There have been some key changes to the property market in 2025, with some further upcoming challenges expected later in the year.
First-time buyers are likely to bear the brunt of many of these adjustments, but conveyancing solicitors in North Wales are best placed to lend their support to make the purchasing process as smooth as possible.
Some of the main factors affecting the housing market for new buyers include the recent removal of stamp duty relief, which has made buying a house more expensive, especially for higher value properties. There has also been a recent increase in property prices outside major urban centres, making it more difficult for younger, newer buyers to purchase a house in their local area. On average, house prices across the country have risen by 500% since the 1990’s.
However, there has also been some recent good news, such as the continuing digitisation of much of the conveyancing process. Solicitors have generally seen this as a positive move that speeds up the buying timeline. Another positive is the continuation of the First Homes Scheme that was set up by the UK government. There are more low-deposit mortgages available these days, though it is worth remembering that this does mean that the monthly repayments could be higher, so detailed budgeting would be advisable.
Here at Bennett Smith Solicitors, we can support you to buy your first home, so make contact with us now and book an appointment.
