Tips For Getting On The Property Ladder In 2015

Posted: 10 February 2015 by Higgins Homes

property ladder

The property market in the UK changes quickly and this fast pace can make it difficult to get an idea of what you need to do to take that first step onto the property ladder. As we're now well into 2015, if this is the year that you've decided you want to become a home owner, then we have some fantastic tips for helping you to get to grips with the UK property market this year.

Remember that house prices will rise. While there has been a definite slow down in the increase in property values in the UK in recently months, most experts predicts that prices will continue to rise this year, albeit at a slower pace. Somewhere between 4% and 7% is the general view so if you're looking to make a move and start putting in an offer it might be wise to do it sooner rather than later.

However there are some drag factors too. The general election is being identified by most as probably the main reason that the UK housing market could stall between now and the month of May. Many experts are predicting that once the result of the general election is known the housing market will take off like a rocket but could remain fairly subdued until then so for those looking to get in before the rush, now is the time to act.

Stamp duty changes have had a considerable impact on the market and now make it less restrictive to get on the housing ladder with overall costs cut for most buyers. Many properties are still priced at levels that were specifically designed to keep them below certain stamp duty thresholds in order to make them more attractive to buyers so there are still some bargains around right now that won't necessarily be there in a couple of months as the market adapts fully.

Mortgages are still difficult to come by this year but not impossible. For those who don't have a significant deposit to speak of the government's Help to Buy scheme allows you to purchase with a 5% deposit and shared ownership schemes are also useful for getting a foot on the first rung of the property ladder.

Interest rates are currently low and for the immediate future likely to remain so but there have been some fairly loud whispers that this will change at some point soon. So, if you're planning to get onto the housing ladder this year it's important that you understand what the implications of a rate rise might be on your mortgage, both in terms of the option you choose and what you'll have to pay if the rise does happen in the next couple of years.

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