How we help the first time buyers who are crucial to the market

By Peter Cuffaro, Managing Director of Peter Cuffaro Estate Agents

The local housing market is currently in a state of uncertainty. Prices have been rising steadily for the past few years, but there are signs that the market may be starting to cool. Mortgage rates are rising, which is making it more expensive to buy a home than this time last year. With sellers motivated to move, there is an increasing supply of homes on the market, but without the first time buyers or investors to complete chains the market will start to stall.

So, here at Peter Cuffaro Estate Agents, we are continuing to hold First Time Buyer Workshops to help buyers be properly prepared. We are inviting first time buyers to come to our office in Stanstead Abbotts every Saturday to see us so we can explain the moving and buying process to them, and also help them to get quotes from solicitors and mortgage advice. Just pop in any time on a Saturday between 9am and 4.30pm (we close at 5pm).

In the last two years, the Government has ended Stamp Duty incentives (also known as Stamp Duty holidays) and Help To Buy schemes and, taken together with the ongoing cost of living crisis, this has all had a detrimental effect.

As a result of these factors, it is likely that the pace of price growth will slow in the coming months. However, it is still expected that prices will continue to rise, albeit at a slower rate.

Overall, the local housing market is expected to remain strong in the coming months, but sellers do need to be patient.

Edd Ranford, independent mortgage advisor at Peter Cuffaro Estate Agents, said: “Starting at historically low levels, rates have risen due to increased inflationary pressures and the Bank of England’s tightening monetary policy over the past year. Borrowers should expect higher rates compared to last year, but it still remains affordable. With lending criteria differing from lender to lender, and daily changes in rates, now is the right time to discuss your circumstances with an independent mortgage broker. This will ensure that potential first time buyers and movers can borrow what they need, at an affordable amount, with the best lender available for their circumstances.”