Move Quick Predicts Perfect Conditions For Step onto the Housing Ladder

(PRWEB UK) 17 January 2013

In the blizzard of house price information released recently, its hard to work out the health of the housing market in Scotland as we enter 2013.

No sooner have you digested one building societys report about slightly rising values then you are struck by a rivals claim that prices have stagnated or even fallen. Then theres the so-called regional variations where one area seems to be booming while a locality on the other side of the country is experiencing a slump.

Confused? You are bound to be.

However, according to Barry Chuwen of the Move Quick Estate Agency, buyers and sellers should pay attention to just one piece of information released at the end of the first week in January.

According to the leading bank Citi, the Bank of England will keep interest rates at just 0.5 per cent until 2017 fully four years away. To generations of home owners, who can remember rates of 15 per cent in the early 1990s, that piece of information will produce a rosy glow. But to anyone thinking about buying their first property, it provides a degree of stability that was never enjoyed by their mums and dads.

Of course, there is no guarantee that some unforeseen series of events could trigger an interest rate rise before then. However, banking experts believe the effects of recession will keep the interest rate bumping along on the bottom producing eight consecutive years of bargain basement interest rates.

To put it in a historical perspective, the rate is the lowest charged since the Bank of England was founded in 1694. Said Barry Chuwen: The conditions are near-perfect for anyone thinking about buying their first home.

Prices are very realistic right now and we can see more money being loaned to buyers because of the governments Funding for Lending scheme.

Mortgage approvals reached 54,036 in November 2012, a rise of 1,000 on the previous month and the highest since January 2011.

Home owners are also being extremely realistic about house values. If they feel they are getting slightly less than they think their own home is worth, they know that the property they are buying will be less, too.

As far as new house buyers are concerned, the knowledge that interest rates will remain at their record low for the forseeable future should give them the confidence to enter the market.

Being able to plan your outgoings so far in advance is a luxury that was not available to previous generations.

In the rental sector, we are seeing rents rising steeply. The average rent paid in Scotland is now

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