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Are The Times Calling To Buy A UK Property?

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By : Brazg Gavin    99 or more times read
Well, if you have between 20% and 100% of the value of the property you intend to buy in cash, then it is a good time to buy -- in some areas in any case.

On one hand, with interest rates at a record low, plus some 40,000 properties anticipated (RICS prediction in February) to get repossessed this current year, and countless thousands more in troubled sales, there are numerous good buys around and credit will be affordable.

On the other hand, as everyone knows, the government as well as the Bank of England has had to spend heavily in order to pull us out of the financial quagmire we were left in when things turned sour. For sure, the new government will be motivated to cut back its spending. The Conservatives have hinted at job cutbacks in the public sector, which might or might not be swallowed up by the private sector. Therefore it may not be the best time for folks in these sectors to gain access for a home loan.

Then again, it may not be the best time for any person to obtain a property loan, particularly if they are unsure about their ability to repay the mortgage. The consensus of impression is that rates of interest will not be raised until at least the coming year, but no one knows for sure.

For anyone who does not have no less than a 20% deposit now is probably not a good time to buy. Though things have approved slightly, for the reason that people are a lot more likely to get a mortgage loan that has a 10% deposit, any kind of loan given greater than 80% LTV is going to be an expensive one.

Generally speaking now definitely isn't the best time to purchase a house in the UK, as a result of points stated earlier. Though affordability improved during the crash, the rises since largely canceled that out, and, because of that and the requirement for a down payment homes are nevertheless not affordable generally speaking. Numerous authorities feel that this will match the mortgage situation and the economic concern to make another correction, so it may not be the ideal time for most us to purchase a property now.
Gavin Brazg is editor of The Quick House Sale Advisory - UK's largest free resource of free expert advice for UK House sellers.

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