It is evident through figures recently released that prices have levelled in the London market, after what has been a record breaking number of months in terms of price rises.
James Neilson, Director of Sales in Islington says “we are starting to see a return to normality in the housing market as London property sellers are lowering the asking price to more realistic levels. Combined with the looming election in 2015 which could hold uncertain policies for the housing market, now could be the right time to buy.”
Falling Mortgage Rates
Mortgage rates are falling at the moment and lenders rates are some of the lowest for a long time. . Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “Swap rates continue to drop on the back of falling inflation, a fragile economic recovery and the likelihood that interest rates won’t rise before the General Election — which is a huge factor — at least.”
If you are looking to secure a mortgage or even remortgage, now seems like the best time to secure a good rate.
Mansion tax is probably the hottest topic of the upcoming election for owners and buyers. The news of a potential levy on homes worth over £2m has slowed down this market dramatically, despite the uncertainty surrounding its implementation. If you are not concerned with the potential for a mansion tax, now could be a good time to buy a house priced in this bracket as you may be able to strike a deal.
Finding a property bargain – Seasonal Considerations
Notoriously, there are fewer buyers in the market around this time of year, so finding a London property bargain, is a real possibility. As a home buyer this can work in your favour as there will be less competition. It may not be the ideal time of year to buy and the garden may not be looking its best but you could avoid lengthy delays as all parties will want the deal to go through by Christmas. If you can put up with a small level of inconvenience, you could get yourself a really good deal.
Another tip is to look at new homes in London. A lot of developers will be more willing to strike a deal at Christmas as their financial year will end on the 31st of December so don’t be scared to try and negotiate.
So put the Christmas shopping on hold and explore the market to see if you can find a property bargain in time for the New Year.