The Place Many People Find Themselves In, on the British Housing Market

The Place Many People Find Themselves In, on the British Housing Market

As the news constantly regurgitates information about how little your property is now worth, but how expensive it is to get on the housing ladder I thought I would look at the place many people find themselves in.

Firstly looking at things from a first time buyers point of view. People that want to own a property have often been renting for some time trying to build up a decent amount of money to pay for a home. Often the amounts needed for a deposit before you are able to get a mortgage are in the region of 10,000 plus solicitors fees, removal and other costs incurred through moving. This is looking at trying to get 100,000 mortgage with a 10% down payment over 25 years. Your looking at around 700 a month + depending on how much interest rates are at that point. This is likely to buy you a flat if your lucky or a small house in a bad location. The only way most people can actually raise this kind of cash is living with the parents or if you are already renting very slowly building your savings.

For people that have just got on the housing ladder however the issue isnt much improved, the money that has been so hard saved is now a distant memory, as due to the sharp fall in housing prices many people are now in negative equity. The money that was put aside to improve the building that needed renovation now goes to pay the bank for the money the property has lost due to the banks losing money because of their poor investment. This means that many people are faced with either loosing their property or renting it out to someone else to keep up repayments while moving home again.

The home owners that have been on the market for some time are watching the gradual slide of their property value, which although everyone new the prices were over bloated still wanted the fantasy to continue. Many people that have had homes for some time are now looking at improving the facilities in their existing home to better the environment they are living in rather than move home. The number of homes that are now having a new fitted kitchen, oak beam extension or are looking at new bathroom layouts is increasing. Not surprising really with there being no real motivation to move anywhere else.

AFitted Kitchen may improve your home or looking intoBathroom Layouts and choosing the right one for your home may increase the value of your property.

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