longislandpcrepair.com

Predicting the way the United Kingdom property market will behave within the next 12 months isn’t easy. The last few years have seen numerous industry experts make strong claims about recovery that never actually materialised. However now there are signs the market has reached its lowest level and may be on the way up again. Most regions have seen small but significant price increases this year with £5,000 being added to the value of the average home. So if you are a first time buyer is it a good time to enter the market? While prices are on their way up once more they are still at lower levels than July a year ago. The forecast for the rest of 2011 and early 2012 varies on whom you listen to. However most experts are of the viewpoint that the market will remain flat or see small price rises. So if you’re a first time buyer now is a good time for you to begin looking. Although prices might not rise much further they’re unlikely to drop and you will find some great deals from many home builders on new homes. If you are thinking about buying your first home or flat here are some pointers:

Mortgage and Other Expenses

The requirement for big deposits has slowed activity within the housing market considerably. With relatively few new buyers entering the market the number of homes sold reached a record low in 2010. However although 10% home loan deals are still the norm there are indications that lenders are easing their restrictions on lending slightly. There are now a lot more 95% mortgage loan deals available with competitive rates. When you’re saving for your first house the deposit is just one of the numerous expenses you will have to take into account. You will also need to save for stamp duty, solicitor’s and surveyor’s expenses and moving fees. Purchasing furniture and home appliances for the home are other expenses to think about. Finally you will need to budget for bills that will be much larger than in shared accommodation or if you were living with parents. New or Used Home? Should you purchase a new or used home? With the present state of the housing market there is a large stock of new homes that developers wish to sell. There are some excellent deals available on new homes with lots of developers lowering asking prices by as much as 10%. Many developers are also offering incentives such as free white goods or assistance with finding a deposit. New build homes will also come with a free 10 year warranty from the builder and are a lot cheaper to run and look after.

Shared Ownership

Shared ownership is among the best ways for many first-time buyers to be able to afford their first property. You take out a home loan for the portion of the house you own and pay rent on the other part to a housing organization. Over time you increase the amount of the property you own. There are lots of shared ownership programmes throughout the United Kingdom with many of them aimed at key workers like nurses, firemen and teachers. Another option you could consider is purchasing a house with a group of your friends. While this can seem like a good option it can be fraught with stumbling blocks for the unwary. Make sure that you make use of a solicitor to draw up legally binding contracts.

Find new homes Cardiff the easy way with What House?