It's time to get on the property ladder as prices are predicted to fall

House prices have been in the news a lot over recent times, and if you’re getting ready to buy your first home or move on the property ladder, it’s probably something you’re keeping a close eye on.

Here at Property Shop, we’ve got the experience in local markets to enable you to get the best price for your current property, if you’re thinking of moving on. 

Last month, for the first time this year, average house prices fell. This is something often seen in summer, as people tend to go on holiday and wait to put their house on the market. This leads to fewer properties being put on the market, and fewer people available and looking to move. These factors cause a drop in price.

Is now a good time to move on the property ladder?

Now could be the ideal time – as mortgage interest rates are forecast to go up, so this could be a great time to secure a fixed-rate mortgage, to protect against future price rises. Over the past decade, average rental payments have risen much more than mortgage payments.

The level of choice of products for mortgage borrowers has declined significantly in recent weeks, and average borrowing rates continue to rise, the latest data from the Moneyfacts UK Mortgage Trends Treasury Report shows. If you have saved a good deposit, and you fulfil the mortgage lender criteria, now could be the time to take the plunge on the property ladder. 

More homes tend to be listed going into the Autumn months, so you’ll have plenty to look at. We have a great selection of properties moving into Autumn, and there’s every chance you could be complete and in for Christmas. 

London is the most expensive region of the UK, where average cost of a first-time buyer home has now reached more than £500,000. Here in East Lancashire we’ve got some lovely properties that are a fraction of that price.

We have many fully refurbished stone built terrace properties, including this one priced at just £115,000 with three bedrooms, a wood burner, a stunning contemporary shower room and two spacious reception rooms on Chapel Street in Clayton-Le-Moors.

If your budget extends further, we have for sale at £249,995 a large, modern four bedroom semi detached property ideal for first time buyers and growing families, on Durham Road in popular Wilpshire in the Ribble Valley.

£385,000 is the asking price for a beautifully styled Edwardian five bedroom semi detached on Manchester Road in Burnley, with private gardens, off street parking and a stunning free standing kitchen.

At Property Shop we’ve got years of experience in the local market. If you are thinking of buying, moving, or getting your first step on the property ladder give us a call – we can give you advice on all aspects of the buying process.

Our Accrington office is located at 11-13 Blackburn Road, Accrington, BB5 1HF. You can call 01254 350 122 or email sales@propertyshopltd.com

Our Burnley office is located at 7 Grimshaw Street, Burnley, BB11 2AS. You can call 01282 899 892 or email burnley@propertyshopltd.com

*Average figures from Rightmove