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The time may just be right for first time buyers to start winning the competition for property and get themselves on the property ladder.

There are just 28,000 properties out of 700,000 for sale in the property websites Mighty Homes database that are described by estate agents as ideal for first time buyers just 4%. Over 70% of these properties are also described as suitable Buy to Let investments!

With as many as 350,000 Brits owning a second home in the UK, it’s not hard to see how the vicious circle is created. Property investors compete with first time buyers to purchase property creating more pressure to supply than any other section of the market.

But now it may just be the time for first time buyers to strike back. With the housing market stagnating and interest rate direction remaining uncertain the least motivated of these two buyers should be property investors. With sellers taking on average double the time to sell their property than at the start of the year, sellers and agents may just be glad of any offer made by that ready to go first time buyer.

James Tout from Mighty Homes commented “Having recently visited 12 property auctions in the last month nearly 50% of properties have struggled to meet reserve prices and remain unsold. This represents a clear opportunity for first time buyers to take advantage particularly if they don’t mind a bit of DIY.”

“First time buyers should find and research a few properties of interest, a good place to start is www.getdeveloping.com a database of Auction and renovation property or www.mightyhomes.co.uk A UK property search engine both with some unique search features to aid in finding auction and renovation property.

“Go along to the auction and if you don’t want to bid and be bound by the terms of an auction sale just wait and see if a property doesn’t meet its reserve price. Approach the auction house and see if the seller will take an offer from you. In most cases they will as why else would you sell a property at auction?”

“There are also increasing numbers of property investors selling parts of their portfolios at auction therefore increasing supply, in some cases recently bought apartments are taking big hits as investors are forced to accept far lower prices than the inflated prices they paid in some reported cases up to 30%.

First time buyers can find some more tips on ways to get onto the property ladder at www.mightyhomes.co.uk/blog

Mike Barrow – Mighty Homes Press.
Mikebarrow@mightyhomes.co.uk

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