Making predictions about the UK property is not always easy. The last few years have seen several industry experts make bold statements about recovery that never actually materialised. However a number of signs are beginning to appear that the worst may be over for United Kingdom home owners. Many areas have seen small increases in value this year and the trend looks set to continue into next year as well. So is now a good time to buy if you are a first time buyer? While prices are on their way up once more they are still at lower levels than July last year. Predictions for 2011 and 2012 vary considerably according to where they come from. Overall the general consensus seems to be that the market will see some modest increases but will remain fairly stable. So for first time buyers I’d say now’s as good as time as any to enter the market. Whilst prices may not rise much further they are not likely to drop and you will get some good deals from many home builders on new houses. if you are going into the market for the very first time here are a handful of tips to help you out.

Mortgage and Other Expenses

Saving a deposit is among the biggest hurdles for many people and one of the reasons why the housing market has been flat for the last couple of years. The days of 100% or more home loans are well and truly over. Nowadays you’ll need a minimum of a 10% deposit to be able to get the best deals with the best interest rates. However more 95% deals have started to appear during the last few months particularly for those who have excellent credit scores. Of course there are a number of other things that you have to save and plan for as well as a deposit. You will have to pay for stamp duty, solicitor’s costs, surveyor’s fees as well as land registry expenses. Do not forget the cost of furnishing your house and the fact you will be paying the bills by yourself. This can come as a shock if you’ve been living in a shared property or with parents. New or Used Home? With the lack of activity in the housing marketplace there are lots of developers with a stock of unsold new properties on their hands. Several developers are offering some great deals and incentives on the properties they have to help them sell faster which can add up to 10% from the selling price. A new house will also be built to much better standards and have a 10 year warranty. Although a used home might be a little cheaper it’ll cost you much more to take care of and heat.

Shared Ownership

The popularity of shared ownership plans has grown considerably in recent times. They allow people to purchase a share in a house that they normally would be unable to afford . A mortgage is paid on the portion of the property you own and rent to a housing association that owns the other share. You can increase the share of the property you own with time so that eventually you can own 100% of it. Another option you could think about is buying a house with a group of your friends. This might appear like an attractive choice but can have its downside. Always use a solicitor to draw up agreements to make sure that everyone knows their duties and responsibilities.

Find your next new homes Cornwall with What House?