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Average house could be a staggering £800,000 in 25 years

The possibility is that your house is probably worth the average for the country and will be around £244,000. So how much do you think that it might be worth in say 25 years’ time? Well according to a right of centre think tank, using a quite complex Government formula, it will be a staggering £800,000 or close to that figure.

Naturally they do not say how much the average wage will be in 26 years’ time, but it will have to be pretty staggering if we are to afford houses in 2040 or thereabouts! Going on recent mortgage applications that have been successful, a deposit of 60% will mean a lot of saving, or we shall have to be earning figures of two to three thousand a year. (more…)

Lock into your mortgage rate whilst you can

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.

Expect a three hour interview if you need a mortgage

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…)

Would you pay £21,000 more for a house near a top school?

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.

Are printable flooring designs the future of interior design?

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.

Garden office

The garden office is a winner all round

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.

Year on year house prices up by 10.2%

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.

House prices fall for the first time this year

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%.

From pre-fab to Grand Design, the modular home comes of age

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.

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