When it comes to the property and lettings market, there is a significant level of connectivity. If you are selling your home, you need to think about buyers; but also, the actions (or inaction) of tenants may also influence what you can and cannot do. Similarly, if landlords decide to leave the industry, by selling their home, this may shape the property market through increasing the supply of homes.
Therefore, it is important to stay in touch with all aspects of the local property and rental market, and this is an area where we are happy to help. At Williams of Petersfield, we do the hard work so you don’t have to, and we look forward to assisting you.
A lot of potential buyers think it is too difficult to buy a home
In a survey carried out by ING International, 79% of respondents said it was increasingly difficult for first-time buyers to own property. 71% agreed there was a financial benefit to owning rather than renting, but many cited reasons as to why this isn’t a realistic aim for them right now.
82% of respondents who have never owned a property said they are putting another goal or goals ahead of saving a deposit to buy a property. Some of the most popular answers were raising a family, paying off debt from Higher Education, living in an area that is more convenient for them, travelling or funding their hobbies and activities. These are all important things in life, and for many tenants right now, these aims are more important than saving money to buy a house.
A lot of tenants believe home ownership is out of their reach. With interest rates remaining low, this is a concern. 80% of respondents cited high prices as a factor as to why they cannot think about buying a home right now. 71% of respondents were unwilling to saddle themselves with significant debt, and 58% of respondents expressed concerns over interest rates changing in the lifetime of their mortgage.
There are many reasons to buy a home
Jessica Exton, is the Behavioural Scientist at ING, and she said; “Lots of us want to own our own home one day. Not only because it’s considered to be a smart financial decision, but because homeownership is an emotional and personal goal. But houses are expensive, and many perceive them as only becoming more so. Some are consequently taking longer to save their deposit and buying later in life. Given these extended timeframes, it’s not necessarily surprising that many are finding additional reasons to spend and save in the shorter term. Funding travel today, while planning to buy a home soon, for example.”
If you plan on selling your home in Petersfield, please get in touch. We can arrange a property valuation for you, which is an essential component of entering the market. If you list your property with an inaccurate value, you harm your chances of connecting with buyers, and selling your home.
Whatever property move you wish to make in 2020, make sure you get in touch with Williams of Petersfield, and we will do our best to assist you.