According to figures, first time buyers are rapidly vanishing from the property market in the past six months and Economists are of the view that this decline could be due to high interest rates, high house prices, etc.

There are ten important facts you need to know when buying a property for the first from the up rising property market in UK. If you want to make the most from this trade, primarily you have to seek the slower markets which provide new opportunities which will assist you to proceed high.

The Property Guide on Times Online gives you a step by step guide as follows.

If you are buying a house for the first time, then you are in a stronger position to make it an advantage to bargain in pricing.

According to Nationwide, long term planning could help you in buying. although the average property price in last November was £ 184,099 slightly fallen after the Autumn, the average house price stands up at £ 12,000- than what it was an year ago.

The pricing trend can vary from area to area, so make possible research about house pricing in the webs, Hometrack, mouseprice and zoomf.com which shows pricing data on an area base. Also you could pick the area you wish to purchase or do a research with other web sites, ie. Rightmove, globrix, Propertyfinder, Findaproperty and Primelocation. These sites will give you vital information and solutions to housing and mortgage industries in UK. Before you get into the deal you have to budget out finances and could even speak to a lender to get an idea of how much you have to spend on a new property.

Think about the extras you have to pay, ie. Legal costs, property survey, stamp duty and other costs such as moving, new furniture for the house etc.

your offer for the property has to be 10 per cent less than the advertised cost. As per Hometrack figures, houses are selling at an average of 6 per cent below the asking price. You may also get a good price specially from distressed sellers who are keen to sell their houses and move fast due to many personal reasons.

If you consider a new built or wish to include some extras to the house you purchase you could sell it in a few years time for a good rate. SmartNewHomes, one of the country’s leading homebuilders who specializes in new properties/house building could assist you at this stage. Property prices are usually below by 10 – 15 per cent less at auctions than you find with estate agents. When you are ready to go for the bidding at the auction station, be sure that you have done the necessary researches in advance and paid for the surveys and arranged the required finances beforehand.

You could also get help from several home ownership schemes available in the UK. You may qualify to stand a chance of purchasing a share of a house owned by a housing association or you could buy on the open market with financial assistance of one of these schemes. If you are employed and earning between £ 17,000 - £ 42,000 a year, you may be entitled to request an ownership of a house by contacting your local authority at www.direct.gov.uk.

Add

Buying a property List All

Mortgages made easy

First time buyers

Most Popular