Buying for the first time

By Karen Keeman, Editor, Your New Home

According to the Council of Mortgage Lenders, the average first-time buyer is likely to be around 29 years-old and take out a mortgage of around £114,000. This is a hefty financial commitment but with a strong property market, it is a case of now or never for many first-time buyers.

The first piece of advice it to be realistic about just how much you have to spend and take into account rising interest rates. Buying new build for a first-time buyer is a sensible option. Developers have a whole host of ways in which they can make home ownership that bit easier and you should look out for special deals. Unlike second hand homes, there will be no nasty financial surprises once you have moved in. As anyone who has ever renovated a property will tell you, the costs keep rising and the initial projected build costs are very rarely kept to.

As a first-time buyer, affordability is a key factor when deciding where to buy. To get the most for your money, research areas that are set for a massive regeneration programme. There are plenty out there and housebuilders and the Government are pouring in millions of pounds to revitalise many parts of the UK. If you get in early, you can grab yourself a bargain. Finally, Barratt are among the few housebuilders who have created special low-cost products designed, and most important of all, priced for the first-time buyer market. Speak to a sales advisor at your local development to find out what’s best for you.