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Property expert reveals 4 reasons why it’s good to be a buyer right now

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Property expert reveals 4 reasons why it’s good to be a buyer right now


Composite graphic of a house with a couple standing with their backs to the camera
It’s not all doom and gloom if you want to get on the property ladder (Image: Getty/Metro.co.uk)

Autumn is one of the busiest times of the year for the real estate market; People start looking for new homes. Summer holidays and festive season.

Stepping onto the property ladder expensive and stressfulin numbers UK Government considering the average property is £282,000 nationwide £689,245 in London.

However move to the right Expert Tim Bannister says that due to the increase in the number of properties on the market since this time last year, sellers have been forced to price their homes competitively and the ball is now in the buyer’s court.

Looking ahead, Tim is confident that ‘the big picture looks positive for the market heading into 2025’; This is welcome news for first-time buyers or anyone looking to trade up. Metro explained why the outlook is better than it is…

Slow price increase

Tim explains that the average asking price increase is a good measure of a seller’s confidence.

While house prices have increased over the past month, Tim says the 0.3 per cent increase is considerably lower than the 1.3 per cent growth we usually see in late autumn.

As well as being more affordable, first-time buyers should also note that they will be covered by stamp duty land tax relief on all purchases up to £250,000.

This threshold will drop to £125,000 in March next year, so acting quickly may help.

This isn’t something you need to remember as it will be applied automatically; but regardless, it’s a useful aid for first-timers.


Smiling man and woman talking on balcony at home
Stamp duty relief will be applied automatically (Image: Getty Images)

More homes on the market

Buyers have more choice than they have had in years, according to Tim, who says the average number of listings per Rightmove agent is now at the highest level since 2014. This is a 12% annual increase.

It all depends on supply and demand. Simply put, prices are cheaper because there are more homes to choose from.

Competitive prices

More homes on the market means sellers are listing at lower prices in hopes of attracting buyers.

And if you are a first time buyer, some improvements Actually pay you will buy.

To take Royal Docks For example, some building societies will offer cash incentives to encourage first-time buyers to move.


Photograph taken from above of a street with houses and gardens, with cars driving along the road
Prices are cheaper as there are more homes to choose from (Image: Getty Images)

Aqua Gardens is offering a £5,000 cashback on one, two and three-bedroom shared ownership homes – but only if you use the recommended solicitor and broker and exchange within 28 days.

‘With common propertyYou can buy 10% to 75% of a property and increase that share as much as you can afford, reducing the amount of rent owed in the process.’ lomond CEO Ed Phillips recently said: Metro.


‘An eyesore’ named London’s most popular borough for first-time buyers

Research Chose the most popular district in London first time buyers – and in the north-west there is Brent, covering areas such as Willesden, WembleyKensal Green and Queen’s Park.

A whopping 77 per cent of homes in this area of ​​north-west London have been snapped up by others, according to figures from Hamptons Estate Agents. first time buyers This was followed by Greenwich (72%), Newham (69%) and Tower Hamlets (63%) in the first half of 2024.

Barking and Dagenham, Havering and so on Waltham Forest came close with 60%, 59% and 54% respectively.

The analysis also showed that while all is not roses in the London property market, first-time buyers accounted for 48% of homes sold in the Big Smoke this year alone; this rate was 41% in 2023 and 28% in 2014. .

‘This method can be a great way for first-time buyers to take their first steps on the ladder in one way or another. However, it’s important to remember that the smaller your initial deposit, the higher the interest you’ll pay over the life of your mortgage.’

A more sticky market

The increase in listings gives buyers more options; Tim says this means homes are taking longer to sell than in the same period last year.

It took an average of 61 days to sell homes across the UK in October. This is a steady rise from 60 in September and 59 in August, according to Rightmove.

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