As it becomes ever tougher for first-time buyers to achieve their goal of home ownership, those working to get their foot on the first rung of the property ladder have started to lower their expectations.
According to a survey from Post Office Money, first-time buyers are now more willing than before to look much further afield to find a home and are willing to compromise on location and the type of property they invest in.
Of 1,000 recent first-time buyers questioned, 70 percent said they had compromised on where they ended up buying to stay within their budget. Other compromises included giving up on a garden, on parking spaces and on buying a property that needed work when that was not their initial intention.
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A challenging environment for many
Owen Woodley, the managing director of Post Office Money, said: “With average house price growth having increased by 48 percent since 2005, compared with an increase to the average first-time buyer income of only 37 percent over the same period, there is no question that the UK housing market remains a challenging environment for many.
“In spite of this, we’re seeing that first-time buyers approach the market with enthusiasm and flexibility.
“Our data also shows that 62 percent of home sales are still in areas across the country that remain within reach for those looking to take their first steps on the property ladder.”
The Post Office Money survey suggests that first-time buyers priced out of cities, in particular London, are willing to cast their net wider to find a home they can afford to buy. They also admit they are ready to look at places that need work done if that brings the price down (4 percent). Accepting they might not get a garden (5 percent) or a dedicated parking spot (3 percent) are other concessions they will concede to.
What the survey did find is that, despite all the financial difficulties associated with buying a home for the first time, novice buyers are not discouraged – 44 percent said being a first-time buyer was exciting or joyful, although a significant 24 percent found it stressful, 9 percent said daunting and 4 percent were exhausted by the process.
Unexpected costs not an issue with Homeward Legal
One important issue thrown up by the Post Office Money research is that 24 percent of those quizzed were worried about the unexpected or unanticipated costs associated with homebuyers, such as extra solicitors’ fees.
That’s where Homeward Legal can act to put a first-time buyer’s mind at rest because all of our fees and costs are explained up front. There are no hidden extras and all the disbursements associated with conveyancing – the fees your solicitor has to pay as part of the purchase – will be explained in full.
Our no-completion, no-fee guarantee also means you won’t be out of pocket if your transaction fails to complete. Check out our five-star reviews for confirmation of a top-notch service before, during and after, and you can start your own conveyancing journey with one call to 0800 038 6699 or go online here.
If you’re a first-time buyer, Homeward Legal’s comprehensive First-Time Buyers’ Hub answers all your questions about purchasing for the very first time in detail.