Good time to buy?
The general consensus amongst first time buyers is that now is the perfect time to buy. A survey carried out by property portal Rightmove showed that 69% of FTBs thought that conditions were perfect for getting onto the property ladder.
A shortage of buyers combined with an increase in forced sales has led to this confidence. If you have a substantial deposit there are bargains to be had, taking advantage of low interest rates.
Miles Shipside of Rightmove said: "It's a clear sign that the mood is swinging from negative to positive when FTBs are looking to re-enter the market."
All indications are that now is a good time to buy, realistically the deposits required from the banks are remarkably prohibitive. The average FTB questioned had saved £31,650 for a deposit, which amounts to around 20% of the average property in England and Wales.
For many buyers it is just not possible to raise this kind of capital, if they do not have parents or family members they can turn to. For a large majority of buyers it will just be a case of sitting at the sidelines being unable to take advantage of this situation.
Most buyers will have to wait until the banks have licked their wounds and gained a little more confidence when it comes to lending. How long this will be is anyone's guess. As usual this is a great opportunity for those already lucky enough to have the means to exploit it
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