I'm a first time buyer - here are two things you should do right now
An estate agent who is looking to buy his first home has claimed now could be the ideal time to get on the property ladder. Owen Diamond, 25, from Wallasey, is an estate agent at Reeds Rains’ Liverpool office.
Owen believes there’s two things others in the same position should do when looking at potential new homes. Speaking to the ECHO, Owen said: “Speaking from my own experience, I'm a first time buyer.
“The best piece I'd generally give to people is not to look at what needs doing, look at what’s already been done. The main costs are kitchens and bathrooms.
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“They can cost between £15,000 to £20,000 depending on what you want. It’s much less daunting if you do this, because then you’re not looking at massive costs.”
Owen also said first time buyers should get a level two survey on any home they’re looking to move into. These are house reports, compiled after a surveyor’s physical inspection of a property by a surveyor. It provides home buyers with more in depth information on the condition of the property compared to a valuation report.
Owen said: “I would avoid leasehold properties but it depends on what you want. Watch out for high service charges and ground rent issues.
“Freehold properties are generally okay. I would definitely get a survey as a first time buyer because it gives you peace of mind. If the property you’re looking at is 80 years old, it could have damp, structural issues or issues with the roof. I would advise getting a level two survey. Any questions you have should be answered by that.
“Take precautions. I would say do what’s best for you and don't necessarily compromise on everything. The more you like a property, don't sit on it - get back in contact as soon as you can.”
Owen claimed that the L7 postcode, covering parts of the city centre, Edge Hill and Kensington, is proving popular with investors at the moment. However, there are two postcodes in Liverpool specifically that first time buyers are gravitating towards. These are L8, which covers Toxteth, Dingle and the edges of the city centre, and L15, which covers Wavertree.
Owen said: “At the moment, L8 is quite popular. Down there you've got the bread streets. You've got good transport links. Brunswick Station is close by. You live close enough to the water. You’re not on it but you still get good views.
“L15 is a really good one at the moment too. Because of where it is, it’s very close to Sefton Park, it’s very close to Smithdown Road which takes you all the way down to Penny Lane. It’s good to be close to Queens Drive because that’s kind of a ring road around Liverpool.
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“If you don't work in Liverpool, especially if you work in Prescot, St Helens, Chorley, or even Manchester, you've got a good way to get there. It gets quite busy but it’s good to have it there.”
The new Labour government has pledged to increase targets on local councils for new build homes. While Owen said he didn’t know enough about these to comment, he said current conditions are ideal for first time buyers.
Owen said: “I know the new Labour government will affect mortgage rates. They are slightly coming down at the moment. The Bank of England base rate is coming down, so that will help first time buyers. It’s a buyers market.
“Prices are low because of the change in government. They will go up again of course. But if interest rates go down enough, now is the time to look at buying.
“It’s going in the right direction. Speaking from my own experience, the interest rate has gone down a lot more than I expected. We’re expecting it to go below 4%, which is the lowest we’ve seen in a couple of years and good news for first time buyers.”