Technology has changed the way that we do just about everything, and housing is no exception. The housing market in the UK has seen a boom in the last six months, with house prices increasing in the latter end of 2020 to a high of 7.6% in November. While this may seem troublesome for first-time buyers, many resources are available now. This is thanks to technology, which seems to solve many of the problems that are often associated with purchasing a home.
Online advice on the internet spans every industry, business, and niche. One of these being housing, and house-buying. Advice columns shared forums, and even TikTok accounts offer financial advice that everyone can access. A house is many people’s first big buy and they often go in knowing very little about savings and loans, and credit scores.
The internet in particular has allowed everyone to learn more about their personal finances and make the most of their money. Whereas in the past, a good financial advisor was often a costly service that could be hard to find, anyone with WiFi can now access their knowledge.
Online brokers and comparison sites are also helpful aids that the internet has provided first-time buyers in recent years. Online mortgage brokers like Trussle offer advice, quotes, and calculators that make buying a house a less stressful experience, and one that you don’t need years of experience with the housing market to understand. One of the best parts of this service is that it is free. A buyer can calculate their mortgage and how much they can afford to borrow with no hassle, from their phone, tablet, or laptop, without spending any money to do so. Online brokers also keep track of house prices, any changes to policies like Stamp Duty, and government schemes. This means that as a first-time buyer, you don’t have to wade through as much research before making your decisions.
There is an app for just about everything nowadays, and this includes finance. First-time buyers who are saving for a house can utilise money-saving and tracker apps to keep on top of their saving goals. Most large UK banks offer online banking, and within that, different accounts that are designed for first-time buyers, such as Lloyds ‘Help to Buy’ account. This offers bonuses and higher interest rates that all go towards your dream home. Thanks to frequent app modernisation in the industry, these are also user-friendly and are protected, so even a complete newbie can be comfortable using them.
There is no doubt that the housing market can be unsteady. Yet, with more resources available through the internet than ever before, buyers have a lot more at their disposal when buying the first house for themselves. Processes like iBuying (where individuals sell properties entirely online) is a new way of buying and selling that has become possible thanks to technology, and it will be interesting to see what will be available in just a few more years.