Predicted price falls mean present ‘ideal scenario’ for first-time buyers

Conveyancing expert Osbornes Law says that now could be the perfect time to think about buying a property, as homebuying transactions are at a 15-year low and property prices are predicted to fall between five and 10%. Head of residential property Simon Nosworthy said vendors are dropping prices on deals agreed before the pandemic to push through a sale, while buyers can access cheap mortgage finance. “This is the ideal scenario for first-time buyers or those waiting to pick up potential bargains," he said. However, some buyers may hold back fearing that the market could crash if unemployment soars after the Government furlough scheme ends. However, Mr Nosworthy added: "High demand for housing and lack of supply makes this less likely, while today's low mortgage rates should sustain the market in the longer run."

Sunday Express (14/06/2020)