Data from the property website Zoopla reveals that 1 in 9 homes currently on the market in the UK is an ex-rental property.
These former rental properties have average asking prices that are approximately 25% lower than owner-occupied homes. This makes them a more affordable option for aspiring homeowners, with an average price of £190,000.
Higher mortgage rates are causing some landlords to sell their rental properties. This means there is more choice for those who are househunting.
There has been a surge in new buyer activity that has resulted in consistently higher viewing numbers across the country, surpassing any figures seen in the last six years.
Now is a fantastic time for renters who have been waiting for the right moment to transition into home ownership.
Furthermore, rising rental prices over the past year have made buying a home even more appealing. There has been an 11% increase in rents on new tenancies across the UK, with London experiencing an even more significant jump of 17%.
If you are currently looking to purchase your first home please give us a call on 01424 730678 or send us an email to info@maltbys.uk so that you can be added to our earlybird list and be one of the first to hear about our latest available properties.
