If you find yourself crashing back down to earth with the realisation you can only afford a shoebox in your target area , don't despair. There are ways of making your money go further.
There are various equity sharing schemes designed for those who need a boost to get onto the property ladder. Most, in essence, enable you to buy a partial share in your new home (from as little as 50 per cent), and either rent the remaining share from a housing association or take up a loan to fund it. The government-backed Open Market HomeBuy scheme, previously only open to key workers, is now available to any first time buyers earning under £60,000. For more information visit www.housingcorp.gov.uk.
Affordable 'starter' homes and first time buyer incentives are nothing new, but developers are upping their game significantly with everything from help with the deposit and mortgage to rent now/buy later schemes, even vouchers for food!
'With developers doing all they can to ease the financial burden of purchasing a new home, there are some excellent opportunities to buy and good deals to be had, as long as buyers are sensible about what repayments they can afford to make on a monthly basis,' says Ian Baker, MD of Galliford Try Homes.
All the incentives and cheap mortgage deals in the world aren't good value if the property is still overpriced in today’s market. Don't be afraid to make an offer. Developers are desperate to sell so there are some good deals around. Be careful where you buy too, if the development isn’t selling, ask yourself why.
An auction may seem like no place for a novice, but buying a house at auction (new link here) can provide the opportunity to pick up a bargain. The buying process is completely different. So do your homework. Taking someone with you who knows how the system works is a real asset.
'The great thing about property auctions is that it's a much faster process - ideal for first time buyers who are not in a chain and want to move in straight away. Very often you can purchase a property for below market value,' says Andrew Binstock of Sutton Kersh Binstock Auctions.
Repossessed properties are usually sold at auction. But bear in mind they may be in need of some TLC and aren't always the bargain they seem - the previous owner may well have tried to sell the property themselves unsuccessfully first.
Visit www.eigroup.co.uk for information on property auctions nationwide.
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