Amid reports today that the number of first-time buyers has risen sharply for the first time since the financial crisis, observers have noted that the size of deposits has also risen rapidly, doubling from £15,000 in 2007 to over £30,000 now. So if you're thinking of climbing onto the property ladder in Didsbury, what are the things you need to consider?
There's no doubt that South Manchester is an attractive area to live both for young people and families - there are quality schools, restaurants and nightlife and all within a few miles of Manchester City Centre. The house prices reflect this, with the average house price being £290, 000. Out of reach for a first time buyer?
With constant changes to the housing market, and the prospect of first time buyers taking on 30-35 year mortgages it is easy to feel confused about what options are available to first time buyers in a sought-after area of Manchester like Didsbury. Help to Buy schemes may be available, or shared ownership may also be an option. Since many would be first time buyers are in their 30s, a longer term mortgage would mean paying mortgage payments into your 60s and possibly 70s, but it does mean that the amount to be repaid each month is lower.
Asking your mortgage broker to look for deals with lenders that would suit your needs when buying a house or flat in Didsbury. They may be able to acquire a mortgage deal for you that might be longer term but may also allow for overpayments should your financial situation improve in the future. Regular or occasional overpayments should allow you to reduce the term of your mortgage.
There's no doubt that Didsbury is a desirable area to live, and if you're thinking about buying in this area, check out the options available to you. The average property price in the area has been steadily rising in recent years so buying here could be a good future investment.