The current expectation is that the housing market is going to take a substantial hit this year, following what was the largest monthly increase in house prices in March since early 2018 according to Nationwide.

First time buyers amid the Covid-19 pandemic

Naturally, we can’t say for sure what will happen, however, what we can say is that it is not all doom and gloom if you are looking to buy your first house. If there is a drop in the house prices then it could bring that dream home of yours into a price bracket that works for you. Not only this, but the Bank of England base rate is currently set at 0.1%, the lowest ever recorded in the history of the bank.

Of course, many potential first time buyers may be on furlough currently or may have been impacted financially by Covid-19, on the other hand, you may have been able to work through this, or you may be expected to start again in the not too distant future. Either way, there is a potential opportunity for you to get onto the property ladder.

On our website on the Mortgages tab, you will see that there is a first time buyers section that can provide you with an idea of what to consider as a first time buyer. There is also one tool in particular on the website that can be particularly helpful called the mortgage calculator. This can give you an idea of not only what your monthly repayment costs could be, but also if there is any stamp duty, and if there is how much this would be. You will have to put an estimated interest rate, so if in doubt use the mortgage finder to get an idea of what rates you could be looking at. Of course, these are just indicative costs, and we would run through the true costs, nevertheless, it can provide you with a much better idea. If in any doubt then all you have to do is get in touch, and we will be more than happy to help you out.

Even if you think that you are nowhere near being able to buy a property don’t let that put you off doing your research, or giving us a call. For the sake of a 15-20 minute conversation, we can run through enough information to give you a realistic expectation in the current market of what you could afford, or even potential steps to take to help prepare you for buying your first home whether it is a couple of days, weeks, months or even years. All you have to do is give us a call on 01225 962456 or send an email to so that we can book you in for your fee-free consultation.

Your home may be repossessed if you do not keep up repayments on your mortgage.


Published on 18th May 2020