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A Great Time to Buy in Bedford

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A Great Time to Buy in Bedford?

First time buyers are spoilt for choice in Bedford. The Times reported this morning, getting on the property ladder is now a realistic possibility for many. You don't need much in the way of savings to get approval for a mortgage; a few thousand pounds will have the banks queuing up for your business.
According to the Times report, some lenders are prepared to offer mortgages for as little as 5% deposit. Similarly shared equity schemes have relaxed their entry level conditions. They still require a deposit, but a smaller one then that required if you were buying outright.
The report suggests that there are catches. Purchasers who place small deposits will face much higher mortgage costs. Even so, it is a market worth checking out for first time buyers.
The average price of houses in the Bedford area has fallen almost 16 per cent in the last year. It is expected that prices will continue to fall this year but anyone waiting for the market to hit bottom had better beware.
The director of residential research at Knight Frank, Liam Bailey says: "Indices always lag slightly and there are deals happening at the moment with big reductions. Buyers need to get ahead of the market. If they wait for the announcement that it has reached the bottom, they will miss the boat."

 


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