23 February 2012
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12 May 2011
New breed of first time buyers buck the market trend
According to experts, a new breed of savvy first time buyer is emerging – bucking the market trend and moving onto the property ladder with some canny research and deal-hunting.
Despite mortgage lending remaining tight, West Derbyshire housebuilder Morris Homes claims that enquiries from first time buyers have increased steadily in the past six months – a trend the builder expects to continue.
Chris Minshall, regional sales director for Morris, explains: “First timers may be down but they are certainly not out of the market.
“Finding a mortgage with a small deposit is tricky but not impossible if you know where to look. Buyers seem to be turning their backs on the second hand market and opting for new build developments where, unlike private vendors, housebuilders can offer schemes to cut the cost of moving.
“Our most popular scheme at the moment is the Government-led HomeBuy Direct Scheme – where you purchase a property for 70% of its value and repay the remaining 30% over the next 25 years. It means that you could buy a three-bedroom home with a deposit of just £6,782.”
Morris which currently has The Point development, off Deysbrook Lane in West Derby, has put together the following checklist to help first time buyers hunt out the best deals on the market:
Check for offers and buying schemes – First time buyer schemes and incentives like offering to pay stamp duty, money towards legal fees or even the inclusion of carpets and curtains can make a big difference your overall moving costs. Most homebuyers will even tailor incentives to suit individual buyers so it’s always worth visiting a development to find out what’s on offer.
Research the area – Do lots of online searches and speak to your local estate agents to find out about up-and-coming areas. New build developments, major retail chains moving into the local area, good transport links and being close to a desirable location are all good indicators that somewhere is on the up.
Consider the lifetime cost – Be careful not to be seduced by a cheap property that may cost you more in the long run. Simple things like double-glazed windows and cavity wall insulation can make a big difference to the efficiency of a home and its ongoing running costs. New builds have many energy-saving solutions fitted as standard, which can reduce CO2 emissions by up to 60% and save homeowners hundreds each year on bills.
To get more information about Morris’ The Point development, you can visit the sales office (open daily from 10.30am to 5.30pm) at The Point, Deysbrook Lane, West Derby, L12 4YG, call 0151 254 2602 or visit www.morrishomes.co.uk/the-point/
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Despite mortgage lending remaining tight, West Derbyshire housebuilder Morris Homes claims that enquiries from first time buyers have increased steadily in the past six months – a trend the builder expects to continue.
Chris Minshall, regional sales director for Morris, explains: “First timers may be down but they are certainly not out of the market.
“Finding a mortgage with a small deposit is tricky but not impossible if you know where to look. Buyers seem to be turning their backs on the second hand market and opting for new build developments where, unlike private vendors, housebuilders can offer schemes to cut the cost of moving.
“Our most popular scheme at the moment is the Government-led HomeBuy Direct Scheme – where you purchase a property for 70% of its value and repay the remaining 30% over the next 25 years. It means that you could buy a three-bedroom home with a deposit of just £6,782.”
Morris which currently has The Point development, off Deysbrook Lane in West Derby, has put together the following checklist to help first time buyers hunt out the best deals on the market:
Check for offers and buying schemes – First time buyer schemes and incentives like offering to pay stamp duty, money towards legal fees or even the inclusion of carpets and curtains can make a big difference your overall moving costs. Most homebuyers will even tailor incentives to suit individual buyers so it’s always worth visiting a development to find out what’s on offer.
Research the area – Do lots of online searches and speak to your local estate agents to find out about up-and-coming areas. New build developments, major retail chains moving into the local area, good transport links and being close to a desirable location are all good indicators that somewhere is on the up.
Consider the lifetime cost – Be careful not to be seduced by a cheap property that may cost you more in the long run. Simple things like double-glazed windows and cavity wall insulation can make a big difference to the efficiency of a home and its ongoing running costs. New builds have many energy-saving solutions fitted as standard, which can reduce CO2 emissions by up to 60% and save homeowners hundreds each year on bills.
To get more information about Morris’ The Point development, you can visit the sales office (open daily from 10.30am to 5.30pm) at The Point, Deysbrook Lane, West Derby, L12 4YG, call 0151 254 2602 or visit www.morrishomes.co.uk/the-point/
