The housing industry in the UK has been in a state of turmoil for the last several years. However signs are beginning to appear that the market has arrived at its lowest point with many industry experts predicting small increases over the next 12 months. Information released by Zoopla in July stated that average house prices increased by about £5,000 in 2011 with the typical home in the UK now priced at £216,534.

So if you’re a first time buyer is it a good time to go into the market? Whilst prices are on their way up once again they are still at lower levels than July last year. Forecasts for 2011 and 2012 differ considerably depending on where they come from. Overall the general consensus appears to be that the market will see some modest increases but will stay fairly stable. So for first time buyers I’d say now’s as good as time as any to enter the market. The cost of property is not likely to fall and while any increases may be small they will only add to the cost of purchasing a house.

if you are entering the market for the very first time here are a handful of tips to help you out.

Mortgage and Other Expenses

Saving a deposit is one of the biggest hurdles for many people and one reason why the housing market has been flat for the last few years. The times of lenders being ready to give 100% home loans have ended. Today you need at least a 10% deposit if you wish to get the best deals with the best interest rates. However some 95% home loan deals at competitive rates have started to appear for those with a good credit rating.

A deposit is of course just one of the many things that you need to save for. You must also save for stamp duty, solicitor’s and surveyor’s expenses and moving fees. Buying furniture and appliances for the home are other expenses to consider. Finally it is well worth finding the time to budget for the bills you will have to pay every month.

New or Used Home?

Should you buy a used or new property? With the current state of the housing market there’s a large stock of new houses that developers are keen to sell. There are some excellent deals available on new houses with lots of developers lowering asking prices by as much as 10%. Many developers are also offering incentives including free white goods or help with finding a deposit. New build homes will also include a free 10 year warranty from the builder and are much cheaper to run and maintain.

Shared Ownership

Shared ownership schemes have become a lot more common in recent years. They allow people to buy a share in a property that they normally would be unable to afford . A mortgage is paid on the part of the property you own and rent to a housing association that is the owner of the other share. You are able to increase the share of the home you own over time so that ultimately you can own 100% of it.

Another option you could consider is purchasing a residence with a group of your friends. Although this can seem like a good option it can be fraught with pitfalls for the unwary. Ensure that you use a lawyer to draw up legally binding agreements. Looking for new homes Cambridgeshire? Visit the What House website.

After several very hard years for the housing industry in the UK it looks like things are starting to pick up. Following years of awful or negative property news 2011 ought to see an improvement in the market. With most parts of the country struggling with price drops, problems selling houses and tighter lending restrictions 2011 could finally bring some good news. Experts are now stating that the market has bottomed out and that costs will begin to rise once more in the second half of the year. There are several factors which will lead to a rise in house prices in 2011. These factors include a general lack of new housing stock, rising rent costs and more home loan lending by banks. The expense of property is never far from the mind of British homeowners. When you are thinking about selling or buying a property every penny counts and it is vital that you obtain the most for your money. If you visit the What House internet site you will find an excellent house price calculator. You can do house valuation and property valuation in seconds. To value my house you simply need to type in a couple of details about it in to the internet site. The web site will then use the latest information from the ONS, financial markets and the Land Registry to value your house. In addition to the most recent house news for the UK you can also find information and facts about housing associations, inexpensive home and new house builders near you. You’ll find all the most recent information regarding new homes Berkshire,new homes West Midlands,new homes Cardiff and new homes Hertfordshire. If you are considering buying or selling this year you need to visit the What House internet site. It is unquestionably the best place to go for up-to-date information about every aspect of the UK housing industry.