Life Is Getting Easier For First Time Buyers

April 22, 2019 9:01 pm

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There is no doubt that, over the last decade, the market has been increasingly hostile to first-time buyers. Since the financial crash of 2008, many people have felt as though their chances of ever being able to buy a home are just out of reach. With interest rates increasing, a need for much larger deposits, and lenders becoming more and more cautious, particularly when it comes to younger people, it is easy to see why so many first time buyers feel as though they don’t even have a chance. However, over the last few years, there have been some small but significant changes that may well have made life a whole lot easier for first time buyers.

New affordable homes

One of the most frustrating things for a lot of first-time buyers is that there are thousands of properties left unused that are either not on the market or are simply too expensive for them to afford in the first place. However, in the last several years a lot of local authorities and companies have been investing in building new homes that are specifically built to be high quality but affordable with first-time buyers in mind. Not only are there plenty of new homes for sale, but there are also schemes in place to assist first-time buyers. That way, even if someone has previously struggled then they still have the chance to buy a home.     

More effective saving methods

Often the greatest hurdle to a lot of first-time buyers is their inability to afford to cost of a deposit, preventing them from getting a mortgage in the first place. For the longest time, getting any kind of mortgage was possible without a large deposit but after the financial crisis, all of that changed. However, a lot of younger people now find that it is easier to save the money that they need than ever before thanks to things like banking apps that allow them to keep track of their finances and apps that limit their spending.

Home alternatives

Regardless of the various other factors, the reality is that buying a property is still extremely expensive. However, there are plenty of first-time buyers who are circumventing this issue in some truly creative ways. A lot of people are buying homes that aren’t necessarily the kinds of places that would first come to mind. The number of people buying houseboats has increased significantly since the financial crisis. This kind of property is a lot cheaper than a traditional home but still offers younger people and first-time buyers a chance to get their foot onto the property ladder.

There is no doubt that buying a home for the first time is very much still something that is only available to a select few. The vast majority of people are resigned to either renting properties or living with their parents until they have the money set aside to even try to buy a home. But with small changes like these happening all the time, there is always a chance that, for first-time buyers, the world might be getting just that little bit brighter.

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