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Rightmove: 2 tips for first-time buyers in UK

New data from Rightmove highlights that buyers demand has risen by 55% this month compared to the two weeks before Christmas. On top of this, the total number of buyer inquiries has increased by 4%, higher than in the same period in 2019. As significant lenders, including Nationwide, TSB and Halifax, slash rates on hundreds of mortgage deals to levels not seen for three months, an increasing number of Brits are being tempted back into the property market.

The recent fourth-month slump in UK house prices also means that there is more room for increased negotiation and purchasing power, marking a welcome sign for first-time buyers looking to get their foot on the property ladder.

Despite a more stable property market outlook, proprietary research from a property technology company, iPlace Global, found that 42% of Brits’ biggest anxiety is that they will be stuck renting for the rest of their life. This figure rises to 47% for millennials. To help first-time buyers make the most out of an optimistic market window, the CEO and founder of iPlace Global, Simon Bath, has created an advisory guide to ensure that they have a better understanding of the overwhelming process when it comes to home ownership.

Shared property ownership could be an affordable option for first-time buyers:Shared partner ownership is an alternative option for those looking to get onto the property ladder right away. Owning a property as beneficial joint tenants means the property belongs to both owners jointly. The tenants must act together as a single owner for all transactions, including re-mortgaging and selling. As joint tenants, the owners do not own specific shares in the property and cannot give away a share of the home in a will. If either owner passes away, their interest in the property passes automatically to the other party.

Make sure you’re prepared for the home-buying process:Simon explains that prospective buyers should always take the time to gain a strong understanding of the home buying and moving process. Having a proper understanding of the various steps that come with home ownership – such as conveyancing, insurance, exchanging contracts, deposits and relocation costs, for instance, will make the process more efficient and ultimately less stressful. Even more importantly, having all your ducks in a row could help prevent additional delays throughout the rest of the home-buying process.

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