What considerations are there for first time buyers?

In the current UK Housing Market, there has been a decline in first time buyers, particularly in the London area and surrounding areas. The average age of first time buyers is increasing as prices have peaked to the highest they have ever been against the average salary. At the same time, the rental market is growing. However, many families and individuals continue to aspire to owning their own home, and there are many considerations to make depending on personal preference.

Financial considerations

Of course, money is one of the biggest factors for those looking to buy a property, whether it’s a 2 bedroom flat or 4 bedroom house in Surrey or Hampshire – budget will be possibly the biggest deciding factor for many families. Homeowners looking to buy a second home may be at a financial advantage in some ways since they are often more likely to have already acquired some return on the home they are selling, however first-time buyers have the advantage that they are not in a chain and can therefore be a preferable buyer.

Personal values of being a homeowner

For many, the decision comes down to that fact that they desire to own their own property – to have the freedom to change it, make it their own and enjoy living in their own home without having a landlord to contact. Being a homeowner, particularly in a community area like Surrey or Hampshire, offers a strong sense of belonging and stability, as well as pride of ownership. Renting may give more flexibility in some ways, but owning a property personally means stability and no sudden need to move if the landlord decides to sell the property or change the rent price.

Property requirements

A decision to buy can also be made by simply finding a home in Surrey that ticks all of the boxes – for example it has the required number of bedrooms, the desired living space, perhaps some outside space, and is in a convenient location. For example, those working in London may be able to rent a flat close to their offices, but many families would prefer to have a short daily commute from the Surrey or Hampshire area into Central London in order to enjoy their own 3 or 4 bedroom property with space for the children to play, and a family-friendly location.

When is a good time to buy?

At the moment there is a lot of uncertainty around property prices due to the Brexit process, which has seen a slowing in the sale of houses. This could be down to a number of factors – but mainly the uncertainty on the part of the seller and the potential buyer surrounding the current price and what value the property will be worth over even the next year or few months. However, life moves forward and there are still people looking to sell properties in Surrey and move elsewhere – which means that there is still a great choice of varied properties within the Surrey and Hampshire areas to choose from.

If you’re looking for a property in Surrey, whether it’s a modern build or older character property that you are looking for, take a look at Clarke Gammon Wellers’ properties today by using our property search tool to find what you are looking for.

Alternatively you can speak with one of our team directly today to discuss what you are looking for in a property, by calling us on any of the following numbers: Guildford 01483 880900, Haslemere 01428 664800 or Liphook 01428 728900.