Buyers overestimating deposit costs

17/05/2012

Saving for a home.

First-time buyers are overestimating the amount of money they need for a house deposit. According to research from HSBC in most areas of life people underestimate how much they need in their kitty but this trend does not carry over to a house deposit.


Happy in their new home after taking advantage of the stamp-duty holiday.

First-time buyers flocked into the market in March

As expected March mortgage figures skyrocketed as first-time buyers pushed through transactions. According to figures from the Council of Mortgage Lenders (CML) first-time buyers took out 24,000 loans in March.

Stamp-duty help from Halifax.

Halifax to pay half of first-time buyer stamp duty

Halifax has pledged to pay 50 per cent of stamp duty on all homes to the value of £250,000. The move comes as part of the lender’s commitment to helping fist-time buyers.

First-time buyers choosing top ten locations.

First-time buyer hot spots

Milton Keynes and Dartford have been named the top locations for first-time buyers. According to valuation service Experian Property Check, there are ten property hot spots currently being flocked to by first-time buyers.

Put the pennies away for a house deposit.

First time buyers’ five year plan

Despite current doom and gloom in the property market one in every eight first-time buyers plan to get onto the property ladder in the next five years. These optimistic buyers have plans to save the money for a deposit and outwait the market.
This is the average first-time buyer.

Mortgage options for first-time buyers at a low

First-time buyers are getting older, have less mortgage options and are trapped in rental vortex. According to new statistics from Money Supermarket more than eight million Brits have decided to never buy a property.

The tube boosts house prices.

Circle Line most lucrative to live near

The Circle line in London is the most lucrative station to live near to gain extra money when selling your home. It can add as much as £27, 000 to a house price, according to a Nationwide report, and is also responsible for boosting the cost of rent.

First-time buyers are being avoided by banks.

First-time buyers struggle in current climate

Banks and lenders are scaling back their loan approvals, leaving first-time buyers to bear the brunt of the financial climate. March saw a reduction in lending with only 43,450 loans approved, a drop of 11 per cent from February.

Belfast is an affordable city to buy in.

Time to buy in the city

City homes are now more affordable than any other time in the past nine years. According to Lloyds TSB the average price for a home in a UK city is £173,202 which is 5.5 times the gross annual income of the average worker.

London is least affordable place to live

London rents are three times higher than other areas in the UK making the city the least affordable place to live. According to figures released by Nationwide the average London rent is £1,300 per month.

New Buy tips for first-time buyers

First-time buyers considering taking advantage of the government’s New Buy scheme can find the process daunting. To help new buyers navigate the process of buying a home NHBC has released a list of check points to use during the buying process.

The ins and outs of the New Buy scheme

With the stamp duty holiday at an end the New Buy scheme is the next option for first-time buyers. To help demystify the New Buy rules and regulations we spoke to Whathouse.co.uk.

Headlines
A credit card managed well can help you get a mortgage.

Get mortgage fit

A new term, ‘mortgage fit,’ is being bandied around in the hope to help first-time buyers get on the property ladder. The idea is that there are several preemptive steps you can take to increase your chance of getting a mortgage when it comes time to buy a home.

Olympic Park is increasing surrounding property prices.

Olympics drives East End property market

Those with urban homes close to the Olympic Games’ sites have seen a whopping £60, 000 increase in their property’s value. Prices have risen about 30 per cent since the announcement that London would host the event.

There is a rush to meet the stamp-duty holiday deadline.

Stamp duty rush still on

The first-time buyer stamp-duty holiday rush continues with the National Association of Estate Agents (NAEA) reporting increased figures. According to the association 23 per cent of overall sales in January were first-time buyers.

First-time buyers may be behind the lending increase.

Mortgage lending increase for January

January mortgage lending was up 10 per cent on figures from the same month in 2011. According to a report from the Council of Mortgage Lenders (CML) £9.5 billion was clocked up in lending in January last year. But January 2012 saw lending hit £10.5 billion a substantial year-on-year increase.

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