As 2022 edges ever closer, a view of the past year and the latest home buyer trends is becoming ever more clearer. Bearing in mind what the latest housing trends are can be helpful in terms of deciding what’s best for you when it comes to buying your first home. From the type of homes being purchased to the way people are buying their first home, a lot has changed over the last year and with plenty of schemes out there to help first time buyers find just what they need, getting to know your options could save you a lot of money.
A key way in which young people and families are now buying their home is through shared ownership. Allowing you to part buy, part rent a property, shared ownership involves buying a share in a property rather than purchasing the entire value of the home. Cutting down the deposits and minimising the mortgage, shared ownership is a great option if you want to get on the property ladder quickly without worrying about those hefty initial costs. With many of these homes being new builds and in some top areas across the country from shared ownership homes in Surrey to Tunbridge Wells, shared ownership is a real winner.
One of the most important features that first time buyers have been prioritising is the amount of outdoor space available to them. From gardens to countryside views, the outdoors has become a key factor in deciding whether to buy and making that move on the property market. And with shared ownership homes available in Derbyshire and plenty of other areas rich in natural landscape, first time buyers are jumping at the opportunity to buy a home with plenty of space while saving money. Shared ownership homes in East Sussex are also proving popular with everything from the Kent countryside to beaches nearby.
Ensuring you live just within reach of the city is a big priority for first time buyers this year. While many of us have switched to working remotely, being able to easily get into the office or out for lunch is a top priority on the list. With shared ownership homes in Cheshire putting you well within reach of Manchester while being surrounded in countryside is a real winner for first time buyers. And should London be your city of choice there are plenty of London boroughs now transformed into young professionals haven. With shared ownership homes in Bedfordshire promising plenty of space with trains to London by the hour, getting the balance right is something everyone has taken into consideration this year after a significant time spent within their own four walls.
Help to Buy
Another option first time buyers are opting for is Help to Buy. With a 5% deposit and 20% equity loan that carries 0% interest for the first 5 years, buying a home with help to buy takes the pressure off your finances in those first initial stages. And if you’re looking to buy a home in London you can get a 40% equity loan, reducing your mortgage to just 55%.
With plenty of new priorities, opportunities and considerations for the new year, it may just be the time to start thinking about what you want from your first home. So have a think and really consider what’s important to you when imagining your dream home.