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Digital Subscriptions > The Oban Times & Lochaber Times > 29th December 2016 > Is 2017 the year to buy your first home?

Is 2017 the year to buy your first home?

AN ANNOUNCEMENT in November by the Council of Mortgage Lenders indicated that mortgage costs had reached a historic low in September 2016, representing good news for property buyers and sellers across parts of Scotland according to local solicitor estate agents. The Council of Mortgage Lenders (CML), the main trade body representing UK mortgage lenders, reported that mortgage costs relative to household income reached a historic low in September, for both first-time buyers and home movers, at 17.8 per cent and 17.7 per cent, respectively. These record low mortgage costs come on the back of the Bank of England’s Monetary Policy Committee voting unanimously in August to cut the bank rate. For people on variable rate mortgages, many of them will have benefited from seeing this cut reflected in the interest rate that they pay on their mortgage. Mortgage affordability reached an historic low in September, for both first-time buyers and home movers, which partly reflects the repricing of mortgages following August’s base rate cut. This should help turn strong appetite for home-ownership into a reality as we approach the closing months of the year. Buyer demand remains very high towards the end of 2016, with a combination of mortgage availability and the usual, seasonal dip in the number of properties coming to the market meaning that the market remains highly competitive. This is good news for property sellers who will experience less competition from other, similar properties on the market. We would encourage anyone who is thinking of selling their property to take advantage of the current market conditions and some of the competitive deals being offered to property sellers in winter to encourage them to take the plunge at a time of year that is, somewhat unfairly, not seen as the ideal time of year to get your property onto the market.

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