The Housing Market Is Nothing But A Buyer" s Market For The Forseeable Future
Despite recent reports from the Royal Institute of Chartered Surveyors (RICS) that property seller's are increasing in number, the overall state of the UK housing market remains 'subdued'. Even though the number of properties for sale rose in April 2011, property prices are still stagnant or falling in some areas.
But even with more houses becoming available for sale, many potential buyers are still finding it difficult to obtain the finance that they require to buy the properties in the first place. Lenders now seem to be offering more mortgages, however it is still very much a requirement to have a large deposit available in order to benefit from attractive deals.
A Housing Spokesperson from the RICC recently stated that the increase in houses on the market is positive news for potential buyers, although there still does not seem to be much going on in the way of buying and selling, and he doesn't expect this to change any time soon.
A survey by Property site Rightmove conducted a survey which reached similar outcomes. Some 68% of respondents answered that they thought house prices would be about the same, or higher than they were now, twelve months down the line.
The same research also found that just under one quarter of people expect property prices to fall over the next year. However, if you want to take advantage of these low prices you have to have saved up a decent sized deposit.
The same website also showed that almost half of people feel that the value of properties is too low at present, and that the financial crisis has had an adverse affect on the value of properties in the UK today. The issue of undervalued property is serious for many, as they are prevented from selling for fear of losing out on the growth of their homes.
If you can't find the necessary deposit in order to buy a new home, one way to try and save a bit of extra cash is to remortgage. With interest rates at a record low level, securing a better mortgage rate when your current deal expires could save you money. By researching the best remortgage deals you could reduce your repayments, making savings every month that you can put towards your deposit when you eventually move home.
Rightmove also discovered that the 45% of people who planned to purchase property hoped that properties were currently overvalued. RightMove's House Price Index showed that unsold stock in the hands of estate agents took its "highest jump in four years". No doubt the asking price of the houses is probably the reason for the surplus stock, which tends to suggest that whilst prices might not continue to fall, sales are unlikely to revive.
Remortgage deals can often allow you to wait out another few years on a lower rate of interest while the property prices recover, so that you can sell your property in the future for a more acceptable price rather than selling while values are so low.
Reducing your repayments will allow you to put aside extra cash. With property prices unlikely to fall much below their current level, you could find yourself in a much more advantageous position in a couple of years when you decide to move house.
But even with more houses becoming available for sale, many potential buyers are still finding it difficult to obtain the finance that they require to buy the properties in the first place. Lenders now seem to be offering more mortgages, however it is still very much a requirement to have a large deposit available in order to benefit from attractive deals.
A Housing Spokesperson from the RICC recently stated that the increase in houses on the market is positive news for potential buyers, although there still does not seem to be much going on in the way of buying and selling, and he doesn't expect this to change any time soon.
A survey by Property site Rightmove conducted a survey which reached similar outcomes. Some 68% of respondents answered that they thought house prices would be about the same, or higher than they were now, twelve months down the line.
The same research also found that just under one quarter of people expect property prices to fall over the next year. However, if you want to take advantage of these low prices you have to have saved up a decent sized deposit.
The same website also showed that almost half of people feel that the value of properties is too low at present, and that the financial crisis has had an adverse affect on the value of properties in the UK today. The issue of undervalued property is serious for many, as they are prevented from selling for fear of losing out on the growth of their homes.
If you can't find the necessary deposit in order to buy a new home, one way to try and save a bit of extra cash is to remortgage. With interest rates at a record low level, securing a better mortgage rate when your current deal expires could save you money. By researching the best remortgage deals you could reduce your repayments, making savings every month that you can put towards your deposit when you eventually move home.
Rightmove also discovered that the 45% of people who planned to purchase property hoped that properties were currently overvalued. RightMove's House Price Index showed that unsold stock in the hands of estate agents took its "highest jump in four years". No doubt the asking price of the houses is probably the reason for the surplus stock, which tends to suggest that whilst prices might not continue to fall, sales are unlikely to revive.
Remortgage deals can often allow you to wait out another few years on a lower rate of interest while the property prices recover, so that you can sell your property in the future for a more acceptable price rather than selling while values are so low.
Reducing your repayments will allow you to put aside extra cash. With property prices unlikely to fall much below their current level, you could find yourself in a much more advantageous position in a couple of years when you decide to move house.