Posts with tag: houses

Buying/Selling homes more stressful than having kids!

Published On: January 8, 2016 at 2:20 pm

Author:

Categories: Property News

Tags: ,,,

Buying and selling a property has been voted the second most stressful life experience, according to a new survey by UK consumer organisation Which?.

Only the strife of going through a divorce was voted more stressful than purchasing or selling a home, with seven in ten people considering the tribulations of moving house difficult.

Stresses

The Which? survey asked people to rate how stressful they found each of life’s major events, ranging from house buying and selling, divorce and buying a new car.

Going through a divorce topped the poll, with 78% of respondents considering it the most stressful event. However, buying a selling property followed closely, with 69% and 70% respectively finding these processes mentally fatiguing.

Indeed, buying or selling a home was found to be more stressful than having a baby, getting married or changing jobs!

Women found moving and selling harder than men, with 75% in comparison to 66%.

Reduce worries

Which? mortgage advisors said that both buyers and sellers could take measures to reduce the strain. The organisation advises people to be realistic over timeframes, as many are part of a chain.

It advises that when choosing lenders, buyers should consider reliability, overall costs and range of resources, as opposed to just one initial cost. Online companies are often cheaper, but do not always include a full service, Which? warns.

Building a good relationship with property professionals can also help, as they will be able to advise on what is viable for specific budgets.

Buying/Selling homes more stressful than having kids!

Buying/Selling homes more stressful than having kids!

Obsessed

David Blake, of Which? Mortgage Advisors, believes we are a nation, ‘obsessed with home ownership, but when it comes to buying or selling, our research shows that it can be an incredibly stressful process. Thankfully there are a number of things you can do to reduce the strain, including speaking with a mortgage advisor early on to get your finances in order.’[1]

‘Investing in good mortgage advice will ensure you find the best mortgage for your personal circumstances. To help avoid unnecessary stress when you’re getting a mortgage, do ask about the reliability and service levels of any lender you’re considering,’ Blake added.[1]

[1] http://www.propertywire.com/news/europe/uk-buy-sell-stress-2016010811408.html

 

Average UK house prices reach £300,000

Published On: December 15, 2015 at 3:14 pm

Author:

Categories: Property News

Tags: ,,

The latest Office for National Statistics house price index has revealed that in the year to October 2015, the average price of property in Britain reached a substantial milestone.

According to the Index, UK house prices now average at £300,000, following a rise of 7% annually. This was also a 0.9% increase from the year to September.

On a seasonally adjusted scale, typical house prices in the UK rose by 0.8% between September and October this year, in comparison to a decrease of 0.1% during the same period one year previously.

Country changes

In the year to October 2015, average house prices increased by 7.4% in England, 1% in Wales and 0.9% in Scotland. However, the greatest rise was recorded in Northern Ireland, where prices were up by 10.3%.

What’s more, prices paid by first-time buyers were 5.9% higher than in October 2014. Existing owners saw prices increase by 7.4% over the same amount of time.

Where mix-adjusted house-values in October reached £300,000 in England, they stood at £174,000 in Wales, £196,000 in Scotland and £158,000 in Northern Ireland.

Average UK house prices reach £300,000

Average UK house prices reach £300,000

English rise

Yearly house price growth in England were driven by an annual increase in the East of (10.4%) and the South East (9.5%). The North East however recorded the lowest yearly rise to October of 2.9%. In the capital, prices increased by 7.7% in the period, up from 7.2% in the previous month.

With the exception of London and the South East, UK house prices rose by 5.6% in the year to October, up from 5% recorded in the year to September.

Average property prices in 4 of the 9 English regions are now at their highest ever level. House prices in the South West and West Midlands fell slightly from their own record levels recorded in the previous month. The North East is the only English region yet to move past its pre downturn level.

Unaffordable

‘Today’s figures from the ONS show a marked month-on-month increase in house prices for October, as lack of supply and rising demand continue to make homeownership more unaffordable,’ remarked Jeremy Duncombe, Director, Legal & General Mortgage Club. ‘By contrast, recent statistics for the final months of 2015 have shown a dip in the market: however it’s typical to see such a decrease in activity as we approach Christmas. House prices have risen strongly throughout the year, well beyond the level of inflation and wage growth and, without a strong supply-side initiative from the Government, will likely rise well into 2016.’

‘Recent initiatives such as Help to Buy will work to ease some of the pressures on the housing market in the new year, but more must be done to prevent a continuing rise in unaffordability. The Government must look to a strong supply-side programme by building more homes across the country. Moreover, existing homeowners looking to rightsize must be incentivised through tax breaks and reductions in stamp duty. Through these measures, the Government will go a long way to reduce pressure on the market, unlocking a vast amount of property and preventing the current cycle which is locking more and more people out of the market,’ he concluded.