Spring into action with advice for first-time buyers
Jessica Bailey at Connells shares some tips for buyers looking to take that first step onto the property ladder
ALTHOUGH there is a lot of doom and gloom in the media regarding the current property market, there are already some encouraging signs that 2013 will be a better year for First Time Buyers to get on the ladder.
There is a wide range of properties available at very attractive prices, with many motivated and realistic sellers.
While obtaining the initial deposit can be a struggle for some, mortgage lenders seem to be relaxing on rules and rates, and monthly mortgage payments are usually much cheaper than renting.
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"Now is a better time for First Time Buyers to be looking," says our in-house mortgage expert, Aimee Milton.
"I have access to some great schemes to get people on the ladder at the moment, at a time when many assume they can't.
"I also have access to some fantastic exclusive rates with a choice of lenders to compare – some lending up to as much as 95 per cent!"
Whether looking for a starter flat or a long-term family home, there are lots of First Time Buyers on the lookout for their perfect property.
Being an office that specialises in properties under £150,000 across Plymouth, we have a lot to offer in this price range.
For just £40,000 upwards, there are some great one- and two-bedroom flats and two- or three-bedroom houses available on a part-buy, part-rent scheme.
These shared-ownership schemes are a great way for First Time Buyers to get a beautiful modern property for a fraction of the price.
Our in-house advisors are experts in this area, and would be more than happy to guide First Time Buyers through the shared-ownership process from start to finish, offering assistance in qualifying interested parties, advising on mortgages and pushing through an application to completion.
For those wishing to buy outright, we have a superb selection of studio and one-bedroom flats circa £70-80,000, in both central and suburban locations.
Furthermore, in the current economic climate, even houses can be purchased for as little as £100,000, so there is a variety of choice available to people shopping on a budget.
There are also some great deals available with brand new developments, too.
We are very excited at Connells to be involved with the new Barratts sites at Unity Green in Efford, PL2 in Ham and Brunel View in St Budeaux.
All of these have potential New-Buy schemes available, enabling First Time Buyers to purchase a brand new home with just a 5 per cent deposit, because government funding and a contribution from the developer will also be added, allowing access to dramatically lower rates.
Seasonally, spring is also a really positive time for both buying and selling.
Coming into the New Year, we have seen a much larger volume of property coming onto our books, and more people interested in selling. Motivated and realistic vendors can make a big difference to the level of offers that get accepted, so with a healthy deposit and a good credit rating, now is definitely the time to be getting on the ladder.
The key for any First Time Buyer interested in getting started is to get the best advice from recommended agents, view as much as you can and, when it comes to buying, negotiate hard!