According to a latest report detailed in Money.co.uk first-time buyers need to earn almost £41,000 to afford a home in the UK, while those in London would need to be on £77,000.
Homes are unaffordable for first-time buyers in every single one of the UK’s regions, the study by KPMG shows.
Its economists mapped the average house price for first-time buyers in each of the regions and worked out the required average salary in that area to secure a mortgage with a 10 per cent deposit. In every one the current median average annual wage for potential homeowners fell short of that figure.
Auction House’s latest blog advises how reforms to pensions should boost auction sales....
We have entered a new, much more flexible pension’s environment thanks to the changes introduced by the coalition government. It means that savers over the age of 55 now have the option of taking some lump sums from their pension pot with a proportion of it being tax free. The pension reforms will be most beneficial to those who have built up a large pension pot and would like to take greater control of that investment; all will benefit with the tax free element being 25% of their pension pot.
Sales of homes worth more than £1 million have plunged by nearly a fifth year-on-year, Land Registry figures show.
Across England and Wales, 851 homes were sold for over £1 million in January, a 19% fall compared with January last year, when 1,049 properties in this bracket were snapped up.
The bulk of transactions involving homes worth more than £1 million were in London, which saw a sharp 23% decline in sales in this bracket compared with a year earlier.
The Land Registry's figures show that house prices in Kensington and Chelsea, where the average property is worth £1.29 million, have shown
A pre-election lull in the property market has hit revenues at estate agent Foxtons, as potential housebuyers and sellers await the results of next week’s poll.
The upmarket chain made revenues of £33.1m between January and March, 3.1% lower than the first quarter of 2014 when the sales market was at its strongest since 2007.
Sales commissions were down nearly 12% at £15.5m while lettings held up with 5.4% growth to £15.9m, and mortgage broking rose 13.5% to £1.6m. Foxtons made adjusted earnings before interest, tax, depreciation and amortisation of £8.3m in the quarter.
Sutton Kersh, a Liverpool-based estate agent, generated proceeds of over £5m at its latest property auction and, with strong interest reported in stock still available, the final figure could reach £5.5m.
The sale at the Crowne Plaza hotel in Liverpool was the biggest single day sale in the city for almost two years and attracted a large attendance made up of investors, owner-occupiers and developers.
Highlights included a substantial three storey property on Croxteth Road in Liverpool which sold for £560,000, having been offered at a guide price of £400,000 plus on behalf of a housing
Selling a property by auction is easier than many people think, and the prices that we achieve are usually higher than expected too.
There is also no faster way of selling. The process can take as little as four weeks from instructing us through to an exchange of contract. You will likely bank the proceeds of your sale within 8-10 weeks from going to the market.
If you are considering selling up and want to know how much your property might be worth at auction, why not send us a few details and one of our auctioneers will give you a ring, to chat further about your requirements.
ALMOST 80% of properties that went under the hammer at a Leeds auction were sold, raising nearly £3m.
29 of the 37 lots at Eddisons' latest auction found a buyer, and auctioneer Robert Limbert said there was "good bidding across all categories, with very little escaping the interest of investors and developers".
Among the highlights was Virginia Cottage, a vacant five bedroom property arranged for multiple occupancy in Roundhay, Leeds, which sold for £175,000 off a guide of £150,000-plus. The property has previously generated annual rental income of £18.6k.
Purchasing a house or flat at auction can be a great way to bag a bargain. As well as being a quick and relatively hassle free way to buy a home, no driving around viewing endless houses, no negotiations, and no last minute fall through if the house sellers get a better offer, the auction process is easy. You simply look through the auction catalogue, find a property you like, arrange a viewing and do some research, and show up prepared on auction day – here’s a few tips to help you on your way:
1. Find auction houses that sell properties in the area you’re looking in. London auctions have
Brendons Auctioneers, the London-based property experts, predict that the party with the best policies on property could well triumph at next month’s general election.
The state of the nation’s housing has never been so high profile, whether it’s the new home shortage, regulating landlords, tax on larger properties or increasing inheritance tax thresholds on family property, pretty much every aspect of buying, renting and selling has come under the scrutiny of the political parties’ policy makers.
With a 99% increase in auction sales last year, Brendons Auctioneers are well placed from their
If you're thinking about buying a tenanted property, there are a number of things to consider.
Firstly, it is recommended that you instruct a conveyancer who is experienced in dealing with purchases that are subject to an ongoing tenancy. Whilst the process for transferring the title deeds is the same, some additional work will be required of your solicitor.
Secondly, if you are relying on mortgage finance for the purchase, you will require a buy to let mortgage – residential mortgages are not suitable for tenanted properties.
Find out whether the seller or an agent is managing the property
Moving Home
UK Auction List works with our partner, Really Moving to provide everything you need for a stress-free move.