With increasing property prices, rents and no real increase in wages, particularly for the young, there is increasing concern that they are not going to be able to afford to get on the housing ladder.
Which? has recently conducted a survey where they have identified that half (49%) of 18 to 34 year- olds are concerned about buying, more than social care for older people (46%) and energy prices (34%).
Alex Neill, Which? managing director of home products and services, said: “Buying a home is one of the most significant purchases consumers ever make and one of the most stressful life experiences.”
“It takes people far too long to buy property and home-buyers are losing out on substantial amounts of money due to flaws in the system.
“The next government must fix the outdated home-buying process.”
Three in 10 (28%) people of all ages see homebuying and selling as a top three priority for the next government, rising to four in 10 (42%) for those in London.
Original source: http://www.mortgageintroducer.com/homebuying-top-concern-young-people/#.WRAm2FPysWp
That said there has been some flattening of rental prices, particularly in London, with Homelet’s April Rental Index has shown that rents in the capital fell 1.2%, which the first fall since December 2009.
Martin Totty, chief executive of HomeLet, said: “Rents have been rising at a more modest pace across the whole of the UK in recent months, with lower levels of rental price inflation and even falling rents in areas of the country where prices were previously rising most quickly.
“We continue to see landlords’ and letting agents weighing tenant affordability considerations very seriously.”
Original Source: http://www.mortgageintroducer.com/london-rents-fall-first-time-eight-years/#.WRAmYFPysWo
House prices in Hertfordshire continue to grow, although detached houses have seen a bit of a fall off of 2% since April 2016, according to Home.co.uk. This is potentially down to the increased stamp duty on properties over the £1m threshold, which would certainly impact house prices in Herts.
This in conjunction with recent tax incentives introduced by the government, which are designed to generate revenues from landlords could lead to a softening of housing prices, where some landlords landlords will inevitably be generating net losses on their property portfolios with tax taken into consideration.
However, reduced availability of loans for first time buyers, and more stringent borrowing criteria mean that the outlook does remain tough for the young aiming to get onto the housing ladder.
from Hertfordshire Business Funding https://www.hertfordshirebusinessfunding.com/home-buying-concerns-for-young/
via https://www.hertfordshirebusinessfunding.com
from Hertfordshire Business Funding https://hertfordshirebusinessfunding.tumblr.com/post/160437062966
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