A report published this week by UK Finance stated that despite a fall in December compared with the previous year, the number of first-time buyers completing with mortgages in 2017 was at its highest level since 2006 with approximately 365,000 completed purchases. This amounted to a 7.4% increase on the previous year with 340,000 completions in 2016. Interestingly also, the average age of a first time buyer in 2017 was 30 years old.
This is a telling increase and a trend that we certainly hope will continue into 2018, particularly on the back of a reduced demand at the lower end of the market from buy-to-let investors who are now facing more challenging tax and regulatory demands.
Whilst interest rates remain low, buying your first home continues to be a surprisingly affordable option compared to renting. Our associates at the Mortgage Advice Bureau are always happy to help with advice if you are considering getting on the property ladder. 2018 might just be the year to do it!
Give any of our four sales branches a call and we will be happy to put you touch with a mortgage adviser who will be pleased to talk you through your options and answer any questions that you may have.
The local government association has commented that the right to buy scheme may be unsustainable unless discounts can be dictated at local level. They have also commented that existing stock should be replaced on a like for like basis after a right to buy sale.
The right to buy scheme was a flagship policy of Margaret Thatcher’s government of the early 80’s. Under the scheme council tenants could apply to buy their council houses with hefty discounts applied.
The local government association claim that only approx. 20% of the housing stock sold since 2012 has been replaced.
The association is lobbying the government to amend or scrap the cap on what local councils can spend on new housing stock.
Nearly all properties need Energy Performance Certificates when they are put up for sale or to let. These certificates are valid for 10 years but as they were introduced through the second half of 2007 many are now starting to expire.
Aldreds offer in house EPC’s via our Domestic Energy Assessor Matthew Nuttall.
If you need an EPC for selling or letting….or if you are just curious Matthew can be contacted on 01493 857760.
A select development of two bungalows and two chalet houses in Bradwell.
Prices start from £210,000 so why not pop along to our open house on Saturday between 10am and 11.30am. No need to book in…just turn up.