Halifax has stated this week that Low Cost Home Ownership Schemes (LCHO) are a vital part of the housing market, helping to get buyers with affordability issues onto the property ladder. In particular, shared ownership and shared equity are the most popular incentives, accounting for 87% of total sector transactions.
Persimmon has seen an increase in house sales, despite the usually slow summer season. Mike Farley, chief executive, feels as if the market is more stable, thanks to better mortgage availability and low interest rates. In other news, there are many things we look for when buying a new home, but it comes as no surprise that a good school catchment area is a high priority for families. Indeed, it was top for 37 per cent of house hunters with a child aged 10 or under, with many willing to pay an extra £12,000 to secure the property.
And finally, the average age of a first time buyer, which is currently 35, has risen by eight years since the 1960s and over half of respondents surveyed by Post Office Mortgages feel that they will never be able to afford to get on to the property ladder.
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26 August 2011
5 August 2011
What's new in property news
Surely a frustration for house builders is how ill prepared buyers seem to be and new research released this week appears to back this up. Halifax has found that just 14 per cent of non-homeowners are saving for a deposit, while only a third of respondents have a realistic plan to purchase in the next five years.
Elsewhere, renters who want to take their first step onto the property ladder may have reason to hope, as one building society is offering to take their rental payment history as evidence that they can afford a mortgage. In other news, anyone wanting a home in one of Britain's idyllic national parks will have to fork out, on average, an extra £100,000 - that's a high price for beauty.
And finally, move over One Hyde Park! There's a new development looking to take over the crown of 'most elite London address' and that's The Glebe in Chelsea. Residents can expect their own private pool and lift and competition will surely be rife for the most exclusive homes, with one penthouse and two luxury villas available!
Click here for the stories behind the headlines
Elsewhere, renters who want to take their first step onto the property ladder may have reason to hope, as one building society is offering to take their rental payment history as evidence that they can afford a mortgage. In other news, anyone wanting a home in one of Britain's idyllic national parks will have to fork out, on average, an extra £100,000 - that's a high price for beauty.
And finally, move over One Hyde Park! There's a new development looking to take over the crown of 'most elite London address' and that's The Glebe in Chelsea. Residents can expect their own private pool and lift and competition will surely be rife for the most exclusive homes, with one penthouse and two luxury villas available!
Click here for the stories behind the headlines
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