Between 2007 and 2009, home prices in the UK fell by more than ten percent. Even after the economy emerged from a deep recession, most experts were pessimistic about the housing market's prospects. In fact, many warned about the possibility of a second housing market crash.
Fortunately, they were wrong, at least for now. In the first half of 2010, home prices have rebounded by a healthy 3 percent. Though buyers remain apprehensive, home sales have steadily increased as the economy continues to recover.
Is now the right time to buy? It is difficult to say. But what we can say is that the market seems to have stabilised and that they are plenty of deals to be found. For couples who have been saving for their first house, there are a number of attractive options.
Probably the easiest way to save money on a first home is to buy one that needs a little work. No, we are not talking about major construction, just a few small repairs. Perhaps it needs a fresh coat of paint or some new wallpaper. Completing a few of these projects on your own will not only save money, but it will also give you a sense of accomplishment.
The most important thing is to make certain that you have the time to do the work and that the repairs are small. Replacing ancient appliances in the kitchen and adding some fresh linoleum will only set you back a few thousand pounds. But plumbing or electrical repairs can be quite costly and must be made by a licensed professional.
