Stamp duty ends, what next for the UK housing market?

March 29, 2012 Leave a comment

A report by Nationwide has found that house prices have taken the biggest tumble from February to March this year by 1%, since a 1.5% drop in prices in February 2009. The report comes following the end of the Stamp- Duty concession which came to an end this March.

The report found that house sales took a temporary surge in the last few months as first time buyers rushed to close purchases on houses before the stamp duty concession came to an end, however economists predict that prices will only continue to decrease as the weak economy continues to burden the housing economy. Read more of this post

Filed under Housing market Tagged with , , ,

Spare a Thought for the Property Industry Second-Steppers!

March 20, 2012 Leave a comment

Second-SteppersWe hear a lot in the media about how difficult it is to buy your first home, but what about the next level up? The second steppers – those who would usually be selling to the first time buyers. Not only has their target market significantly reduced in size, they are being squeezed from other angles too. We take a look at the main issues affecting this group.

There are three main reasons for why second steppers are finding it difficult to sell their properties… Read more of this post

Filed under Property market economy, Property news Tagged with , , , ,

Stamp duty holiday for first time buyers draws to an end

February 15, 2012 Leave a comment

A surge in the number of mortgages taken out in December 2011, may suggest that first time buyers are attempting to get onto the property ladder before the end of the stamp duty holiday which terminates on the 25th March 2012.

Since March 2011 first time buyers have been exempt from stamp duty, a 1% tax, on the purchase of properties between £125,000 and £250,000. The “holiday” was put in place by the government in an attempt to give the property market a boost. The Council of Mortgage Lenders (CML) estimates that first time buyers are now attempting to beat the holiday as they could save themselves thousands of pounds. The average first time buyer property costs approximately £130,000, so a 1% tax reduction could see buyers saving a significant £1300. Read more of this post

Filed under Property news Tagged with , ,

First time buyers turn to grandparents for help

January 27, 2012 Leave a comment

A report carried out by house builder Taylor Wimpey, interviewed 1000  young people and found that 1 in 10 were turning to their grandparents to help them secure house deposits for their first homes. It has shown that first time buyers are now being forced to ask grandparents to step in to help out with securing a house deposit as parents no longer have the money to spare for their children.

The report has also shed light on many of the difficulties and the worries that young buyers are facing today to try and get on the housing ladder. The report revealed that in order to save enough money for a house deposit, many young adults were being forced to live back with their parents, which for many is causing family relationships to suffer. Furthermore, many adults still living with parents fear that they will still be living there into their 40’s and 50’s, as securing a home becomes a more distant prospect. Read more of this post

Filed under Future housing market, House prices, Housing market, Property news Tagged with , ,

First time buyer increase observed in UK housing market

December 9, 2011 Leave a comment

A first time buyer increase has been identified in the market, as stated by a recent UK Housing Market Activity Report from Connells Survey and Valuation.

The figures of November displayed that valuations rose by 3% from October, as well as an overall 73% annual rise for valuations for Connells. The first time buyer increase has played a role in increasing November’s level of mortgage activity, with a 7% rise in valuations for first time buyers. This represented 29% of Connell’s Valuations, which comes as good news for them after a set-back of 27% of all valuations in the previous month. Read more of this post

Filed under Future housing market, Housing market, Property market economy, Property news Tagged with

First time buyers aided by new government scheme

November 24, 2011 Leave a comment

first time buyersFirst time buyers can be helped under a new government plan which allows them to borrow 95% worth of their potential property value, as stated by Money Expert.

First time buyers are caught in a housing market which is undergoing a low period of growth. David Cameron and Nick Clegg stated that “The housing market is one of the biggest victims of the credit crunch: lenders won’t lend, so builders can’t build and buyers can’t buy. That lack of confidence is visible in derelict building sites and endless For Sale signs. It is doing huge damage to our economy and our society, so it is right for government to step in and take bold action to unblock the market.” Read more of this post

Filed under Future housing market, House prices, Housing market, Property market economy, Property news, Rents Tagged with ,

First-time home buyers caught in negative equity plunge

November 15, 2011 Leave a comment

First time home buyersAccording to a new report released by HSBC, approximately 360,000 young first-time property buyers have seen an average home devalue of £11,000. These statistics are based on purchases in the year 2006. Nethertheless, house prices are forecast to continually decrease in the following financial year.

On the other hand many young buyers have plunged into negative equity, meaning that there mortgage repayments are larger than the actual value of their property. This has consequently had a direct effect on young people deciding to marry or have children. Financial and time constraints have had a profound effect on this trend. Read more of this post

Filed under Future housing market, House prices, Housing market, Property market economy, Property news, Rents Tagged with , ,

UK deposits for home buyers

September 22, 2011 Leave a comment

UK Deposit for Home BuyersThe Building Societies Association (BAS) have reported in their quarterly consumer survey published by StockMarketWire.com, that eight out of ten first time home buyers between 18 and 24 aspire to buy their own house or property. Furthermore major problems have arisen regarding UK depostis for home buyers.

About 94 % of respondents said that they would ideally buy their own house around the age of 35, with a percent of 75% aspiring to buy in their 20s.
According to Property Tracker, web-site that reports more than 2,000 UK opinions about housing every three months an important barrier in the process of buying a house is raising the relevant deposit funding.

There is a clear consistent rise in consumer confidence regarding property purchases, with almost 43% believing that this is the right time to buy property. Increases from 41% earlier this year -(June). On the other side in the rented or rent-free sector, 37% said that this is not the time for buying a house compared to 27% of existing homeowners. Read more of this post

Filed under Future housing market, House prices, Housing market, Property market economy Tagged with ,

Buying a property has become cheaper than renting for first-time buyers since 2008

August 29, 2011 Leave a comment

Buing a property like one of these is cheaper than renting oneSince 2008, property prices have together with considerably low interest rates been gradually falling and have made buying a property cheaper than renting one for first-time buyers.

This new report regarding the housing market was released this morning by the Telegraph in an interesting article concerning first-time buyer’s property investment situations.

According to a new research made by Halifax, buying a property can be over £100 a month cheaper for first-time buyers than renting a house or a flat.

When first-time buyers consider buying a two-bedroom flat these days, they have to face an average monthly cost of around £567. The average rental price for a similar property is about £110 higher. Read more of this post

Filed under House prices, Housing market, Property market economy, Property news, Rents Tagged with , ,

July house prices fall according to UK property website Rightmove

July 21, 2011 Leave a comment

House price fall in JulyHouse prices have officially fallen in the UK property market, stated  UKs leading property website Rightmove. Releasing their monthly report, Rightmove has confirmed that in the monthly period of July house prices  have significantly decreased by 1, 6%. This is the first time Rightmove has stated that property prices have officially decreased in the year 2011.

With a rise of competition in the period of June and July, house prices have decreased and jolted the constant rise in property prices evident in the previous six months. Current average property prices stand at 236,597, which is the result of an gradual increase in property prices in June of 0,6% and 8,1% in the first six months of 2011.

Read more of this post

Filed under House prices, Property market economy Tagged with , , , , ,

← Older posts

Follow

Get every new post delivered to your Inbox.