Cheap Mortgages Provide Window Of Opportunity
George F White estate agents have reported a strong start to 2013 in terms of enquiries, which they believe is at least partly due to the fact that homeowners are enjoying the cheapest mortgages on record, thanks to historically low interest rates. The public, it seems, are realising that this current mortgage opportunity is just too good to let pass.
For potential buyers, this represents a valuable window of opportunity to secure highly favourable mortgage deals which may look very cheap in the years ahead. A number of lenders actually cut their interest rates in 2012 as they battled for share in an increasingly competitive market, but this will not last forever. Now might just be the best time to take a small risk and for home seekers to get on with their life – which is surely the biggest reward of all.
The average mortgage payment is currently £494 per month, which compares to £601 at the height of the credit crunch some 5 years ago. In terms of affordability, the current figure represents 15.4% of average take home pay compared to 20.5% in 2008.
It is expected that interest rates will remain at 0.5% for some time to come, as the Government attempts to help support the economy which showed a 0.3% increase over the first quarter of 2013. This coupled with recent initiatives that the Coalition have launched to assist house purchases which were announced in the budget are having the desired effect.
Tim Brown, Head of Property Sales for North Yorkshire comments; “A significant minimum deposit, and a good personal credit history remain key to securing the best deals. But for those that can pass these hurdles, the offers are extremely attractive by any financial measure.
If you have been waiting for the perfect house, at the ideal price, with the lowest possible financing costs and when the economic outlook is favourable – then you may just have reached the end of that wait…..now is the time to make that move!
2013 has kicked off to a cracking start with record sales activity, and all 4 principle George F White Agencies are reporting the most encouraging signs since the Crash of 2008 with the volume of completed sales at their best for 6 years and with new quality Instructions pouring in. Maybe the recovery really has finally begun……long may it continue.”