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Essential Guide To Buying Your First Home In Guildford During 2022

If you are thinking that 2022 could be the year you make the big move, then congratulations! We know how difficult it can be to get your foot on the property ladder these days. With rising house prices and the return of stamp duty, there are things you’ll need to plan ahead for. But along with the cobbled streets and weekend farmers markets – buying your first home in Guildford can be really enjoyable. 

Our entire team lives and works in the area, so there are plenty of golden nuggets of information flying around the office! It is our job to support you through the process and do all we can to get you that dream property in this stunning area. 

Whether it be Surrey or somewhere nearby, there are things that have come into play for 2022 that may change the way in which you approach house hunting. However, this blog should set you up nicely for a brilliant year of saving and visiting the amazing properties we have on offer! 

And don’t forget, if you have any more questions – just head to our contact page or give us a ring on 01483 576833!

Buying Your First Home In Guildford

Buying Your First Home In Guildford: Area Guide

The town sits as one of the main hubs of Surrey. As the perfect location for commuting to and from London, it is home to around 150,000 residents who are enjoying the mix of quiet countryside and bustling high streets. 

It has an exciting history including the fact that Lewis Carol, author of ‘Through The Looking Glass’ wrote much of the novel right here in town. To remember this fantastic piece of history, you can find amazing statues dotted around the river and castle grounds. 

Work-Life Balance

Without a doubt, buying your first home in Guildford will result in a fantastic chance to work, live and play just as you imagined. In fact, once people settle here – they tend not to go very far! Even some of our team have been living in the area their whole lives. It provides a balance that many people crave. 

Due to this close-knit community, you will find you get to know everyone quite quickly. From your local independent cafe owners to the dog walkers down by the river – you’ll get to know the locals and find groups of people that you can get along with. 

So while the area continues to attract professionals and businessmen, it offers the chance for a better work-life balance amongst other things. Whether you’re a family of four ready for a weekend adventure down at the Lido, or a couple wanting to escape to the peace and nature of the Surrey Hills – there’s plenty to explore. 

Travelling

When you decide on buying your first home in Guildford, it will become apparent that there’s nowhere else quite like it. It is rare that you get to enjoy the tranquillity associated with Newlands Corner and the other areas of outstanding beauty nearby, while also having great road, rail and bus connections all over. 

It takes less than 40 minutes to get into the city and being just a stone’s throw from the M25, M3 and A3 – it makes exploring the rest of the country very easy. 

As well as this, with plenty of prestigious schools and colleges near the centre of town, you won’t have far to go for the best education. From Guildford High School to the Royal Grammar School, you will be close to plenty of amenities, public transport links and education centres no matter which area you decide to settle into.

Buying Your First Home In Guildford

Buying Your First Home In Guildford 2022: The Property Market

Across the UK in 2021, we saw an average house price increase of around 11.8%. Now, for first-time buyers, this is a really scary statistic. But don’t be disheartened. A simple search of the properties we have on offer will reveal some beautiful houses to suit first time buyers at affordable prices. 

With some perfectly situated apartments for under £300,000 – you could be right near the centre of town amongst the community. Alternatively, if you’re looking for something more out of the way, we have plenty of affordable homes in the small villages surrounding the town.

Furthermore, you’ll be pleased to learn that low 95% mortgages are back on the table after a pause last year. This means that even with a smaller deposit – you are more than able to get a foot on the ladder here in Surrey.

As well as this, there are plenty of government schemes available like help-to-buy ISAs and shared ownership. So if after the next few tips you still need support and advice on how to save well and make the most of your spending – take a look at our other blog page to find out about the alternatives!

Buying Your First Home In Guildford

Saving Enough For A Deposit

This is often one of the biggest barriers to buying your first home in Guildford or really across the whole country. The good news is that like we mentioned above, 95% mortgages are back in play. This will mean that saving for 5% of the property value becomes more straightforward than 10% or 20% as many will aim for. 

Depending on the value of your dream property – you may need to save upwards of £20k for a 10% deposit. Now we’re sure you’re already well on your way to hitting savings goals for the new year, but there are a few things you can do to help you get there even sooner. 

Dedicate a percentage of income to savings

This is a great way to forget about the money you’re putting away and be less tempted to spend it or put it elsewhere. If you can dedicate 5%, 10% or even more of your income each month to savings – it gives you a solid foundation for finding that deposit down the line. 

Stop unnecessary spending

When January hits, many people make resolutions to stop impulse buying. It’s important to put as much away in savings as you can when you’re looking to move. Not only will it help you secure that dream property, but it can significantly reduce your mortgage repayments. 

So try and get rid of any subscriptions you don’t need, and cut back on those weekly takeaways where possible! Unnecessary spending could give the bank a reason not to lend you quite as much money. 

“Treat yourself” to a higher deposit

If you find yourself in the presence of a generous pay rise or extra bonus this year – you might want to rethink that holiday abroad. Coming into extra money like this is the perfect opportunity to boost your savings! So instead of treating yourself to a new car or wardrobe – put away any extra money that you won’t need for essentials. Think of it as your new home treat.

Make the most of government bonuses

Schemes like lifetime ISAs and help-to-buy could look at you getting a proportion of the property value in bonuses simply for using the scheme. If you are buying your first home in Guildford and haven’t owned any other properties before, it is well worth seeing which schemes you will be eligible for and making the most of any extra contributions. (These allowances are tax-free by the way!)

Buying Your First Home In Guildford

Mortgage Research

It is important to remember that banks will want to see proof of finances for a few months prior to the date you make a mortgage application. This means they’ll be looking for unnecessary spending patterns and proof of income. All of the information you provide them with will help determine how much they are willing to lend you. 

As a ballpark, you will generally be able to borrow up to four and a half times your household income. (So bagging a pay rise at the beginning of the year may come in handy!) This means that whatever you and whoever else you are buying a property with earns in a year will contribute to the budget you can set for house hunting. 

The criteria for which places will lend you money tends to vary slightly between banks. It is because of this that we would advise speaking to a mortgage broker or doing proper research before settling on a figure. But remember, the savings you can provide as a deposit could impact the overall value of your dream house, so save as much as you can and be careful with spending. 

Buying Your First Home In Guildford

High Demand For The Area

Buying your first home in Guildford is a choice that many people make each year. With the extensive benefits and beautiful surroundings, it is a much sought after area. However, along with the demand for properties rising across the country, this does mean that houses get snapped up quickly. 

With this in mind, finding the right estate agents will ensure you get up to date information on new listings and updated status of properties around the area. Surrey is full of different property types and houses of all sizes and styles. That is why our team’s extensive local knowledge has won us awards and made us a top pick for many looking to move into Guildford. 

We know the property market like the back of our hand. In fact, we live in it! So you can guarantee that we won’t miss a trick when your dream home pops on the market. We can advise you on offers and give you all the information you need surrounding the location, property type and any questions you may have. 

Because of the high demand, we suggest you keep an eye out and ensure your agents are well aware of what you’re looking for and how much you’re willing to pay. Clear communication will ensure you are amongst the first to know when something becomes available. 

Even down to the small details of the amount of garden you’re willing to compromise on, or your maximum offer down to the penny should be known by the people involved. This helps us make targeted searches and contact you with relevant information.

Buying Your First Home In Guildford

Choose Seymours As Your Local Experts

Getting your foot on the property ladder is an exciting time. It often takes a lot of planning and build-up, but the day you get the keys for the first time is what our whole team looks forward to. That is why we will always do all we can to provide you with the best information and answers to your questions and ensure you have the best opportunity to find the dream property. 

Every little helps when it comes to saving, so putting away as much as possible will give you an advantage with larger deposits. As well as this, don’t forget to take the time to research mortgage rates and speak with the relevant teams who will be able to advise you. 

When you decide to make the leap, our team at Guildford will be waiting for the phone call! So get in touch today by phoning 01483 576833 or visiting our website. Good luck!