What will 2017 bring, Buying or Renting?
Will we be buying or renting this year? Well of course we will be doing both, in some cases, buying to rent.
The Buy to Let Landlords have been unfairly criticised for their take up of properties, suitable for first time buyers, but they are providing housing for those who need to, or choose to rent. When in competition to buy, with first time buyers, the latter usually will win. They will offer more and can access mortgage money on more favourable terms and in higher percentages of purchase prices.
The Halifax Bank reports an increase in first purchasers during 2016, with an average deposit of £32,000, often obtained from parents or grandparents, who are keen to assist them to make a good start in life.
2017 promises to see a continuation of this trend, plus increasing numbers of new builds. Those don’t have to be starter homes, as couples starting to make their way in life, often want to improve their habitation and thereby make available properties suitable for first purchasers.