Where To Get The Best Housing Associations

The UK housing market has witnessed lots of ups and downs( mainly downs) during the last few years. However there are indications that the market has at last begun to stabilise and several experts are forecasting small price rises for many regions. The latest data from the housing website Zoopla showed that the price of the average property in the UK increased by £5,000 in the six months to July. So is now a good time to buy if you are a first-time buyer? Whilst there have been some gains prices are still lower than they were at the same time a year ago. Forecasts for 2011 and 2012 vary considerably according to where they come from. The general consensus is that prices will increase slightly or remain flat. So if you’re thinking about purchasing a home I would say do it now. Although prices might not increase much further they’re not likely to drop and you will find some great deals from many property builders on new homes. If you’re thinking about buying your first house in the near future here are a handful of quick tips to help you out. Mortgage and Other Costs The need for large deposits has slowed activity in the housing market considerably. With a lack of new buyers going into the market it is taking a lot longer for houses to sell. In fact the number of sales in 2010 reached a record low. However although 10% home loan deals are still the norm there are signs that lenders are reducing their restrictions on lending slightly. More 95% deals have started to appear on the market although the interest on them may be slightly higher they are still competitive. When you are saving for your home there are many other costs you need to think about as well as the deposit. On some properties depending on the price you’ll have to pay stamp duty . You must also plan for solicitor and surveyor’s fees and also land registry fees. You’ll also need to furnish your new home and pay for all of the bills. 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 invest in a used or new home? With the current state of the housing marketplace there’s a large stock of new homes that developers wish to sell. There are some excellent deals available on new properties with many developers reducing asking prices by as much as 10%. Many developers are also offering incentives like free white goods or assistance with finding a deposit. New build properties will also include a free 10 year warranty from the developer and are much cheaper to run and look after. 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. You take out a home loan for the part of the house you own and pay rent on the other portion to a housing organization. With time you increase the amount of the home you own. There are many shared ownership programs in the UK with many of them directed at key workers like nurses, firemen and teachers. Another option is to think about buying a house with some of your friends. This may appear like an attractive option but can have its downside. Ensure that you make use of a solicitor to draw up legally binding contracts.

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