First-time buyers are the driving force of the property market!
Recently the news revealed just how hard it is for first-time buyers to get on the ladder, even more so for those who are self-employed.
Raising a deposit is something that continues to be cited as the biggest hurdle by first-time buyers, with a large proportion unable to do so without family help. With recent data showing house prices increasing by 2% in the month of February 2017, there seems to be no let up for first-time buyers who are having to stump up more savings up front. The Bank of Mum and Dad has been asked to coughed up again as a reported one in four people aged between 20 and 34 are still living at home, with parents footing the bill, and the average student debt in the UK after graduating is £44,000.
This puts the Bank of Mum & Dad in the top 10 mortgage lenders in the country!
In order to save for a deposit, cutting back on things was also a common theme among first-time buyers. Some people have cut out going on holiday, whilst others have sacrificed eating out in order to build up their funds. Working longer hours was another approach, taken.
On the whole, the main challenge for all first-time buyers is getting on the housing ladder in the first place.
At Norton Connor Solicitors we know that buying, selling, or even remortgaging, a home can be a drawn out and stressful process but at Norton Connor we aim to make everything run as smoothly as possible for you. Our fixed pricing on many services also means there will be no extra costs to pay.
We offer a comprehensive service that deals with all your residential property needs. As members of the Law Society’s Conveyancing Quality Scheme we are approved as conveyancing solicitors for the majority of mortgage lenders.
For help getting on the housing ladder for the first time please give Lorna a call at Norton Connor’s to find out more.