Lately, the news has been full of stories about rocketing house prices and ‘Generation Rent’ so it’s understandable that, for many would-be first time buyers, stepping onto the property ladder may seem out of reach. But figures published by Halifax show that the number of first-time buyers is estimated to have reached 335,750 in 2016 – the highest the number has been since 2007. The difference is that wannabe homeowners now have to save an average of £32,000 for a deposit. And, speaking of averages, those buying a property for the first time can expect to shell out over £200,000 across the UK and a whopping £400,000 in London.
Whilst there’s no industry standard for the percentage expected as a deposit on a home, there are now more options than ever available for 90% and 95% mortgages – providing you meet the financial requirements, of course. Put simply, for a house worth £200,000 you would need to have £20,000 in savings for a 90% mortgage or £10,000 in savings for a 95% mortgage.
We want to help get you moving, so we’ve picked five of our properties that would make perfect first homes – all for under the national average house price of £200,000.
This 2 bedroom Liverpool home is a stone’s throw from the city centre and really well connected. If you didn’t fancy taking a trip into town, there’s plenty of parks and green spaces surrounding this property, with Walton Hall Park a few minutes’ walk away. Beautifully finished throughout, this house is a perfect opportunity to jump into the property market for an affordable price, without compromising quality.