Look For New Houses
The UK housing market has witnessed a number of ups and downs( mainly downs) during the last couple of years. However there are indications the market has at last begun to stabilise and many industry experts are predicting small price increases for many areas. Data released by Zoopla in July stated that typical house prices increased by about £5,000 in 2011 with the typical home in the united kingdom now costing £216,534. So is now a good time to buy if you are a first-time buyer? While prices are on their way up once again they are still at lower levels than July a year ago. Forecasts for 2011 and 2012 differ considerably depending on where they come from. Overall the general consensus appears to be that the market will see some small gains but will remain fairly stable. So if you are a first time buyer now is a good time to start looking. The cost of property is unlikely to fall and while any increases may be small they will only add to the cost of buying a home. If you are thinking of buying your first house in the near future here are a couple of quick tips to help you out. Mortgage and Other Expenses Saving a deposit is among the biggest hurdles for many people and one of the reasons why the housing market has been flat during the last couple of years. The times of 100% or higher mortgages are well and truly finished. These days you’ll need a minimum of a 10% deposit if you wish to get the best deals with the lowest interest rates. However more 95% deals have started to appear in the last couple of months in particular for those who have excellent credit scores. When you’re saving for your first home the deposit is just one of the many costs you will have to think about. You will also need to save for stamp duty, solicitor’s and surveyor’s fees and moving costs. Buying furniture and home appliances for the home are other expenses to think about. Finally it’s well worth taking the time to plan for the bills you will need to pay every month. New or Used Home? If you are thinking of buying a property should you choose a brand new or a used one? With the current state of the housing market there is a big stock of new homes that developers wish to sell. You can find some terrific deals on new homes with many developers reducing asking prices substantially. In addition to reducing prices several developers are offering other incentives like help with finding a deposit, part exchange schemes and free white goods and home appliances. Generally new houses are also less expensive to run and will come with a 10 year guarantee. Shared Ownership Shared ownership programmes are becoming increasingly popular for first-time buyers. With a shared ownership program you pay a mortgage on the share of the house you own and pay rent on the rest to a housing association. Over time you increase the amount of the home you own. There are many shared ownership programmes throughout the country and they can be the best way to get on the property ladder especially for key workers such as nurses, teachers and police. Another option is to think about buying a property with a few of your friends. While this can seem like a good idea it can be fraught with stumbling blocks for the unwary. Always use a solicitor to draw up agreements to make sure that everybody knows their obligations and responsibilities.
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