At the moment, the property market in the UK is going through some exciting changes.
Generally speaking, property sales happen most often in London and the south of England. These are also areas with relatively high prices, and there are many appealing property hotspots to choose from.
But the current political situation changed the status quo. North England’s property market is doing better right now. More people are interested in buying and selling here than in the south. Property prices are more stable, as well. Experts say that this trend is here to stay for at least five years.
3 Tips for First-Time Buyers in the North
If you are hoping to invest in property in the North, here are some useful tips to help you get started.
1. Prices in the Area Are on the Rise
If you’re looking for your first home in the north of England, it’s important to act quickly.
The fact that there’s a lot of property market activity in the region means that it will be easy to find a house that fits your needs. But you should also note that prices are steadily going up.
For example, professionals estimate that prices in north-west England will grow by over 21.5% in the next five years. Yorkshire and the Humber is also going to be subject to rapid property price growth. Buyers who are interested in this area should consider these predictions.
If you know where you want to buy property, it is a good idea to look up internet estate agents in the region. Online sales are faster and more comfortable. They also give you the chance to compare prices, so you can be sure you’re getting a fair deal.
2. Consider Your Options Carefully
Don’t rush things. With the help of seasoned online estate agents
, you can find a house that fits your needs within a few weeks or even days. However, you should avoid impulse purchases as these often lead to buyer’s remorse.
Your House Needs to Fit Your Future Plans
You’ve probably heard of the property ladder – the process of switching to higher-value properties as time goes by. While this is a good approach, you should still plan for the possibility that you’ll keep using the same house for a long time.
That means that it should accommodate any changes you expect in the future. For some, marriage and children are the most likely change. But you should also consider the possibility of working from home, adding new rooms, and so on.
Higher Prices Don’t Always Indicate Better Quality
The size, design, location, and age of a house all have an impact on the asking price. But sellers have other considerations as well. For example, they might be hoping to sell in a hurry, and lowering the price facilitates that.
So look into the description of the property you’re considering and make sure it fits your needs. You should also find out whether professionals have appraised it.
The same principle applies to the agents you may hire. Sometimes, the cheapest online estate agent delivers the best service.
Be Realistic About Maintenance and Renovations
People who haven’t owned property before don’t always understand the work that goes into keeping a house in top shape. Make sure you can keep up with home maintenance tasks. For people with a busy schedule, smaller houses can be the better choice.
The same advice applies to homes that need repairs and renovations. Will you have the budget necessary to make your new property comfortable? Doing home repairs takes a lot of time and effort, especially if you lack experience.
3. Understand the Commitment You Are Making
Your mortgage will have some impact on the way you live your day-to-day life. The price of your new house isn’t the only price you have to worry about. You will also have to think about:
• The deposit you have to put down – usually 5% of the total cost
• Survey costs and valuation costs
• Solicitors’ fees
• Stamp Duty and other taxation
• Buildings insurance
• Moving and decorating costs
Before you make any permanent decisions, make sure you can cover every expense.
The Early Bird Catches the Worm
Now is a great time to buy a house in the north of England. It’s best to seize the day, as properties in this part of the country may become more expensive soon. If you’re ready to start looking for your new house, consider Doorsteps’ online property auction
. Here, you can look over expertly valuated houses in your chosen area.