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25Oct

Just 35% of 25 to 34 year olds were homeowners in 2017, down from 55% twenty years ago. Only 60% of young adults with a 10% deposit and a loan based on an income multiplier of 4.5, can afford the cheapest properties in their local area according to a new report produced by the Institute of Fiscal Studies.

Rising property prices, primarily prior to the financial crisis, compared to incomes have been the major factor in this change. Adjusting for inflation, average house prices in England have risen by 173% over the last twenty years, compared to real incomes of those aged 25 to 34 which have risen by just 19%.

Regional disparity in house prices is far more acute than among incomes. Across London and the South East over 90% of young adults would need to save at least six months’ income for a 10% deposit on an average priced home in their area. This compares to under 60% across the North East, North West and Yorkshire and the Humber.

The introduction of incentives such as Help to Buy, have undoubtedly proved beneficial for many first-time buyers. Nearly 170,000 have benefitted from a Help to Buy equity loan since its introduction in 2013. Similarly, over 69,000 first-time buyer households have saved on average £2,300 each thanks to the first-time buyer stamp duty tax relief announced in the 2017 Budget.

24Oct

Close to a quarter (23%) of the UK population eats out once a week or more, according to research by PwC published last year, with the value of the eating-out market in the UK estimated to be in the region of £88 billion pounds.

While the proximity of local restaurants may not directly influence a house purchase, the availability of such amenities is certainly a consideration. Unsurprisingly there are significantly more restaurants in London then elsewhere across England and Wales when compared to the number of residents.

For fine-dining, the Michelin star guide for 2019 was released earlier this month, including 21 new entries across the UK. All five of the UK’s Michelin three-star restaurants retained their accolade.

Contact the Inform team to find out how your local area compares to your region in terms of restaurant provision. Just one of the many new statistics included in our new local profile pages.

24Oct

There is little else more quintessentially British than the chocolate box cottage. Bringing up idyllic images of rambling roses framing the doorway, thatched roofs, exposed beams and open fires, an escape to a rural retreat is the aspiration of many.

We have taken the opportunity during this National Chocolate Week to delve further into this market and the buyers who have made this dream their reality this year.

So far in 2018, there have been 2,100 country cottages sold in rural locations across England and Wales. The South of the country dominates, with 46% of sales but a fifth were in the Midlands and 15% in the East. The remaining 19% were spread across the North, Yorkshire and the Humber and Wales.

Unsurprisingly, buyers are prepared to pay a premium for a rural idyll. Chocolate box cottages sold this year for an average of £364 per square foot. This is 33% higher than the average price paid for all homes across rural locations.

24Oct

HM Treasury has recently updated its consensus forecast for UK house price growth over the next five years. Property prices are expected to rise by 2.8% during 2018, higher than many predicted at the start of the year.

While the Governor of the Bank of England has stated house prices may fall by a third in the event of a ‘no-deal’ Brexit, a situation that has occurred only once in the last 45 years, recent murmurings suggest a ‘no-deal’ scenario is less likely than many thought a few weeks ago.

Based on the Treasury forecasts, the average price of a property across the UK is expected to rise by over £27,000 over the next five years.

With affordability a key concern in the market, the Treasury expect earnings to rise on a par with house prices during 2018, and exceed price growth in 2019, 2020 and 2021. Inflation is anticipated to fall back from 2.4% in 2018, to 2.1% in subsequent years.

04Oct

To date in 2018 properties have taken an average of two months to sell, according to data produced by Rightmove.

How long a property takes to sell is dependent on a whole range of factors – price, location, condition and time of year to name but a few, but despite challenging market conditions in many areas, nationally this figure is just one day longer than last year and is 10 days shorter than four years ago.


There are of course regional differences, at present properties are selling quickest across the Midlands – 49 days in the West Midlands and 54 in the East Midlands, while properties across London and the North East are taking longer to sell.

For an indication of how long properties are taking to sell, check out our additional graphic on the national page, which will be updated each month. To see how long it it takes by region, see the Infographics library.

04Oct

Across England and Wales just under two-thirds of properties are owner occupied, of which just over half are owned with a mortgage. The Financial Services Authority estimate the outstanding value of all residential mortgage loans is just over £1,417 billion. Which is why it's important to choose the right lender for your mortgage.

Every year Which? survey thousands of members of the public to reveal the mortgage lenders that are leading the way in terms of both deals and customer service. Based on a combination of the June 2018 customer satisfaction survey results and their own expert deal analysis, a set of lenders have been named as Which? Recommended Providers - meaning they're currently the best mortgage lenders out there.

Principality tops the league of UK mortgage lenders for customer satisfaction, at 80% with First Direct and Nationwide tied for second place at 77%.

Which? surveyed 3,500 home-owners asking them to rate their mortgage provider on customer service, the mortgage application process, value for money and online access. Fourteen companies received scores of 70% or above. The top nine are listed above, with the mainstream high street lenders Natwest, HSBC, TSB and Santander all scoring 70%.

In order to be named a Which? Recommended Provider, mortgage lenders must:

  • have achieved a top customer score in a Which? customer satisfaction survey.
  • consistently offer table-topping mortgage deals over various product types.
  • be fully covered by the FSCS (Financial Services Compensation Scheme) and FCA (Financial Conduct Authority) banking standards regime.

However, while these providers are great all-rounders, the best mortgage lender for you will depend on your individual circumstances - for example, some lenders are more willing to give mortgages to self-employed homebuyers, while others specialise in guarantor mortgages or solutions for people with a poor credit rating.

Lavenham Office
22 High Street,
Lavenham, Suffolk
CO10 9PT


Tel: 01787 249583
Haverhill Office
27b High Street,
Haverhill, Suffolk
CB9 8AD


Tel: 01440 768919

 

Sudbury Office
6 King Street,
Sudbury, Suffolk
CO10 2EB


Tel: 01787 468400
Bury St Edmunds Office
6 The Traverse,
Bury St Edmunds, Suffolk
IP33 1BJ


Tel: 01284 769598

 

Hadleigh Office
43a High Street,
Hadleigh, Suffolk
IP7 5AB 


Tel: 01473 828280

Associated Park Lane Office
121 Park Lane,

London
W1K 7AG

Tel: 0203 3688379

 

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Registered Name: Bychoice Estate Agents Limited | Place of Registration: Sudbury | Registered Number: 5186429 | Registered Office: 61 Station Road, Sudbury, Suffolk, CO10 2SP