Tag: home buying

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Why 2025 Could be the Perfect Time to Buy a Property in Tower Hamlets

Why 2025 Could Be the Perfect Year to Buy a Property in Tower Hamlets

If you’ve been considering buying a property in Tower Hamlets, 2025 might be your year! With a balanced property market, stabilising mortgage rates, and manageable house price growth, the conditions are aligning for a favourable buying environment. Whether you’re a first-time buyer, moving to a larger property, downsizing or considering an investment, here’s why 2025 presents a wealth of opportunities.

A Balanced Property Market Offers More Choices

The UK property market has been steadily moving towards balance. According to data from Zoopla, the number of homes for sale in 2024 reached its highest level in seven years, and this trend is expected to continue into 2025.

For buyers, this means:

  • Greater Inventory: More homes on the market give buyers a wider range of options.
  • Less Competition: A balanced market reduces bidding wars that have characterised previous years.
  • Stability: Buyers can make decisions more confidently without rushing to secure a deal.

Improving Mortgage Rates Bring Financial Relief

After a year of volatility, mortgage rates have shown signs of stabilisation. According to Moneyfacts, average five-year fixed mortgage rates stood at 4.5% in 2024, and experts predict they may decrease slightly or remain steady in 2025.

Why this matters for buyers:

  • Lower Monthly Payments: Affordable rates mean reduced financial strain.
  • Predictable Planning: Locking in stable rates allows buyers to plan long-term budgets confidently.
  • Increased Borrowing Power: Lower interest rates can increase what buyers are eligible to borrow.

Buyers are encouraged to work with financial advisers to explore their options and secure the best deals early.

Steady House Price Growth Encourages Strategic Buying

After a period of sharp increases, house prices have been rising at a slower, more manageable pace. According to Rightmove’s 2025 house price forecast, the average house price is expected to rise modestly by around 3%. This steady growth benefits both buyers and sellers:

  • For Buyers: There’s less pressure to rush, and the slower pace allows for careful market research.
  • For Sellers: Gradual price increases mean selling remains a lucrative option.

This stability ensures the property market remains accessible while still offering long-term investment potential.

Government Support for Buyers in 2025

The UK government is introducing initiatives designed to support buyers, particularly those struggling to get on the property ladder. These measures include:

Mortgage Guarantee Scheme:

Proposals for a permanent scheme aim to make it easier for buyers with small deposits to access mortgages.

Energy Efficiency Grants:

Under the ‘Warm Homes Plan,’ grants and low-interest loans will be available for energy-efficient upgrades like solar panels and improved insulation. These upgrades can reduce energy costs in the long term while increasing property value.

Support for Domestic Buyers:

New policies aim to prioritise domestic buyers over international investors, ensuring more opportunities for UK-based purchasers.

These initiatives reduce barriers to entry and support affordability, particularly for those navigating current economic challenges.

Economic Strength Bolsters Market Confidence

Heading into 2025, the UK’s economic outlook is positive. Rising wages and stable employment rates are contributing to heightened confidence in the housing market.

What this means for buyers:

  • More Competitive Deals: Lenders are more willing to offer favourable mortgage terms.
  • Market Stability: A healthy economy helps maintain a strong market, reducing the risk of sudden downturns.

According to a report by Halifax, buyer sentiment is expected to remain optimistic as the economy continues to stabilise.

Preparing to Buy a Property in Tower Hamlets in 2025

While 2025 offers many advantages, success in the property market requires preparation. Here’s how to make the most of the opportunities ahead:

1. Understand Your Finances:

Review your credit score.

Save for a deposit (5 – 20% of the property’s value is typical).

2. Research the Market:

Identify areas with good growth potential.

Compare prices to ensure you’re getting value for money.

3. Work with Experts:

Seek advice from an estate agent in Tower Hamlets like City Realtor and speak with mortgage brokers.

4. Consider Energy Efficiency:

Look for homes with green upgrades, which may reduce running costs and increase future resale value.

5. Act Strategically:

Plan your timeline to avoid peak competition periods like spring.

What Next?

2025 is looking like a promising year to purchase property. With balanced supply and demand, favourable mortgage rates, and supportive policies, the conditions are good for finding your dream home. By preparing strategically and getting expert advice from your local estate agent in Tower Hamlets you can take advantage of what the 2025 property market has to offer.

Ready to explore your options in the 2025 property market? Get expert advice, personalised recommendations, and the support you need to make your move with confidence.

Contact City Realtor today on 0207 790 7702 or email us at admin@cityrealtor.co.uk to start your journey!

In the meantime, we’ve answered some of your common questions about buying a home in 2025.

Frequently Asked Questions About Buying a Home in 2025

Is 2025 a good year to buy a home?

With a balanced market, stabilising mortgage rates, and supportive government policies, 2025 offers favourable conditions for buyers.

Will house prices rise in 2025?

Experts forecast a modest 3% increase in average house prices, making it a good year to buy without fear of rapid inflation.

What mortgage rates can I expect in 2025?

Rates are expected to remain stable around 4.5%, with the potential for slight decreases depending on the market.

How do government initiatives help buyers in 2025?

Programmes like the Mortgage Guarantee Scheme and energy efficiency grants lower upfront costs and make homeownership more accessible.

Is it better to buy in spring or autumn?

Both seasons offer advantages. Spring historically provides more choice, while autumn may see less competition among buyers.

How do I find the right property for my needs?

Work with a trusted estate agent, conduct thorough research, and clearly define your budget and priorities before starting your search.

About Us

City Realtor brings you all the latest property market news every month. For more localised property news in Tower Hamlets, please contact the team at City Realtor on 0207 790 7702 or admin@cityrealtor.co.uk.

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of November/December 2024 and may change. Always seek professional advice for your individual circumstances.

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Tips for Making an Offer: First Time Buyers

Tips for Making an Offer: First Time Buyers

Buying your first home is both an exciting and daunting prospect, and making an offer can be particularly nerve-wracking if you’ve never done it before.

5 Tips For When You Put an Offer on a House

Getting your offer spot-on can be the difference between getting a great deal versus paying far more than you would like. If you’re a first-time buyer, then read on for our top tips on making an offer.

You may also benefit from reading our Guide to Buying

1. Get a Mortgage In Principle

Before you even think about making an offer on a property, it’s vital that you know what your budget actually is.

Many would-be buyers make an offer on a property assuming they’ll be able to borrow the amount they need, but in reality, they might come up short. On the other hand, you may be able to borrow more than you actually think, so you’re viewing properties that are much lower than your real budget. Use our mortgage calculator here.

Therefore, it’s a good idea to consult a mortgage broker before making an offer so they can tell you exactly how much you can borrow.

Having a mortgage in principle will also help you when it comes to making your offer, as it shows that you’re a serious buyer and that you’re well prepared.

Read 10 Essential Tips for First-Time Buyers

2. Do Your Research

It’s worth bearing in mind that often the listed property price may be open to negotiation.

Find out what other properties in the area have sold for recently, and determine how long the property you’re interested in has been up for sale.

Has the price been reduced, or has it remained the same? Getting these valuable pieces of information will help you to put in an offer that’s more likely to be accepted.

Read 3 First-Time Buyer Mistakes – And How To Avoid Them!

3. Play To Your Strengths

As a first time buyer, you’re in a relatively strong position when it comes to negotiating, particularly if the seller is motivated and looking to move quickly.

First-time buyers are generally very attractive to sellers because there’s no lengthy chain to consider, which means a faster buying process and potentially more flexibility on exchange and completion dates.

Therefore, your first time buyer status can be advantageous.

If time is an issue for them, sellers may be willing to accept a slightly lower offer from a first-time buyer than a higher offer from someone who’s part of a chain.

Read 8 Essential Questions You Should Ask When Buying A Property

4. Don’t Worry If Your First Offer Is Rejected

Making an offer can be a bit of a balancing act. On the one hand, you want to secure the property for the best price, but on the other, you don’t want to make an offer so low that it frustrates the seller and leaves them not wanting to enter into negotiations.

As long as your initial offer isn’t ridiculously low then don’t be worried if the seller rejects it. Remember, it’s all just a natural part of the negotiating process, as the seller will want to achieve the worth of the property, and rejecting an offer isn’t anything personal against you or a sign that they’re offended.

There’s no set rule on how much to offer or how much you can expect to negotiate off the asking price, but if you’re in two minds about making a cheeky offer, then don’t rush in!

5. Keep An Open Mind After The Survey

A property viewing is usually completed in under 30 minutes. Sometimes it can be less than 15, so of course, you’re not going to spot every detail that you might need to know before making an offer.

Once your offer is accepted, your solicitor will start detailed searches on the property, sometimes uncovering things that might have been missed during a quick viewing. This step can be really beneficial, as it gives you a fuller picture of your potential new home.

If the survey reveals something like an overdue boiler service or a conservatory that’s been reinforced, don’t worry – this is normal and just part of the process. Use this opportunity to discuss any concerns with the team at City Realtor. We can help you navigate next steps and, if needed, adjust your offer to ensure you feel confident about your investment.

Chat With City Realtor – Your Local Estate Agents

If you are a first-time buyer and you have questions about the buying process, give us a call for help and advice. City Realtor are your local estate agents in Tower Hamlets. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk.

Frequently Asked Questions About Making an Offer on a House

How much should I offer for a house?

Research recent property sales in the area to get a sense of market prices. Consider the property’s condition, location, and any unique features. Start with a reasonable offer, but be prepared to negotiate.

When should I make an offer on a house?

The ideal time to make an offer depends on various factors, such as the property’s condition, the market conditions, and your personal circumstances. If you’re a first-time buyer, you may have an advantage in terms of speed and flexibility.

How can I increase my chances of having an offer accepted?

To increase your chances of having an offer accepted, demonstrate that you’re a serious buyer by having your mortgage in place and being ready to move quickly. Highlight any unique selling points that make you an attractive buyer, such as being a first-time buyer or having a strong financial position.

What should I do if my offer is rejected?

If your offer is rejected, don’t be discouraged. Consider negotiating with the seller or submitting a revised offer. You may also want to explore other properties that meet your criteria.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

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Haunted Homes: A Spooky Guide for Homebuyers This Halloween

Haunted Homes A Spooky Halloween Guide for Home Buyers

Halloween is here, and the excitement of ghostly tales and spine-chilling stories fills the air. But did you know, that while spooky for some, for others, the allure of haunted homes can be both thrilling and intriguing!

Whether you’re a believer in the paranormal or simply enjoy the stories that surround haunted properties, there’s no denying that they capture the imagination.

In this article, we’ll explore some essential tips if you’re considering purchasing a property with a spooky history.

Famous Haunted Places

London is home to some of the most famous haunted houses in the world and Tower Hamlets leads the pack when it comes to supernatural encounters, with an impressive 20 sightings reported. The Tower of London is at the centre of this spooky activity, accounting for 11 of those sightings. Some of its well-known ghostly residents include Henry VI (who was murdered there in 1471), Guy Fawkes, Lady Jane Grey, and The White Lady who announces her presence with a waft of cheap perfume! This historic fortress is steeped in tales of ghostly apparitions and eerie encounters, making it a must-visit for thrill-seekers.

Bethnal Green holds the title for the most paranormal sightings in Tower Hamlets outside of the Tower, with two reported appearances. These include Edmund Bonner, a former Bishop of London, and the spirits of women and children from the WW2 bombings.

Other spots in Tower Hamlets, such as Whitechapel, the Blackwall Tunnel, The Ten Bells Pub, Turners Old Star Pub, and Ragged School Museum each have supernatural sightings attached to them.

Of course, every region has its own haunted landmarks, from old manor houses to castles, all brimming with tales of ghosts and ghouls. But if you’re moving home, as you explore the world of haunted homes, remember that these stories often add a unique charm to spooky properties, making them stand out in the housing market.

Tips for Buying a ‘Haunted’ Property

If you’re considering purchasing a home that comes with a spooky reputation, here are some helpful tips to bear in mind:

1. Research the History: Before making an offer, investigate the property’s history. Look for information about previous owners, any notable events, or reports of paranormal activity. Understanding the background can provide valuable context and help you make an informed decision.

2. Ask the Right Questions: When viewing the property, ask your estate agent if they know about the history or of any known ghostly occurrences! Enquire whether the property has a history of unexplained events or if any neighbours have shared their own spooky stories.

3. Trust Your Instincts: Sometimes, the atmosphere of a home can be just as important as its physical features. Pay attention to how you feel when you walk through the property. If it gives you the creeps, it might not be the right fit for you!

4. Be Open-Minded: Keep in mind that stories of haunted properties can often be exaggerated. While some may claim to experience supernatural events, it’s essential to approach the situation with an open mind. What might be perceived as eerie could simply also be part of the home’s unique character.

5. Consider the Market: Haunted homes can sometimes come with a lower price tag due to their reputation. However, this can also mean a quicker purchase if you’re willing to embrace the history. But do evaluate whether the potential drawbacks of a haunting might affect resale value in the future.

6. Local Insights: Engage with the community to gather insights about the area and its haunted folklore. Local residents may have fascinating stories or knowledge about the property and can help you gauge whether its spooky reputation holds any truth.

Would You Buy a Haunted Property?

This question often sparks debate among potential homebuyers. For some, the charm of a haunted property is irresistible. The history and character it brings can create a unique living experience. If you’re someone who enjoys stories and finds joy in the quirky aspects of life, a haunted home could be an exciting venture.

On the flip side, others may feel uneasy about the prospect of living in a place with a spooky reputation. So, it’s essential to weigh your comfort level against the property’s unique offerings.

Ultimately, the decision to buy a haunted property comes down to personal preference. Embrace the adventure or stick to the traditional!

Finally

As you prepare for a Halloween filled with ghost stories and chilling tales, remember that haunted homes are more than just spooky tales – they can offer unique opportunities for the adventurous homebuyer.

Whether you’re drawn to the charm of a historic property or intrigued by the idea of sharing your home with a friendly spirit, embracing your spooky side can be an exciting journey.

Happy Halloween, and may your homebuying experience be as thrilling as a ghost story! 

City Realtor is your local estate agent in Tower Hamlets. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to chat with a member of our friendly and experienced team about our property listings.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.