Newmarket and Ely Living Dec 2019 - Jan 2020

THE HOMEBUYER'S
Thinking about moving or buying your first home? Read on...
If you are beginning the process of buying
your first home, selling to buy a bigger
property or even downsizing once the
kids have flown the nest, you may find
that the property market is an unknown
entity, full of potential pitfalls, doubts
and unexpected costs. Couple that with
the looming uncertainty of BREXIT, and
you have a complicated set of hoops to
jump through. In this guide, we aim to
demystify homebuying and give useful
advice for each stage of the process.
BREXIT BLUES?
UK house price growth remains subdued
as uncertainty about the direction and
shape of Brexit continues to weigh on the
market.
The latest figures from Nationwide show
UK house prices rose by 0.4% on the year,
the 11th month in a row that annual price
growth remained below 1%.
City A.M. says the latest modest rises
“underline concerns over a slowdown
in activity in the UK’s housing market,
particularly in London and the South,
despite a recent improvement in earnings
and employment”.
“It’s hard to see the market emerging from
this sub-one per cent annual growth rut
until there is clarity on Brexit,” said David
Westgate, chief executive of Andrews
Property group, adding “the sheer level of
political uncertainty has left the property
market in a protracted limbo”.
Which? magazine says: “Whether you’re
a staunch remainer or avid Brexiteer,
there’s no denying that the uncertainty
around when the UK will leave the EU, and
the terms under which it may happen, is
causing property market jitters.”
What has the impact of Brexit been so far?
“The economic uncertainty caused by
Brexit has undoubtedly affected the
market, with house price growth slowing
year-on-year and the number of sales
taking a dramatic dip in recent months,”
says Which?.
Nationwide’s chief economist Robert
Gardner said this week that average
prices rose by £800 over the last 12
months, a sharp slowing compared with
the year to October 2016, just after the
Brexit referendum, when prices jumped
by £9,100.
Data released by Rightmove earlier this
month found that the price of property
coming to market has endured its weakest
month-on-month rise at this time of year in
over a decade.
Prospective home buyers have been
undeterred by the approaching Brexit
deadline, while sellers have been put off
by ongoing uncertainty over UK house
prices, according to the real estate
platform.
While the latest Brexit extension has
pushed back the imminent threat of a nodeal
Brexit, investors and market experts
have expressed concern about the
potential consequences given it remains
the default position if an agreement
cannot be ratified by Parliament by 31
January 2020.
Information from theweek.co.uk
FIRST-TIME BUYERS
So, you’re about to make the biggest
investment of your life so far. Scary, right?
There’s a lot to think about, and a lot of
costs you will not have even considered
until the process has started. Your
mortgage is the first thing you should
think about, because until you have your
Decision in Principle, you will not know
what you can afford to buy. By going to
an independent mortgage advisor, you
will have the choice of many different
banks and building societies, so you
can assess options like the term of your
mortgage, fixing interest rates and any
cash back offered.
Viewing Houses
This is probably the most fun bit of
the process, because you get to know
your tastes and can have a look around
some lovely properties in the process.
Rightmove is a great resource, as is
Zoopla for comparing prices in an area.
As well as relying on these sites, it is
vital that you make yourself known to
lots of different local agents. Let them
know in as much detail as possible what
requirements you have (location, number
of bedrooms, garden, garage etc) and
your upper price limit. A good agent will
let you know about properties about to
come to the market, helping you get a
head start on other buyers.
Viewing Tip - When viewing houses,
try to take some pictures (with the estate
agent’s permission) on your phone as
an aide memoir and if you have furniture
from renting to fit in, take a tape measure
and see if it would fit in the space.
CONVEYANCING
So, once you’ve found the property you
want, you will need to instruct a solicitor
to do the conveyancing for you. Before
deciding on one, we recommend emailing
or calling around for some quotes to
make sure you get a competitive rate.
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