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1st
time buyers head for the sun
WITH
the average house price in the UK now in the region of £180,000,
1st-time buyers are flocking to buy properties in foreign holiday
destinations such as Spain, France and Bulgaria, in order to get
their 1st foot on the property ladder.
According to the latest research, this 'jet-to-let'
generation can start a lucrative property portfolio with as little
as £25,000, just a fraction of buying in the UK. It will also come
as little surprise that figures from a recent survey revealed that
over half of potential homeowners between the ages of 18 and 29
would consider buying abroad in the future, while 2/3rds said that
it may be their 1st home.
Comments Mark Dodd, Managing Director of Real Estate TV, who are
hosting Real Estate TV Live at Birmingham NEC on 18 and 19 November
2006, "Buying abroad has never been such an attractive
proposition for first time buyers. With the average first time buyer
being in their 30s and deposits likely to be in the region of
£33,000, compared to £5,000 a decade ago, buying abroad can be the
only way to get on the property ladder. In countries such as
Bulgaria a studio apartment can be bought for half the cost of an
average deposit, with a one bedroom apartment around £25,000."
Exhibitions like Real Estate TV Live are the perfect opportunity for
all buyers to explore the possibility of owning a home abroad. As
well as exhibitors from countries including Spain, Turkey, Cyprus,
Bulgaria, Portugal, Croatia and the USA, Real Estate TV Live are
hosting a number of seminars giving helpful advice on everything
from finance to interior design.
For further information about Real Estate TV Live please visit the
website
www.realestatetv.tv/retvlive.
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A
Housing Timebomb in the North West
PEOPLE
in the North West will face an average house price of almost
£250,000 by 2011, a staggering 77% increase in 6 years, according to
a new report. The National Housing Federation has produced the
North West’s Housing Timebomb. It reveals that house prices in the
North West have almost doubled in the last 5 years. The average
house price in 2005 was almost £140,000, compared to an average of
just over £70,000 in 2000. Whilst the value of property has risen
rapidly, wages have not and the average house price in the North
West is now nearly a staggering 6.5 times the average salary.
The report contains figures from the Oxford Economic Forecasting
suggesting that the North West will experience the highest house
price inflation of any region over the next 5 years. This may
be good news for homeowners, but it is a gloomy outlook for those not
yet on the property ladder. Housing waiting lists and homelessness
have leapt dramatically in the region and the situation is currently
worse than any other region outside London.
• Over 200,000 households are now waiting for an affordable home in
the region and the North West has seen the highest percentage rise
in the last 5 years.
• The North West now has more homeless families than anywhere
outside London.
• Whilst almost 18,000 new homes were built in the North West last
year, less than 9% of these were affordable homes for people to
unable to buy in the open market.
The North West is a region of extremes. Attractive rural towns and
villages and attractive contemporary urban areas have high house
prices yet neighbouring areas remain burdened with long standing
issues of deprivation and poverty.
Malcolm Struthers, National Housing Federation Communications
Officer said:- “The recent and predicted rapid rise in house
prices puts a huge financial strain on those looking to get a foot
on the property ladder. This has a major social and economic impact
on the North West. With homelessness and housing waiting lists
rising so dramatically in the region, the Government must provide
more affordable homes to tackle these major issues. It is vital that
through the Comprehensive Spending Review 2007 the Government make
housing a top priority for increased investment”. |
