eMoov.co.uk encourage first time buyers to take the plunge in the North East

For first time buyers, the dream of owning a house can sometimes seem like a long way off. With thousands often finding themselves stuck in a renting trap that they can’t seem to escape from, it means that owning a house of their own is somewhat of a pipedream. Put that together with research by the Resolution Foundation highlighting home ownership in England is at its lowest level in 30 years due to difficulty in saving for a deposit, and this leaves many resigned to the fact they may never own a house of their own.

All of this doom and gloom can leave people feeling down about the market and put home owning significantly out of reach for many. However eMoov.co.uk, the award winning estate agents, is urging first time buyers to take advantage of the market changes and interest rate cuts and invest now in the affordable North East.

Russell Quirk, Founder and CEO of eMoov, said, “Since the Brexit vote, the whole property market has been waiting with bated breath regarding what the effects would be. As predicted, the market has shown signs of slowing with a 1 per cent drop in asking prices during July. This followed the Bank of England’s decision to slash the base rate the day before – making mortgages cheaper for all. However the question is how long will it last and what will happen over the coming months? As there is no telling for sure, those first time buyers looking to get on the property market, should consider doing so now while both property prices and interest rates are low.”

Last week, the Bank of England slashed its base rate to a record low of 0.25 per cent. Although bad news for savers, this is excellent news for those looking to get on the property ladder, those about to re-mortgage and homeowners with a tracker mortgage. Cutting around £22 off the typical monthly mortgage, the cut can save homeowners over £200 per year.

Russell, added, “Despite this decrease in prices being nationwide, the North East still offers significantly better value than much of the UK. At £124,446, property prices in the areas are significantly lower than the national average of £226,807.

Offering easy access to some of England’s brightest and most eclectic cities, such as Newcastle and Durham, the North East has something to offer every buyer.

To find out more about eMoov, visit the website: www.emoov.co.uk

CONTACT

Contact the eMoov media team on press@emoov.co.uk for exclusive interviews and property insight.

NOTES TO EDITOR

Resolution Foundation thinktank source: https://www.theguardian.com/society/2016/aug/02/home-ownership-in-england-at-lowest-level-in-30-years-as-housing-crisis-growsAverage House Price source: ZooplaeMoov is the UK’s most successful and recognised Hybrid Estate Agent offering to sell properties for fees of just £679eMoov has sold over 5,000 properties since it launchedeMoov are backed by VC firm Episode 1Russell Quirk is the founder of eMoov and widely recognised by the media for his expertise within the property marketRussell is a third generation estate agent and after running the family business of 5 independent estate agents he sold them to start eMoov in 2010In 2014 and 2015 eMoov won the allagents.co.uk Best Customer Service Award, testament to their approach of being the digital disruptor offering fantastic value and outstanding customer service

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