Guaranteed Rent London | First-time buyers ‘having regrets,’ shows Government research
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Guaranteed Rent London | One in five people who recently got onto the property ladder now regrets not buying somewhere cheaper, according to research by a Government-backed body.
The Money Advice Service (MAS) found “concerning” evidence that many recent first-time buyers are feeling financially over-stretched after under-estimating all the costs that being a home owner brings.
It is warning those trying to move on or up the ladder as the housing market revival continues to gather pace to make sure they are not taking on too much financially.
The MAS found three-quarters (74%) of people who bought their first home in the last two years said they had to stretch themselves financially to afford it.
Some 19% of the recent first-time buyers surveyed said that with hindsight, they wish they had bought somewhere cheaper. Nearly two-fifths (38%) of those surveyed lie awake at night worrying about their finances.
More than half (55%) of recent first-time buyers also found the additional expenses associated with buying a home on top of their mortgage payments had been more than they had expected. Many said they had misjudged the impact of solicitors’ charges and removal costs on their finances, while others had not given consideration to stamp duty.
The service has launched a new campaign to help those struggling on the first rung of the property ladder to get a grip on their budget. Guaranteed Rent
It is urging aspiring first-time buyers to make sure they think not only about mortgage costs but all household expenses, including council tax, utility bills and home insurance, when deciding whether they can really afford to buy a home.
The MAS offers free, impartial advice on its website – www.moneyadviceservice.org.uk – which has tools to help people work out moving costs, plan their budget for living expenses, cut back on their spending and put money into savings.
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Guaranteed Rent London | Figures released by the Council of Mortgage Lenders (CML) this week showed that first-time buyer numbers reached their highest annual numbers since 2007 last year, with this sector making up around 44% of all mortgages advanced to home buyers in 2013.
Government support schemes like Help to Buy have helped to inject new life into the housing market by boosting the flow of mortgage deals available for people with deposits as low as 5% saved.
But there have also been suggestions that would-be buyers are feeling more under pressure to get on the property ladder amid strong house price increases in some areas.
The CML’s latest figures indicate that first-time buyers have recently been stretching themselves further with their mortgage borrowing. First-time buyers typically borrowed 3.43 times their gross income in December last year, edging up slightly from a ratio of 3.38 in November.
The MAS is an independent body set up by Government and funded by a levy on the financial services industry. Guaranteed Rent London
Caroline Rookes, CEO of the service, said: “It’s really concerning to hear so many recent first-time buyers have over-stretched themselves financially.
”I urge all home buyers – even those higher up the property ladder – to ensure they are not taking on too much if they’ve borrowed the maximum available.
“Being able to afford the mortgage doesn’t mean you can necessarily afford the home – and all the associated costs.”
The research surveyed 974 people from the UK who had bought their first home in the last two years.
New rules are set to come into force in April which will mean lenders have to carry out more checks to work out whether people can really afford the mortgage they want to take out.
The Mortgage Market Review rules mean that lenders will have to consider whether a borrower would still be comfortable making their mortgage payments following a rise in interest rates.
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Guaranteed Rental | Carney says bank rate to remain low
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Guaranteed Rental | Interest rates in the UK are likely to stay “well below historical norms” in the medium term even though the economy is recovering strongly, according to the governor of the Bank of England, Mark Carney.
Mr Carney, speaking at the World Economic Forum in Davos today, said that the depth of the hangover from the 2008-09 financial crisis means the central bank needs to see a rise in real earnings and a prolonged recovery before it raises interest rates. Guaranteed Rent
Mr Carney also signalled that the Bank will drop the simple link between interest rates and the unemployment rate under its policy of forward guidance after the unemployment rate has dropped dramatically from 7.8 per cent in the summer to 7.1 per cent in the three months to the end of November 2013, just short of the 7.0 per cent target that the Bank had previously said could trigger a review of interest rates.
Mr Carney said: “The Bank’s assessment of how to evolve guidance to changing circumstances will begin in our February inflation report.” Guaranteed Rental
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Guaranteed Rental | Mr Carney explained the bank rate will not rise quickly or by far from its record low of 0.50 per cent.
He said: “Many of the headwinds holding back the economy will remain for some time yet.
“These persistent headwinds mean that, even in the medium term, the level of interest rates necessary to sustain low unemployment and price stability will be somewhat lower than before the crisis”.
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Guaranteed Rent Insurance | Record Number of UK Homeowners Expect Property Price to Rise
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Guaranteed Rent Insurance | LONDON–A record number of U.K. homeowners expect the value of their property will rise in 2014 with confidence boosted by the recovering economy and the government’s mortgage support scheme.
A monthly survey by estate agency Knight Frank and data provider Markit published Friday showed that a balance of 72.3 of home-owners think the value of their home will rise over the course of this year. Guaranteed rent
That is the highest balance since the survey began and up from 70.5 in December.
The balance is calculated by subtracting the number of respondents who expect the value of their property to fall from the number who expect it to rise.
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“There are widespread expectations that house prices are set to rise across the U.K., with a particularly noticeable step up in house price expectations among households in the north east [of England],” said Grainne Gilmore, head of U.K. residential research at Knight Frank.
“The improving economic picture, coupled with the government’s Help to Buy scheme which is helping to boost activity levels in the market, is bolstering expectations of capital growth.”Guaranteed Rent Insurance
Guaranteed Rent Insurance | The upbeat outlook is in line with housing market analysts and economists who say the combination of government mortgage support and a healthier economic backdrop are lifting consumer confidence.
Another reason property prices are expected to continue rising in 2014 is a lack of supply of properties for sale, according to recently released industry surveys.
Although U.K. builders are increasing their output, there were only 143,590 new homes completed in 2012–well below the 250,000 recommended by then Bank of England member Kate Barker in her 2004 report on housing supply.