First-time buyer? What you need to look out for

December 1, 2023

House prices in the UK are levelling out and buyers are beginning to reemerge. However, the current property climate might still seem daunting for first-time buyers. To help those trying to navigate the market and get a foot on the property ladder – and show them it’s really not that scary! – we’ve compiled some helpful advice.

What you need to know about house prices:

According to the UK House Price Index Wales, the average property value in Wales now stands at £215,000, which is £76,000 less than the UK average. House prices fell by 0.9% from August to September 2023 and in the 12 months to September, prices also decreased by 2.7%. This indicates the growth of house prices is declining and prices are stabilising – good news for newbies to the market.

Of course, there are regional variations in average house prices – half of the 22 local authorities in Wales showed an increase in prices in the 12 months to September. Cities including Cardiff and Newport and affluent counties such as Monmouthshire and the Vale of Glamorgan have seen minimal rises in house prices over the last year.

What schemes are available to help first-time buyers:

First-time buyers are not alone and there are multiple schemes in place to aid and encourage novice buyers to secure a property. Welsh Government have a Shared Ownership scheme, Help to Buy scheme and Homebuy scheme, and it is likely that, as a first-time buyer, you would qualify for them, so we’d certainly recommend researching what support there is available. Details on the schemes and requirements can be found on the Welsh Government’s website.

How to get on the property ladder:

Taking the first step in your property buying journey is often the hardest one. Here is our basic step-by-step guide to securing your first home.

  1. Assess your finances: Examine your personal financial position and identify what your overall budget bracket is and what deposit you have. This would be the time to research the various schemes available and see if you are eligible. They are not guaranteed for all so it is important to have awareness of your current finances before looking into them. Most lenders require a deposit, which is a percentage of the property’s price. The larger your deposit, the better mortgage rates you may be eligible for.
  2. Research mortgage options available to you: Consider fixed-rate, variable-rate or other types of mortgages depending on your circumstances. Shop around and compare rates from different lenders to find the best deal. For any support or advice on choosing a trusted lender, or for our personal recommendations, do get in touch.
  3. Begin your property search: Start searching for properties within your budget. Consider location, size, amenities, and potential for future growth in value. Attend viewings to compare and assess different properties.

At Thomas H Wood we know Cardiff and we know properties. We’re a leading independent estate agent and are skilled in equipping buyers with the tools and expertise needed to secure their first home.

For more information on what we do, and how we can help you secure your first, or forever, home, visit:

Contact Us

Contact us now and experience the difference call our team 029 2062 6252