The housing market is notoriously volatile, even in the quietest economic times. And in times like these, when global and regional economic and political changes make it difficult to predict how the country will fare, the housing market is highly charged. Experts have predicted that the housing market will slow down, but it doesn’t seem like this is happening in parts of the country like Essex. And the reason for the growth in the housing market is first time buyers, according to reports.
In Essex, many more first time buyers than at the same time in previous years are investing in property, and this is helping the Essex property market grow. Experts believe that there has been an overall rise of around 30 percent in the number of first time buyers in Southend, and over twice this in Basildon.
The Importance of First Time Buyers
First time buyers are vitally important in Essex, say mortgage broker Colchester experts, as they are fuelling the growth of a market that could otherwise be experiencing a slowdown. First time buyers are particularly attracted to places like Colchester, Southend, and Basildon because of the range of properties, the amenities, and the distance to London. In addition to first time buyers, investment buyers are also helping to fuel market growth as they want to invest their money in bricks and mortar rather than try to benefit from non-existent returns from bank accounts.
But the upturn in first time buyers is also helping to increase the value of property across the region, which will make it harder in the future for more people to buy their first home.
How People Are Getting Onto the Property Ladder
Experts believe that a growing number of first time buyers in Essex are being able to get onto the property ladder thanks to monetary gifts from relatives or friends. Many people can buy thanks to an inheritance or an early investment gift from parents or other family members.
In addition, buyers are taking advantage of larger mortgages to help them get a foot on the property ladder in a region where prices have never been low.
Not all people can benefit from this, of course. If you are thinking about buying your first home in Essex it is important to sit down and look at exactly what you can afford. This will enable you to apply for the right mortgage, and be more likely to be accepted for a mortgage. You need to make sure that you will be able to cover the mortgage as well as the fees associated with the sale of the property.