Is It the Right Time to Buy a House?

a couple buying a houseFor many people, purchasing a property, using a conveyancing solicitor in Portsmouth, is one of the biggest and most important financial transactions they will ever make. It’s a big decision and it can be confusing looking at all the information out there regarding house purchase. If someone is wondering whether the right time to buy a house is now, they need to look at the market, as well as their personal circumstances, and make a decision based on all the information.

Once someone decides to go ahead and buy a property, they need the help of a conveyancing solicitor in Portsmouth, like Andrew & Andrew. They can ensure that the legal and administrative processes go smoothly.

Looking at the market

The housing market is shaped by a number of different factors including supply and demand, interest rates and other costs like stamp duty. Even professionals, like conveyancing solicitors in Portsmouth, cannot predict exactly what will happen. However, there is often a clear trend that people can use to guide their decision. Everyone wants to buy a house that will rise in value and experts suggest that this is more likely to happen at the moment than it has been for a while.

The most important factor that people should weigh up, however, is whether they love the property they are interested in and can make a life there. Property values are unpredictable and the market adjusts slowly so anyone who makes a purchase needs to be in it for the long haul.

Making a house purchase possible

It is harder to get a mortgage now than it would have been a decade or so ago. Mortgage lenders are being more cautious. They assess the purchaser’s ability to make mortgage payments based on income and expenditure. They also usually require at least a 10% deposit.

On the other hand, there are a number of government schemes available for first-time buyers to help them get on the property ladder. These include various ISAs to help towards saving for a property in the first place. Council tenants may be able to buy their property at a price that is lower than market value if they qualify under the Right to Buy scheme.