With over four decades of experience in home removals, we at Andrew Porter Limited like to keep our ear to the ground on the housing grapevine to see what’s really going on in the market.
Recently, it appears there has been a plethora of bad news stories in the media regarding first time buyers. BBC Radio 4 announced that there are now fewer first time buyers than ever, with more people being renters. This news seemed to support research findings from the Bank of England which showed a sharp fall in the demand for mortgages in the first quarter of the year in the UK.
Newspapers such as The Metro have also highlighted negative experiences for first-time buyers, announcing that a couple were declined a mortgage by HSBC because one of the pair was aged over 40, which was apparently too old to take out a 25-year mortgage. Meanwhile, a newlywed couple returned from their honeymoon to live with their parents as they could not afford the mortgage prices or renting in the area of Wirral, Cheshire.
It may not be ideal for a married couple to have to move in with the parents but there are ways to make the situation much more manageable for all parties involved. For creative ideas on how to find space when living with your parents, check out the handy hints in our blog.
According to Channel 4’s 'Million Pound Properties', one in 50 British properties are now worth over £1 million. These TV programmes may not help to dispel the fear for first time buyers wanting to get their foot on the first rung of the property ladder, showcasing £1million properties that range from a council house in Islington to a castle-like property in Scotland.
It is said the key to property prices is location, location, location. So, is that the solution? If it’s too expensive in Britain, you would forgive buyers for considering the prospects of moving abroad. It may well be that the grass is greener (and sunnier) in other parts of the world, but it is worth doing your research into this option before you move your home abroad. What better way to start thinking about moving abroad than to curl up with a cuppa and read our advice for moving home overseas.
The current picture for first-time buyers in Britain may seem bleak at the moment but with the elections drawing nearer, what exactly are the political parties offering people who want to own their own home for the first time?
To see which political party is offering the brightest future for first-time buyers, check out the summary below courtesy of The Guardian.
The Tories propose to build 200,000 starter homes to be sold at 20% discount to first-time buyers under 40. Also, Help-to-buy Isas will be available for first-time buyers saving to buy a home.
Labour plans to give first-time buyers first choice on buying new homes.
The Lib Dems want to build 30,000 rent-to-own homes by 2020, in which renters would eventually own their home after 30 years.
The help-to-buy scheme will be restricted to British nationals.
The Green party propose to scrap the help-to-buy scheme.
Whether you are a first time buyer or not, if you are planning a move to a new home, contact our home removals team to see how we can help you make the process easier.
