First Homes Becoming More Affordable

It’s not all doom and gloom for young people in the UK, economically speaking at least. Petrol prices, rental costs and council tax may all be at an all time high but house prices are actually falling. This is either a very good or very bad thing depending on weather you have brought a house yet or not.

Average house prices have fallen an estimated 16 per cent in the past year.

Those of us who are renting are pleased to hear that first homes are becoming increasingly affordable. Some are suggesting that now is a good time to buy, before prices hit rock bottom and it’s too late.

In order to get a mortgage that wont completely strangle your finances you will need as much money as possible in your savings account. In fact, if you have enough of a deposit you could pay a lot less on a mortgage then on rent. Spending money on owning your property every month feels a lot more like making  investments than paying a landlord.

So is now the best time to buy? It all depends on your financial situation, good luck!