With property prices high and out of reach of many, if you are considering buying now you need all the help you can get. So what would help you buy your first or next house?
Well more and more of use are turning is asking Mum and Dad for help with deposits. As the credit crunch has made it harder to get mortgages bigger deposits are now more commonly needed. For many people saving a deposit would take a long time so they are turning to their parents for support. The benefits of the housing market is that as long as those parents are homeowners they have probably made a killing from the increasing value of their homes and as such feel they can afford to help their children with a deposit.
If however you do not have parents that can do this then you may have to save the deposit yourself. You could at the very least move back to them saving rent and bills. At this time if you have any debts it should be the best time to get them paid off so that when you get you home the mortgage is your only commitment. You may need to make some sacrifices like stopping smoking, drinking, or taking holidays to help you build that deposit even faster.
If you have saved a deposit the it may be worth looking for a cheap property. Repossession in 2008 are set to shoot up and for somebody with the cash and a mortgage ready some good deals can be done. Also look at areas that were under local authority ownership, many of these have been gentrified and offer good value for money. Buying a wreck is also a great way of getting a cheap property. If you are handy at a little bit of DIY or have family and friends that are then this is a great way not only to buy a cheap property but to also add value to the property.
If you are a government or ?key worker? you may be able to get some assistance with your first home. If you rent from a housing association or local council you may be able to buy the property at a discount. The government is also allowing these workers to buy a share of a property now and the rest later.
If you live in an area of the UK that has high property prices you could maybe buy a property in a cheaper part of the country to let out. If house prices carry on going up then at least you will benefit from these future gains. When you do make the gain you can then cash in and buy in your own area. Alternatively many people are buying property abroad to get on the property ladder. However you must be careful as property growth in the UK will not mean property growth in the countries you have just bought in.
The property slowdown has seen developers sales hit. If you don?t have a deposit they may be happy to give you one if you buy a property from them. They could also offer help with legal fees, stamp duty and even your mortgage payments.
A way of buying that seems to becoming more common is to club together with friends family or even strangers to buy your first house. You do however need to thrash out the ground rules before hands especially the matter if one of you wants to sell up.
But if you still can?t buy the house don?t worry the UK is slowly adopting a more European model where more and more rent.
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