Advice to First-Time Buyers - Focus on Affordability

The UK has been improving financially in recent months and as a consequence it seems that first time buyers are flooding back into the housing market.... before house prices become unaffordable.

An interesting question is whether first time buyers can save the money they need before property prices are beyond reach ?

There is help out there for first time buyers. There are over 409 deals to choose from according to Moneyfacts.co.uk and they reported the lowest rates are available on 2 and 5 year fixed deals.

Higher loan-to-value mortgages are also at hand for first time buyers which currently account for a quarter of house purchases in August) say The National Association of Estate Agents.

David Hollingworth of broker London & Country says, "If prices continue to rise, the deposits First Time Buyers have worked hard to amass could be eroded as a percentage of the purchase price."

Figures from LSL Property Services show that the number of first-time buyers who were able to buy without help from family dropped from 51% in April to 41% in July.

Should you wish to discuss these figures or the practical realities of buying a home please contact our Bolton office and we will advise on buying, selling, remortgaging and transfers of equity.

We will try to make the process as straightforward as possible and should you wish to instruct us make sure you are constantly kept informed.

Call us today to speak to one of our qualified conveyancing solicitors on 0845 603 0708.

Bolton Conveyancing Solicitors