Why the future looks bright for first-time buyers in Gloucestershire
Recent independent research has shown that Gloucestershire is full of first-time buyers raring to go. This is fantastic and means the property market will be buoyed up by the next generation.
The cycle continues, improving house prices, and further encouraging more regional growth.
I’m incredibly pleased to be a chartered surveyor working for GB Home Surveys in Gloucestershire. As well as allowing me to work in this beautiful part of the world, I’ve gained a unique insight into the property market. And I’m excited by what I see when I chat with first-time buyers.
Here are a few of my thoughts on getting on the Gloucestershire property ladder.
What’s the current situation for first-time buyers in Gloucestershire?
The current first-time buyer situation in Gloucestershire is hopeful. Recent research (commissioned by Moneybox Home-buying) shows that over 33% of potential first-time buyers hope to buy within a year.
I find that encouraging, and you should too. It means the financial backbone and optimistic outlook are already there. With some encouragement and support, first-time buyers will be on the property ladder in no time.
The research also found that most first-time buyers don’t consult a mortgage broker until they’ve already saved up for a deposit. This likely gives people the feeling of greater flexibility and security, although the earlier you chat with them, the better.
Understandably, most savers have been hit hard over the last six months as the cost-of-living crisis took hold. Nevertheless, most have found a way to continue saving, whether through cost-cutting or extra income.
All things considered, the situation isn’t currently perfect. But it has the basic building blocks and, with the right expert advice, could be a safe haven. Most importantly, I feel that the right attitude and motivation are already there. That’s the most significant part, in my opinion.
What should you do as a Gloucestershire first-time buyer?
If you’re a first-time buyer in Gloucestershire, keep doing what you’re doing.
Saving up for a deposit and looking for a sensible home in a nice area is vital.
However, I’d also encourage you to seek professional advice as soon as possible. As in, now. Your parents or friends can certainly help, but they aren’t experts. You can get free advice from your bank’s dedicated mortgage department and could also consider chatting with a mortgage broker.
This chat never means you’re obligated to get a mortgage. But, getting sound advice on your deposit percentage, ways to save, budgeting, and buying schemes will help enormously.
In short, don’t be afraid. Yes, the cost-of-living crisis may have made things difficult, but there’s usually no need to put your life on hold. You might have to wait a little longer before you can afford something – that’s all. Again, a chat with a dedicated professional will help you work through all this.
Changes the Government and housing sector should make
The research found that one of the most significant factors affecting first-time buyers is the need for more widely available advice. Many don’t feel they’re given sufficient support, and most don’t know how the process works. This leads to delayed mortgage applications, low deposits, and so on.
Based on the Moneybox Home-buying research, I feel that councils and local government organisations should consider the following:
- More education on home buying in schools, including mortgage applications and cost calculations.
- Making budgeting tools and classes widely available to help people understand the cost of running and maintaining a home.
- More investment in encouraging first-timers to contact mortgage brokers and banks, even if they aren’t yet able to buy. Many prefer to get advice from parents and friends. I suspect this is due to feeling ‘obligated’ to sign for a mortgage once advice has been sought from someone.
- There should be more information on buying schemes available for first-time buyers (there are a few you could consider) through advertisements and promotions.
- A sensible and realistic viewpoint must be encouraged. A first-time buyer is unlikely to jump straight into a five-bed detached home. Equally, there’s no need to purchase a home in a run-down area (which will be difficult to sell).
Overall, first-time buyers would benefit from more education and less stigma. I’m sure this will free up the market and allow more people more flexibility.
GB Home Surveys in Gloucestershire
I conduct home surveys in the Gloucestershire region. These RICS inspections (Valuation, Level 2, or Level 3) provide a safety net; a comprehensive overview of the property’s condition.
If a home survey could help you as you look to move to a Gloucestershire city or town, why not contact me? You can reach me through the contact form below.
I look forward to hearing from you.
James Quinn, AssocRICS
