The UK housing market has witnessed lots of ups and downs( mainly downs) during the last few years. However there are indications that the market has at last begun to stabilise and several experts are forecasting small price rises for many regions. The latest data from the housing website Zoopla showed that the price of the average property in the UK increased by £5,000 in the six months to July.

So is now a good time to buy if you are a first-time buyer? Whilst there have been some gains prices are still lower than they were at the same time a year ago. Forecasts for 2011 and 2012 vary considerably according to where they come from. The general consensus is that prices will increase slightly or remain flat. So if you’re thinking about purchasing a home I would say do it now. Although prices might not increase much further they’re not likely to drop and you will find some great deals from many property builders on new homes.

If you’re thinking about buying your first house in the near future here are a handful of quick tips to help you out.

Mortgage and Other Costs

The need for large deposits has slowed activity in the housing market considerably. With a lack of new buyers going into the market it is taking a lot longer for houses to sell. In fact the number of sales in 2010 reached a record low. However although 10% home loan deals are still the norm there are signs that lenders are reducing their restrictions on lending slightly. More 95% deals have started to appear on the market although the interest on them may be slightly higher they are still competitive.

When you are saving for your home there are many other costs you need to think about as well as the deposit. On some properties depending on the price you’ll have to pay stamp duty . You must also plan for solicitor and surveyor’s fees and also land registry fees. You’ll also need to furnish your new home and pay for all of the bills. This is often quite an increase in your monthly budget if you’ve been living with your parents or in shared accommodation.

New or Used Home?

Should you invest in a used or new home? With the current state of the housing marketplace there’s a large stock of new homes that developers wish to sell. There are some excellent deals available on new properties with many developers reducing asking prices by as much as 10%. Many developers are also offering incentives like free white goods or assistance with finding a deposit. New build properties will also include a free 10 year warranty from the developer and are much cheaper to run and look after.

Shared Ownership

Shared ownership is one of the best ways for many first time buyers to be able to find the money for their first home. You take out a home loan for the part of the house you own and pay rent on the other portion to a housing organization. With time you increase the amount of the home you own. There are many shared ownership programs in the UK with many of them directed at key workers like nurses, firemen and teachers.

Another option is to think about buying a house with some of your friends. This may appear like an attractive option but can have its downside. Ensure that you make use of a solicitor to draw up legally binding contracts. To find your nearest housing association visit the site today.

As you will no doubt be aware the housing market in the uk has had a lot more than its fair share of challenges in the past couple of years. Mortgage lending has fell a result of the recession and many areas of the country have seen substantial drops in prices. With the property market in the condition it is in the choice to buy or sell a home is more challenging than at any other time. Thankfully if you’re thinking of selling or buying your house this year is you have plenty of help readily available to you. The What House? website gives house buyers and sellers every piece of information they have to know about today’s house market. They can provide you with information on a large range of subjects including selling and buying, affordable homes, home loans and also property investment. One area which is of a great concern to many people is the affordability of property in the current market. Even though there have been falls recently the price of housing is still beyond the reach of many people particularly first time buyers. The good thing is for first time buyers several affordable new home schemes have been created which can help them out. There are many housing associations throughout the Uk offering a variety of affordable new homes as well as the Governments HomeBuy project. Property prices are never far from any home owners mind particularly if they are deciding to sell or buy. The What House? website provides a house valuation service that can quickly and accurately value your house. All you have to do is key in a couple of details about your property and the house price calculator will work out the price of your house. Prices are determined using up to date details from Land registry, ONS as well as the financial markets. You will receive a PDF document with your homes value and some tips on methods to increase your property’s price. For all of the newest property news and trends in the united kingdom ensure that you check out the What House? web site today.