What are your comments on the recent budget?

Scott Ayliffe, Director of Sales and Marketing
Scott Ayliffe

Over the past few years the budget has been a bit of a none entity, neither welcomed by the many nor the few. At a time where the UK is grappling for certainty within the forever fluxing Brexit landscape, sifting through the ruins of the political aftermath in search for a possibly new Great British identity – any help with the budget is welcomed.

It seems that most political decisions are made as a knee-jerk reaction with best intentions in mind, while seemingly and surprisingly not looking at the bigger picture. While the cynic in me says that this is a vote winner to lure the young, I do welcome the stamp duty changes which have been introduced for first-time buyers with open arms. Owning a property for many seemed out of reach and now with saving on a purchase of another circa £5,000 it may be closer and more achievable. This will indeed have a short-term positive effect on the property market and more importantly, on the brave individuals who take advantage of historically low mortgage rates and leap onto the housing ladder.

It is well documented that in the short term it is a risk buying a property, as there could be negative troughs as well as positive peaks. Yet over a longer period, buying a property and holding it is a shrewd investment. Although renting has proved to be a more efficient way of living for the more transient of occupants, there is still a seemingly in-built desire to own a property and have a stable base. In news this week of one lender releasing a buy-to-let product for first-time buyers – there could be an argument to say there has never been a better time to buy as a first-time buyer.

My message to any first-time buyer (investor or owner occupier) is that I would implore you to get professional and free advice. Knowledge is power so go into home ownership with open eyes, secure in the knowledge that you are partnering with the right professionals to guide you through the journey of investing in your future, and possibly generations to come.

Scott Ayliffe
Director of Sales and Marketing
liferesidential.co.uk
LiFE Residential