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Jessica Darnbrough
With home values tracking sideways, many buyers may see now as the right time to step back on the property ladder, new research from RP Data has found.
According to RP Data's latest Home Value Index, home price growth is expected to slow over the coming few months, which is likely to be seen as an opportunity for many buyers.
RP Data's national research director Tim Lawless told Real Estate Business that as house prices start to stabilise, there will be more stock to choose from and vendors will be discounting their asking prices by more than this time last year.
"Basically, all these factors will work together to create a buyer's market where vendors have less leverage in the negotiation process," he said.
"In line with the soft residential market conditions, we are likely to see continued weakness in building approvals and housing starts which is bad news for housing supply which remains well beneath the level required.
"Housing finance approvals have been trending downwards for owner occupiers, however the stability in interest rates and improving economic conditions should start to see some improvements in the number of home loans being issued."
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