The housing market in the UK has been in a state of uncertainty for the last few years. However it looks like the market has finally stabilised and many areas are beginning to see prices climb slightly. The most recent information from the housing website Zoopla showed that the cost of the average house in the united kingdom increased by £5,000 in the six months to July. So if you are a first time buyer is it a good time to go into the market? Whilst prices have increased slightly they are still lower than they were at this time last year. Predictions for 2011 and 2012 differ considerably according to 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’re a first time buyer now is a great time to start looking. Prices are unlikely to drop and there are some great deals available on new properties. if you are entering the market for the first time here are a handful of tips to help you out.

Mortgage and Other Expenses

Saving a 10% or larger deposit usually takes years and is a reason for the recent lack of activity in the housing market. The times of 100% or more mortgages are well and truly over. Today you need at least a 10% deposit if you want to get the best deals with the lowest rates of interest. However more 95% deals have started to appear in the last couple of months in particular for people with excellent credit ratings .. Obviously there are a number of other things that you have to save and budget for as well as a deposit. There is stamp duty to pay on many properties, solicitor’s fees and surveyor’s fees as well. Don’t forget the cost of furnishing your home and the fact you will be paying the bills on your own. This is often quite an increase in your monthly budget if you’ve been living with your parents or in shared accommodation. New or Used Home? Should you buy a new or used home? With the present state of the housing market there is a large stock of new houses that developers wish to sell. You can get some terrific deals on new homes with many developers lowering asking prices significantly. In addition to reducing prices several developers are offering other incentives like help with finding a deposit, part exchange programmes and free white goods and home appliances. Generally new homes are also less expensive to run and will come witha 10 year guarantee.

Shared Ownership

Shared ownership is one of the best ways for many first time buyers to be able to find the money for their first home. With a shared ownership scheme you pay a mortgage on the share of the home you own and pay rent on the remainder to a property association. With time you increase the amount of the home you own. There are lots of shared ownership schemes in the United Kingdom with many of them geared towards key workers like medical workers, firemen and teachers. Another option you could look at is purchasing a residence with a group of your friends. This may appear like an attractive option but can have its downside. Always usea solicitor to draw up agreements to make sure that everyone knows their obligations and responsibilities.

Find the best new homes Edinburgh with What House?

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Posted by Felix on October 15th, 2011 :: Filed under Finance
Tags :: New Homes Edinburgh

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There’s no doubt the United kingdom house market has experienced some hard times recently. The number of homes which are being constructed has dropped even though in many regions there is a huge shortage of new housing stock. In a great many parts of the country the results of the last economic depression continue to be felt and the credit crunch is even now affecting the supply of mortgages. New Homes Edinburgh However there are some indications of recovery in the property market with many experts now stating that it has reached its lowest point and prices are going to recover this year. This is the reason why now’s the perfect time to buy property from a new house builder. Should you be thinking about moving house this year there are a few great reasons why you ought to look at a new house rather than a used one. The first reason to consider buying new would be the fact new homes are built to a much better standard than older properties. A new house that is built using modern building techniques and materials will be a lot more energy efficient and so less costly to run. In a time when everyone is more ecologically aware this is a great thing. Brand new homes come with insurance schemes as well as a warranty to give you complete protection not to mention peace of mind. Buying a new house in a highly sought after location with large living spaces, fitted kitchens and bathrooms with all mod cons is undoubtedly an exciting prospect for virtually any home hunter. At the moment there are some excellent deals and incentives available from new home builders that make moving even easier. In case you are thinking about moving house this year and are trying to find new homes Hampshire, new homes Essex or new homes Kent go to the What House? website for all the latest information and news. You will discover the best selection of new properties all over the country and also expert advice about every aspect of the current property market.

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Posted by Felix on March 15th, 2011 :: Filed under Finance
Tags :: New Homes Edinburgh

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