What with rising prices and a seller’s market, house-hunters will need all the help they can get during 2016. Of course, it’s always better for first-time buyers to get their foot on the ladder as soon as possible, and even those who are happy where they are would usually rather move sooner rather than later, especially with costs moving inextricably upwards. If you’re set to buy a home in 2016, make sure you take these tips into account.
Save With a Help to Buy ISA.
If you’re a first-time buyer, the government is offering up to £3,000 towards a deposit when you save with a Help to Buy ISA. However, this does come with a catch. If you put aside £200 each month, the Government will add 25% on top –£50 extra.
Unfortunately, this can only happen once a month, so it will take several years to reach the maximum amount allowable. This means that those buying in 2016 won’t be able to take full advantage, but it’s still worth opening one to get some extra deposit money, even if it’s only a couple of months’ worth.
House prices are estimated to have risen 7.7% over the last year, bringing the average price of a house to £290,000. That can be bad news for buyers, but it just reaffirms the need to be tough when it comes to negotiating.
Make sure you know exactly how much you want to spend, then stick to that figure. Battling sellers down won’t always work, but it should give you a welcome cut off the asking price.
Pay Attention to the Developing Transportation Network
There are a number of rail upgrades taking place all across the country, and it pays to know about them. This is especially true in the South East, thanks to Crossrail. This 73-mile line will begin full operation in 2019, providing a high-frequency commuter service through parts of Berkshire and Buckinghamshire before carrying on to Essex and South East London.
The value of property in Ealing jumped 25.5% during the 12 months to last July, an increase largely owing to the upcoming network, and prices are expected to continue rising. Properties next to an upcoming Crossrail location should make a good investment.
Following these tips can help house-hunters, but having the right people on your team is still crucial, so contact Redbrick Property Services today for expert assistance.