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First-time Buyers

More than 1.5 million regretted not buying a home in 2012

Your Mortgage
Written By:
Your Mortgage
Posted:
Updated:
15/02/2013

More than 1.5 million Brits have said their biggest financial regret of 2012 was not moving or buying a home for the first time.

According to research by first direct, the figure was almost 600,000 among 25-34 year olds, accounting for 8% of people.

While there was a 1% increase in property sales in England and Wales last year, only 640,000 properties were sold, half the 1.3m homes sold when the market peaked in 2006.

Andy Forbes, head of retail products at first direct said:

“It’s worrying that such a large number of people regretted not buying a home in 2012. Buying a home is understandably a daunting prospect especially in these financially uncertain times, but we are committed to helping first time buyers overcome some of the obstacles to getting on the property ladder.”

To encourage some of those who regretted not buying to take the plunge, first direct has compiled a list of tips to get on the property ladder.

• Research how much you can afford to borrow to get a feel for the size of deposit you will need to save.

• Budget – plan your income and expenditure to understand how much you could save on a monthly basis to build up a deposit towards your dream home.

• Don’t forget the other costs involved in buying a home.

• Consider a fixed rate mortgage if you want to know what your monthly payments will be whilst you find your feet.

• Low deposit mortgages are becoming increasingly available in the market, so do your research to find the best deal for you

• Remember to haggle on the value of your chosen property; vendors commonly build 10-15% in to their asking price and the worst that can happen is they say ‘no’.

• If you’re not part of a chain and have a mortgage agreement in principle (AIP) you’ll normally be in a much stronger position to have your offer accepted.