Number of bedrooms
Set price range

Location
No properties matching your search criteria
Back to all posts
Share

Why it’s the perfect time to get onto the property ladder

uncertainty surrounding Brexit coupled with increasing tax rates has resulted in a noticeable decrease in landlord activity, which has opened up a window of opportunity for first-time buyers looking to get onto the property ladder.

According to Rightmove, uncertainty surrounding Brexit coupled with increasing tax rates has resulted in a noticeable decrease in landlord activity, which has opened up a window of opportunity for first-time buyers looking to get onto the property ladder.

Less competition from buy-to-let investors coupled with the launch of Help to Buy in 2016 has made owning a home increasingly achievable for first-time buyers.

The UK’s leading property portal said the price of new property being marketed on Rightmove had gone up by only 1%, the lowest since 2010 and down significantly from the average 1.6% increase during the ‘autumn bounce’.

Miles Shipside, director of Rightmove, commented that mortgage rates being at an all-time low, softer pricing and zero stamp duty for first-time buyers on the first £300,000 of a purchase below £500,000, had made it easier to get a foot onto the property ladder.

He added that the 3% stamp duty surcharge for buy-to-let properties, phasing out of mortgage interest relief and the precarious nature of Brexit had left the market with apprehensive landlords who were buying far fewer properties. This he said had left a gap in the market for first-time buyers, evidenced by the fact that mortgage approvals for first-time buyers had continued to rise.

Later this month, the Chancellor will lay out details of the Budget with a rumoured capital gains tax relief for landlords selling to long-term tenants. Shipside said the result of landlords and tenants working together for their mutual benefit would only encourage more landlords to sell to first-time buyers.

It is clear that current circumstances have resulted in landlords buying fewer properties and, if affordability improves for aspiring home owners, it is likely that house market activity will continue to tilt in favour of first-time buyers. The market is welcoming first-time buyers with open arms – who could decline such an offer?

Our apartments start at £155,000 meaning there is zero stamp duty to pay and you could be a homeowner with a deposit of just £7,750 using the Help to Buy scheme. Call Inspired Homes on 020 8688 6552 to enquire.

Your email address will not be published. Required fields are marked *