2023 set to be the year first-time buyers get on the property ladder

One of the biggest life events of all, without a doubt, is moving house – especially when you’re a first-time buyer. Despite delays from the pandemic and the impact of the cost-of-living crisis, first-time buyers are still keen to get their foot on the property ladder.

Up 120% in the last 90 days on Google, ‘first homes scheme near me’ clearly indicates that new home hunters are ready to make the move in 2023. Google trends searches surrounding ‘should I buy a house now’ (up 200% in the past 90 days) and ‘house price forecast 2023’ (up by 100% in past 90 days), also show that the status of ‘homeowner’ is one that people are ready to grab hold of this year.

But, what exactly do first-time buyers want to know when looking for their dream home in 2023? National and award-winning housebuilder, St. Modwen Homes, unveils all complete with practical advice on how you can make your vision become reality this year.

Offers and Incentives

Saving for your deposit can seem like the hardest part of your house hunting journey – maybe you’re sacrificing nights out, takeaways, or even holidays to work towards your dream of being a homeowner. And with Google trends searches such as ‘how to save for a house deposit’, up 140% (last 90 days), it’s clear the nation is on a saving drive. Luckily, with a range of schemes available, you can keep life’s little luxuries and make your deposit work harder and go further.

Schemes such as the Deposit Unlock scheme and Help to Buy (Wales only) means you can put down just a 5% cash deposit on a St. Modwen Homes property. For a £300,000 home, you only need to save £15,000, rather than £30,000. Any extra cash you put aside could go towards your new home essentials like furniture, or maybe you could treat yourself to a celebratory weekend to toast your new homeowner status.

If Deposit Unlock isn’t right for you, first-time buyers can also tap into St. Modwen Homes’ First-Time Buyer Boost scheme. With this, all your solicitor fees will be covered, plus you can choose the flooring and carpets in your new home*. There’s no time like the present, so get the colour charts and fabric swatches out and enjoy the excitement of being a new homeowner, the right way.

And don’t forget – as of September 2022, first time buyers pay zero stamp duty tax on properties worth up to £425,000. This relief scheme is set to last until 31st March 2025, so make sure you don’t dawdle and take advantage of it.

Choose a new build

The age-old question…new build vs existing build. Depending on what you’re looking for and what your budget is, it might be a close-run call between the two. However, with search terms like ‘new home developments’ up 400% in the last 30 days (Google), it seems like there’s a clear winner in this race.

New build homes have obvious benefits such as no onward chain, so there’s no waiting around for other sellers and estate agents to click into place before you can pick up your keys. But, ease of moving aside, new builds have a whole host of longer-term gains to consider too.

New-build homes are much more energy efficient than older buildings. Most St. Modwen homes are EPC rated A or B, meaning they require less energy to run, and are well insulated to be efficient with the energy that is used. To put this into perspective, choosing a new St. Modwen home over a similar sized Victorian property could save you over a huge £2,000 a month on your energy bills. And we are all for looking at smart, savvy ways to save money this year.

Aside from the energy benefits, choosing a new-build property from St. Modwen Homes means you can personalise your home before you even move in. Spec out your choice of carpets, flooring, and kitchen cabinets to create a chic space your guests will be jealous of. Add cupboards or built-in wardrobes, so those plates we spoke about earlier will have an organised home (we knew you couldn’t part with them). Whatever your personalisation plan, you can begin making your house a home before you even put your key in the door.

So, with all there is to know, its clear first-time buyers are set to make 2023 the year of their new home, planting feet firmly on the property ladder. By making your deposit work harder, taking advantage of developer offers, and approaching buying a house with a cool head, you’ll soon be popping open the bubbles to celebrate!

Ready to find the home you’ve been waiting for? Start your search today and discover more about St. Modwen Homes.

*T&Cs apply.