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First-time House Buyers: to Buy or Not to Buy; that is the Question
Buying your first home is always a difficult time. There are so many important decisions to be made and problems to be solved, which add up to one of the most stressful events that will occur in most people’s lives.
Some of the most obvious issues include the need to:
* find a suitable house to buy
* search complicated financial information
* choose the right mortgage that will cover the cost of the house and that is within your strict budget
* save enough money (usually while still renting another property) to cover the mortgage deposit
* deal with unknown legal fees, surveys and other costs
* make a realistic offer for your potential new home
* is waiting to see if the offer is accepted
* complete your purchase
* move and settle in a new house, regardless of the necessary decoration/reconstruction
Considering these factors, it is perhaps not surprising that first-time buyers may be the first to be frightened by changes in the housing market.
First time buyers (FTBs) make up an extremely important sector of the home buying market and are seen by many analysts as the lifeblood of the entire housing market. Without them, the slowdown or even collapse of the housing system is inevitable. Recent reductions in the number of FTBs buying homes, with Scotland achieving its lowest annual total for nine years, and the increasing struggles FTBs face trying to get on the first rung of the property ladder will have serious knock-on effects , which are already experienced in most of the country.
National Savings & Investments (NS&I) Senior Savings Strategist Dax Harkins said: “Despite the recent cooling housing market, house prices have continued to outpace both savings rates and incomes over the past year, meaning potential first-time buyers need to start saving earlier and harder to enter the market.”
As house prices continue to rise at a faster rate than people’s incomes, fewer and fewer people will be able to afford a house.
In a recent study NS&I found that the average time it took FTBs to save for a 5% mortgage deposit ranged from five years in East Anglia to three years and nine months in Scotland, with an average of four years and nine months, that is nine months more than a year ago. The average age of first-time buyers has also increased, from 37 to 31 three years ago.
Property website Rightmove has warned that the property market could remain static for several years as it waits for FTB revenues to catch up with house prices.
Miles Shipside, commercial director of Rightmove, said: “With many sellers refusing to part with the gains they have made, buyers are being forced to make up the affordability gap…The reality is that it will take seven years of static house prices and wage inflation to bridge this gap in accessibility.”
Marjorie Townsend, head of Edinburgh-based Lindsays Residential, said: “It was recently reported that the average house in Edinburgh costs seven times the income of most nurses. This is a shocking statistic.”
With more than one in six FTBs turning to relatives and more lenders offering 100% mortgages, or as much as 102% from Lloyds TSB and Scottish Widows, to help buyers get on the property ladder, some may be pushed through to the first rung, but end up with long-term debt that falls in the process, fueling continued house price inflation.
Various banks have come up with innovative methods to help FTBs buy a house which, while not solving the real problem of house prices, will enable more people to own their own home.
A secured mortgage can increase the amount that can be borrowed, as long as the borrower’s parents have enough income to cover all their own debts, plus their child’s mortgage every month; however, the parent will not have to make any payments themselves unless the child’s mortgage is in arrears.
A compensated mortgage can mean that the money from the parent’s savings account can be compensated with the child’s mortgage. Although a parent would receive no interest on their savings, reducing the amount their child pays could make a big difference, and they wouldn’t be taxed on the amount either.
A ‘Professional’ mortgage is an option for certain workers, which allows them to borrow more than their initially low-paying career would normally allow them to, on the assumption that their future salary will rise rapidly as they earn high incomes.
While some are urging caution to prevent the possibility of financially crippling levels of debt, others see the need for buyers to act quickly.
Marjorie Townsend, of Lindsays Residential, believes: “The best advice for first-time buyers is to move quickly… There’s really nothing to be gained by waiting for a competitive closing date, which will push the price up. There are plenty of sellers who are eager to sell and whose special circumstances may require a quick transaction.”
Overall, it appears that the situation for FTBs will continue to be difficult unless there is a major change to bridge the gap between incomes and house prices for those who need it most. Recent government initiatives such as the Shared Equity Scheme, which allows partial ownership of property, may go some way to enabling some FTBs to get started, but Ed Davey MP, Liberal Democrat housing spokesman, believes the policy could make housing even more expensive, “Making is looking at the demand side, which could fuel house price inflation and further exacerbate the affordable housing problem.”
Until the issue of supply and demand is resolved, there will continue to be problems. According to the Barker Review, published in April, up to 140,000 new homes need to be built each year in the UK if supply is to keep up with demand. Even if new homes are being built at this rate, the time it takes for the market to stabilize will mean further delays for potential new buyers looking to own a property.
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