Bidding wars, gazumping, crowded property auction rooms?
Do you know what these phrases mean, or has it been that long you may have forgotten the meanings? Well increasingly we are hearing these phrases from both buyers and those who make their living in the property market. Could this be because there have been glimpses of that rare and endangered species “the first time buyer”.
Many of the economic experts have carefully studied the available data and have made various conclusions about the future of the UK housing market. These could be some of the same economic experts that did not see the recent change in the economic climate. There has been lots of talk recently about the pent up demand, and I wonder how many first time buyers have been “pent up”, in shared houses, or with parents and friends.
How many first time buyers are having the conversation that starts with “I do not want to put off buying a house any longer, I know they will rise in the medium term.” This coupled with better mortgage deals, many now requiring only 10% deposits could be a sign of the dawn of a new era for the UK property market.