With just over 3 weeks to go till the general election, first time buyers and the property market as a whole remain a key campaigning issue. With political parties pledging various ways to help first time buyers and support the property market, voters are being swayed over this key economic issue.
But does the property market need help? Well despite a turbulent few years, the overall property market continues to grow and thrive, particularly in the south east and in our local areas of Hampshire, Surrey and Berkshire. Prices continue to rise as demand for housing continues to outstrip supply. Good transport links as well as exceptional green spaces and high quality educational facilities continue to make our area one of the most desirable in the country, with Hart being again voted one the most desirable place to live in the UK, and Fleet a top town to raise a family. Recent major housing developments such as Elvetham Heath in Fleet have been quickly snapped up and there is pressing demand to build even more housing in our area to cope with supply, such as the proposed up to 5,000 new homes in Winchfield.
Of course, rising prices can be great news – particularly if you are looking to downsize, or if you had a high mortgage to property value ratio. However, as a first time buyer, rising prices mean even great deposits required, and a recent report suggest that some young people are giving up on the prospect of ever being able to buy their own home . As our population ages and with high elderly care costs, multi-generational living with parents and children, or even grandparents, parents and children all living together may become more of the norm, leading to increased requirements for bungalows, properties with annexes or flexible accommodation that can be catered to different family living arrangements.
Whoever actually wins the election on May 7th and takes power, we will all be watching what happens next to find out which of their election promises – both for first time buyers and the property market and as a whole have been campaigning rhetoric, and which will actually come into force.
If you are looking to make the most of rising house prices and sell your home then why not check out our competitive packages. We can sell your home from as little as £499 or 0.5% + VAT,saving you thousands when compared to typical high street estate agents fees. Please contact us on 01252 819725 for a free valuation or drop us an email and we’ll be in touch.