Homebuyers are being urged to get down to their local housebuilding sites to see some of the fantastic offers now available on new build homes. The economic downturn has seen the price of all new homes drop to much more affordable levels. There are some real bargains available, and with house builders willing to offer a range of incentives and deals to potential purchasers, now is a great time to buy.
Since the market peak in Autumn 2007 property prices have dropped by around 20%* bringing affordable new homes within realistic reach of a far wider band of potential purchasers.
And with signs that mortgage availability - the lack of which has been the main constraint on the housing market in recent months – is starting to improve, now could be the ideal time for would-be homeowners or move-up buyers to secure the home of their dreams.
Buyers can also take some sensible measures to help make themselves a better lending prospect. The best way is to save regularly, which not only accumulates cash towards a deposit but will demonstrate to lenders that you are a reliable person. Banks and building societies still give lending priority to their own depositors, so saving regular amounts – even just small sums - with several lenders increases your chances of getting the loan you need.
Statistics also show that it is a very good idea for first-time buyers to ask their parents or relatives for help with a deposit. Around half of all first-time buyers in Britain now get substantial help from the ‘Bank of Mum and Dad’ – and you may be one of the lucky 50 per cent!
David Pretty CBE, chairman of the New Homes Marketing Board says today: “Traditionally we are a country of homeowners and we know that despite the difficulty people have had getting a mortgage in recent months, there are still many people aspiring to own their own homes. Indeed, a recent YouGov survey for NHMB shows 9 out of 10 still believe home ownership is a great investment.**
“Prices are currently lower than they have been for years, but with supply increasingly limited, there is the clear danger of demand outstripping supply meaning prices may well begin to rise in the near future. There are already some early signs of this so we believe that now is a great time to buy and we are urging people to get down to their local house builders sites and show homes during New Homes Week to see the incentives and great deals that are on offer.”
*Source: Figure is an estimate using figured from the Halifax house price index to July 09.
**Source: Figure based on NHMB YouGov survey undertaken in February 2009, that showed that 88% of people polled believed buying a new home was a sensible investment for the future.
New Homes Week 12-20th September 2009
See Also: Property News (6680), New Homes Week (7), Property Prices (1)
Date Published: 11 September 2009
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