new houses
Look For New Houses
The property market in the united kingdom has seen considerable price falls in the last few years. However it looks like the market has finally stabilised and many regions are beginning to see prices increase slightly. The latest information from WhatHouse? indicated that typical house prices have increased by nearly £5,000 in 2011. So is now a good time to buy or should you wait a little longer? While 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. The overall consensus is that prices will increase slightly or remain flat. So if you’re thinking of investing in a home I’d say do it now. The cost of property is not likely to fall and while any rises might be small they’ll only add to the expense of purchasing a home. If you are thinking about buying your first home in the near future here are a couple of quick tips to help you out. Mortgage and Other Costs This is the greatest obstacle for many people and one reason why the market is so flat at the moment. The days of loan providers being willing to give 100% mortgages have ended. These days most financial institutions and building societies demand a 10% deposit to get the best deals. However more 95% deals have started to appear during the last few months particularly for people with excellent credit ratings .. A deposit is needless to say just one of the many items that you will need to save for. You will also need to think about stamp duty if the property is over a certain value, solicitor’s fees and moving expenses. Furnishing your home and decoration are other costs you’ll need to meet. Finally it is well worth taking the time to plan for the bills you will have to pay every month. New or Used Home? Should you purchase a used or new home? With the recent lack of activity in the housing market a lot of developers find themselves with a large stock of unsold new properties on their hands. You can get some terrific deals on new properties with many developers reducing asking prices considerably. In addition to reducing prices many developers are offering other incentives like assistance with finding a deposit, part exchange programmes and free white goods and appliances. Generally new houses are also less expensive to run and will come with a 10 year manufacturer’s warranty. Shared Ownership Shared ownership is among the best ways for many first time buyers to be able to find the money for their first property. With a shared ownership program you pay a mortgage on the share of the home 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 lots of shared ownership programmes throughout the UK with many of them aimed at key workers such as medical professionals, firemen and teachers. Another option is buying with a friend or group of friends. Although this can seem like a good idea it can be fraught with pitfalls for the unwary. Ensure that you make use of a solicitor to draw up legally binding agreements.
Find the biggest choice of new houses at WhatHouse?