Buyer affordability is improving In Bristol and North Somerset

There is always a wonderful reason to move. Property is seductive, from the details of a feature fireplace to a view of the sunset over your garden. The right home is an investment and a place to make memories and profound emotional connections. You may have your heart set on the perfect kitchen or an idyllic outdoor space. But you want the numbers to be right, and with so much negative press, take a look on the bright side. You might just find your new dream home is within reach.

Lower asking price

Asking prices have decreased in recent months, and this should not be viewed as a bad thing. The rapid acceleration in the value of property has been hasty, and world events have exaggerated things somewhat. The fact that the property market is readjusting to a more normal market is healthy. The gradual release of value is steady, which is a good thing. Firstly, you are more easily aligned between the price of the home you are selling and the home you are buying. And yes, of course, there is more scope for discounts. If you are borrowing less overall to buy your home, then that’s also a good thing, not to mention other associated costs.

Equity

How long have you lived in your home? The longer that time is, the more equity you have. That equity has accelerated rapidly in recent years. There is probably quite a big cushion to fall back on if prices fall a bit more. First-time buyers' homes are in good demand. Even if you bought within the last few years, you will have gained a lot of equity, giving you the chance to step up to something bigger.

Earnings

Many people are buying together, whether with a partner or a group of friends. This is a quick route to buying your home and gathering a deposit. Nobody can deny that the cost of living has increased, but the good news is that wages are rising. According to the Office for National Statistics, growth in regular pay (excluding bonuses) was 7.2% from February to April 2023.* And with energy prices falling a little, or by purchasing a more energy-efficient home, you could offset the cost of your mortgage by reducing your utility bills.

 Ways to buy

There is no end of ways to buy your property today, with a doubling of the number of mortgage products on the market in the past year to 5,338. ** From buying with friends to releasing equity to buy a second property. Mortgages today are still good value. Yes, interest rates have increased, but compared to previous decades, they are cheap! The initial shock of paying more than the ultra-low levels of the past few years has taken some getting used to. There are also options such as porting your mortgage, which allows you to buy a new home with your existing mortgage. 40-year mortgage terms give you more time to pay. And if you are a first-time buyer, you have the government-backed Mortgage Guarantee Scheme, but hurry, it ends in December.

Communicate with your agent

There are no hard-and-fast rules when it comes to property. All homes are unique, as are the different areas in your region. Your needs as a home mover are different from your neighbour's. And today, agents have the means to connect you with buyers and sellers like never before. Using state-of-the-art tech in the form of databases and marketing tools with good old-fashioned experience and local market knowledge to putting you in touch with a great mortgage advisor. Ultimately, this means that your estate agent is pivotal in finding a way for you to get the keys to the home you want.

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