Cost Of Moving To Three-Bedroom Property Rockets

The amount needed to move from a two-bedroom flat to a three-bedroom house – the ‘trade up gap’ has widened considerably in the past year, shows data from Rightmove. The average cost of making such a move in Great Britain is now £67,761 outside of London, with the average two-bedroom flat costing £171,751 and the average three-bedroom home £239,512. This trade up gap has widened by £4,000 since this time last year, Rightmove says. Read more on the Mortgage Strategy website.

https://www.mortgagestrategy.co.uk/news/cost-of-moving-to-three-bedroom-property-rockets-rightmove/ 

New Home-Buyers Could Need £23,000 To Get Onto Property Ladder

People aspiring to get on the property ladder across England and Wales could find themselves needing more than £23,000 for a deposit and moving costs, according to Office for National Statistics (ONS) data. The ONS has placed a new affordability calculator on its website, which allows would-be home-buyers to see what level of household income they might expect to need to get a mortgage on an "entry-level" property in their neighbourhood. The ONS said that with the average cost of an entry-level home in England and Wales being £140,000, prospective buyers could require £300 stamp duty, an estimated £2,000 for legal and moving costs and £21,000 for a 15% deposit, coming to £23,300 in total. Read more on the Belfast Telegraph website.

Where Are House Prices For First-Time Buyers Rising Fastest?

House price growth among first-time buyers increased for the first time since Brexit in November, according to new Land Registry figures. A Telegraph analysis of the data shows that the cost of an average first-time buyer property rose by 7.1 per cent in England to £196,379 - more than £12k higher than in November 2015. The Land Registry data had been showing a slowing down in prices since the UK voted to leave the EU in June last year, with growth decreasing to 6.7 per cent in the year to October. This is the lowest growth among first-time buyers since the year to October 2015. Read more on the Daily Telegraph website.

London Tops Cost-Of-Housing Survey At 14 Times Average Earnings

The average cost of a home in London is more than 14 times average earnings – the highest level on record, according to figures from property consultancy Hometrack. Oxford and Cambridge are not far behind, the company’s latest index of city prices indicates, with house prices at 13.5 and 13.6 times local earnings respectively. A lack of homes for sale combined with demand fuelled by low mortgage rates has pushed up average prices in London by 86% since 2009, according to Hometrack, to an average of £482,000. The increase is far in excess of wage growth and means prices are 14.2 times the average London wage packet of £33,720 a year – the highest multiple since 2002. Prices in London did falter during the credit crisis but it was not long before they resumed their upwards march. Read more on the Guardian website.

Five Facts About……….Housing

The steady rise in the cost of buying a home shows no sign of abating, as ONS figures reveal that average house prices have risen by 8.7% in the year to June 2016. But house prices are just one part of the story; here are five facts about housing in the UK, from renting to the number of homes being built.

1 The average UK house price was £214,000 in June 2016, £24,000 above its pre-economic downturn peak of £190,000 in September 2007.

2 The percentage of young adult householders owning their home decreased

3 All the countries that constitute Great Britain have experienced rises in their private rental prices since 2011.

4 In both 1995 and 2015 the cheapest small area in England and Wales to buy a property was in Lancashire

5 The overall level of house building in the UK has declined since 1980

For more details go to the ONS website.

Shortage Of Social Housing Drives Prices To Record High

Record house prices are being pushed up by an increasing lack of social housing and scarcity of truly affordable homes, say campaigners. The average cost of a house is now £286,000 after rising by 6.1 per cent in the 12 months to September this year, according to Office of National Statistics data. Meanwhile, average prices in London increased by 7.2 per cent to an eye-watering record high of £531,000. The housing crisis is being worsened by the Tory government failing to make provision for affordable home ownership and building of council properties in its widely criticised Housing and Planning Bill. Read more on the Morning Star website.

Housing Benefit Increases to Match Rising Rents

The value of housing benefit awards has risen by 13% over five years to keep up with the pace of increasing rents, official statistics reveal. According to figures published by the DWP, the average value of a housing benefit claim in May this year was £95.07 per week, compared to £84.20 in 2010. The statistics suggest that housing benefit claims are creeping up in order to match the growing rents demanded by landlords. Generally, social landlords charge lower rents than private landlords. However, weekly rents in the social sector rose by 20% to an average of £88.42 over the last five years, while private rents dropped marginally to £108.82. Download the statistics from the DWP website.