November 16th 2024.
If you're thinking about buying a home, don't let the doom and gloom of the current property market discourage you. Autumn is a busy time for the real estate world, with people searching for new homes after their summer vacations and before the holiday season. However, while getting onto the property ladder may seem daunting and expensive, there is some good news for potential buyers.
According to Gov UK, the average property price in the UK is currently £282,000. In London, however, that number jumps to a staggering £689,245. But before you give up on your dream of owning a home in the capital, take heart in the fact that things are looking up for buyers. Tim Bannister, an expert from Rightmove, explains that sellers are now facing more competition, forcing them to price their homes competitively.
Looking ahead, Tim is optimistic about the future of the property market, stating that "the big picture looks positive for the market heading into 2025." This is great news for first-time buyers and those looking to upgrade their current living situation. Metro has taken a closer look at why the outlook is brighter than it has been in previous years.
One positive sign is the slower growth of average asking prices, which is an indication of seller confidence. While house prices did increase last month, the 0.3% rise is significantly lower than the typical 1.3% growth seen during the autumn season. In addition to this, first-time buyers can also take advantage of the stamp duty land tax relief on homes priced up to £250,000. This relief is set to decrease to £125,000 in March of next year, making now a great time to make a move.
But that's not the only good news for buyers. Tim also notes that there are more homes on the market than there have been in years. In fact, the average number of listings per Rightmove agent is at its highest since 2014, showing a 12% increase from last year. This increase in supply means that prices are more competitive, making it easier for buyers to find a suitable home within their budget.
In some cases, buyers may even be offered cash incentives to purchase a home. For example, Aqua Gardens offers a £5,000 cashback for one, two, and three-bedroom shared ownership homes. This offer, however, is contingent on using the recommended solicitor and broker and completing the exchange within 28 days. This type of shared ownership allows buyers to purchase anywhere from 10% to 75% of the property, with the option to increase their share in the future.
While the London property market may not be perfect, there are still plenty of opportunities for first-time buyers to get their foot on the ladder. In fact, research has shown that Brent is the most popular borough for first-time buyers, with 77% of homes being purchased by them in the first half of 2024. This is followed by Greenwich, Newham, and Tower Hamlets. Other areas such as Barking and Dagenham, Havering, and Waltham Forest also have high rates of first-time buyers, at 60%, 59%, and 54% respectively.
Despite all this positive news, Tim notes that the market is still sticky, with homes taking longer to sell than they did a year ago. In October, it took an average of 61 days for a home to sell in the UK, compared to 60 days in September and 59 days in August. However, with more homes on the market and prices becoming more competitive, now may be the perfect time to make your move onto the property ladder.
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