Tuesday, February 16, 2010
Category:
Personal Finance Tips
According to Unbiased.co.uk, in January of last year 51 percent of people were of the opinion that property prices wouldn’t recover until the latter part of 2010 onwards.
However, the advice website has revealed that 29 percent of people now believe that house prices are beginning to increase, with 18 percent believing that they have reached their lowest level. It was found that just 3 percent of consumers are refraining from buying a property until prices have dropped.
With regard to prospective first time buyers, the research uncovered that 31 percent are holding off getting on the property ladder in order to save a satisfactory deposit. Furthermore, 10 percent are reportedly waiting on improved job security.
As a result of people believing that property prices have hit their lowest level, Unbiased.co.uk points out that there is less optimism when it comes to property price negotiations. It was found that 22 think that it may be possible to negotiate the value of a potential property by 15 percent of the asking price. In contrast, 30 percent were reportedly of this opinion in January of last year. On average, it was uncovered that consumers believe it is possible to negotiate a property’s original asking price down by 11 percent.
Chief Executive of Unbiased.co.uk, Karen Barrett, commented: "The last year has seen a real shift in the attitudes of consumers towards buying a house. No longer are potential homebuyers biding their time until house prices have fallen. They are now looking to buy and gathering the means to do so. Despite strict lending criteria and the prospect of increasing house prices, people are also still prepared to negotiate the value of their home down from the asking price although their expectations may be slightly lower.
"With interest rates holding at an all time low consumers are seeing the importance of getting the right mortgage now more than ever. Those buying a new property, but also those looking to remortgage, will benefit from seeking professional advice on the whole of the mortgage market to get the best mortgage deal for their circumstances."
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First time buyers who are keen to re-vamp their newly acquired property, but do not have the funds available, could consider taking out a secured loan. One of many finance options available, a secured loan for
home improvements could allow borrowers to turn their new house into their dream home. For example, a property could be thoroughly re-decorated in accordance with personal tastes and styles. Furthermore, if borrowers enjoy spending time outdoors, external areas could be landscaped in preparation for the summer months. A conservatory could even be added to a property for views across the garden and to create extra living space.
