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2022 – the year to buy your first home?

Posted on December 31, 2021

Getting the timing just right is the key to purchasing any property with confidence, clarity and the future in mind. This is especially true when buying your very first home!

Here at Hackett Property, we help property buyers from all walks of life get onto and climb up the property ladder. With 2022 on the horizon and the nation still recovering from the Covid-19 pandemic, we understand that first time buyers may be a little tentative about making that move from tenant to homeowner.

Contrary to popular belief however, the latest property market trends mean the year ahead could be THE time to score your first property, here’s why…

The market is going from strength to strength

Despite not being ‘out of the woods’ yet, the Covid-19 pandemic hasn’t hampered the success of the UK’s bustling property market. Unbelievably, even in the face of uncertainty, house prices throughout the UK just keep on rising, and this isn’t expected to stop during 2022.

Rising house prices mean first time buyers should consider purchasing a property sooner rather than later to take advantage of current values and enter the market with an investment that will just keep increasing in price.

There are lots of fantastic mortgage deals out there

Whilst house prices are rising, mortgage interest rates are hitting rock bottom, which is excellent news for first time buyers wanting to secure a home and enjoy cheaper monthly mortgage repayments long into the future.

Even fixed rate mortgage deals are providing great value to first time buyers with just 5% deposits. By going fixed with your first time buy now, you can counter economic uncertainty and make property buying affordable.

It’s a great time to save for a deposit

Rapidly increasing house values mean that for the first time in a long time it is now more affordable to rent than buy. This puts prospective buyers saving for a deposit for their first home in an enviable position.

The government is here to help

Throughout the pandemic, there has been a number of schemes designed to keep the property market moving. The stamp duty holiday may have come to an end back in March, but there’s a new government initiative on the block that promises good things for first time buyers and current homeowners.

The mortgage guarantee scheme is making mortgage products more affordable and accessible for buyers with low deposits.

Start your search for your first home right here at Hackett Property and make 2022 the year you purchase your first property.