House Prices Could Rise in 2010

The recession meant a drop in UK house prices, but few buyers were in a position to take advantage of the lower purchase prices. It was even more difficult for first-time buyers and, in addition to Government initiatives designed to bolster the housing market and make it easier for people to get on the property ladder, many buyers sought alternative ways of purchasing property.

Combining assets and getting together with friends or family to buy is not a new phenomenon, but it is a tactic that has been employed more regularly since the recession hit.

There is also the option of shared ownership with the property builder. Many developers introduced schemes whereby home buyers could purchase a percentage of the property and pay rent on the remaining amount. Initial shares ranged from 25 per cent with the option to buy the remaining share of the property at any time at the convenience of the purchaser.

There are, however, different criteria for eligibility and with shared-ownership schemes varying between housing authorities you have to check around to make sure you fit the criteria - Local Government websites usually have this information.

The first step in seeking a new property is not finding the property as most people might believe; it is sorting out your finances and securing a mortgage. You don’t need to have a property in mind to get a mortgage, you just need to know your budget. This part of house buying may not be the most exciting step in the process, but it is important.

Having a mortgage organised means you know exactly what your budget is and put you in the position of being able to make offers on properties without having to wait for the lenders to make a decision. Even if you factor in shared-ownership it is worth speaking to your lender beforehand.

Finding a property is the fun part. Looking in estate agents windows is fine, but you can get a wide range of property and narrow your search very effectively by searching online. Rarely is a property sold these days without some web presence giving information on it, so you can open up a wide variety of property options form the comfort of your favourite armchair.

When you get to viewing properties, keep these tips in mind. When you see a place you like, don’t wait to arrange viewing, see it as soon as you reasonably can. By seeing it quickly, you can rule it in, or out, meaning you won’t miss out if someone else puts in an offer.

Make sure to construct a checklist of the points you are looking for in your ideal home. While there is always compromise when buying a property, with a checklist you can see at a glance which homes meet your requirements.

Making good use of your lunch hour or your commute to and form work is another good tip for viewing, if the properties are within easy reach.

When it comes to putting in an offer, it is in our nature to try and strike a deal to ensure we get a bargain. However, it is important when buying a home to get what will be best for you regardless of price. With that in mind, and if you feel the property is priced correctly, consider offering the full asking price.

House prices in the UK remain low at the moment, let’s hope you get a good deal.

House prices in the UK have stabilised and we are now seeing increases. If you are looking to buy a new home learn about the factors affecting the trends in UK house prices.