At Home with Sarah Beeny 2013 - (Page 56)

Buying for the first time there’s no denying it’s been really rough seas for newcomers to the property market. but, things may be looking up. We take stock of the current trends S ince the financial crisis back in 2008, the plight of the first-time buyer has been a turbulent one. Five years ago, there were over 800 different 95% mortgages available for those looking to take their first step onto the housing ladder, and – until recently – the unavailability, and the unattainability of 10%, 20%, 30% deposits has left many homeowner-hopefuls branded with the nickname ‘generation rent’. But times are changing, and while the UK is yet to witness the buoyancy of the housing market pre-crash, hope is on the horizon – especially in light of Lloyds TSB’s £6.5billion pledge to help people onto the ladder. buy or rent? The number of first-time home buyers is at its highest since 2007. But, of course, it hasn’t always been this way, and a combination of factors are thought to be behind this all-time high – with the cost of rent pinpointed as a significant driver towards a buying market. Currently, buying is, on average, 16% cheaper than renting, according to research from Halifax bank: a dramatic turnaround from the state of play in 2008, where buying was nearly 30% more expensive! Of course the buy versus rent quandary is one that consistently impacts upon the quantity of firsttime buyers. But recent research has lifted the lid on the life-long value of purchasing a property over renting: a report from Barclays bank claims that those who buy will save £194,000 over a 50-year period. And while being a tenant may be cheaper at first, rents inflate, which makes mortgage repayments more affordable. 056 | APRIL 2013 56-59 FIRST TIME BUYER FINAL.indd 56 27/2/13 10:00:50

Table of Contents for the Digital Edition of At Home with Sarah Beeny 2013

Editor's letter
Sarah's Welcome
It's a date
Mellow yellow
Blooming wonderful
Proper copper
Rent revolution
Home upgrade
Leading locations
Property virgins
Safe as houses
On the move
Good on paper
A distressed look
Turn up the heat
Fire it up
Another 48 hours
Something old, something new
Suite dreams
Inside the box
On stylish ground
On the rise
DIY for girls
The blueprint
A glass act
Final draught
Heat beneath your feet
Silent enemies
Real-life renovation
Eco exclusive
Hot stuff
How very cultivated
Turn over a new leaf
Lofty deals
Keep your antenna up
What Sarah says
How bizarre
Colour cocktail
Last word

At Home with Sarah Beeny 2013