Almost a million more people in England rent their home than they did five years ago

The National Housing Federation have revealed that almost a million more people in England rent their home than they did five years ago.

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The National Housing Federation have revealed that almost a million more people in England rent their home than they did five years ago and 56% of private renters say that they have rented for longer than planned because they have no alternative.

This has created opportunities for both existing and new landlords as we still encounter a high level of demand for rented accommodation, however 28% private renters feel that they can’t put down roots because they might have to move again soon, and this rises to almost 32% among renters with children.

Private renters are now nine times more likely to have moved in the past year than homeowners.

The report did reveal that there is still a desire among renters to become home owners as most people didn’t anticipate they would still be living as a renter at this point in their life, in fact 63% of private renters aged 25 – 44 years old said they thought they would have bought their own home by now.

The introduction of the Help to Buy scheme has given purchasers a lifeline to help with the cost of raising a deposit by allowing them to get onto the ladder with just a 5% deposit, however The National Housing Federation feel that more properties need to be built at affordable prices to provide young families with additional support to be able to take those first steps onto the property ladder.

David Orr, chief executive of the National Housing Federation, said:

“With house prices continuing to soar out of reach, and typical deposits for first time buyers hitting £30,000, younger generations are seeing their dream of home-ownership replaced with a life of renting.”

“It’s clear that the younger generation is being let down, and given no alternative but to move from one short-term let to the next, never being able to save enough to buy because their wages are eaten up by rent.”

“We’ve found that nearly eight out of 10 people (77%) in England don’t believe any of the main political parties will effectively deal with housing, but they still have the chance to put that right. With a bold long term plan for house building our housing crisis is solvable. We need politicians from all sides to commit to ending the housing crisis within a generation.”

Open Viewings in Halifax

We have a selection of properties available for open viewing this weekend in Halifax.

2 Heywood Court, Northowram, Halifax, HX3 7BQ is OPEN FOR VIEWING SATURDAY 28th FEBRUARY 11AM- 12 NOON.

Heywood Court

2 Heywood Court is situated in a highly sought after residential village location, this modern stone built two double bedroomed end town house is available with early vacant possession and should appeal to first time buyers or a young family wanting to buy in Northowram. Attractively presented with a range of modern fittings including built in wardrobes, central heating, uPVC double glazing and alarm plus the benefit of parking for two cars. Comprises: Porch, lounge, good sized dining kitchen, separate WC, two double bedrooms and shower room/WC. Garden, patio and parking. EPC: D

Asking Price: £139,950.

Full details are available on the website. 

 

5 South View in Whitegate, Halifax is OPEN FOR VIEWING SUNDAY 1st MARCH 11AM – 12 NOON.

5 South View

South View is an impressive, modernised and well presented three bedroomed stone terrace in a pleasant tucked away position with rural views to the front, a private aspect to the rear and a home we can confidently recommend for internal viewing. Centrally heated and double glazed, comprises: Lobby, lounge, well fitted modern dining kitchen, two double bedrooms, a single bedroom and bathroom with a white suite and shower. Roadside parking to the rear and a lawned and patio to the front with open views.

Asking Price: £127,000.

Full details are also available on the website. 

 

Stonecroft, Upper Brockholes in Halifax is OPEN FOR VIEWING SUNDAY 1st MARCH 12 NOON – 1PM.

Stonecroft Open Viewing

Part Exchange considered. Available with no upper chain and full of character and truly unique. Stonecroft, once three cottages, is now one spacious family home. The accommodation comprises of four bedrooms with three reception rooms, fitted kitchen, en-suite and family bathroom, study, hobby and utility rooms, as well as three garages. The property is also fully double glazed and central heated and boasts a 1 acre walled field accessed through very private gardens. EPC E.

Asking Price: £370,000. Part exchange considered.

Full details are also available on the website.

 

For more information on any of these properties or to arrange an alternative appointment to view contact us on 01422 433 849.

2014 strongest year since 2008 for mortgage lending

2014 proved to be the strongest year for mortgage lending in six years, as the amount of gross mortgage lending reached an estimated £16.5 billion in December, according to the Council of Mortgage Lenders (CML).

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Taking this into account means that the gross estimate for the final quarter of 2014 is £51.6 billion, which is down by 8 per cent on quarter three but up by 1 per cent on the same time last year.

Despite housing market activity slowing recently, first-time buyers continued to drive the market, with approximately 300,000 of them aided by Help to Buy and other such government schemes – the highest number of first-time buyers since 2007.

The head of lending at Mortgage Advice Bureau, Brian Murphy, commented on the data stating that considering that the Mortgage Market Review (MMR) was introduced in April this year, alongside tighter lending criteria, the figures are particularly positive.

“Although subdued compared to Q3 2014, gross mortgage lending in Q4 exceeded lending figures for Q1 and almost matched those in Q2, despite the final months of the year traditionally being a quieter time in the mortgage market

“This high level of consumer demand shows no signs of slowing in 2015, as borrowers make the most of the fierce inter-lender competition that has brought mortgage rates down to historic lows. Recent changes to the stamp duty system also meant that the average homebuyer had an extra £1,300 in their pockets in December, an amount which could make all the difference for aspiring first-time buyers.

“With access to mortgage finance improving considerably over the past year, the market saw the highest number of first-time buyers enter the market since 2007. However, these numbers have still not recovered to the levels seen before the recession.

“The Government and industry must maintain their commitment to improving access to homeownership while addressing the current imbalance between housing supply and demand which threatens to drive affordability down.”

Mortgage Advice Bureau

Open Viewings in Halifax on Saturday 21st February 2015

We have three properties in Halifax that are all holding open viewings on Saturday 21st February 2015. There is no need to arrange an appointment to view any of these properties.

Firstly 5 South View will be available to view between 11am and 12pm.

5 South View

South View is an impressive, modernised and well presented three bedroomed stone terrace in a pleasant tucked away position with rural views to the front, a private aspect to the rear and a home we can confidently recommend for internal viewing. Centrally heated and double glazed, comprises: Lobby, lounge, well fitted modern dining kitchen, two double bedrooms, a single bedroom and bathroom with a white suite and shower. Roadside parking to the rear and a lawned and patio to the front with open views. EPC: D. You can also view the property on our website: 5 South View, Whitegate, Halifax, HX3 9JP

6 Boy Lane in Halifax is also holding an open viewing between 12pm and 1pm.

6 Boy Lane

A superb opportunity has arisen to acquire a beautifully presented chalet style semi detached home on Boy Lane which occupies an elevated position with panoramic views over the Wheatley Valley. With gas central heating, uPVC double glazing and a range of modern fittings, the property comprises: entrance hall, fitted kitchen, ‘L’ shaped lounge/diner, a double bedroom to the ground floor, first floor landing, fully tiled bathroom and two further double bedrooms. Externally the property has off road parking for several vehicles and well maintained gardens to front and rear. Full details are also available on our website: 6 Boy Lane, Wheatley, Halifax, HX3 5AE

Finally 39 Manger Gardens will be available to view between 1pm and 3pm.

39 Manger

Manger Gardens is a well presented and stylishly presented modern detached family house offering four double bedroomed accommodation at the head of the cul-de-sac with a large rear garden and a good degree of privacy. Well placed for local amenities and transport routes, this family home comprises: Lobby, lounge, spacious dining kitchen with integral appliances, utility room and a cloakroom/WC. there are four double bedrooms, the master having an en-suite shower room and there is a family bathroom. Open plan front garden with double width drive and integral garage. large enclosed garden to the rear. EPC: B. Full details are on our website: 39 Manger Gardens, Halifax, HX2 8BQ.

 

Mortgage prices have never been lower

Analysts have announced that there may never be a better time to take out a mortgage, with figures showing that rates have nearly halved over the past 12 months.

With lenders amidst an ongoing mortgage price war potential borrowers could use the next six months to their advantage when looking at buying a property.

Why are prices so low?
One of the reasons mortgage rates have dropped is due to lenders attempting to play “catch-up” after the introduction of the Mortgage Market Review (MMR) in April 2014 and the Loan-to-Income cap (LTI) in October 2014.

With the new tougher lending rules, there was a slight slowdown in the amount of lending as lenders got to grips with the changes. The number of home loans fell by more than a fifth in November when compared to January 2014 and lenders are now trying to recoup some of the business lost towards the end of last year.

Banks and building societies are also finding that they have surplus money due to the Funding for Lending scheme.

Launched in 2012, the scheme allows banks and building societies to borrow cheaply from the Bank of England on the condition that they then use some of the money to offer mortgages to home-buyers.

With the current low level of inflation and the Bank of England concerned that lifting the Bank Rate would destabilise Britain’s ongoing recovery, it is looking increasingly more likely that interest rates will not increase until sometime in 2016 – leaving lenders to fight amongst themselves in a thriving market full of previously struggling homebuyers hoping to take advantage of the low rates.

How will this help homebuyers?
There is a chance that rates may get even lower within the next six months. The war will continue and fixed-rate deals may well fall below one per cent in the coming weeks, alongside typical variable rates that have halved over the past twelve months, and five-year fixes that could go below two per cent.

The rate war is showing no sign of dwindling any time soon and with various new lenders entering the market, competition is heating up. Over the next few weeks, rates could reach levels that may not be seen again for an extremely long time.

Data released by the Bank of England shows that the typical two-year fix has dropped from 2.37 to 2.01 per cent over the past 12 months. On a loan worth £200,000 with a 25 per cent deposit, this would save a buyer £420 per year.

Whilst it is looking like these rates may be around for a while, they could vanish as quickly as they appeared so it is important that you seek the advice of a professional mortgage adviser who can give you advice specific to your circumstances.

Head of lending at Mortgage Advice Bureau, Brian Murphy, commented on the low level of rates, saying:

“Today’s prices have never been bettered in modern times and given that a base rate rise is inevitable at some point, it is unlikely they will be surpassed in the years ahead.

“Lenders have begun the year with a strong appetite for growth, and newcomers are going head to head with established names to launch attractive new deals.”

Mortgage Advice Bureau

Our new office location is …

We are delighted to be able to announce our new office location … we are opening in the heart of Royton town centre!

Michael Hodson will be our new office manager and he will be joined at the office by senior sales negotiator Sophie Hutchinson.

Royton Office Team

Both Michael and Sophie know the area very well having both grown up in Royton. They are looking forward to working in their home town reinforcing the Ryder and Dutton brand, values and high level of customer service and expertise we offer to buyers, sellers, landlords and tenants.

Michael and Sophie are both currently based at Ryder and Dutton branches very close by and so they already know the area really well and appreciate that Royton is a desirable area with good schools, amenities and countryside.

We look forward to keeping you updated over the next few weeks with the progress of the new office and our expected opening date in the Spring.

 

 

Landlords only group to borrow more than same time last year

Landlords are the only group borrowing more than this time last year, according to data released by the Council of Mortgage Lenders (CML).

Whilst first-time buyers and other homeowners are taking out fewer loans, lending to landlords is up 9 per cent compared to the year before.

Around 17,700 Buy-to-Let loans were handed out in November, totalling £2.4bn, and the data comes as the Buy-to-Let arena sees itself in abundant health, with the low interest rates for savers continuing to fuel the sector which is currently worth £11.6bn – £3bn more than the same period in 2013.

Due to low interest rates, the potential returns from investing money in property offers seems attractive to investors when compared to those of savings accounts.

The number of first-time or ‘amateur’ landlords is also expected to increase in April as we see the Government’s pension reforms being to allow people to withdraw their retirement savings.

Article: Mortgage Advice Bureau