The latest cut in the Bank of England’s base rate has brought interest rates down to their lowest level in the Bank’s 315 year history. Just twelve months ago they were 5.5% but now stand at 1.5% (with the expectation that they may fall further). In addition the price of a typical house has now returned to the level it was in August 2004.* Add to this the fact that the house price to earnings ratio, a key measure of affordability, is at the lowest for five and a half years* and it is clear that, for many people, now is a fantastic time to buy. Some of the best buys around at the moment are in new homes where house builders are offering many excellent incentives such as part exchange, deposit or legal fees paid or just substantial price discounts. “Unlike many private homeowners, developers have no choice but to sell in the current market but these deals are likely to dry up as soon as the market picks up,” says Ian Dowrick of Connells Shilrey branch.

“Anyone moving up market could be pleasantly surprised to find that, because of the decrease in both prices and mortgage interest rates, they can move into a bigger home but pay less in monthly payments.”

By taking advantage of the various offers from house builders, first time buyers are finding that, in many cases, they are able to skip the first step of the property ladder and purchase something that just a couple of years ago would have been totally out of reach. And what’s more, because of some great incentives such as shared equity, they could find themselves paying less in mortgage repayments than they did in rent.

- 2 - Many people have already realised that this is a perfect opportunity to move to a new home which, because it is built to modern high energy efficient standards, will probably also allow them to save money on their fuel and maintenance bills. “Since the start of the year we have seen a high volume of visitors to the sites we are selling across the region and sales are already very encouraging,” says Ian Dowrick. “Don’t miss this unique window of opportunity. Visit your local Connells branch at 409 Shirey Road, Shirley, Southampton, SO15 3JD or telephone 02380 789351 to find more about what’s available in your area.”