With salary rises trailing behind house price growth, over the past twenty years London has seen the number of homeowners aged 25-34 plummet by over 20%. For first time buyers looking to establish themselves on the London housing ladder sooner rather than later, Clarion Housing has recently unveiled Blackfriars Place, comprising 35 one and two-bedroom apartments in Southwark, that are ready to purchase through the shared ownership scheme. Boutique design consultancy, Suna Interior Design, were tasked with designing the show home for the scheme. Their brief was to appeal to the first-time buyer target audience and offer inspiration to first time buyers about how to decorate their own home, without breaking the budget.
first time buyers
With one in two UK homeowners partaking in just one house viewing before making an offer, home builder Countryside has teamed up with relationship expert, John Donlon, to uncover just what makes us lead with our hearts when it comes to buying a new home.
According to a recent survey by Countryside, it took just one house viewing for 53%* of homeowners before purchasing their home, describing the experience as ‘love at first sight’. An additional 25% stated that only a second house viewing was needed before making a final decision.
Getting a mortgage for the first time can be quite a daunting process – but not if you have the right advice and support. Here, Helen Pierson from The Mortgage Bureau answers some of the questions you might have about borrowing to buy your first home…
Is there a minimum income which you need to buy a home on Help to Buy?
There’s no minimum – you just need to make sure that what you earn gets you the mortgage you’ll need in order to buy. Generally this is 75% of the property value, so if the sale price is £150,000 you would need a mortgage of £112,500. Most lenders will calculate what you can borrow by multiplying your income by 4.5 – after deducting any loans and credit card balances.
Frazer Fearnhead, CEO and co-founder of peer-to-peer lending property platform The House Crowd, talks to HomeFocus about Help to Buy…
What are the benefits of the Help to Buy market for buyers?
To buy a property, you need to have enough money saved to put down a deposit. The problem with this is that many people simply can’t afford the deposit outright. This is especially true for first-time homeowners who want to get a foot on the property ladder, but just don’t have the means. People moving to a new house also feel the pinch when trying to take a step up to a larger or more expensive property. Help to Buy increases affordability for both groups of buyers by setting the deposit at 5% – much lower than a typical mortgage option.
As New Homes Week gets underway (May 14-18) latest government figures reveal that more than 2,700 homebuyers in the Bristol area have used Help to Buy to purchase their new home.
The figures reveal that 2,736 people in Bristol and North East Somerset, the City of Bristol and South Gloucestershire have used the scheme since it was launched in April 2013.
Help to Buy has been particularly vital to help first time buyers onto the property ladder with this sector accounting for 81 per cent of sales.
Andrea Pilgrim, sales director for five star housebuilder Barratt Homes, said the scheme has been a real game changer.
Since its initial launch at the end of February, the homes at Rutherford Fields have been proving to be a real hit for first time buyers, young professionals and families alike.
So far 80% of the first phase has been reserved with first time buyers from the local area snapping up a number of the Shared Ownership properties on offer.
Rutherford Fields, on the base of the former RAF Stanbridge, near Leighton Buzzard, Bedfordshire offers something for everyone, from one and two bedroom apartments to houses with two, three and four bedrooms. With a range of properties available through Private Sale, affordable rent and Shared Ownership, there is something to suit every lifestyle.
Becoming a homeowner for the first time is exciting and thrilling, but it can also be daunting no fear because the Furniture checklist is here. There are so many things to remember and tick off the list, including the furniture and ways to accessorise the home and bring it to life. But, which furniture is essential, and should we spend a little more time and money on?
We spoke to a variety of industry experts to find out what exactly should be on the furniture checklist for first time buyers, including items that should be bought straight away and others that can wait a while. Here, they share their top tips on essential pieces of furniture and the accessories to match:
With Help to Buy already helping over 108,000 buyers onto the property ladder since its inception in 2013, towns and villages across the country are beginning to emerge as brand new first time buyer hotspots. Buckton Fields, a new development just 5 miles north of Northampton city centre, has proven a popular option for those in search of better value outside of the capital, with first time buyers representing 70 per cent of the total purchasers.
Over 4,300 visitors braved the snow on Saturday 3rd of March to attend the tenth London Home Show.
Supported by the Mayor of London, the free exhibition saw 47 exhibitors all under one roof at the Queen Elizabeth II Centre in Westminster. Showcasing the best of affordable homes available across London, the Home Show welcomed a range of Shared Ownership and Help to Buy providers, as well as independent mortgage brokers and conveyancing solicitors.
Hosted by Share to Buy, the UK’s largest online portal for Shared Ownership properties, the bi-annual event is held each March and September and has welcomed nearly 45,000 visitors since its launch in 2013.
First time buyers are reaping the benefits of buying new homes in West Sussex, but many are unaware of the significant savings to be made on energy bills alone.
When asked in a poll conducted by five star housebuilder Barratt, 80 percent of people predicted up to £400 a year could be saved on heating bills, thanks to advanced technology in new-build homes.
In fact, the figure is closer to £1,312 on a four bedroom detached property, compared with an improved Victorian home of a similar size.
Eight out of ten first time buyers are set to pay no stamp duty at all after the chancellor outlined key changes in his Autumn Budget.
Philip Hammond’s announcement has been met with mixed responses from industry experts over his plans to axe stamp duty for first time buyers on properties up the value of £300,000. For properties up to the value of £500,000, no stamp duty will be paid on the first £300,000
Before the announcement, first-time buyers would be expected to fork out thousands of pounds in tax, but chancellor Philip Hammond has said the new initiative will see 95% of first time buyers seeing a significant reduction, with 80% paying nothing at all.
The Emporium Somerset’s Co-owner, Cato Cooper, has her own painted furniture and home accessories studio and workshop and she offers advice on how to upcycle and restore items, so first-time buyers don’t have to blow their budgets on furnishing their new homes.
She says: “Buying your first home can be a pretty big expense, so you’ll want to save money wherever possible. For many the cost of the purchase and the monthly payment of a mortgage make it tricky to buy furniture too, however if you aim to upcycle and restore, rather than buying brand new, you could save a fortune.
Popular housing developers are helping to keep residents of Keynsham on the move after donating a bus to the local area.
Barratt Developments, which has been bringing new homes to Keynsham at its Bilbie Green development, has gifted Keynsham Dial A Ride with a brand new bus worth £31,000.
The 17 seater vehicle will be used to help people who cannot use ordinary bus services to get around. While the bus isn’t exclusively for people who have disabilities, it’s frequently used by people who find it difficult to get around and is a lifeline for many elderly people to get to doctors’ appointments.
Buying your first home can be a daunting task to undertake. From working out where to buy, through to actually moving in, there is a lot to consider and not a decision that should be rushed.
So to help here are our 12 key pieces of advice when buying your first home:
1. Don’t be rushed into buying by a pushy estate agent. They will often arrange ‘open days’ where they will invite several prospective purchasers to view at the same time. This is designed to create emotional fear that someone else will make an offer before you do.
2. Set your limit and don’t go above it. There will always be another property in another street or another town that will suit you.
House hunters across the West Midlands are set to catch their first glimpse at a range of stylish new homes.
Lovell Homes is launching its new show homes at its popular Harvills Grange development tomorrow (25 March).
The spotlight will be on the popular Ringwood design home, a three-bedroom semi-detached house available on Help to Buy from £145,560.
This design boasts spacious interiors that are perfect for growing families, or a couple looking for a bit of extra space.
The ground-floor layout include a stylish living/dining room, with French doors opening out onto the garden. Meanwhile, the kitchen features an integrated fridge-freezer and slimline dishwasher, in addition to a Bosch stainless steel double oven and gas hob.
*Properties in WD are tipped to increase by 3.3% per year above local house price growth up to 2019
*West Drayton will see commute times virtually halved with a typical journey time of 56 minutes to Liverpool Street cut to just 31 minutes
*Properties priced from £219,995
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