First time buyers

[Felix]

I don't think the economy will recover that quickly. I think you're looking at more like 5+ or even 10 years for any serious economic growth. I think house prices will follow the same trend with little or no change for a few years before growth again in 5-10 years. I am no expert though.

When inflation starts to shoot up (3.5% last month - rather than the 2% target) then the BoE will need to control that some how.

 

[Andrew_McP]

When inflation starts to shoot up (3.5% last month - rather than the 2% target) then the BoE will need to control that some how.

The IMF is already talking about altering inflation targets upwards. You can bet they're not the only ones. The reason? They know that the only way out of this mess (which has only been papered over with government debt and our future taxes) will be steady inflation.

Only this time it will be inflation without wage rises to compensate and make our personal debt shrink (the way the traditional "housing ladder" used to work). That way the indebted West will eventually fall into line with average global wages and our economies will become competetive again.

Andrew McP

 

[Jimmy1983]

We are in the process of buying using the HomeBuy Direct Scheme, exchanging contracts next week.

We need to raise 70% of the property's value by way of mortgage and 5% deposit, and the remaining 30% of the property is done via an equity loan from the developer and government.

This 30% loan is interest free for the first five years, then you start paying interest at 1.75% p/a (paid monthly).

We plan to sell in 3 years, so the equity loan will be covered by the money made on sale.

Just be aware, some new builds don't have any sort of flooring included in the price, so make sure you have additional savings on top of all the fees like stamp duty/solicitor's fees/etc. The scheme lets you keep back £5000 for flooring/furnishing/etc.

Thanks for the heads up about this homebuy scheme...this looks good.

http://www.homesinhants.co.uk/viewd...IDtype=1&LA=20&Bed=0&Type=0&Tenure=0&Scheme=0

Got recommended this site too by a broker http://nethouseprices.com/