Not a rise of 0.1%. No. A rise of 1.2%!!!!
It still baffles me. Because I am so focused on the bottom end of the market where a 100% increase of a £20,000 property to £40,000 would not even impact the national figures, I still do not fully understand the first buyers mentality.
Are they smart?
Are they not?
Do they know it is bargain city out there?
I think the tide has turned. The first time buyer is no longer thinking:
If I wait a couple of months prices will be lower
They are now thinking
If I wait a couple of months prices will be higher!
Then the panic sets in. They think to themselves am I going to miss my chance to get on the property ladder? Am I going to lose my chance to say:
I was clever and I bought at the bottom of the market!!!!!!
Remember we cannot compete with the first time buyer. They buy based on personal preference with no knowledge of yield etc. you will always lose to the first time buyer eventually as they will always out bid you.
So you have to get in before the first time buyer wises up. They may very well be wised up and the bargains may get snapped up.
Give it a go. Go on rightmove and find a cheap property in your area. Then ring it up and see if it is still available. If it is ask if you can get a viewing. If they say you can go on a group viewing then forget it. The herds are in and the property will get bid up.
If the bargains are still available to see and you get a personal viewing from the estate agent then the area is still HOT.
So I ask you. Are you going to wait for the herd of first time buyers trample over you? If not speak to us!
Posted on: 29th May 2009