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Update On The Property Market From Dorset & Devon

June 24, 2011

Gloom Or Boom?

Although optimism in the residential housing market remains guarded, Gordon & Rumsby have seen more activity in the last few months. But first time buyers are few and far between.

More houses are coming to the market increasing competition from the vendor’s point of view, which could inevitably drive the prices further down. Not so good for the vendor but a welcome break for those struggling to save a deposit.

In the buy-to-let market, landlords are more confident, stating it to be a good time to increase their portfolios. Prices are down and the demand for rental property is increasing. As the demand for rental property increases so do the rents.

The demand for rental property is in part due to the increase in repossessed homes, and to the fall in numbers of first time buyers coming to the market.

First Time Buyers Still Finding It Hard To Save Deposits.

The good news is that the number of mortgage products available to first time buyers, has more than doubled since June 2009, at the same time that the average rate has decreased. Lenders are making a concerted effort to help first time buyers onto the first rung of the property ladder, with many mortgages now available with 95% loan-to-value ratios. 

The Government is launching a scheme intended to help first time buyers get into a home of their own. Although the FirstBuy scheme doesn’t come in to effect until September, you can register your interest now to find a home. There are  other home ownership schemes already on offer such as Shared Ownership and Equity Loans.

 

 

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