With news of a hot summer and reports of house prices on the rise, the air seemed to be full of sunshine. However, just like the hot summer has turned to rain, so the housing market could start to falter with the lack of available finance. What does this mean for first time buyers, renters, bargain hunters and adventurous self builders?
By Kate Faulkner
The autumn is likely to bring a flurry of activity from buyers who need to be in a new home by Christmas and sellers who, after not being sure if they should put their home on the market are likely to test it to see if they can sell.
However, the number of properties that will sell are likely to remain at an all time low unless the banks that are making money start to lend fairly to buyers. For the market to have a chance of recovering, lenders need to be offering mortgages with five to 10% deposits.
What we do know is that the ‘average’ house price statistics are not at all reflective of what will be happening in YOUR area. Some areas are doing much better and will continue to do so into the autumn, with so few properties on the market, buyers are now offering the asking price and sometimes above. Good properties in great locations are even selling in a matter of weeks.
However, other areas that are suffering economically, perhaps with a large local employer shedding their workforce, are still very much in the doldrums with people offering on average 90% of the asking price, so if a property is up for £150,000, offers of £135,000 are being received. Properties are taking eight to 12 weeks to sell and require a lot of buyers to visit.
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