The cut in mortgage interest rates announced by several major lenders recently is another compelling reason why award-winning local estate agent Fox & Sons believes now is a great time to buy.
“Several key factors have come together to make this an opportune time to get on or move up the property ladder,” says Carlos Payan, the new Mortgage Services Consultant at Fox & Sons.
Competition among lenders, in part fuelled by the Government’s Funding for Lending initiative, is resulting in lower mortgage interest rates and increased availability of mortgage finance, easing the pressure on those who want or need to move home.
And, after several years when it was extremely difficult to obtain a mortgage at all without a very hefty deposit, many lenders are now offering more competitive rates on up to 90% loan to value deals which is really encouraging for first time buyers.
“We believe this freeing up of mortgage funding is bound to have a positive effect on the housing market. As confidence returns, prices are likely to rise so there is just a small window of opportunity for buyers to take advantage of the current favourable conditions,” continues Carlos.
Over the last few years, housing price rises in most areas have not kept up with inflation which means that property currently represents great value for money. Many astute buyers have already recognised this as illustrated by the unprecedented activity in Fox & sons branches during the traditionally quieter months of October, November and December.
“This year has got off to a flying start and if the current level of demand is sustained it is possible that we might start to see price increases in the springtime so we are encouraging anyone who is considering buying in 2013 to get in touch with us as soon as possible,” says Carlos.
If you would like to find out about the local housing market or wish to make an appointment with a mortgage consultant, please call Fox & Sons on 01323 410911 or visit the office at 19 Cornfield Road in Eastbourne.