Hesitations over the election and low mortgage tax combine to keep property prices at low price range.
Mortgage providers are in close rivalry to cut rates in order to draw new customers, which means now could be the ideal time to buy your first home. Recent data collection of the Bank of England imply that a usual £200,000 mortgage is now more than £100 cheaper (per month) than the previous year. With the election rapidly approaching, homeowners are looking to avoid any market uncertainty due to the election, by swiftly putting their property up on to the market.
This means that there have been streams of newly available homes coming on to the market that are appropriate for first time buyers which successively kept the house prices in check.
Potential buyers who are looking for a home they could avail would surely gain benefits from low mortgage rates, particularly as the Bank of England seems to be eager to endorse the advantages of those longer term fixed rate mortgages (probably as long as 30 years) could cover on assisting potential homeowners.
There would probably be a lot of people who might have already made up their minds to wait until the election is finished before buying a property; but the mixture of competitive prices and low mortgage rates means that this would be a great time to make your move.
