06 Oct Problems on the Property Ladder
Problems on the Property Ladder
With the housing market getting pushed and pulled from every angle, people are coming across problems on the property ladder.
The problems seem to be that people are struggling to move the transition moving up the property ladder (and looking or a how to sell your house fast service), according to a report from Lloyds Bank.
Many of the homeowners say that they don’t currently have any intentions to stay in their current properties indefinitely and ideally are looking for how to sell your house fast service. Many want to make the jump up the ladder but feel that they simply can’t afford to move into a bigger home.
Even post-Brexit it seems that prices are still climbing and so we many are seeing that we that many homeowners, simply can’t afford to be in their dream house. In the business, we call it the ‘forever home’ and some 81 percent believe that their ‘forever homes are out of range.
So why are the housing prices still rising? Well, the government are doing everything they can to try and increase competition on the open market but this doesn’t seem to be helping just yet. They have increased the income tax on BTL property, which, is forcing many Buy To Let investors sell their houses rather than make a loss. How will this help those moving up the ladder? Well, the idea is that it will force the BLT to sell and this will clog up the market. With a busy market, it will push most of us to drop the prices down to stimulate a sale.
This would all be worthwhile if house prices weren’t continuing to rise. The average house price in the UK increased by over 8 percent a big problem for those looking for a how to sell your house fast service.
year on year to £209,054, up £16,000 from the same time in 2015. In London, which continued to be far more expensive than anywhere else in the country, the average house price is now more than £470,000, up by nearly £60,000 on April last year. So for many, it’s just not affordable.
Many first-time buyers already feel that they are already several years too late on to the property ladder. Many first time buyers we have spoken to expected to be much further up the property ladder. Over 40% of first-time buyers have found themselves behind their expectations.
The director of mortgage products for Lloyds Andrew Mason said ‘There’s still a perception among a large number of homeowners that their long-term aspirational home seems far off and they are not moving up the housing ladder as quickly as they had hoped – although this perception has been gradually improving over the last few years.’
Here is a survey from Lloyds Bank as to how much forever homes are likely to cost region by region: –
North East, £142,506, £223,195
Yorkshire and the Humber, £153,502, £249,816
North West, £161,738, £261,646
East Midlands, £164,586, £266,165
West Midlands, £175,700, £287,322
East Anglia, £216,148, £326,389
Wales, £145,500, £238,762
South West, £228,912, £342,163
South East, £317,355, £466,059
London, £485,050, £664,833
Northern Ireland, £114,940, £174,388
Scotland, £165,676, £252,833
So what’s our advice if you are looking to your house fast? Well, in our opinion it’s an unpredictable time. The housing market has seen some highs and lows over the past few months post BrExit. We have spoken to first time buyers who are nervous and worried about making the biggest purchase of their lives to date during a tricky time. On the other side of the coin, there are those moving up the ladder that are waiting to see what happening to the market before they commit to a purchase. Although the first market quarter post-Brexit hasn’t been as bad as predicted. This final quarter of the years is going to be the most testing time and should give us a clear vision of how the market will look.
If you are looking for a how to sell your house fast service then we can offer this. Our how to sell your house fast service offers to complete on your property in a matter of weeks. We will be able to offer to pay all of your fees throughout the process. Our simple service means that you can tailor the process to suit your exact needs as a seller.
Call a member of our How to sell your house fast team on 0800 612 1366