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Property

Chadderton Office

509 Middleton Road,
Chadderton, Oldham
Ol9 9SH

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Tel: 0161 626 5688

Fax: 0161 628 0350

Email office

Monday to Friday
9:00 - 17:00
Saturday
10:00 - 15.00

Royton Office

64 Rochdale Road,
Royton, Oldham,
OL2 6QJ

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Tel: 0161 626 9789

Fax: 0161 652 0514

Email office

Monday to Friday
9:00 - 17:00
Saturday
10:00 - 15.00

Shaw Office

33a Market Street,
Shaw, Oldham
OL2 8NR

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Tel: 01706 291383

Fax: 01706 880000

Email office

Monday to Friday
9:00 - 17:00
Saturday
10:00 - 15.00

Uppermill Office

35 High Street,
Uppermill, Saddleworth
OL3 6HS

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Tel: 01457 810076

Fax: 01457 810222

Email office

Monday to Friday
9:00 - 17:00
Saturday & Sunday
10:00 - 15.00

Extended hours telephone enquiry service 7 days a week
8:30am to 8pm Mon – Thurs | 8:30am to 5pm Fri | 10am to 3pm Sat & Sun...

Extended hours telephone enquiry service 7 days a week
8:30am to 8pm Mon – Thurs | 8:30am to 5pm Fri | 10am to 3pm Sat & Sun...

Why 2018 is the ideal time for first-time buyers

 

2018 may be an ideal year for first-time buyers to make the leap onto the property ladder.

 
If you’re hoping to purchase your first home this year, here is a list of things to consider.
 

More new homes to become available

 
With the Help to Buy equity loan scheme propping up developer profits, it is likely that the number of new homes built in 2018 will increase and edge closer to the targeted 300,000 new homes a year set by the Government. More homes built may equate to more opportunities for first-time buyers to purchase a home.
 

Consider a Lifetime ISA

 

With the Help to Buy (H2B) scheme offering a route into home ownership, it’s time to give some thought to a rule change in the Lifetime ISA. The Lifetime ISA works in a similar way to H2B. For every £4 you save, you receive a £1 government bonus. The bonus was only paid after 12 months of saving but thanks for a new rule, from April 2018 the bonus will be paid monthly. Savings can be withdrawn tax free when buying your first home or when you are aged 60 or above. This rule change increases flexibility for how and when savers use their allowance.
 

First-Time Buyers are overtaking landlords

 
The balance is tipping and first-time buyers are overtaking landlords. Rising taxes and tougher lending criteria are swaying in favour of homebuyers rather than landlords using buy-to-let finance. According to the Council of Mortgage Lenders, they expect landlord property purchases to fall below 80,000 in 2018, compared to 120,000 in 2015.
 

House prices might not increase

 
Good news for first-time buyers trying to keep up with increasing prices, the Royal Institute of Chartered Surveyors (RICS) believes that “come the end of 2018, prices across the UK as a whole will have seen almost no change with a year earlier.” There are a number of factors at play this year. Economists believe that a range of factors such as Brexit, mortgage affordability and weak consumer confidence will all have influence on the increase of properties in 2018.
 

Stamp duty no longer applies

 
As of 2017’s budget, first time buyers purchasing a house for anything up to £500,000 will not have to pay stamp duty on the first £300,000. This move will see a boost in first time buyers in the market and saves them a lot of all important cash in the buying process. For example, if you were to buy a home for £210,000, you would save £1,640 in stamp duty.
 
Planning to purchase in 2018? Then contact our experienced mortgage advisors to book your appointment. Call us on 0161 925 3751 or email enquiries@kirkham-financial.co.uk

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