Don't Despair At House Price Increases

Would-be homeowners may be feeling the financial pressure more than ever as asking prices for houses have risen for the fifth month this year but there are still opportunities for people to take a step onto the property ladder, according to Orbit First Step HomeBuy Agency.

HomeBuy Agency Team Manager, Karen Coleman explained: “Rightmove has reported that initial house prices are now an average of 6.7 per cent higher than they were at the beginning of the year after price rises were recorded every month except June. This will be disheartening for many people who are already struggling to find an affordable property and who may also be experiencing difficulties securing a mortgage.

“However, Rightmove has predicted that the market will remain stable for the remainder of the year so if you are thinking of buying, it would make sense to do so now before prices increase further. Don’t abandon the idea, thinking there’s no way you can afford it. There are many products available through your local HomeBuy Agency which can help you fulfil your dream of becoming a homeowner, and you won’t need to break the bank to achieve this.”

As the largest HomeBuy Agent in England, Orbit First Step is responsible for marketing a variety of low-cost home ownership schemes designed to help get buyers moving and is promoting dozens of affordable homes, on behalf of all developing registered social landlords in Norfolk and Suffolk, Bedfordshire and Cambridgeshire; Coventry and Warwickshire; Hereford and Worcestershire; Staffordshire and Shropshire; and Birmingham, Solihull and the Black Country zones.

It also promotes a range of HomeBuy products designed to help you fund your home purchase. These include the New Build HomeBuy scheme under which you would generally take out a mortgage for a share of the property and rent the remaining share at a discounted rate. You can buy shares from as little as 25 per cent on many properties, which you can increase at any time until you own the property outright – just as you would if you had purchased through a conventional mortgage.

Alternatively, if a lack of deposit is preventing you securing a mortgage, you might be interested in the Rent to HomeBuy scheme which allows you to rent the property you would like to buy. At any time within a three year period, you can then purchase the property under the terms of New Build HomeBuy.

If you want to choose a home that is being sold on the open market, HomeBuy Direct could be the product that would best suit you. Under the scheme, those eligible can take advantage of a loan of up to 30 per cent of the property market value and as there is no interest to be paid on the loan for the first five years, the first few years of home-ownership are made much more affordable.

Terms and conditions apply on all options.

Orbit First Step HomeBuy Agency has already helped hundreds of individuals, couples and families, from all manner of backgrounds – first time buyers, key workers, people in need of a new home following a relationship breakdown and families who have outgrown their existing home.

If you have a household income of less than £60,000 you may be eligible for help so why not get in touch to find out more. For further information on the developments Orbit First Step is currently marketing and the HomeBuy products available, please call 0345 850 2050 or visit www.orbithomebuyagents.co.uk.