Potential homeowners ‘should act fast’ to minimise debt

Those thinking of buying a house in the current economic climate should act fast, it has been argued.

According to Stuart Law, chief executive of property investment service Assetz, there are more mortgage deals available than many people realise.

He explained that transactions are set to rise as more potential buyers decide to enter the market by the middle of the year, with an increase in interest already being recorded.

And those hoping to reduce the amount by which they are ultimately in debt by negotiating a lower price may not wish to wait long, as Mr Law stated: “If you are wanting to look for a bargain and are looking to haggle, your haggling power is reducing by the day.”

His comments follow Royal Institution of Chartered Surveyors findings that enthusiasm among potential buyers rose for the fourth consecutive month in February, with falling interest rates and asking prices being cited as potential causes.

By Andy Mackay