Our Royal Docks estate agents take a look at when exactly is the right time to buy your first property in London. Should you just jump right in or should you wait? Is there ever a right time?

Buying your first property in Royal Docks

So you have saved up your all important deposit or you have successfully applied for your Help to Buy scheme. All your paperwork is done and you are set to go. Except you aren’t. You hesitate. Someone tells you you should wait. Now is not a good time. You might get a better price in six months or ten months etc. It makes you pause, think too much. Maybe you could get a bigger deposit together while you wait? What should a first-timer do in an ever fluctuating market?

Timing the London property market is risky, so just go for it!

There really is no time like the present when it comes to stepping onto the property ladder.

It can be a tough jump to make but if you are ready to go then it is time. Research done over decades shows that very few people successfully time the market. Those that get in at the exact right time on their first property are few and far between and generally do it through luck more than observation.

Richard Donnell of property analysts Hometrack said “a more efficient way to save money would be to negotiate a discount on the asking price.” He said, “buyers today are often achieving 10% discounts on the asking price.” It always pays to negotiate, especially in a market like London.

As a first time buyer more time waiting is also more time paying rent. Rent which could be used to pay off the mortgage you have worked so hard to achieve.

Living the dream with your first home in E16

For a lot of people in London owning their own property is a dream. Gathering that all important deposit while paying rent can be tough. Getting your paperwork together can take huge amounts of willpower and commitment. If you have done both of these things and you are in the position to buy your first home, then the general consensus would be to take that step and own it!

With apartments for sale in Royal Docks from under £300,000 we may just have the ideal first or subsequent home on our books. Get in touch with our team in Henry Wiltshire Royal Docks today for more information.

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