Often winter can be a good time for buying your first home – there are generally less people out looking, so less competition.
Some people prefer to look at houses in winter too as it’s generally the time that any property looks it worst, and therefore you are seeing any issues that you might not be aware of if you looked at the same property on a bright and warm summer day.
The main negative is often there are less houses for sale as sellers prefer to list their properties when they know it will look at it’s best.
What About This Year … 2024?
The property market has been interesting this year (2024) as most commentators were predicting that house prices would have started increasing again, but that has not really happened yet in most places.
They thought that with interest rates peaking and the changes to the tax rules for investors there would be more buyers in the market. Combine this with the slow down in the building of new homes and most people would have expected that house prices would be increasing too.
So it’s been an interesting start to the year … well almost the first half!
Now as we head into winter when we would traditionally see the housing market slow.
So what should we expect?
Unfortunately I do not think anyone is going to be giving predictions – most people will talk through the so called logic which says that house prices will increase, but the big question is when. Will we start seeing house prices increase soon, or will we be waiting until Spring … or maybe the market will not pick up this year at all.
It’s a Buyers Market
The good news for first home buyers is it’s a buyers market and we’re not really expecting to see house prices increasing at any pace for a while yet.
That means you have time to get yourself ready for home ownership, and probably have a few months to improve your situation too.
But we do not know how long you have so the best advice is to start getting yourself ready now.
You do not want to miss the boat – you want to be able to buy as soon as you can – before those house prices start increasing.
It’s almost certain that house prices will increase.
This Is Where Advisers Can Help
As mortgage advisers we have helped hundreds of people get prepared for buying their first home.
Often it’s the little changes that you can make now that will be the difference – the difference from renting for the foreseeable future or getting into your own home and paying off your own mortgage.
You can get started on that journey today.
Complete the form below and we will send you some more details to help you through the biggest hurdles:
- Your deposit – will you have a big enough deposit, or what are the options with a lower deposit
- Your other debt – what impact will your other debt have on your mortgage application, or what is the best way to deal with the debts
- Your income – will your income be enough for a home loan, and what about a part-time job or having a boarder
We can help you get yourself ready to buy your home with free advice and access to the full range of banks and lenders to ensure that you have the best chance of buying your home before house prices start increasing too much.
It could be a good time for buying your first home, but you won’t know unless you at least try.
You could start with some simple tips about getting your money in order.
It’s a good start.
