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    • A real estate expert reveals 4 reasons why it’s good to be a buyer now
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    A real estate expert reveals 4 reasons why it’s good to be a buyer now

    Umito Posted on


    Composite graphic depicting a house with a couple standing with their backs to the camera
    It’s not all doom and gloom if you’re looking to get on the property ladder (Picture: Getty/Metro.co.uk)

    Fall is one of the busiest times of year for the real estate market as people look for new homes between summer vacations and the holiday season.

    Getting a foot on the property ladder means expensive and stressfulwith figures of United Kingdom Government bringing the average property to £282,000 nationwide, a figure which rises to £689,245 in London.

    But Movement to the right Expert Tim Bannister says the ball is currently in the buyers’ court, with sellers forced to price their homes competitively due to the increase in the number of properties on the market since this time last year .

    Looking ahead, Tim is confident that “the overall situation looks positive for the market heading into 2025” – good news for first-time buyers or anyone looking to trade. Metro explained why the outlook is better than it was…

    Slow price growth

    Tim explains that average asking price growth is a good measure of a seller’s confidence.

    And even though house prices rose last month, Tim says the increase – 0.3% – is considerably less than the 1.3% growth we typically see in late fall.

    As well as greater affordability, first-time buyers should also remember that they will be covered by stamp duty land tax relief on any purchase up to £250,000.

    This threshold is expected to fall to £125,000 in March next year, so it could pay to act quickly.

    This isn’t something you’ll need to remember to do, as it will be applied automatically – but it’s still a great help for beginners.


    Smiling man and woman talking on balcony at home
    Stamp duty relief will be applied automatically (Photo: Getty Images)

    More homes on the market

    Buyers have more choice than they have had in years, according to Tim, who says the average number of listings per Rightmove agent is now at its highest since 2014. This represents an increase of 12% over a year. year.

    It all depends on supply and demand. Simply put, prices are cheaper because there are more accommodations to choose from.

    Competitive prices

    More homes on the market mean sellers are forced to sell for less in hopes of attracting buyer interest.

    And if you are a first buyer, certain developments will be useful to you. In fact pay it’s up to you to buy.

    Take Royal Docks for example, some building associations will offer cash incentives to encourage first-time buyers to move in.


    A street of houses and gardens, photographed from above, with cars driving along the road
    Prices are cheaper because there are more accommodations to choose from (Photo: Getty Images)

    Aqua Gardens is offering £5,000 cashback on one, two and three bedroom shared ownership homes – but only if you use their recommended solicitor and broker and trade in within 28 days.

    ‘With shared ownershipyou can buy between 10% and 75% of a property and you can increase this share as you can afford it, thus reducing the rent due,’ Lomond CEO Ed Phillips recently said Metro.


    The “eyesore” named as the most popular London neighborhood for first-time buyers

    Research named the most popular London borough for first-time buyers – and it is Brent to the northwest, which extends over Willesden, WembleyKensal Green and Queen’s Park.

    According to figures from Hamptons estate agents, 77% of homes in this area of ​​north-west London have been bought by first-time buyers in the first half of 2024, followed by Greenwich (72%), Newham (69%) and Tower Hamlets (63%).

    People like Barking and Dagenham, Havering and Waltham Forest came close, at 60%, 59% and 54% respectively.

    The analysis also showed that while not all is rosy in the London property market, first-time buyers accounted for a record 48% of homes sold in the Big Smoke this year alone – up from 41% in 2023 and 28% in 2014.

    “This method can be a great way for first-time buyers to take their first steps on the ladder, in one form or another. However, it is important to note that the smaller the deposit you make initially, the more likely you are to pay higher interest over the life of your mortgage.

    A stickier market

    An increase in listings gives buyers more choices, which Tim says means homes are taking longer to sell than this time last year.

    In October, it took an average of 61 days for homes to sell across the UK. This is a steady rise from 60 in September and 59 in August, according to Rightmove.

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