FIRST-time buyers across England and Wales face a decade of saving before getting on the property ladder, new research shows. To put that into perspective, it means a first-time buyer who started saving now could expect to get the keys to their first home in 2029. Estate agents Hamptons International looked at average wages in each region and house prices to work out how long it would take potential homeowners to save a 15 per cent deposit, if they were putting aside 22 per cent of their salary every month. It will take savers 10 years and three months on average before coming up with enough cash to own a home. Unsurprisingly, single prospective buyers in London will have to save the longest, typically for 15 years and nine months. The North still outstrips the South of England when it comes to affordability, with those in the South East and South West needing to save for at least 13 years before being able to buy a home. What help is out there for first-time buyers?GETTING on the … [Read more...] about Map reveals where first-time buyers need to save for a DECADE to get enough for a house deposit
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AFTER seven years of cutting costs, ditching nights out and living at home with her dad, Helen Frampton can finally call herself a homeowner. The chartered surveyor, 28, bought her four-bed detached house in the Daventry countryside for £277,500 in January last year. Helen set herself a goal of buying her own home by the time she turned 30 so started saving during her last year of university. It wasn't until she got her first job after graduating and rented a place with her friend that she began to seriously set her sights high. But just a year after moving out, her landlord wanted to put the house on the market so Helen decided to take the plunge and move back home with her dad. It took another four years before she had saved the £70,000 that she needed to cover the house deposit and moving costs. Over all, it took her the best part of a decade to get the funds together but that was partly because she wanted a house big enough to rent out the spare bedrooms. She also knew … [Read more...] about Single first-time buyer spent SEVEN years saving £62k deposit for £278k four-bed house near Coventry
Owning a home remains a pipe dream for many first-time buyers, as housing affordability in England and Wales failed to improve last year despite the well-documented slump in property prices. Between 2017 and 2018 it cost the average worker 7.8 times their annual wage to purchase a house in England and Wales, about the same as in 2016-17, according to data from the Office for National Statistics (ONS). Its affordability ratio is based on house prices in a given area divided by the average income of local residents. While the north east of England remains the cheapest place to buy, with houses costing five times average earnings, London's property market remains the most expensive, with he average dwelling costing 13 times annual earnings. The starkest contrast in affordability can be seen in Copeland in western Cumbria, and the London borough of Kensington and Chelsea, with housing in these areas costing 2.5 times and 44.5 … [Read more...] about Which areas have the most affordable homes for first-time buyers?
If you're a first time buyer and South Lanarkshire is your preferred location, here's some good news for you. The area is one of the most affordable places in the UK for those taking that first step on the property ladder. According to the latest Halifax First-Time Buyer Review, house prices there are just 3.4 times average local earnings in the region, which features at number 10 in the league table. But buyers don't have to sacrifice style in order to get value for money. Bellway are offering a great choice of competitively priced homes at its Brackenhill Park development in Hamilton. These include Home of the Month Plot 109, the three bedroom Benbecula terraced home which comes with an upgraded kitchen with integrated appliances, flooring throughout, wardrobe to master bedroom and landscaped gardens. It was initially priced at £163,995 and now costs £159,995 - well below the average price for a UK first time buyer home. The property can be reserved for just £99 and … [Read more...] about First time buyers can enjoy both style and savings in South Lanarkshire
Cardiff has seen a surge in young people flocking to the capital city, with the number of 21 to 30 year olds increasing by 39% during the last 15 years. According to 2017 data from the Office for National Statistics, 69,291 members of the city's 350,463 population were young people. And a report by the Centre for Cities revealed that they were attracted to the city by job opportunities and access to transport as well as the vibrant entertainment, sport and cultural scene. Many younger people settling in Cardiff have been desperate to get on the property ladder but, as we know, homes in the city don't always come cheap. But there are places out there for first-time buyers starting with a budget of just £90,000. We've done our research and found a choice of apartments in the trendiest and most convenient areas of Cardiff - and, if you're prepared to consider the outer suburbs and have a budget of up to £200,000, there are a range of houses available too... Grangetown: offers … [Read more...] about The best homes for first-time buyers in Cardiff right now