David Boyd, Managing Director, PAD4U Estate and Letting Agents Manchester writes:
First time buyers have surged recently taking advantage of the Stamp Duty Holiday before it ends on the 31st March 2012. But there are other reasons why first time buyers feel now is the time to get on the property ladder.
According to HomeTrack, the property research company, the number of buyers registering with Estate Agents increased by 18%. Hometrack believe most of the rise is related to the stamp duty deadline, but there are other changes in the market making things easier for First Time Buyers.
Firstly there is an increased number of FTB (First Time Buyer) mortgages available to choose from in the market. Many FTB mortgages have more attractive loan to value ratios and more competitive interest rates than has recently been available (If you would like independent mortgage advice, PAD4U can help at no cost via our brokers) This is combined with a low interest rate environment, that if economists are to be believed is likely to last for some time as the global economy remains depressed.
First Time Buyers have also realized that the alternative of continually renting property has its downsides. Rents have been increasing of late, to the extent it can be cheaper to buy than rent. There is also no guarantee of long tenure resulting in the inconvenience of having to move more often than desired.
Whilst property prices are not rising and did drop dramatically during the credit crunch , they do now seem to have stabilized and this is proving attractive to First Time Buyers. “First Time Buyers aren’t necessarily looking to make huge returns from property, but what they do want is price stability, so they don’t fear getting into negative equity. Continued stable house prices will lead to further interest from First Time Buyers”, David Boyd, Managing Director at PAD4U.
Levenshulme offers many options for First Time Buyers. Property prices are below average UK house prices. There is a good mixture of terraced properties and apartments, ideal for First Time Buyers. (See page opposite for examples).
Levenshulme itself is benefiting from increased investment and interest in the area. Levenshulme transport links are excellent. Levenshulme train station is only one hop to Manchester Piccadilly and there are frequent bus services along the A6. New businesses such as Inspire and Trove, which have recently opened, demonstrates the area growth potential.