Soaring Rent Forces Many Back Into Buying
A report from Halifax has stated that first-time buyers are beginning to return to the property market – making for a positive start to 2012 for those currently advertising a property online.
Research findings show that the monthly cost of buying an average three bedroom house in the UK is now 16% lower than the comparable cost of renting. This news follows hot on the heels of an increased range of low deposit mortgages from high street lenders. Although the concept of low-deposit mortgages virtually vanished during the credit crisis of 2008, the number of 5% LTV mortgage products now available has soared in the last three months, making buying more appealing than renting.
Rebecca Peach, managing director of online estate agency I Am The Agent has welcomed the news. She said, “It’s incredibly positive that first time buyers are slowly finding their feet in the property market thanks to a steady increase in 5% LTV mortgages from the major lenders. Quickest off the mark have been loan applicants in London, Surrey, Sussex, Edinburgh and Glasgow, making now a great time for anyone wanting to sell a private property to dust off the For Sale sign and get advertising with I Am The Agent.”
The Halifax report attributed the popularity of buying due to a surge in rents and an average 11% fall in house prices since the peak. Housing economist at Halifax, Martin Ellis has stated: "The affordability gains for buyers relative to renters in the last three years have been significant. The average mortgage payment has fallen dramatically over recent years as a result of falling house prices and mortgage rates. At the same time, rents have risen due to strong demand for rented accommodation."
For those looking to sell their properties, taking advantage of the sales boom should be done sooner rather than later. With years of yo-yo house prices and conflicting reports abounding at every turn, the first step is to arrange for a property valuation.
Online estate agency, I Am The Agent offer a free online property valuation service to kick start the process of selling a home. With the flexibility that comes from using an online service rather than a traditional high street agent, a property can be advertised online and available to view on all major portals within minutes of the valuation figure being made.
I Am The Agent offers a fixed fee house sale package of £299 which also includes helpful hints, tips and step by step guides on how to prepare a property for sale and navigating the viewing process. What’s more, even if house prices have bitten into the value of the home, the single fixed fee of £299 means maximum value for money and the best possible return.
To request a free property valuation, to sell a property online or to find out more about I Am The Agent, visit www.iamtheagent.com
online estate agency, sell a private property
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