The recovery in the property market is being led by first-time buyer properties, which typically have two bedrooms or fewer.
Due to increased buyer activity, average asking prices for first-time buyer properties are now only £500 lower than at their peak last year, suggesting that many first-time buyers may be receiving support from family or have been able to save up for a larger deposit by living with parents for longer, given the rising cost of living and increased mortgage costs.
Sales in this sector are unexpectedly recovering fastest, with the last two weeks seeing a recovery of up to 4% compared to the same period in the more normal market of 2019, though 18% behind the exceptional 2022.
If you are a first-time buyer looking to buy your first home, what can you do to get yourself prepared?
You can check to see how much homes have actually sold for in the area you’re looking to move to.
If you plan to take out a mortgage to help buy your property, you can get a Mortgage in Principle (MIP) before you start your search. A MIP is an agreement from your lender to grant you a specific amount provided the information you have given is correct. A mortgage adviser can organise this for you by searching the market for a great deal and it means you’ll know exactly how much you can afford to spend on buying your new home.
If you’ve never bought a home before, the whole process can seem quite bewildering. And often, arranging a mortgage can look like the most complicated bit of all. But it really doesn’t have to be.
Why should a first-time buyer choose B Mortgage Services?
When it comes to choosing a brilliant mortgage adviser, we’ve listed three key reason to select us.
Whilst a deposit is important, it’s not the only cost you’ll have to bear when you buy a home. Our mortgage advisers will be able to explain all the different fees to be aware of from the start, such as legal and conveyancing costs.
Finding the best deal
We exist to find you a brilliant deal on your first-ever mortgage. We have a broad range of experience working with all types of lenders and offer a ‘whole-of-market’ service. Take away the stress of trawling through comparison sites and leave the searching to us.
Help at every stage
While buying a property may seem overwhelming, our dedicated advisers can help you navigate every stage of the home-buying process, from offer through to completion. Our adviser’s currently have over 100 5-star ‘Vouched For’ reviews, so you can be sure that you’re in good hands.