Author: Robert Thomas, Co-Founder and Head of New Build, PLS Solicitors
It is understandable why first-time buyers may now be second-guessing the decision to buy their first home. These market fluctuations are daunting, but it’s essential to approach the situation with a level head and focus on the long-term opportunities.
While borrowing might be more challenging in today’s market, the projected decrease in house prices this year could offset these difficulties. We must also remember that first-time buyers can benefit from schemes like 95% mortgages, affordable housing and the first home scheme, all of which make homeownership more attainable and affordable.
While waiting for a more stable market may be tempting, historical data shows that properties are almost always sound investments that appreciate over time. Ultimately, there is no such thing as perfect market conditions for buying a home. If you feel ready to buy, the time is right.
What is important is for first-time buyers to not give up hope and look for lenders who are providing sensible options and get the right legal advice.
There is help out there
Moving home and re-mortgaging can be a challenging time. If you are anxious at any stage of the legal conveyancing process, our legal advisors are always on hand to help and answer any questions you may have about the legal process.
For more information on the help available [https://www.pls-solicitors.co.uk/news/cost-of-living-increases-and-a-further-increase-in-interest-rates-to-4-5-is-expected-from-the-bank-of-england-today]
We are here to help. We have a large team of advisers who are always here for you.