It has never been quite so difficult for those wishing to purchase their first house. A combination of rising property prices, slow wage growth and higher deposit rates have resulted in people struggling to make the leap into home ownership.
Therefore, a burning question is – where is it currently most affordable to buy your first house? Fortunately, property website Zoopla recently published research highlighting the top 10 best places for those desperate to get on the property ladder.
Unsurprisingly, first-time buyers would benefit from heading north, with Hull, Middlesborough, Liverpool and Preston all being in the top 10, offering cheap average property prices coupled with affordable deposits (and lower stamp duty). The Midlands is another place worth investigating, with Nottingham, Coventry and Stoke-on-Trent also making it onto the list.
Furthermore, at the other end of the scale, London continues to be the most expensive place to buy in the UK, making home ownership prohibitive in the country’s capital.
So, when you have decided on where you are going to look for your first home, what are our top tips for first time buyers?
- Consider affordable housing schemes, Help to Buy and Shared Ownership schemes
- Make sure you save enough for a reasonable deposit
- Find a mortgage with affordable monthly repayments
- Budget for all the other costs which come with moving house
- Choose a firm of solicitors who will guide you through the entire process
Our Residential Conveyancing Department has a wide experience in all legal and practical aspects of your house move, making use of the latest technology to offer an efficient service that is responsive to your individual needs. Contact Tarsam Sangha or Preeti Lekhi at Seymours Solicitors on firstname.lastname@example.org, 01926 350031.
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