Now is ‘better time than ever’ to buy

The National Association of Estate Agents (NAEA) has said that there has “probably never been a better time” to buy a house.

Difficulties in securing mortgages have led to unprecedented levels of homes on the market, with a ratio of 15 properties to every buyer, according to Rightmove.

The property website’s latest price index found that a record one million are currently available, with average asking prices having fallen by 1.2 per cent.

President of the NAEA Chris Brown noted that previously sellers could hold out for a better offer, as often another buyer would be “around the corner”. Now, however, sellers can take less chances and the balance of power has shifted.

He added: “People’s expectations are now coming into line with reality … I certainly think [buyers] have got a lot of pulling power and a lot of influence on the market.”

Recently Nationwide found that house prices are 6.3 per cent lower than a year ago.

© Adfero Ltd

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