Forecasting which way the UK property market will go is not easy. The last few years have seen many industry experts make bold statements about recovery that never really materialised. However now there are signs that the market has reached its lowest level and could be on the way up once again. Most parts of the country have seen small but significant price rises this year with £5,000 being added to the value of the average home.

So if you’re a first time buyer is it a good time to enter the market? While 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 seems to be that the market will see some modest increases but will stay fairly stable. So if you are thinking of investing in a home I’d say do it now. Prices are not likely to drop and there are some great deals available on new homes.

If you are thinking about buying your first home in the near future here are a couple of quick tips to help you out.

Mortgage and Other Costs

This is the biggest obstacle for most people and one reason why the market is so flat at this time. The days of 100% or more home loans are well and truly finished. Nowadays most financial institutions and building societies want a 10% deposit to get the best deals. However some 95% mortgage deals at competitive rates have started to appear for those with a good credit score.

When you are saving for your house there are many other costs you need to think about as well as the deposit. There is stamp duty to pay for on many properties, solicitor’s fees and surveyor’s fees as well. You’ll also need to furnish your new home and pay for all of the bills. This is often quite an increase in your monthly budget if you’ve been living with your parents or in shared accommodation.

New or Used Home?

Should you invest in a new or used property? With the present state of the housing marketplace there is a large stock of new properties that developers are keen to sell. You can get some terrific deals on new homes with many developers reducing asking prices substantially. Many developers are also offering incentives like free white goods or help with finding a deposit. Generally new houses are also cheaper to run and will come with a 10 year guarantee.

Shared Ownership

Shared ownership programmes have become increasingly popular for first time buyers. With a shared ownership scheme you pay a mortgage on the share of the home you own and pay rent on the remainder to a housing association. Over time you increase the amount of the property you own. There are many shared ownership programmes in the United Kingdom with many of them targeted at key workers such as nurses, firemen and teachers.

Another option you could look at is purchasing a home with a group of your friends. This might seem like an attractive choice but can have its downside. Ensure that you make use of a solicitor to draw up legally binding agreements. Find new homes for sale in the UK on the WhatHouse? website.

There is no doubt the Uk property market has seen some hard times recently. The volume of new homes being built is at an all time low despite the fact that there’s a huge need for new homes in many regions. In many areas the consequences of the economic downturn and the credit crunch are still being felt and the volume of new mortgage approvals is at an exceptionally low-level. However there are a few indications of recovery in the housing marketplace with many industry experts now saying that it’s reached its lowest point and prices will start to recover this year. This means that now could be the perfect time to buy property from a new house builder. Should you wish to move house this year there are a number of reasons why you should think about buying a new house instead of a used one. To begin with new build homes are built to better specifications compared to older homes. Modern building methods and materials mean that brand new homes are much more affordable to run and are generally a lot more energy efficient. This is good not just for the planet but your pockets as well. All new homes come with insurance schemes as well as a warranty to give you total protection not to mention peace of mind. Buying a brand new house in a very sought after location with large rooms, fitted kitchens and bathrooms with all mod cons is obviously an exciting prospect for almost any home hunter. At the moment there are many great deals and incentives available from brand new home builders which can make moving even easier. In case you are thinking about moving house this year and are searching for new homes Hampshire, new homes Essex or new homes Kent check out the What House? website for the latest information and news. It features a large range of brand new houses for sale along with expert advice for both buyers and sellers of property.