Your need-to-know news and numbers: September 2024.
Well, there goes the British summer. Busy, but not very summery…
As autumn kicks off (along with the new football season – come on Stockport County!), we wanted to make sure you were prepped for the month ahead with a collection of some property news you may’ve missed in August.
£13,000
Over two-thirds of first time buyers under 30 have received financial help from family to get on the property ladder in the last five years. According to an iNews article, the Bank of Mum and Dad contributed an average of £58,129 towards their child’s deposit. But, did you know that daughters get £13,000 less on average than sons towards their purchase?
The article, which uses data from a Zoopla survey, suggests the reason may not be down to favouritism. Instead, it may be down to parents funding other expenses for their daughter such as university (with more women attending than their male peers), or even on traditional weddings where the bride’s family pay.
Buying your first home should be an exciting time, but it can also be a really confusing and stressful one too.
We’ve put together our Top tips for first time buyers when applying for a mortgage to help make the first property ladder step a little less complicated.
Read our top tips19%
The Bank of England’s recent interest rate cut looks to have supercharged a renewed interest in homebuyers. In a recent Guardian article, estate agents say there was a 19% rise in enquiries on homes for sale in the first two weeks of August (compared to the same period last year), as buyers take advantage of cheaper mortgages.
1 in 3
… That’s how many people are delaying the purchase of a home, according to the Mortgage Advice Bureau. Published by City AM, the findings discuss how high interest rates, increasing living costs and rising rents are making it harder for individuals and families to save towards a new home.
The cost of living isn’t just having an effect on deposits, with a quarter of first time buyers struggling to access affordable mortgages due to poor credit scores accrued during the crisis.
500,000
Could you downsize from a five bedroom house to a three bedroom property, if it meant making nearly half a million pounds? If the answer is yes, you may be interested to hear that £498,687 is the national average (excluding London) could be made by homeowners, before moving costs such as stamp duty are factored in, according to This is Money.
Using data from Rightmove, the article also breaks down the averages by region, with London residents potentially pocketing over a million pounds but owners in the North East getting the best overall return (keeping as much as 65% of their home’s value).
Have the kids flown the nest? Is it too expensive to heat your huge home? Would you rather not have to deal with all those stairs?
There are many reasons people move to a smaller property and, at Together, we can help you downsize the difficulties of moving to your new home with a bridging loan that could allow you to move at your own pace.
Read our top tipsThere are risks involved with bridging loans. For example, you may still need to repay your existing mortgage until your property is sold which means you’ll have two loans to consider. You will also have 12 months in which to repay your bridging loan.
£34,000
Did you know that an unkempt garden could reduce your house price more than an outdated kitchen or bathroom? In fact, according to a This is Money article, house sellers with wildly overgrown home exteriors see a 12% reduction on offer prices, or £33,720 on average.
Jonathan Rolande, of The National Association of Property Buyers, suggests in the article that an untidy garden can hint at underlying problems that may not be immediately visible, such as Japanese Knotweed or other maintenance issues, as well as having an impact on the property’s kerb appeal.
£1.75m
… And finally, we just wanted to celebrate The Ivy coming to Liverpool, thanks to a £1.75m bridging loan from Together and Watts Commercial Finance. The exclusive restaurant will take over an iconic former Bank of England building in the heart of the city centre, with JSM Property Group converting the long-vacant grade one listed structure whilst preserving its heritage and charm.
“We’ve seen so many iconic properties across the UK sitting empty and disused, and we’re delighted to have been able to support the conversion of the beautiful Bank of England into a site for The Ivy,” commented Together Chief Executive, Marc Goldberg. “We hope to see more developers taking advantage of these opportunities to bring such properties back to life.”
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