The increase in house prices is no new issue for buyers looking to get onto the property ladder. This year alone house prices have accelerated a monumental 9.6 percent, causing the average house price to surge past £200,000 for the first time.
A short supply in properties for sale coupled with an increase in demand means the property market is now hotter than ever causing house prices to grow at an exponential rate. In the past month house prices have rocketed a further 1.7 percent as the housing market continues to surpass Halifax’s projection rate.
With the supply of houses now reaching its lowest level since 1978, the need for buyers to secure the best deal has never been more important. By following this simple guide you can battle the rising market, making sure you get the best deal for you and your budget.
When looking to buy a property your first and foremost priority should be getting your finances in order. From applying for a mortgage to ensuring you have enough saved to put down a full deposit, it is essential you fully understand the financial consequences of buying a house, especially where re- mortgaging a property.
Before you commit to buying a property in a specific area make sure you take the time to get to know the location, paying special attention to what matters to you; be that good transport links, schools, or local amenities. Whilst a good estate agent should give you an honest description it is wise to revisit both the property and area to get a feel for the local community yourself.
In addition to agreeing a mortgage arrangement there are also other financial considerations involved in purchasing a property. Allocate extra money to cover the costs of a survey or homebuyer report, essential when considering purchasing a period or old property. This will give you an insight into how much money is required to renovate the property as you have envisaged allowing you room to renegotiate the selling price where extensive work is required.
It is crucial new home buyers consult a specialist solicitor who has extensive knowledge of the local area and property market. Seeking advice from a solicitor can help relieve the stress that so often goes hand in hand with moving property as they are able to explain the various legalities attached to buying a property as well as handling all the necessary documentation.