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First-time buyers could benefit from housing market changes

Published: 09 December 2022
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Author: Carl Shave - CEO and co-founder
Last updated: 26May2024

Recent announcements by the government have caused some confusion in the UK housing market and among potential buyers. Especially those taking the plunge for the first time.

Following the Chancellor’s autumn budget, the Office for Budget Responsibility (OBR) suggested that house prices could fall by 9% over the coming couple of years. However, it’s important to remember that this will not be universal. Some areas have seen significant increases in values, exceeding the pandemic’s average of 10%, while others have seen little change.

The impact on confidence is likely to be short-lived due to a housing shortage and demand remaining consistently strong.

First-time buyers, in particular, could benefit from taking advantage of Stamp Duty cuts that will now end in 2025.

As always, research the housing market. Keep an open mind on precise location and properties. The ideal property may not be in the target area but, may meet other aspirations. Over the long term, this may prove to be a better investment.

Talk to your mortgage broker. They will be aware of lenders’ affordability calculations in response to any increased tax or other financial effects.

Having a mortgage arranged in principle when starting a property search puts buyers in the strongest position.

Just Mortgage Brokers have experienced mortgage advisers who can identify the most appropriate lender to meet individual financial circumstances and ambitions. Contact us now.