Getting on the housing ladder in Basildon
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The average age of Brits when they begin their journey up the housing ladder is now 34 years old, an increase of 8 years since 1997. However, the number of first-time buyers is also rising with 370,000 buying their first property in 2018 with an average deposit each of £32,800 to secure their starter home.
If you’re ready to buy in the Basildon area, you’ll be aware that the town is on the up and regularly outperforms neighbouring regions in the East of England. In July 2019, the average house price in Basildon was £306,570 which was a 1.7% increase since the previous month. The rest of the East of England experienced just a 0.1% house price growth in the same period, whereas the average UK property rose by an average of 0.5% proving that Basildon is truly ahead of the property game.
Whilst this is great news for vendors here, if you’re struggling to get on the housing ladder in Basildon, you may be wondering what your options are.
Affordable homes
Sempra Homes is the commercial arm of Basildon Borough Council and aims to house as many local residents as possible in affordable, shared equity and private sale homes. Providing key workers with their own housing is a priority for the council, which is why they offer various schemes for those who work in Basildon’s hospitals, police force, fire stations, schools or colleges. An example of this type of housing can be found at Maplewood Court in Basildon which was completed last year. The development consists of twenty x two-bedroom apartments which are centrally located and ideal for first-time buyers.
Mortgage rates falling
For those who aren’t key workers, there’s plenty of financial hope on the horizon. Even as Basildon’s house prices are going up, the rates attached to first time buyer mortgage products are dropping. Looking at the last five years, interest rates on an average 95% 2-year fixed deal have reduced from around 5.04% to 3.25% in today’s market. This is great news for first-time buyers who only need to save 5% for their house deposit and can still enjoy the possibility of lower monthly mortgage repayments. Lenders are increasingly competing to entice newcomers to the market by offering them low rate deals. If you’re looking to buy in the Basildon area, now is the time to speak to your financial advisor or mortgage broker to check your affordability range and see what properties might be available for you.
Basildon property stock
A one-bedroom property in Basildon will cost an average of £170,148 whilst a 2 bed is worth a more substantial £243,024. For more of a family-sized starter home, you’re looking at spending up to £334,208 whilst a four-bed investment would set you back £526,505. With more than 550 properties up for sale at the moment, there’s a fantastic selection of Basildon property stock to suit first-time buyers as well as those a little higher up the ladder. If you’d like to take a look at what the area has to offer you, get in touch with our professional Basildon estate agent team today.