.
So if you’re looking to buy a house in the coming year, we suggest you start the hunt early to avoid paying out more. You might even grab a January bargain and find that perfect property for that perfect price.
Take a look at our exhibitors Miller & Son and see if they have your ideal property here in Cornwall.