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1st-time buyer numbers up again but home deposit still an issue

First-time buyer numbers in the UK are continuing to recover, but raising a home deposit is still an issue for many aiming to become homeowners. That’s the conclusion of the latest House Price Index from the Nationwide Building Society. Its December report showed that house price growth in that month Read more…

1st-time buyer numbers at highest level since 2007

First-time buyer numbers in the UK reached their highest level since 2007 last year. Figures for newcomers to home ownership are slowly returning to the levels they reached before the financial crisis of 2007-09. Yorkshire Building Society says the numbers of first-time buyers in 2019 reached an estimated 353,436. That Read more…

UK house prices treble in 20 years

UK house prices have more than trebled since the start of the 21st century. Analysis by the Halifax has revealed that the average price of a home has risen by an incredible 207 percent in the last 20 years. In Greater London, the rise has been even more steep, up Read more…

Competition among lenders boosts mortgage deals for 1st-time buyers

Competition among lenders adds up to good news for first-time buyers looking to secure mortgage deals. As a result of the competition, lenders are cutting the repayment rates on the deals they have on offer for newbies to home ownership. And, in effect, the bigger a deposit a first-time buyer Read more…

Stamp duty for home buyers: what you can expect to pay and when

Anyone in the market for a new home will want to know early on what their final bill for Stamp Duty Land Tax (SDLT) will be. Stamp duty is paid to HMRC based on the value of property or land. There are exemptions for first-time buyers and the duty itself Read more…

1st-time buyers saving for home deposit faster in 2019

First-time buyers are taking less time to save for a home deposit. New research by Post Office Money says first-time buyer households save an average £843 per month for a deposit. That’s a fifth (21 percent) of the total household income of an FTB household (£49,263). Boosting income The amount Read more…

Young renters still optimistic over home ownership

People living in rented accommodation are not optimistic home ownership, according to a new study from Halifax and YouGov. Their research revealed that three out of every 10 private renters thinks they’ll be renting for life. But more than half of those in the 18-24-year-old age group are more optimistic Read more…

Renting costs average 1st-time buyer £63k before buying

Renting will cost the average British adult more than £63,000 until they buy their own home. New research has revealed that those who have bought in the last five years usually paid around £625 every month in rent. High costs compared to home ownership As it takes renters an average Read more…

Shared ownership shake-up aims to boost lower-income home buyers

A new national model for shared ownership aims to help thousands more low earners become homeowners. The Government has announced a shake-up of its Help to Buy schemes to encourage greater home ownership across England. Reform of staircasing Shared ownership allows first-time buyers and some movers to buy a proportion Read more…

Chancellor won’t switch stamp duty liability to property sellers

The liability for paying Stamp Duty Land Tax (SDLT) won’t be switched from buyers to sellers. Chancellor Sajid Javid has ruled out making those selling property pay the duty instead of buyers. Won’t support proposal A report in The Times had said Mr Javid was giving some thought to the Read more…

Abolish stamp duty on homes worth less than £500k says think-tank

Stamp Duty Land Tax should be abolished on all but the most expensive properties. That’s the radical proposal in a new report from the think-tank Onward.   Free up the property ladder The report – entitled Reforming Stamp Duty: New ideas to promote home ownership – was put together by Read more…