It’s not easy being a first-time buyer. There’s the never-ending saving, finding a solicitor who works for you, and getting your agreement in principle—and that’s all before you’ve even started house hunting!
But there’s nothing that compares to the moment you’re handed the keys or the first time you walk across your new threshold. Your new adventure awaits you, and We Buy Any Home is here to help.
If you’re wondering where to buy in Bristol, look no further. This guide contains everything you need to know about being a first-time buyer in Bristol, including what help you may be eligible for, the average deposit you’ll need to save, and some potential locations for your first home.
What Is a First-time Buyer?
A first-time buyer is a house buyer who has never owned a property. This includes residential, rental, or inherited houses and flats. First-time buyers can traditionally get more favourable mortgage rates, can borrow with a smaller deposit, and may also qualify for specific government-funded schemes, such as Help To Buy ISAs or Lifetime ISAs.
Being a first-time buyer can be tough. Although your friends, family, and colleagues will give you lots of advice, there really is nothing like your first time navigating the property market. Make sure to take your time, look after your well-being, and view the property at least twice before making your decision.
What Help Do First-time Buyers Get?
A ton of help is available to help first-time buyers get their foot on the property ladder. These include:
Lifetime ISA
Unfortunately, the hugely popular Help To Buy ISA savings product has been discontinued. However, you can still access a Lifetime ISA, which offers a 25% government bonus on anything you save up to £4,000. That means you can get £1,000 for free from the government every tax year!
Stamp duty relief
First-time buyers on properties under £425,000 are exempt from stamp duty. This could save you £19,217 on £ the average cost of a property in Bristol, which is £ 384,348.
First Home Scheme
The UK Government has a scheme that allows first-time buyers to pay 30-50% less for their first home than other buyers. It sounds too good to be true. Well, there are a few criteria. The property must be a new build, over 18, and you and your partner cannot earn more than £80,000 combined. The difference between your mortgage and the property price will be made up through an interest-free equity loan, which you pay back throughout the mortgage.
Favourable mortgage rates
First-time buyers often have more favourable mortgage rates than home movers or buy-to-let investors. Lenders may offer lower interest rates or special terms to support first-time buyers.
Where Is The Best Place To Buy In Bristol For First-time Buyers?
I was wondering where to live in Bristol. Check out these top 3 places for first-time buyers.
Kingswood
Kingswood is known for its sense of community, excellent schools, and affordability. Sitting just outside the city centre, you can expect to pay £297,774 for the average property here, making it perfect for people who lower deposits. Plus, there’s a great range of shops, brunch spots, and leisure facilities for those who enjoy hustle and bustle.
Filton
Filton is another excellent stop for first-time buyers. With an average property price of £332,909, Filton is a happy medium of affordability and convenience. What’s more, it has excellent links to the Universities, an abundance of green spaces, and is just a short bus journey away from the city centre. It’s an all-round winner.
Bedminster
This vibrant part of the city offers a mix of affordable housing options, including traditional terraced houses and modern apartments. Houses cost an average of £370,000, making it one of the pricier areas on this list. However, its proximity to the city centre and excellent transport links make it easy to understand why Bedminster is so popular with first-time buyers.
Is Bristol a Good Place To Buy a House?
Bristol is a great place to buy a house if you’re looking for a dynamic, up-and-coming city with plenty of industrial charm. Some of the benefits of living in Bristol include:
Great transport links
You can get just about anywhere from Temple Meads. Whether you’re heading to London or Birmingham for work, Devon for a holiday weekend, or Bath for a spot of sightseeing, Temple Meads has you covered. Plus, Bristol’s handy airport can take you anywhere in Europe.
Thriving cultural scene
Bristol is renowned for its vibrant arts and music scene, with many galleries, theatres, and live music venues to explore. From street art in Stokes Croft to performances at the Bristol Hippodrome, there’s always something exciting happening in the city.
Job opportunities
Bristol is home to a thriving economy with a strong presence in aerospace, technology, and creative media industries. Whether you’re a recent graduate looking to kickstart your career or a seasoned professional seeking new challenges, you have great opportunities in Bristol.
Social hub
Whether you fancy a night out with friends, a weekend brunch, or a cosy walk and pub trip, Bristol has something for everything. The range of clubs, pubs, bars, and restaurants in this vibrant city will never bore you.
How Much Deposit Do I Need For Property In Bristol?
The good news is that first-time buyers only need to save a 5% deposit under the bank’s new 95% mortgage product. That means you need to save the following amount for different property types:
Terraced
Terraced houses in Bristol sell for an average of £381,579, according to Zoopla, meaning a 5% deposit equals £19,078.
Semi-detached
Semi-detached properties in Bristol usually sell for £403,903, meaning a 5% deposit is £20,195.
Detached
Detached homes in Bristol cost an average of £538,018, meaning you’ll need to save £26,900 for a 5% deposit.
Flat
The average cost of a flat in Bristol was £324,775 in 2023, according to Zoopla. That means you’ll need to save £16,238 for a 5% deposit.
Pro tip: When buying a property, make sure you also save for solicitor’s fees, conveyancing fees, surveys, and other associated costs. These expenses can add up quickly and are often overlooked by first-time buyers. Budget carefully and consider these extra costs to prevent hiccups in your first property purchase.
Is Bristol a Cheap Place To Live?
Unfortunately, no. There’s a lot of demand for houses in Bristol, meaning property prices tend to be relatively high compared to other areas in the UK. However, it’s important to remember that Bristol is a big city with a diverse range of pricing.
Areas like Clifton and Redwood tend to be more expensive due to the large property sizes and proximity to the centre. However, venture a little further afield, and you’ll find a range of affordable homes in quaint neighbourhoods and villages.
If you’re ready to take the plunge, sell your house fast, and move to Bristol, look no further than We Buy Any Home. We can buy your Bristol property in as little as seven days with a competitive cash offer. We purchase family homes, first flats, tenanted properties, and everything. Ready to get the ball rolling? Get your no-obligation cash offer today!
