If there is one group that could be about to benefit from Brexit, then it’s the first time buyers. With the media constantly betting on whether the market rises or tanks, it can be hard to know what to believe. We’re going to look at the most likely outcome of the country’s shocking decision.
So far the property market has remained buoyant, which is keeping the prices steady and we could even see them begin to rise again soon. However due to a range of factors surrounding Brexit (like the rise in Stamp Duty) there’s a chance prices could slow or even reverse meaning that first time buyers could snatch up some good deals. There’s also a chance of interest rates getting cut, which would make mortgage repayments cheaper.
It’s not all smiles though. Brexit impacted the already struggling construction sector which has led to a 37% decrease in their work. Without new homes the house sector woes that have plagued first time buyers will continue.
To help those struggling first time buyers who are reading this, here are a few tips to help you take advantage of this golden opportunity.
- Shop around for the best mortgage offer
There’s a new amazing mortgage deal every month, so have a good look and become an expert in the workings of a mortgage. If you found a mortgage you liked pre-Brexit, check again as the terms might have improved.
- Be ready to go
Many assume that you should apply for mortgages during or after the process of finding a home. If you can have a mortgage agreement in principle in place, it will show agents that you’re a serious “ready-to-go” buyer when you want to make an offer on a property.
- Beg, Borrow and Steal
Try and build up the equity you have on your house by pouring all the money you can spare into it. Borrow it from mum and dad if you have to.
- Consider other options
You can look at other options such as shared ownership schemes. No one really knows which way the market might go, so it might be a good idea to experiment and research different new opportunities.
- Save. Save, Save
