First Time Buyers (FTB)
Posted on October 5, 2016 by Joe Newton
First Time Buyers (FTB) – Should you be looking for a ‘bargain’, or do you actually just want to get out of where you are at the moment and onto the property ladder?
Its common knowledge that a property is usually advertised for the most optimistic price in anticipation that buyers will always present their first offer lower than one would hope, however are buyers really thinking ‘let’s get ourselves a bargain’, or are they actually thinking ‘I need to get on the property ladder and I love that home’?
Now that we’ve all realised the world isn’t going to end after Brexit, people have started to come out of hibernation and get back to what they intended to do at the start of the year – buy a home!
I can honestly say that I haven’t seen any decrease in interest when considering First Time Buyers and with new mortgage offers appearing every month, such as the ‘Family Spring Board Mortgage’ from Barclays, it’s even more attractive to buy now than ever. (That’s effectively the first 100% mortgage we’ve seen in nearly 10 years, by the way!)
Yes, there may still be a few nerves within the higher price bandings, mainly down to the fact that a 5% deflation in the market is a harder hit to take when considering a £300,000 house. However, if I rent a property for £600 PCM, I’d have to lose at least £5000 PER YEAR for it to put me off buying my first house.
So when a FTB sees the perfect house come on the market for £100,000, it’s important to remember it is probably perfect for multiple other people. Keeping in mind the above, it’s quite possible they’re currently losing around £7200 per year on their rented house and it’s going nowhere but into the Landlords pocket. What do you think their priority is? To get it for £95,000? Or to pay £102,000 for it and ensure that their offer is the highest on the table?
Convinced? I am. So how can we help?
My team of Personal Property Finders and Marketing Analysts have the sole purpose of finding houses for new buyers, on or off of the market. Why? There are far more first time buyers than there are first time buyer type properties. Certainly from what I’ve experienced, and by letting us know who you are and what you’re looking for, we’ll help you find your perfect home and beat other buyers to it.
Are you selling a FTB type house? If you haven’t sold within the first 4-6 weeks MAX, give Walton & Allen a call and receive a free, in depth marketing report to find out exactly why and how we can help.