The excitement of buying a house for the first time is a great experience and in this current market in the UK, many homebuyers are going through this experience. The first-time home buyers are making their way into the housing market to find their dream home and this action is rebalancing the buyer demand for homes. Not only this benefit, but the ever-increasing number of first-time buyers is also benefiting the housing market in other ways. This proves that homebuyers are a force to be reckoned with in the UK market as they are growing in number and successfully closing deals with property sellers.
Are you a first-time home buyer too? You can also become an owner of a home by getting in touch with the estate agents in Brighton. Also, know how first-time homebuyers are benefiting the housing market and what benefits they can get.
How do first-time home buyers benefit the housing market?
Increase in new home sales
The homebuyer demand for properties in the UK remains higher because of first-time homebuyers. As the demand for homes increases the availability of the homes is also increasing to meet the demands. Therefore prospective buyers have more choices to choose a home that they would like to live in. So this favourable circumstance is happening due to the eager response from first-time homebuyers.
Slowing house price growth
The house price growth in the UK has slowed down and the price reduction is greatly benefiting the first-time home buyers looking for homes to buy. If the house price growth is fast then the first-time home buyers may not get the chance to make their dreams come true. But currently, the UK housing market is experiencing small price reductions in many areas.
You can speak with the estate agents operating in these areas to find homes offered at the best price.
Rental increase is pushing buyers to the housing market
The number of first-time homebuyers is becoming more and more because of the steep increase in rental rates. This is one of the reasons why first-time home buyers are remaining the biggest buyer group in the housing market.
Many have started to consider homeownership a good decision because they are no longer able to bear the increasing expenses of paying monthly rent. For buying a property they have to arrange a necessary deposit that can help them to settle down in the home of their choice for years to come and this is the convenience many first-time home buyers are aiming for.
What benefits do first-time homebuyers get?
No need to sell a property
The one advantage of being a first-time home buyer is that you don’t need to sell a property first to buy a new one. Therefore you don’t need to face the legal and financial delay of selling a home to buy one. Plus because of this, you are not part of any existing mortgage contracts so you can look for a property to buy from a property seller without any worries.
Less tax
One major benefit of buying a home as a first-time buyer is that you only have to pay less tax than the buyers who have already bought properties. For instance, the stamp duty only applies to you when you are buying properties over £425,000.
Government schemes
There are lots of schemes available from the Government to first-time home buyers to make buying a new home affordable. For instance, you can benefit from the First Home scheme through which you can avail of a discount of 30% of the market value of a new build home which you want to buy but you have to check if you match the criteria to be eligible for the scheme.
Buying your first home is easy now
You can become a first-time homebuyer easily with the help of Brighton estate agents as they are offering the best service for their clients. Find your dream home by getting in touch with the agents who will assist you by showing you the properties located in the best places. So choose the estate agent services to find your dream home and make it a great lifetime investment.
