First Time Buyers - Help Available


With recent updates from property sources and high street lenders doing the rounds just now, it's no wonder that those searching for their first home will start to wonder if now is the right time to buy.


A recent article in The Negotiator noted that (via a third party survey) 24% of buyers were not aware of all of the costs involved in purchasing a property. Whilst this article was referencing a lot of fees specific to the wider UK property sector, it is entirely in the realms of possibility this is also the case in Scotland. With rising interest rates, land & building transaction tax and legal fees plus buyers now also need to think about the cost of contractors / materials should they wish to personalise the property. It's no wonder the current conditions are leaving many purchasers asking why buy now. 


Although conditions can be quite challenging, there are still many mortgage options available for potential purchasers and at competitive prices as low as 4.05% depending on your deposit amount and status. For those longer-term tenants looking to buy, Skipton Building Society recently launched a 100% mortgage product meaning that there is no deposit required, subject to qualification.


Whilst the interest rates are higher than they were 12-months ago, now is still a smart time to purchase.


There are signs that rates will rise again. Securing a mortgage allows you to purchase now rather than waiting for interest rates to come down. That could be a year from now, three-years from now, who knows during which time that perfect property has come and gone.


It should also be noted that as we currently stand, for many, it is cheaper to purchase a home rather than rent long-term.


Why buy now? Studies show across Scotland that there are less and less properties coming to the open market meaning that owners are holding off on selling that little while longer or; they are selling before they hit the wider market. So even more reason to act quickly should that right property appear, available to buy.


Whilst there are less properties available, the property values have again increased. In more recent weeks however, that increase is definitely levelling with more sellers open to offers around the property value rather than expecting 10%+ over value as you may have found in parts of 2022.


The most recent increase in average property value sits around 0.2% and an average selling price sit at just over 3% in excess of value. To give an example, a property was valued at £200,000 is now valued at £200,400 and sold for £206,412. 


Again this is yet another reason to buy now because whilst the interest rates are higher, generally you might not face the same level of competition when offering on a property meaning that you may be able to secure for closer / around the property value.


Ballantynes have a list of properties available that could work for you right now so, why not begin your search HERE. To hear about listings before they hit the wider market, register your information with Ballantynes HERE and we'll let you know what we have coming to the market that could match your criteria.


For mortgage options, contact Ballantynes HERE and we'll put you in touch with the right broker to find the best options available. For guidance as to which solicitor to use when purchase a property, click HERE and we'll provide some options for you.


There is nothing we can do about Land & Building Transaction Tax as it's here to stay and anyone buying a home in Scotland should be aware of this. There is First Time Buyers Relief available and you can use the Revenue Scotland calculator to help by clicking HERE.


Ballantynes are on hand to help and for more information on the market, why not get in touch:

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