The release of the housing white paper “Fixing our Broken Housing Market” predicted that by 2020, only 25% of 30 year-olds will own their own home. The government claims that the housing market is broken because not enough homes are being built, they are being built too slowly and commercial developers still dominate the market.
The paper then outlines how to rectify the crisis. The aim is to build a million new homes by 2020 and make sure that these homes are built in the right places. Only time will tell if the proposals will succeed.
For first-time buyers under 30, you may be concerned about being in the predicted 75% without your own home by 2020. Getting a mortgage for the first time is a struggle many people face, but there are tricks of the trade that can help you on your way. Here is some advice for first-time buyers to help you towards getting on the property ladder.
Check Property Prices in Your Local Area
Since the EU referendum in 2016, the property market has been uncertain about what will happen when we finally leave the European Union. The outcome could fluctuate house prices, so it’s important to keep up to date with what is happening in your area. Monitor the current prices of houses in the area you wish to move to and check what price the houses are currently selling for. Other factors can change house prices as well, such as the introduction of the Cross Rail; the announcement of the line caused an increase in house prices. (more…)