Good time to buy a new home

Ben Stein, writing in The New York Times in 2005 said “Those worried times are the times when it is good to buy”. As evidence emerges that house prices are in limbo, faltering consumer confidence and uncertainty regarding future interest rates cuts, many people may be put off buying a new home.

Carolyn Walsh Miller Homes Sales and Marketing Director says: “People may think it is currently not a good time to buy but when prices are at their lowest and good incentives are offered it is the perfect time to move home. Unless you are downsizing, you never really benefit from the equity in your home, as higher prices apply to the house you are buying as well as selling.”

According to the Nationwide, housing market activity tailed off sharply in November, with prices down 0.8 per cent, and mortgage approvals at their lowest level for nearly three years.

Carolyn Walsh continues: “At Miller Homes we are currently offering buyers a range of very attractive incentives, which means they can get more home for their money right now. They also can get a double bonus in the future when there is an upturn in the market.”

The National Housing Federation states in its recently published ‘Home Truths: The Real Cost of Housing 2007-2012’, that house prices are still rising fast in the North West. The latest housing market forecast from Oxford Economics, detailed in the document, suggests any market downturn will be short lived and the basic economics of housing demand substantially outpacing supply will lead back into rapid price growth by 2010.

The Oxford Economics market forecast also predicts that average house prices in the North West are set to rise above £200,000 by 2010, an increase of 30 per cent.

Carolyn added: “It is so easy to forget that the property market has proven to be the best investment in recent years. House prices have risen consistently. The Land Registry reported in November that in the northwest the average house price has increased by 6.6% in the year to October. Above all the talk of values and investments most people move because they want a better house in a nicer location. Underlying demand is still there with 109,585 recorded house sales in England and Wales in August this year.

“There are around 1.4m property transactions each year in England and Wales with only 185,000 new homes built in 2006 according to the NHBC. The Government is aware of the need for more housing and has set about trying to encourage the building of 3m new homes by 2020. With the population having just exceeded 60m and projected to increase, it is easy to identify that there is an ongoing supply and demand problem.

“Seeing where these indicators lead; demand will be constant or increase, not reduce in the medium to long term and this will surly prove the Oxford Economics forecast to be correct.”

Miller Homes new range of incentives that includes having the mortgage paid until 2009, having mortgage arrangement fees, survey fees, stamp duty and legal fees paid and having carpets and curtains included.

Miller Homes is also taking the stress out of moving by offering part exchange option across all its northwest developments. Miller Homes guarantees to confirm an offer on a house buyers existing property within seven days. This enables people to quickly decide if they can buy. It also means they don’t have the hassle of having to sell a home, before being able to move, removing the risk losing the house of their dreams because they can’t find a buyer. This can be a real bonus in a cooling market when buyers can avoid delays caused by a chain.

Every year, Miller Homes eases the stress of house buying for thousands of people across the UK. Its team helps homebuyers every step of the way, from the initial search for a new home until well after people move in. In a recent homebuyers survey, 86.2 per cent of its customers said they would recommend Miller home to their best friend.

All the way through the home buying process, the Miller Homes team is there to make the whole experience as enjoyable as possible. Whether people need help sorting out a mortgage, finding a solicitor or choosing fixtures and fittings, Miller can offer advice, based on over 70 years experience in the house building industry.

For more information on the range of properties and incentives Miller Homes has available throughout the North West, visit Millerhomes.co.uk.