Why those first steps are crucial
For aspiring firsttime buyers planning on getting on the housing ladder,
First-time buyers may get a muchneeded window of opportunity in the coming weeks.
With a stamp duty hike having recently been imposed on buy-tolet investors, people trying to get onto the property ladder could find they have less competition from those snapping up investment properties.
There are also signs that sellers are offering bigger discounts in the hope of securing a sale – which could give first-time buyers further room for negotiation.
According to Zoopla, the average property that’s had its original asking price slashed is now on the market for over £25,000 less than it was originally – an increase of nearly £4,000 compared with the typical discount in January.
Sarah Beeny, TV presenter and owner of estate agent, Tepilo, says: “Following a few busy months, where investors tried to beat the stamp duty rise, the property market is currently looking increasingly attractive for firsttime buyers.
“First-time buyers are vital to the health of the property market; their first step onto the property ladder is crucial for those further up the chain taking their next step.”