
With the cost of living and house prices both on the rise, the prospect of purchasing a first property is a more daunting idea for many first-time buyers (FTBs) than ever before.
Not only must FTBs save for larger deposits, but they must tackle many additional costs they might not be aware of from the outset.
Research released by the Centre of Economics and Business Research (CEBR) shows that the FTB economy is due to hit £73.1bn by 2024. As part of that figure, many of those looking to purchase will contribute over £10,000 each to the economy thanks to additional costs such as renovations, furniture, legal fees and moving costs. Many FTBs are unaware or underestimate many of these costs.
Furthermore, with the full stamp duty holiday now over, and house prices continuing to rise above the £300,000 threshold for FTBs, more people hoping to step onto the ladder are facing these extra tax costs. In fact, a recent survey found that one in four FTBs are now paying stamp duty, up from one in six in 2020.
Aside from governmental reform it is hard to dramatically alter, remove or reduce this tax burden.
With access to a broad range of products, our advisers can have a key role to play in helping you find the best product and rate, especially whilst products are regularly chopping and changing because of wider economic factors. Similarly, we can also advise on green products which can help borrowers save on renovation costs when they buy. For instance, many lenders offer green incentives and subsidies to encourage borrowers to improve energy efficiency in their homes.
By providing guidance and expert advice, we will help you onto the housing ladder.
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