First-time Buyers are looking beyond the City It probably won’t come as too big a surprise, but in a recent survey by Nottingham Building Society it was found that many younger homebuyers were more in favour of a rural location for their first home over buying in the city. While apartments across major UK cities are becoming more affordable, the cost of them is still quite substantial and there are better deals to be had looking out of town.
Mortgage competition heats up Housing market growth has slowed down a little of late, thanks to several contributing factors - economic uncertainty being one of them, combined with increased living costs. With that comes fewer mortgage approvals, evidence of fewer property purchased and the reduction in demand. Meanwhile, mortgage lenders are upping the competition between each other to attract and win borrowers. All this means for those who are buying, there are better mortgage deals to be had right now.
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Many think of new build homes as the desirable first step onto the property ladder for younger property buyers or those starting out with a family. But, buying new is just as attractive a proposition for those looking to downsize from a large family home to something smaller. Something clean, affordable and requiring minimal decoration, offering a new start to a new phase in life.
Cheaper to own a home than rent Yes, it’s official! News this month confirms it’s cheaper to own a home and pay mortgage repayments than to rent. Research from Santander Mortgages reports potential first-time buyers could save in the region of £2,268 a year if they were able to purchase a property over renting. The cost of renting now outweighs that of monthly mortgage repayments by an average of £189 a month with average rents at £912 per household, compared to £723 for repayments.
Many would argue it’s been a long time coming, especially those who desperately want to own their own home and get on the housing ladder. But, despite the average deposit for a home being double the size of ten years ago, last year saw the number of first-time buyers hit the highest level in a decade. The figures from UK Finance, the trade body for Britain’s banks show a total of 365,000 buyers took ownership of their first home in 2017, an increase of 7.4% compared to 2016 and the highest number since 2006.
Bristol property gains Despite a recent deceleration in house price growth, felt across the whole country, one of the most popular areas to buy a home is Bristol. Last year, house prices in Bristol went up an impressive 11.2%, a figure greater than that for Cambridge and not too far off that for London (13.3%). And a recent report from property company JLL predicts property prices in Bristol in 2019 will outperform London. The residential forecast ‘Find the Gap’ report anticipates house prices in Bristol to increase by around 1.5% in 2019, while the South East will not experience any growth in house prices, with London managing an estimated 0.5%.
Strata is an established home builder, building stunning new homes at developments across affordable Yorkshire and Midlands regions, including areas like Leeds, Hull, Wakefield, Leicester and Burton on Trent. Strata’s love of design, unrivalled attention to detail and high-quality specification comes through each house and street scene they create, while customer experience is engrained in all they do. With a forward-thinking philosophy and continually striving to the best on the market, a new home from Strata should definitely be considered.
For energy efficiency, choose new As climate change continues to top the agenda, we’re all looking to be more energy efficient. Especially when doing so helps reduce bills as much as carbon emissions. Today, regardless of the type or age of the property being bought, sold or let, an Energy Performance Certificate (EPC) is required. The certificate outlines the estimated running costs of a home. Different aspects of the property are graded, from the walls, roof, windows and central heating systems to establish a grading for its overall energy efficiency. The higher the efficiency of the property, the lower the running costs are. And when it comes to the most efficient properties to buy, new build homes lead the way.
Will the Government hit their new homes target? Some said it was always a very ambitious target, and data made public at the beginning of this month goes to confirm that, with figures from the Ministry for Housing, Communities and Local Government showing the Government will fall short of reaching its 1 million new homes target by 2020.
