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Making predictions about the UK property is not always easy. The last few years have seen several industry experts make bold claims about recovery that never actually materialised. However now there are signs the market has reached its lowest level and may be on the way up once more. Many parts of the country have seen small increases in value this year and the pattern seems set to continue into next year as well. So is now a good time to purchase or should you hold out a little longer? Although there have been some increases prices are still lower than they were at the same time a year ago. The outlook for the rest of 2011 and early 2012 varies on who you listen to. Overall the general consensus appears to be the market will see some small increases but will stay fairly stable. So if you’re thinking of purchasing a home I would say do it now. Prices are unlikely to drop and there are some great deals available on new properties. If you are thinking of buying your first house in the near future here are a handful of quick tips to help you out.

Mortgage and Other Expenses

Saving a deposit is among the biggest hurdles for many people and one of the reasons why the housing market has been flat for the last couple of years. The days of 100% or higher home loans are well and truly over. Nowadays you’ll need a minimum of a 10% deposit to be able to get the best deals with the best interest rates. However more 95% deals have started to appear during the last couple of months in particular for people with excellent credit ratings. A deposit is of course not all that you need to save for when you want to buy a home. On some houses depending on price you will have to pay stamp duty . You must also plan for solicitor and surveyor’s fees and also land registry fees. You will also need to furnish your new house and pay for all of the bills. This can be quite an increase in your monthly budget if you have been living with your parents or in shared accommodation. New or Used Home? If you’re thinking of buying a home should you choose a brand new or a used one? With the present state of the housing marketplace there’s a large stock of new homes that developers wish to sell. You can find some good deals on new properties with many developers lowering asking prices significantly. Many developers are offering incentives such as free white goods or help with finding a deposit. New build homes will also include a free 10 year warranty from the developer and are a lot cheaper to run and maintain.

Shared Ownership

The popularity of shared ownership plans has grown significantly in recent years. They allow people to buy a share in a house 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 organization that is the owner of the other share. You can increase the share of the home you own with time so that eventually you can own 100% of it. Another choice is purchasing with a friend or group of friends. Although this can seem like a good option it can be fraught with stumbling blocks for the unwary. Make sure that you make use of a lawyer to draw up legally binding agreements.

Find brilliant new homes Dorset online.