RECENT HEADLINES would have the public believe that the bottom has dropped out of the Housing Market but is this a true picture of what is happening?
Economists say that figures for house prices recorded a reasonable strong gain of 0.7% between August and September, 2007. However despite this increase the 12 month rate of house price inflation came down from 9.6% in August to 9% in September – it's not as gloomy as what we would have been lead to believe.
A spokesperson for RE/MAX said, "In Northern Ireland we topped the ranking of fastest house price inflation for the 10th consecutive quarter.
"Here at RE/MAX we believe that this is a prime time for potential purchasers to get out there and snap up those homes that have been keenly priced offering opportunities, especially to the First Time Buyer who have been priced out of the market over the last 12 month period."
This factor matched together with the possible fall in the Bank of England base rate will make it possible for those currently sitting on the fence to take that step further and get on the property ladder rather than losing money to their private Landlords.
There is also the added benefit of Co-Ownership Housing available – how does this work? RE/MAX will be hosting a free information evening in Strabane in order to provide home buyers with a one-stop shop for advice on all aspects of home-buying.
Representatives from RE/MAX and CO-OWNERSHIP housing will be on hand to give professional advice. Alan Crowe, Chief Executive of Co-Ownership Housing said that these events are a useful tool for anyone thinking or actively buying a home. He said, "Nothing beats the opportunity to talk face to face with people and get answers to your own particular questions. Co-ownership staff really enjoys information events like these and can say from firsthand experience that they do really help when you're looking for that first home.
There is so much choice of properties out there and staff can give you a tailor made assessment for the property you might have your eye on."
WHAT IS CO-OWNERSHIP?
Co-Ownership provides a very flexible and affordable range of options to help people onto the housing ladder. It can be tailored to suit many different circumstances. For example, it enables people to get a mortgage on a home of their own when they have less than half the earnings expected by a mortgage lender.
HOW DOES IT WORK?
Property value limits for Strabane are presently £180,000. £250 up front with application for valuation and legal fees. Services are free. Quick and simple. Decision in principle over the phone and all of the paperwork sorted within 10 days usually. For further information telephone 02871884948.
WHAT DO PEOPLE GET OUT OF IT?
1. Access to a property that stays affordable for them.
2. The property is their own choice.
3. Information and ongoing support from Co-Ownership.
4. The opportunity to have some real equity behind them.
ACCESS
You do not need a deposit.
CHOICE
All properties need to be valued and must be in sound condition at the start.
People view and bid on them in the usual way, just like any other home buyer.
AFFORDABILITY
The money needed up front is kept right down, as well as monthly payments. Typical monthly savings of £300 to £350 compared with a full mortgage or monthly payments of 30% less.
