Should Homeowners Keep The Faith In The Current Mortgage Market?
According to the National Association of Estate Agents, buying a property is still a ‘sound investment’ and those searching to get on the property ladder should not be influenced by the doom and gloom of the media. After all, it is doom and gloom that sells papers.
The NAEA has urged consumers to be ‘patient’ with the temporary issues in the mortgage and property market. It has been an unpredictable year in the property market and a ‘tough time’ for the industry, however, it is the ‘wait and see’ attitude that is affecting consumer confidence.
The chief executive of the NAEA, Peter Bolton King, said:
“The market is shaky now but it will return in the next year or two and when it does it will offer substantial returns. The reduction in new build homes is serving only to increase pent up demand. As long as a home is purchased with the plan to settle in and keep it for the foreseeable future then now is a great time to invest in a property.”
After all, house prices are relative and if the price of your own property has decreased slightly, then so will the price of the property you are looking to purchase. Many first time buyers, who have been saving their deposit, may be disappointed to see that many mortgage lenders now require a ten per cent deposit, however, there are plenty of bargains to be had and many are seeking the help of parents to help them with the initial deposit.
Posted on September 24, 2008