Buying your first home is an exciting milestone – but it can also be challenging, especially in a popular city like Cambridge. To help first-time buyers navigate the process, we’ve answered ten common questions about purchasing a property in the area.
1. How does the property buying process work in Cambridge?
Buying a home in Cambridge generally follows the same process as the rest of the UK, with a few local differences. Wherever you’re based, the first step is working out your budget. A mortgage agreement in principle can help you understand what’s within reach.
Next, it’s time to start your property search. Our experienced team at Bush & Co can help you do this by match your needs. Once you’ve found your dream property, you can make an offer.
If your offer is accepted, you’ll appoint a solicitor and complete your full mortgage application. From there, legal checks and surveys are carried out before contracts are exchanged and the purchase is completed.
Finally, you’re ready to pick up your keys!
For a more detailed breakdown, read our full guide on understanding the house buying process in the UK.
2. What deposit do I need as a first-time buyer?
Typically, first-time buyers in Cambridge put down at least 10% of the property price as a deposit, though some mortgage lenders accept 5% with the right financial background. A larger deposit can help you secure better mortgage rates and increase your chances of mortgage approval.
3. What costs are involved in buying a property?
As a first-time buyer, it’s not just the deposit you’ll need to think about. You’ll also need to budget for legal fees, mortgage fees, and potentially Stamp Duty (though most first-time buyers pay none or a reduced rate for this). You’ll also need to cover search fees, Land Registry charges, and home insurance.
Lastly, don’t forget to factor in moving costs! It’s a good idea to set aside a little extra for unexpected expenses and plan ahead to make the whole process easier.
4. Which buying schemes are available to first-time buyers?
There are several schemes designed to support first-time buyers. National schemes like Shared Ownership and Lifetime ISA are all available and can make a big difference.
In Cambridge, one local initiative for 2025 is the Cambridge City Council’s First Homes scheme, which provides newly built homes at a discount of at least 30% for eligible first-time buyers. Help like this can make homeownership more affordable in the city.
5. What’s the difference between freehold and leasehold?
When beginning your property search, you’ll likely come across the terms freehold and leasehold – but whatdo these words actually mean?
- Freehold: You own the property and the land.
- Leasehold: You’ll own the property for a set number of years but not the land (this usually applies to flats and will include extra fees such as Service Charge and Ground Rent).
At Bush & Co, we’ll always explain any lease terms fully so there are no surprises.
6. Do I need a survey, and how do I choose the right one?
While surveys are not a legal requirement, we strongly recommend you carry one out before buying. After all, a survey can reveal a property’s condition and identify any issues.
A Homebuyer Report often meets the needs of most Cambridge properties, but if you’re buying an older home or fixer-upper, a Building Survey might be better. Choosing the right survey can give you extra peace of mind during the buying process.
7. How do I find my first home in Cambridge?
With so many areas and property styles to choose from, starting your search as a first-time buyer can be tricky. This is where Bush & Co comes in. Our experienced team understands the Cambridge property market inside-out.
From Victorian terraces to modern flats, the city is full of options. It’s a good idea to begin your search by thinking about your priorities: are you most interested in location, space, or transport links?
From there, an online search is essential. Then, once something catches your eye, it’s time to book a viewing. Seeing properties in person will give you a clearer picture of what houses meet your needs, and bring you one step closer to finding the place you’ll call home.
8. What areas in Cambridge are popular among first-time buyers?
First-time buyers have plenty of choice in Cambridge. Areas such as Chesterton, Arbury, and Trumpington are especially popular at the moment because they balance affordability with good amenities. If you want to explore more locations, here’s a handy guide to the best places to live in Cambridge in 2025.
9. How competitive is the market for first-time buyers in Cambridge?
Cambridge combines a rich history with a thriving local economy, making it an attractive place to live. The market is competitive, with first-time buyers now paying 6.1% more on average than they were a year ago. Although demand is high, with the right guidance you can find the perfect home and confidently take your first step on the property ladder.
10. Who can support me throughout the buying process?
Don’t struggle alone! With decades of experience and a deep understanding of the Cambridge property market, Bush & Co will support you every step of the way. We’re here to simplify the process, making you feel confident and informed as a first-time buyer.
If you’re ready to explore your options in Cambridge, get in touch today.
