UK Landlord Forum / Life

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Now may not be the best time to buy a home but it certainly isn't the worst.

In spite of the dramatic slowdown in the housing market with house prices having lost virtually all the gains of the past 12 months, evidence is beginning to emerge that when confidence returns to the market, the upturn could be sharp, releasing considerable pent up demand from buyers.

Homebuyers, particularly first time buyers, who may have been deterred by negative headlines should be aware that mortgages - up to 95% - are still available to those with sufficient income to qualify, from lenders like Halifax and Nationwide, albeit at a price.  Most offers are at around 6% to 7% which is high compared with a year ago but historically is low.  The average mortgage rate over the past 30 years has been around 10% with rates hitting 15.4% in 1990-91.

A recent survey from the Building Societies Association shows that although 51% of people would be wary of buying property now, a surprising 27% of people took the opposite view and believe that now is a good time to buy property in the UK