A recent report published by the Building Societies Association (BSA) has highlighted the challenges that first time buyers are facing in the current housing market. The report suggests that conditions for these aspiring homeowners are the toughest they have been in over 70 years.
One of the key factors contributing to this difficult landscape is the shortage of affordable housing. With prices skyrocketing and wages not keeping pace, many young people are struggling to save enough for a deposit. The introduction of stricter mortgage lending requirements has also made it more difficult for first-time buyers to obtain a loan.
Another factor contributing to the challenging conditions is the increasing cost of renting. With rent prices on the rise, many young people are finding it increasingly difficult to afford both rent and saving for a deposit. This has created a Catch-22 situation where they are unable to secure a mortgage while also struggling to keep up with rising rental costs.
Despite the numerous hoops that first time buyers must navigate, it is crucial for them to seek professional advice in the form of a survey report from a Chartered Surveyor. A Chartered Surveyor is an expert in the field of property surveying and can provide valuable insights into the condition of the property they are considering buying.
By commissioning a survey report, first-time buyers can gain a comprehensive understanding of any underlying issues or potential concerns. This can help identify any structural problems, damp issues, or other defects that could compromise the value of the property. A Chartered Surveyor will also be able to provide advice on potentially costly repairs or maintenance work that may be required in the future.
Furthermore, a survey report can provide peace of mind to first-time buyers by providing them with a clear understanding of the property’s value and condition. Armed with this information, they can make informed decisions and avoid any potential pitfalls.
Lea Hough offer a full range of services to help first time buyers take their first step onto the property ladder. To discuss the different Survey and Valuation Reports offered by Lea Hough, please get in touch. Our team are able to advise on the options available and which is the most suitable.
