With the property market booming, first time buyers are no exception to the rise in houses being snapped up and for good reason. Buying a home is changing and with far more ways to get onto the property ladder, first time buyers are taking advantage of the deals now being made available. From shared ownership to Help to Buy and plenty of new developments, buying a home as a newbie to the housing market has never been more flexible. With a whole host of options both in terms of the property itself as well as the way in which you buy, knowing the options out there available could be the difference in making your dream a reality sooner than you think.
One of the ways in which first time buyers are taking advantage of the housing market is through shared ownership. The scheme allows you to part buy, part rent your property essentially allowing the buyer to purchase a share in a property rather than the entire property itself. This means you only have to put down a deposit on the share on which you want to buy, making the biggest hurdle a lot less of a leap and more of a step. With these homes also being all new builds and everything from bigger shared ownership homes in Maidstone, perfect for families to city apartments. Shared ownership offers flexibility with the option to buy more of your home overtime. Increasing your share also means decreasing the rent you pay allowing you to ease your way onto the property ladder with financial stability and without the pressure.
Help to Buy
Another popular way to get your hands on your first property is through Help to Buy. Providing a 20% equity loan this government scheme makes buying your first property a lot easier especially when it means a chunk out of your mortgage. The loan carries 0% interest for the first 5 years and this loan can be up to 40% in London meaning your mortgage will only be between 75% and 55% of the property value. You also only need a 5% deposit which is a lot more achievable than the usual 10%. With plenty of property sites such as connectwithhome.co.uk offering a plethora of different properties, getting your hands on anything from a shared ownership home in Bedfordshire to a Help to Buy property in Harrow is just a few clicks away.
With boroughs across London and Manchester completely redesigning their surroundings, buying a home in one of these new developments is a great deal. From shared ownership apartments to family-sized properties for sale in Ebbsfleet , buying a home in a new development is a great way to make your first move on the property ladder. With new areas such as garden cities putting the wellbeing of their residents first, a move here is much more than just a step on the property ladder.