Why This Could be the Best Time to Buy Your First Home - Urban Union Ltd

Why This Could be the Best Time to Buy Your First Home

The property market is starting to cool down, offering a renewed opportunity for people to get their foot onto the property ladder. Recent research has revealed that 40% of first-time buyers plan to purchase their first home between September and November 2021.

Property demand over the last 18 months has been unprecedented – for several reasons. Interest rates are low, there is an increase in the availability of high LTV mortgages, the stamp duty/LBTT holiday gave the market a boost, there has been a re-evaluation of what we want from our homes, and demand continues to outweigh supply which has meant homeowners have moved forward plans to capitalise on their gains.

These factors have led to a steep rise in house prices which has priced many buyers out of the market. However, now could be the time where that’s all about to change. Prices are levelling off or falling in some places and there is now support in place for first-time buyers making a home purchase more affordable.

In Scotland the LBTT holiday ended in March and across England and Wales, the stamp duty holiday came to an end in June and this has fuelled interest in first-time buyers looking to buy a home. In order to make informed decisions around where, how and what to buy, technology is also providing a helping hand to many first time buyers that need professional advice and assistance.

Recent research has shown that understanding mortgages and property jargon is a barrier to home ownership to many young people, however there is a lot of information online about everything from mortgages to legal advice, in addition, new technology has helped to make the home buying experience into one user-friendly process. Not only does it save first time buyers time and money by helping to find them the right home, in the right area, at the right budget, but it can also provide much needed information on the process of buying a home.

Even though the pandemic meant that prices went up at record-breaking rates, it’s believed that the market will calm down and cool off which will give first-time buyers a chance to look past the uncertainty of the pandemic and provide an opportunity to buy their first home.

As prices start to level off in the next 3-6 months there is an opportunity for first-time buyers who managed to save a deposit could purchase a property before the market is predicted to pick up in the second half of 2022.

Buying a home at a fixed price could be an ideal scenario as there are no offers over or closing dates to content with.

At Urban Union we aim to make the process of finding your first home less stressful and time-consuming with a simple reservation process – take a look at our handy guides. 

New release Pollokshaws Living

The long awaited collection of high quality one and two-bedroom apartments starting from £160,995 will be released from Thursday 16th September. Our last release sold in a matter of days, and we anticipate high demand for these homes.

Pollokshaws Living is within an easy commute of Glasgow city centre and Pollokshaws West train station is very close to the development. The M77 motorway is within a five-minute drive, as is Silverburn Shopping Centre. The development is next to a range of amenities and Pollok Park, which provides the perfect escape from city life. Nearby Shawlands has a host of bars, restaurants, independent shops, boutiques and health and sports facilities.

Find out more.