The growing frustration of a first time buyer

My continued experience, of what must actually now be a national sport – as in hunting for one’s first property, is becoming as interesting as it is irritating/demoralising.

It is most definitely a seller’s market out there, where supply is certainly nowhere near meeting the high expectations of demand. And yes, I know it is hardly the greatest time of the year to embark on a home hunting quest. According to the Building Society Association, the mortgage market continues to be relatively strong with the highest level of lending and loans approved in an October for three years.

But there maybe some good news, the BSA data also concluded there was a month-on-month decline in loans approved but not yet made - down 9 per cent seasonally adjusted - an early indication that the heat is starting to be taken out of the market? I hope so.

But back to the bad news. It would appear gone are the days when estate agents were chasing you with their latest wares coming on the market. For my part, I registered with a number of agencies in the past month.

So far, all I have to show for it is three viewings. It did however start in a very promising way. The first property I was shown, ticked all the right boxes – roomy, nearby to all the local amenities but best of all it was within my budget. Too good to be true? Of course it was, the agent failed to tell me until I started talking money, that the vendor, who was also marketing the property with another agency, had already accepted an offer. Brilliant.

I received a call from another agent a few days later. I was told that two properties had just come onto their books, both of which they felt, would make potentially suitable abodes for me.

And this estate agent was right! They sounded great. The only obstacle was that each one was about £100,000 over my budget. But I admire the optimism.

And then, a few days after that, the same estate agent who tried to sell me a property that was already under offer, stood me up at a viewing. Maybe it is just me.

Later I was shown a property that had a huge bathroom complimented by a tiny living space. There really should be some ban on chopping up perfectly good period properties and then re-moulding them into impractical apartments. But I do live in hope.

Comments

[Dr P Mulay]

Dont bother buying.....there is one thing true of the present situtation. the market is on the cusp, and the better rule of thumb is buy on the downturn.

[Wally Smith]

Each year more than 40 percent of all homes are purchased by first-time buyers according to the National Association of Realtors, a percentage which should offer some comfort if you're about to buy a first home. Others have done it, others are doing it, and you can too. But like most things, there are ways to make the process easier. Here in capsule form are 10 baseline strategies to make that first purchase a good experience. 1. Think credit. Poor credit will make you a bigger risk in lender eyes -- and more risk means higher rates and steeper monthly mortgage costs. Make a point of paying credit car bills, auto loans, rent, and other payments on time, all the time, and in full.