Houses for first time buyers

Here is a quick guide for first time buyers who are aiming to step onto the property ladder in 2025.

Transcript

00:00Hello and welcome to Manchester World and our first property video of 2025.

00:04Many people will have set themselves a goal to potentially be a homeowner by

00:07the end of this year, but that process can be pretty complex and pretty

00:10intimidating, particularly for first-time buyers, so the purpose of this video is

00:14to try and break down some of the steps to make it as easy as possible for you.

00:17Now here's a quick list of some of the things that you'll need to be aware of.

00:21The first point is the most obvious. You'll likely need to have a chunk of

00:24cash behind you to serve as a down payment on a house. The average down

00:28payment is around 10%, with the average property in the UK costing just under

00:32£300,000 per year. Now 10% of that is £30,000, which is a lot.

00:36But there are no many shared ownership properties becoming available, meaning

00:40that you buy half the property potentially upfront and buy out the rest

00:43as you go, which could significantly reduce the size of that deposit. Once

00:46you've got your savings, you'll need to try and assess what you can afford each

00:48month. This will depend on your credit score and your monthly earnings. There are

00:51mortgage calculators that are great online that might help, but the better

00:55your credit score, the better your chances of getting a good mortgage deal.

00:58An independent mortgage advisor might also be a good idea. This is someone who

01:02can talk you through the complexity of various mortgage products, although it's

01:05likely that you'll have to pay out-of-pocket for the help. All of this

01:09should be figured out before you start property searching, simply so that you

01:12know the price range that you should be eyeing up and don't go too expensive.

01:15There are lots of extra costs associated with buying a house. Conveyancing fees,

01:19land registry, stamp duty, home buyer surveys, insurance removal costs and much

01:23more. All of this can add a couple of grand onto your costs, so it's worth

01:27making sure that you have a bit extra stored away, or the help from parents or

01:30friends if you can get it. When you are viewing properties, there are a couple of

01:34questions you should be asking. How long has it been on the market? How many

01:36viewers it's had? What's included with the property? And how old the boiler is?

01:39All this should ensure that you don't need to spend extra money that you

01:42weren't factoring in. If you've settled on a place, you'll have to hire a

01:45solicitor to work on your behalf and make sure that everything is good

01:47contractually, and eventually you'll be good to move in. Now there are tons of

01:51great tools online that can help in a lot more detail, but hopefully this gives

01:54you some idea of the process and how difficult it can be. That's all for now,

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