Look For New Homes For Sale
The housing industry in the UK has been in a state of turmoil for the last several years. However indicators are beginning to appear that the market has reached its lowest point with many industry experts predicting small increases over the next 12 months. Data released by Zoopla in July reported that average house prices increased by about £5,000 in 2011 with the average home in the united kingdom now priced at £216,534. So is now a good time to buy or should you wait a little longer? Whilst prices have risen slightly they are still less than they were at this point last year. The forecast for the rest of 2011 and early 2012 varies on who you listen to. Overall the general consensus appears to be the market will see some modest gains but will stay fairly stable. So if you’re thinking of investing in a home I would say do it now. Prices are unlikely to drop and there are many excellent deals available on new properties. If you’re thinking of buying your first house in the near future here are a handful of quick tips to help you out. Mortgage and Other Expenses The need for big deposits has slowed down activity within the housing market considerably. With relatively few new buyers going into the market the volume of houses sold reached a record low in 2010. However although 10% home loan deals are still the norm there are signs that lenders are easing their restrictions on lending slightly. More 95% deals have begun to appear on the market although the interest on them may be a little higher they are still competitive. When you are saving for your first property the deposit is just one of the many expenses you will have to think about. You should also think about stamp duty when the property is over a certain value, solicitor’s fees and moving fees. Purchasing furniture and appliances for the home are other expenses to consider. Finally it’s worth finding the time to budget for the bills you will need to pay every month. New or Used Home? If you are thinking about buying a house should you choose a new or a used one? With the current state of the housing market there’s a large stock of new properties that developers wish to sell. There are some great deals available on new homes with lots of developers reducing asking prices by as much as 10%. Many developers are also offering incentives including free white goods or help with finding a deposit. New build houses will also include a free 10 year warranty from the builder and are a lot cheaper to run and look after. Shared Ownership Shared ownership schemes have become much more common in recent times. They allow people to purchase a share in a house which they otherwise would be unable to afford. A mortgage is paid on the part of the property you own and rent to a housing organization that owns the other share. You are able to increase the share of the home you own with time so that eventually you can own 100% of it. Another choice is purchasing with a friend or group of friends. While this can seem like a good idea it can be fraught with pitfalls for the unwary. Ensure that you use a solicitor to draw up legally binding contracts.
Find new homes for sale in the UK on the WhatHouse? website.