Time for homebuyers to take advantage, expert says

News Category: Marketing

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Landlords and letting agents should take advantage of current conditions in the UK housing market by snapping up new property, it has been suggested.

With big players in the mortgage industry now passing on interest rate cuts to borrowers, homebuyers can purchase property with less fear over high monthly repayments, said Sue Warwick, national sales and marketing director at Miller Homes.

However, landlords looking to add to their portfolio might have to do so quickly.

"Buyers should take advantage of the market now because once the shortage of new homes starts to hit, prices will inevitably begin to climb again," Ms Warwick added.

The government's pressure on lenders to pass on interest rate cuts by the Bank of England to borrowers could result in a much-needed boost to the property market if house hunters begin purchasing property, she noted.

Last week the Bank cut the base rate by 1.5 per cent, the largest reduction since 1981 and the biggest cut the body has made since it was made independent in 1997.

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