Is Now a Good Time to Buy a Home for the First Time?
Interest rates are falling and the Autumn Budget is out of the way, so is now the right time to buy a new home?
The Bank of England has reduced the base rate from 5% to 4.75% and mortgages have fallen from their peak above 6%. Currently the average two-year fixed deal stands at 5.43%, while the average five-year deal is priced at 5.16%, according to Moneyfacts.
Higher rates are not the only reason buyers might be questioning if now is a good time to buy a house, however. High energy costs are also a factor, and the price cap on gas and electricity bills rose in October.
The average new build energy bill could be more than £130 a month cheaper, based on all property types. The savings rise to £165 a month when comparing houses specifically – totalling over £1,980 a year.
First time buyers looking to purchase a home under £425,000 will additionally pay absolutely nothing in Stamp Duty Tax, but you must have completed your purchase by March 2025 to qualify.
With the First Homes Scheme, local buyers could also step onto the property ladder and into a brand-new 3-bedroom home in Burniston, close to Scarborough for 30% less than the market price of a comparable home.
Our Coast show home is located off High Street, Burniston, YO13 0HH and it has been styled by Flo & Co Interiors, York. It’s currently open for viewings Thursday – Monday 10am till 4pm.
No appointment is necessary. Simply drop in for an informal discussion about your requirements, to explore the Coast development and hopefully start your journey to becoming a homeowner in 2025.
