Property auctioneer Scott Gray, who has appeared on BBC's Homes Under the Hammer, writes for the Journal.
While the cost of living continues to rise and house prices have shown a sustained increase across the course of the pandemic and showing continued growth due to lack of supply.
I wonder what the property market will look like when my children are ready to step onto the property ladder.
It’s a tricky time right now for first time buyers and parents with young adults contemplating the move into their own accommodation, at a time where demand for rental properties and prices have also increased.
I see the difficulties that first time buyers need to navigate, saving up for deposits, securing a mortgage and finding a property in the right area in a realistic price bracket.
When finances are at a point of readiness, having no chain as you step onto the property market is of course a great benefit and helps the process to get to the front of the queue with the promise of a speedy completion.
Whilst the property market is starting to see an increase in supply coming to the market, the main question from first time buyers is how can I find an affordable property to purchase?
Looking at UK Property auction houses is a good place to start your search.
While many will advertise via the main national property portals it is also a good idea to register directly with your local auctioneer to be first to hear of forthcoming Lots.
Being chain free is key to buying at Auction so an added benefit to being a first time buyer. There is the additional security that the purchase is underway swiftly as exchange happens at the fall of the virtual hammer therefore no costly waiting on the off chance that the sale may fall through.
Auction houses also tend to have a range of reasonably priced properties, some may require a bit of DIY, my own company has Lots starting at around the £100k mark.
There is lots of information online detailing how to buy via online auction, but understandably for new purchasers it may seem daunting.
If you do have any questions, please do not hesitate to contact me.
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