UK family got on property ladder by buying Garage

April 19, 2012 1 Comment

UK family got on property ladder by buying GarageThe UK is witness of a unique new property investment, made by the Borman family from St Neots, Cambridgeshire. They found an extraordinary way of getting on the property ladder. Instead of buying a bigger home, they invested in a garage which they turned into a new living room.

The Borman family has been living in the St Neots, Cambridgeshire whole their lives. The 44 year old Martin, his wife Lindy and daughter Amber were having a hard time living in a house that is just too small for them. They had thought about investing in another property over and over again but due to their current financial situation they were not able to buy themselves a new home. Even though they could afford to buy a new home, they knew something had to change. Therefore they used the money they had saved up to buy themselves a £6,500 lock-up garage and turned it into an extra room. Read more of this post

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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

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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.

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First-time buyers falling off the property ladder

June 28, 2011 1 Comment

In the wake of the economic crisis, banks are becoming increasingly reluctant to lend due to lack of affordability in the young professional circle. This combined with a rise in private rents, has made it hard for first-time buyers to save up sufficient funds for a new home. In reaction to the problem, the government has introduced a new FirstBuy scheme.

The Yorkshire Post has recently reported the reasons behind the new FirstBuy scheme being the support of young professionals that cannot afford a deposit to buy a house. Constricted by rising rents, the young professional generation is beginning to live longer in shared houses. Government figures show the increasing difficulties facing young first-time buyers when getting on the property ladder:

Average: 2011 1997
Salary of the first-time buyer £34,886 £17,512
Required deposit £29,289 £3,606
Worth of property £118,903 £40,340

Young professionals seeking to become homeowners cannot afford the large deposit, qualifying them for a mortgage. Therefore, FirstBuy as a new scheme, backed by the Government, was initially designed to assist first-time buyers on to the property ladder. Read more of this post

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