If you are trying to sell a house, then you obviously want the price to be as high as possible. Likewise, those trying to buy a house will be looking to get in when it’s cheaper so they get the best price. After quite a few years of price drops in the UK housing market, prices have increased by 6.8% according to official statistics released.
This is putting a considerable strain on first-time buyers. Due to the banks still having a fear of lending, many people we speak with are struggling to get the finance together to actually take the house on. Deposits required are large and getting that level of capital together is a difficult process in any financial environment.
The prices of homes in London have had a big part to play in this. House prices have increased around 13.2% in London, causing a spike elsewhere in the country. However, mortgage borrowing is at its highest since August 2008 – the problem is that many people now have to take out even larger loans.
While mortgage borrowing is up, first time buyers are not getting the same opportunities in the market. The housing market has enjoyed significant recovery in terms of prices, but it leaves too many young buyers with little chance of getting a home of their own. Fears of another “bubble” have been spoken about with prices growing by 7.1% in England but just 1.4% in Scotland.
For those first time buyers who have managed to put together a deposit and have found an affordable property to purchase it is important that they keep costs down. That is where solicitorsnationwide.co.uk can help. We have a panel of qualified and regulated conveyancing solicitors who compete against each other to offer the lowest price conveyancing possible.
A conveyance expert can help a first-time buyer dodge some pretty serious landmines along the way, and help them foster and garner a better, more reasoned understanding of the market that they are working within. Having this type of help alongside first-time buyers is very important due to the volatility of the home market and the damage it could potentially do to your money and future if the process is not handled properly.