Posted: Wednesday, January 10, 2024

Buying your first home in 2024

The New Year brings a fresh start and an opportunity for change, so it’s no wonder that thousands of first-time buyers get their moving plans into gear in January. If getting on the property ladder is your New Year’s resolution, here’s how to take your first step.

 

Know your savings goal

Saving up that crucial deposit could well be the most challenging part of the journey, so it’s important to know exactly what your savings goal is. Depending on your location, you may need to save for a deposit of at least 5% of the property price, which means you’ll also need a 95% mortgage. However, if you can afford to aim higher, a bigger deposit means you’ll be offered a mortgage with a lower interest rate, and seeing as interest rates have yet to recover from 2023’s economy, having a larger deposit could be crucial to securing a house in 2024.

 

Factor in the extra costs

Saving for a deposit is one thing, but there are a few additional costs that need to be factored into your overall budget. From conveyancing fees and surveys to removal companies, the finer details can add up quickly, so you must be prepared for them. 2023 saw permanent cuts to Stamp Duty land tax for first-time buyers, so at least there’s one less thing to add to the list.

 

Give your savings a boost

If you’re eligible for a chance to top up your savings – which most first-time buyers are – don’t miss out on your opportunity to receive a helping hand. Government schemes are designed to help you get your foot onto the ladder faster, with some schemes offering a 25% bonus on your house savings. The government often provides incentives and schemes to support first-time buyers. Stay informed about initiatives such as Help to Buy, shared ownership, or stamp duty exemptions that may apply to your situation. Your estate agent can guide you through the application process and maximise the benefits available to you.

 

Work out how much you can borrow

Once your deposit and budget are at the ready, you’ll be able to gauge how much you can borrow

Once your deposit and budget are at the ready, you’ll be able to gauge how much you can borrow. It’s important to speak to a mortgage broker first, as they will be able to advise you on the best deals for your situation, and also the deals that your application is most likely to be approved for. It’s important to note that if you’re buying with another person, both your salaries will be taken into account, as well as the size of your deposit, your credit scores and your monthly outgoings. 

Use our mortgage calculator to estimate how much you could borrow.

 

Get a mortgage agreement in principle

Getting an agreement in principle will fare well with whoever you’re buying from, as this shows that you’re a reliable applicant. In 2024, mortgage options are expanding, and finding the right one is essential. Research various mortgage products, interest rates, and repayment terms before making any decisions. 

 

Search for your first home

With your budget and financing in place, it's time to start the exciting journey of finding your dream home. Clearly define your priorities, such as location, property size, and amenities. Utilise online platforms, virtual tours, and expert advice from your estate agent to streamline your property search and find the perfect match.

 

Contact us

Make this year one to remember. Contact your local Guild Member to help you get started on your journey towards homeownership.

 

Looking to buy?

Looking to buy?

We'd love to help you on your journey home.
Don't miss out on on the latest properties by registering for our property alerts.

Register with us today

Read What Our
Customers Say

I can't speak more highly of the team at Homesearch. When I met Michael to discuss the sale of my home instantly from that meeting, I could tell how knowledgeable they were. From that moment until closing, everything went absolutely flawless. This experience of selling went without a hitch with them giving great tips on preparing my home for viewings. Thank you. I really appreciate all your help during this process. I highly recommend Homesearch to any person who is looking to sell their home or buy a new home.

Loretta Barrett, Seller

I started with two very well known real estates, but I hated it. I was simply another number to them and I didn't feel they were honest and transparent. With HomeSearch I felt comfortable that they were on my side and they were always available to help. The process is hard enough, so having a team who supports you can make such a difference. Highly recommend.

Arian Barvarz, Seller

The reason we chose Homesearch to sell our property was that we liked the straightforward, no-nonsense approach of both Anna and Michael. They gave an honest appraisal of our property and a clear idea of what we could expect to sell it for. In fact, the offer we accepted exceeded our expectations. The sale took longer than we would have liked, due to delays caused by the buyers' solicitor, but Michael was tenacious and must have worn his phone out keeping everyone informed of progress.

Nicola Watson, Seller

Homesearch are hands down the best agent I have ever worked with ! The team helped me in an extremely complex sale. Without the knowledge and experience of the whole team, my sale would not have completed. I dont normally write reviews, only when they are truly deserved. An exceptional team! Very kind and personable, reliable & trustworthy.

Leslie John, Seller

My experience with Homesearch is that they are professional, friendly and go above and beyond to ensure that something stressful like selling a house runs as smoothly and stress free as possible. They work hard to get the results and have kept me updated throughout the process. I honestly could not recommend them enough, they are easily the best company I’ve dealt with in the buying/selling houses field. And to top it all off, they always answer the phone in the most pleasant tone and always provide service with a smile.

Chanelle Hunte, Seller

Homesearch are PROFESSIONALS. I sold my property through Homesearch and I have not dealt with a more competent agency. Every single person  dealt with knew exactly what they were talking about and I can tell that they all have knowledge in the industry and were not just picked up from the street. From the get go I was impressed and I will certainly do business with them again.

Paul Hobbs, Seller

Many thanks Homesearch for locating professional corporate tenants for my property. I am very happy with your property management service as you always ensure that the tenants give the property back in good order at check out. Five Stars!

Maria Foran, Landlord

I have been absolutely delighted with the exceptional service I have received from Homesearch. They have removed all the stress & hassle of renting my property and dealt with all manner of situations I would have struggled with in such a professional & courteous manner. They give valuable unbiased advice with such a wealth of experience. Nothing is ever too much trouble for the staff, who are always friendly & helpful. Homesearch let and managed my property and I am very happy with their property management services, they are very knowledgeable.

Paula Carter, Landlord

Homesearch always do what they say they will do. They are efficient and raise any issues early and provide options to resolve them. Homesearch is very  easy to get hold of and talk to, no matter where I am in the world! My property is well looked after, regarding tradesmen, replacement of items swiftly etc. with the minimum of fuss.

David Connells, Landlord

From our first viewing right through to the present, Home Search were brilliant. They helped make the whole process quick and stress free and even now we are in and settled, they are still happy to assist us with any queries we may have. We couldn't recommend them highly enough.

Julie Maney

Home Search helped us move into our new flat smoothly and Tim was always happy to provide help to put our nerves at ease. Arranging a viewing was easy and Home Search were happy to open after hours for us to sign the paperwork. They were very helpful and often would offer to help! Having moved in we received a lovely card and they have always been swift in communicating with Usif we have any questions. Would recommend it.

Will Houghton

Michael and his team were simply amazing!! They helped us to find the perfect house, offering a nice and attentive service from the beginning through to the end. Thank you so much!! 5 stars service. Highly recommended!!!

Giordana Sicali

Very helpful and friendly staff. Tim, Michael and the team Made the whole renting experience easier.

Amol Sinare

I had a very difficult situation as I did not have a guarantor and my dad was earning enough but was not a homeowner. It took a about 3 weeks but Michael sorted it all out in the end and my dad became my guarantor. I got a lovely home and all the staff were very helpful including Paris, Zainab and Tim. Thank you all very much! Would recommend them to anyone

Misti Chakraborty

On behalf of myself, Noa & Niamh, we would like to start off by saying a massive thank you for the amazing service Home Search Ltd provided us with, especially highlighting the work of Clorissa. Within a week we were able to sign, seal and move into the property that we looked at, all down to Clorissa's prompt and effective work ethic, which allowed us a smooth transition from one property to another, without her, this move would not of been possible to have happened within the time stamp that it did. We are very grateful for the work that was done by Home Search Ltd, highly recommend.

Lewis Francis
How Much is Your Property Worth?

Expert Valuation

We always come armed with evidence and statistics of why we are pricing your property a certain way. We know the importance of getting the initial price of your property right, first time. With our extensive experience we will also explain current market conditions as we want to get our sellers the best price.

What's more, get a free gift with your free expert valuation with one of our experienced Valuer's.

Book a Valuation