It is a good time to buy

Posted: 18 Apr 2008 11:18:36 GMT

The current climate in the UK property market actually spells good news for homebuyers.

The current climate in the UK property market actually spells good news for homebuyers.

That is according to Persimmon Homes, which said that it is a buyers' market and there are many good deals available.

Suzanne Irons from the firm said that competitive mortgage deals remain available on the market and relatively low house prices mean that buyers can bag a bargain.

"Contrary to reports, there are still attractive mortgage deals available however you do need to move quickly to get them," she commented.

"This news, coupled with the fact that the Bank of England has reduced the interest rate by 0.25 per cent to five per cent, should come as a sigh of relief for anyone considering buying for the first time or those looking to make the next move up the property ladder.

"A low, stable, interest rate, extremely competitively priced properties and developers that want to sell means now is clearly a buyers market," added Ms Irons.

The majority of mortgage lenders reduced their mortgage rates when the Bank of England cut the base rate of interest in April.

© Houseladder Ltd