With rumours still circulating about the possibility of a rise in the Bank of England base rate and as many lenders have slashed their rates to below 3% perhaps now is the time when you should consider locking your mortgage interest rate into a five year fixed. The fixed rate has been on the move in the wrong direction for a while now and in July this year it rose above 3% for the first time in a long time.
The fact that the average house price since 1997 has tripled, according to government statistics is not in dispute. However, wages in the same period have been left well behind and this is causing a problem, particularly for first time buyers. So a couple walking into a building society or bank for a mortgage seventeen years ago would have expected to be offered a mortgage equal to three times the main earners salary. But as can be seen today, using the same criteria, if an earner is in receipt of around £30,000 per annum, this would get a mortgage of £90,000 leaving a gap of about £100,000 or more. (more…)
We are all aware that private schooling can cost a “king’s ransom” but, we are not referring to sending our children to a private school; this is about the high prices being asked for houses in areas where the state school has a high reputation and is in demand. Unsurprisingly these top 30 state schools all have a selection system, but you must live in the catchment area if you want your children to take the selection test.
In spite of the fact that year on year house prices have risen by 10.2% since July 2013, home owners desperate to sell their properties are slashing the selling price of their homes, in what can only be described as a giant summer sale!
Technology is moving at break nose speed and now affects every part of our lives including our homes. Smart home accessories such as wireless entertainment systems and computer controlled heating systems are becoming really popular as people embrace this new technology, and UK Flooring Direct think that they have come up with the future of flooring – custom designed and printer flooring.
By adding a home office in your garden, you will not only be relieved of the grind of the daily commute to your place of work, but you will be a winner by saving the cost of this as well as adding value to your home; making it much more attractive to buyers.
In spite of the recently reported fall in the house prices last month of 0.8% average, the cost of buying a house has risen by over 10% since this time last year. Detailed figures show that prices in England have grown at the fastest rate since 1973, outstripping most other European countries. These figures, which have been released by the Halifax, are in conflict with some other surveys which have predicted a slowdown, possibly because of the fall mentioned in one of our recent posts.
The prices being asked for houses have, according to the Rightmove House Price Index, fallen for the first time this year. The fall of 0.8% is of course an average and some areas of the country have seen falls greater than this, the North and East Midlands taking a bigger hit than some of the hot property areas such as Bristol and Portsmouth, greater London seeing a fall of only 0.4%.
Can the pre-fab be a leader in beautiful home design? We think it’s the way to go.
Mention pre-fab housing to anyone over 50 and they’re likely to have stories of their experiences with post war quick build dwellings that were intended to get Britain through its housing crisis. When they were built there was little love for them, but as replacement programmes diminished their numbers so a groundswell of affection led to a number being protected by listed building status.
As the home market continues to show an increase in value, home owners across the UK are working to improve the potential value of their home as they look to maximise their return of investment following successful sale, however it seems that what they believe to be the most effective is in fact not the biggest price increasing feature.