Research released today as indicated that First-time buyers are having to find average deposits of nearly £29,000 in order to get on to the property ladder.
The typical first-time buyer put down a deposit of £28,770 during 2010 - the equivalent of 21% of the value of the home they were buying, according to mortgage lender Halifax. The figure is nearly three times the typical deposit of £9,865 saved by people buying their first home in 2000.
The situation is even worse for first-time buyers in London, who had to find deposits of just over £56,000, while those in the South East had to save
The UKAL team will be signing off for a few days over the festive period, however our dedicated PA's will be on call 24/7 for anyone needing to speak with us urgently. We hope that you all have a fun filled Xmas and a healthy and prosperous 2011!
As another year draws to a close, one of our auction partners, Mark Willett from Goldings reports on a few statistics from what has been their most successful auction yet:
Total value of property sold - £7.8 million
Average sale price - £102,335
Percentage of lots entered sold – 93%
We look forward to working with them even more next year and wish all our auction partners a Happy Christmas and successful 2011!
Housing Minister Grant Shapps has launched a new national crackdown on tenancy cheats who unlawfully sublet their council or housing association properties and deny homes to people who really need them.
At least 50,000 social homes in England are being unlawfully occupied - providing the equivalent number of new social homes would cost more than £5 billion, and it is estimated that the number of unlawfully occupied properties ranges from one in 100 in some parts of the country to more than one in 20 social homes in some inner London boroughs.
Demand from buyers increased in November, according to the latest figures from the National Association of Estate Agents (NAEA).
The association’s monthly housing market report found that the average estate agent branch had 241 house hunters registered in November. In October the figure was 218.
The report also found that sales levels remained constant for the fourth month in a row, with the average branch selling seven properties. This was particularly positive as the market is entering its annual seasonal slowdown, when activity traditionally slows.
The Bank of England's Monetary Policy Committee (MPC) has kept UK interest rates on hold at 0.5%, and unveiled no new quantitative easing (QE) measures.
Following on from October's sale rate of 72%, raising £73m, Allsop's December commercial auction sale raised £57.85m from 103 lots offered, with six lots sold prior and 75 sold in the room.
It was reported today that Halifax has indicated that House prices fell by 0.1% in November but there are hopes the market may be stabilising.
Property prices in the three months to November were 0.7% lower than a year earlier, which was their first annual decline since November 2009. However, Halifax said there were signs home owners were becoming more reluctant to put properties on the market, which would help slow the recent quarterly falls in house prices.
The month-on-month decline in November took the average house price to £164,708 and followed a record 3.7% fall in September and
Just a quick note to remind everyone that the final auctions of the year take place next week. From 17th December until early January there will be no new properties in our database, however you can still check out the unsold lots from this month's auctions. Remember that you can still call us or fill in the property auction enquiry form, if you're thinking about selling your property at auction next year.
We love reading all the showbiz property gossip in London's ES, and obviously realising that you don't all live in London, we thought we'd share the latest report regarding Sienna Miller who has apparently found that her boho-chic taste, when applied to property, can be difficult to shift. About 18 months ago she put her exotic two-bedroom Georgian mews house in Maida Vale on the market at £1.295 million.
“The interior is totally wild, with a large Moroccan-themed spa in the basement, complete with plunge pool and sauna,” reports an astonished visitor. “Sienna obviously likes to party as
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