Residential conveyancing news: First-time buyers may wish to act now

Posted 20/01/2011

First-time buyers considering employing the services of a residential conveyancing solicitor may wish to act now if they are to take advantage of housing affordability, research has suggested.

A study by Lombard Street Research (LSR) and the Daily Telegraph found that housing affordability is currently at record levels, with some property prices at their most undervalued level since the mid-1990s.

This comes after the Royal Institution of Chartered Surveyors said recently that it expects the cost of a home to drop by at least two per cent and perhaps up to five per cent over the course of 2011.

However, LSR warned that buying conditions could get harder if the Bank of England raises interest rates as is widely anticipated, meaning that mortgage lending will get tighter.

This could cancel out savings to be made on properties, with the organisation suggesting that now may be a good time to buy for those with available deposits and other funds.