Property market advice from Lynda Clark, a first time buyer expert
Lynda Clark is the CEO of the First Time Buyer Group. As well as being editor of First Time Buyer Magazine, she also manages the successful First Time Buyer Home Shows, which run free exhibitions across England. A regular spokesperson and a well-known figure in the property world, Lynda spoke to us about the benefits of buying and what the future holds.
What is the future of the property market?
The future is bright but there will always be peaks and troughs. Events like Brexit may affect the property market temporarily but the overall outcome always seems positive. What we do know is that first time buyers are currently buying more properties than they have done since 2007 and there is a real buyer confidence back compared with a decade ago.
In your opinion, which is better – renting or buying?
It is always my belief that buying is best, as long as buyers make sensible decisions. I speak to hundreds of first time buyers who are so frustrated with the waste that renting presents and they are desperate to find a way onto the housing ladder. As rents go up, tenants are lining the pockets of landlords and at the end of it they have nothing to show. There may be situations where renting is better but if the plan is mid to long term, buying is always going to provide a better long-term investment.
What advice would you give to a first time buyer?
A deposit is one of the biggest barriers so save as much as you can. Buying a house can be expensive so the more you have put away, the stronger your first step onto the housing ladder.
List 3 upcoming areas to buy in.
Manchester is a great place where a lot of building is going and first time buyers will be able to benefit from a good supply of properties. Croydon, where we are hosting a FTB Home Show in October is also a great location. Stratford also offers great value for money in terms of London house prices and sits within the London commuter travel zones.
What is the biggest mistake that first time buyers make?
Not doing enough research! So many aren’t aware that schemes like Help to Buy and Shared Ownership are available. Our FTB Home Shows are a great success as they offer prospective buyers free advice - I would encourage anyone looking to buy to register for one of the next shows.
What is the biggest misconception that first time buyers have?
That they are going to be able to buy their dream home with their first property. First time buyers should see the property ladder as a journey rather than a final destination.
Where do you see the housing market in 5 years?
This will depend on many of the politically motivated decisions that we are about to embark upon. We are currently suffering from a massive housing shortage and the desire to buy is strong in this county. People still need homes and so I think the market will remain strong for many years. Of course there may be wobbles but overall, as previous property cycles show over decades, the property market is one of the most resilient.