This, combined with historically low fixed-rate mortgage rates, raises the question of whether is now the optimum time to either jump on or move up the property ladder?
What could this mean?
What this means to me is that you can buy into an asset at a low point and which is likely to rise quite rapidly over the short to medium term if history has a habit of repeating itself (which it tends to do). This is combined with an added benefit of being able to borrow money towards any purchase at a low point and fixing the rate so your costs do not rise.
Data published by the Royal Institution of Chartered Surveyors revealed that house prices were on the rise for the 4th consecutive month. Figures from the office of National Statistics also revealed that year on year increases reflected growth of 3.3% in England and that prices paid by first time buyers were 3.9% on average than in June 2012.
Too good to be true?
When something seems too good to be true, human instinct is generally to question this.
The data above and the fact we’re coming out of a 5 year global recession points to now being the right time to make a property play.
What do you think?
Is now the ideal time to progress up that property ladder or does human nature prevail? Use the comments section below to let me know your thoughts on this topic…