Are you looking for your first home?
February 28, 2023
Are you a first-time buyer?
With mortgage rates and energy bills rising and the cost of living crisis worsening, stepping onto the property ladder is becoming increasingly difficult for first-time buyers. However, if you’re prepared and know where to look, securing your first property is far from impossible.
Flats over houses
According to Zoopla, flats offer better value for money than houses as prices have experienced a much slower growth rate. The pandemic saw a drop in demand for flats as the demand for space became high on buyers’ priorities. If you’re struggling to find houses that fit your needs, it could be time to start your flat hunt.
Be prepared to make offers
2022 was very much a seller’s market, with house prices growing and supply dwindling meaning that there was very little room for negotiation. Since the beginning of 2023, viewing demand has seen a drop in comparison to this time last year, however new properties to the market has increased. This helps balance out the property market and in turn, buyers should feel confident in making offers for their first home. Don’t be afraid to let the agent negotiate the offer with the seller.
We are expecting to see a drop in house prices in 2023 as the impact of rising interest rates comes into play. As a first-time buyer, keeping an eye out for any price reductions will stand you in good stead to secure a property.
Ready to get moving?
The Richard Kendall Estate Agent team are on hand to offer expert advice about getting on the property ladder, get in touch with us