UK property price drop spells good news for first-time buyers

If you’re a young person living in the UK, you’ve probably already encountered the dilemma that thousands across the country are facing: the struggle of getting onto the property ladder. The good news is that a recent price drop could mean it’s about to get a whole lot easier.

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To rent or to buy?

When you first move out of your parents’ house, you’ll often be steered towards renting. Perhaps you’ll move in with some friends or a partner; either way, you’ll essentially be paying a set amount every month to live in a house owned by somebody else.

Previously, this would be temporary, but nowadays more and more people are renting long-term, with some renting their entire lives without owning their own house.

Time to get your own house?

If you are in the market for your own house but have no idea where to begin, there are several places that will be able to help you. Companies such as completepropertygroup.co.uk offer property management Cheltenham services and can offer impartial advice on getting the best deal. That goes for both first-time buyers and those who have done it all before!

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Price drop is long overdue

With prices steadily increasing over the years, it is about time that first-time homebuyers in the UK got a break. Industry experts have reported that house prices are rising at their slowest rate in six years, and prices have actually dropped by 1.4% in the past month. This could indicate the beginning of a steady decline, which would be great news for first time buyers – although existing homeowners won’t welcome it!

To buy or not to buy?

It has been suggested that Brexit is to blame for the economic uncertainty within the housing market. Fewer houses are coming onto the market to be sold, and indeed, the average house price still sits at just over £200,000 and sizeable deposits are still deterring many first-time buyers from committing to a mortgage. Many simply cannot afford to save the deposit, while others do not wish to commit to the debt that comes with buying a new house. However, with prices expected by many to drop further, it might be a good time to start looking within the next few months!

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