IS 2016 LIKELY TO BE A GOOD YEAR TO GET ON THE PROPERTY LADDER?November 10, 2015
Many people in their late twenties or even thirties have good jobs and are earning a decent wage, however they still find it increasingly difficult to purchase a house and get on the property ladder. With the housing market subject to constant change, it’s not uncommon to find that some years are better than others when it comes to purchasing your own home and getting your foot on the property ladder for the first time. With a number of schemes in place in order to help first-time buyers, 2016 is looking rather promising if you’re planning to get on the property ladder this year and make the significant purchase of your own home.
Help to Buy Schemes
With help to buy schemes, more and more young couples and singles are being able to buy their first home. The Help to Buy scheme was created by the government in order to enable more hard working people to buy their own home, and get their foot on the property ladder for the first time. With Help to Buy, it will be possible in 2016 to buy your own home that is either an existing home or new build priced up to as much as £600,000 with as little as a 5% deposit. So, if you aren’t earning enough to save up quickly for a large deposit or can’t borrow the money elsewhere, Help to Buy could be the perfect solution for you this coming year.
Buy to Let
If you’re thinking of getting on the property ladder but want to make an investment out of it, 2016 is definitely the year to consider buying to let. With the rising price of property in many areas causing more and more people to opt for tenancy agreements rather than buying their own home, if you are considering buying property in order to make a profit, this year there is more likely to be a larger amount of money to be gained from letting out properties rather than selling them on. Now is one of the best times to consider becoming a landlord, with rental properties in high demand. If you are looking to buy a house to let in the Hertfordshire or London area, visit this London property inventory company.
House Price Predictions
For 2016, house prices are predicted to rise at a slower rate than they have been currently moving. However, they are still predicted to rise by around 5% this year and a following 4% during the next two coming years, according to a poll by Reuters. Although it is not the drop in prices that many potential home buyers have been hoping for, this is still good news for those saving up for a deposit in order to purchase a home for the first time, as the slower rate of rising creates more time in which to prepare without missing out on lower prices.
Are you planning to get on the property market in 2016? We’d love to hear about your plans – let us know in the comments below.
Posted by verna luga
She earned her Masters in Applied Social Research at Ateneo de Davao University. She's a hard-core pluralist, an eternal optimist, a 40ish realist and a frustrated florist. She’s a mother, a teacher, a dreamer and who knows one day a potter.
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