Should You Wait or Buy Now? A Guide for First-Time Buyers in the 2024 UK Market

Thinking about buying your first home this year? Wondering if now is the perfect time to take the leap? Petty Real knows that navigating the housing market as a first-time buyer can be both thrilling and at times a bit scary.

That’s why our expert team keeps an eye on the market and adjusts their approach to first time home buyers on an ongoing basis. We ensure that when someone makes a big financial decision like buying their first home, they have the information they need.

Current Market Conditions For First Time Buyers

The UK property market in 2024 presents a complex landscape for first-time buyers. Recent data reveals that only one in eight potential first-time buyers can afford the average starter property in their area. This affordability challenge is driven by high house prices, increasing living costs, and rising rents.

In London, high average house prices around £523,000 pose a challenge for first-time buyers seeking affordable options. In Wales, lower average incomes can make it more difficult to secure mortgage approvals despite competitive housing prices. Meanwhile, in the West Midlands, despite average home prices of £250,000, low savings levels in the region can affect affordability for prospective buyers.

The North West region of England presents a compelling case for affordability in the UK property market. As of early 2024, average property prices in key North West cities such as Liverpool (£156,700), Preston (£194,661), Salford (£206,147), and Manchester (£223,000) remain significantly below the national average.

Petty Real, perfectly positioned in East Lancashire, can find you properties that fit your budget. We specialise in finding the right deal for you. The average house prices in Barnoldswick (£185,637), Barrowford (£158,686), Burnley (£136,781) and Colne (£162,091) make this region a particularly attractive prospect for first time buyers.

For first-time buyers, who often struggle with saving for deposits and securing mortgages, these lower price points can make homeownership much more achievable.

Labour’s Plan For First Time Buyer Assistance

Some property experts are cautiously optimistic about the housing market’s future. Following the recent election results, there’s hope that a stable government will inject more confidence into the property market.

The Labour government has proposed several initiatives to assist first-time buyers in the UK housing market. Their “Freedom to Buy” scheme is a key component, offering a permanent mortgage guarantee program designed to help those struggling to save for large deposits. This scheme aims to support approximately 80,000 young people in getting onto the property ladder over a five-year period.

The government also plans to reform planning rules to facilitate the construction of 1.5 million new homes, addressing supply issues.

The hope is that the new government will help maintain low inflation rates, potentially leading to reduced interest rates and more affordable mortgages. This would bode well for first time buyers, but they may want to hold out on buying until the schemes are formally announced by the Prime Minister.

Navigating Your Path to Homeownership with Petty Real

If you’re buying your first home and want to explore affordable options in the North West, Petty Real is here to help. Our team knows the local area inside out and can guide you through the best choices for your budget and needs.

We don’t just deal with existing homes. If you’re interested in new builds, we can introduce you to several exciting developments. These often come with special deals for first-time buyers, which we can explain to you.

Getting started is easy with our Home Finder Service. Just tell us what you’re looking for, and we’ll do the hard work. We’ll even let you know about new homes before they appear on websites. You can choose how you want to hear from us – by text, email, or even post. It’s all about making your home search as smooth as possible.

Petty Real also knows that you are taking a good hard look at your finances and wondering how far they can stretch. Our team can help you understand how much you can afford to spend and what your monthly payments might look like

We work with trusted financial advisors who can explain all your options. They’ll help you find the best mortgage deal, whether you’re using a government scheme or a regular bank loan. Don’t worry if you’re not sure about deposits or credit scores – we can guide you through all of that too.

We can even introduce you to independent advisors who can give you a quick 15-minute call. This could save you money and time in the long run. Just ask us, and we’ll point you in the right direction.

Petty Real would love to have an in-depth discussion on whether the time is right for you to buy your first home. Understanding that each buyer is unique, Petty Real works to find the right solution no matter the circumstances. Investing in a home is a big decision, but we can help lower your anxiety levels.

We will ensure you are kept in the loop at all times, and will keep you informed so you make the best decision. Let’s discuss your first home purchase— call us at 01282 415111. Alternatively, you can enter your details on our online form, or if you’d prefer, you can visit us for a chat about this big step in your life, in person: Find a branch near you.

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