ACTIVITY within the first-time buyer market is expected to accelerate over the summer months as lenders begin to re-introduce more accessible mortgage products and reports of renewed optimism and improved affordability infiltrate the market.

However, first-time buyers are being advised to follow a series of steps to ensure they are in the best position to secure their first home.

Work out how much you can afford

Before starting your search for a new home, speak to your bank or a mortgage broker to work out how much you can afford. It sounds simple, but too many people start searching for a home in the price bracket they think they can afford, without finding out first if this is realistic.

Today’s first-time buyers are likely to need a minimum of a ten per cent deposit on top of additional funds (typically between £2,000-£5,000) to cover expenses, from legal fees to stamp duty and survey costs.

Check your credit rating

With the banks maintaining a very cautious approach to lending, ensuing that you have a good credit rating is vital when looking to secure a mortgage. Checking your credit rating is relatively easy through services such as Credit Expert from Experian.

This service not only provides you with your credit score, but it also offers advice on how to improve it – from making sure all credit card payments are made on time to ensuring you are on the electoral roll.

Get a mortgage offer in principle

A buyer who has already secured a mortgage in principle is in a much stronger position to negotiate and could be at an advantage should they be competing with other potential buyers. An offer in principle will also reduce the chance of disappointment further down the line, providing a much stronger chance of successfully buying a home of choice.

Don’t buy without getting a professional survey

Unless you are buying a new home, which will come with a typical ten-year warrantee, it is recommended that you get a homebuyer survey.

This gives a good indication of the state of the property and its level of repair and maintenance. It should also ensure that you are not going to make any unwanted discoveries about the condition of your home after you’ve bought it!

Read your PIQ

Ask to see the Property Information Questionnaire (PIQ), a new document contained in the Home Information Pack (HIP).

Anyone putting their home up for sale on or after April 6 this year is required to complete a PIQ before their home can be marketed.

The PIQ gives you information on the history of the property, from any previous damage caused by flood or fire to useful information on parking allocations and, if leasehold, typical management fees and ground-rent charges. Every buyer is entitled to view this information and it can prove extremely helpful in the decision- making process.

Steve Lees, of online estate agents network email4property.co.

uk, said: “With property prices at their most affordable for a number of years, now is proving an excellent time for first-time buyers to secure their first home.

“While lenders are taking a much more cautious approach, there are still some good deals out there for buyers who are able to provide a reasonable deposit.

“As first-time buyers begin to reenter the market, this will have a positive knock-on effect all the way up the ladder, providing a much-needed boost in housing market activity.”

■ The cost of replacing the contents of the average British home, in the event of a fire or other major disaster, currently stands at around £44,500, according to Sainsbury’s Home Insurance’s analysis of Loss Adjuster’s data.

The findings reveal that out of all of the rooms in the home, the living room typically holds the most expensive items, equivalent to 27% of the overall value of the house’s contents.

This is followed by the master bedroom, where the cost of replacing clothes and shoes and other furniture can amount to £5,900 (17% of total home contents), and the kitchen, where white good appliances and kitchenware comprise some £5,400 (16%).

Neil Laird, Sainsbury’s home insurance manager, said: “It is staggering when you tot up all the contents in your home, just how much it would cost to replace them all should the unthinkable happen.

“It is therefore essential that you compare policies not only on price, but also on the level of cover they provide. Make sure you not only have sufficient sum insured cover but also accidental damage cover. Not all policies provide cover for soft furnishings, including carpets.”