Having a closer look at this property affordability trend reveals that young adults and those that classify themselves as minorities find it more difficult to afford a home which is a bigger problem now than it was five years ago, compared to those over the age of 50. Overall 70 percent of people living in the uk and almost 65 percent of those living in Europe say that it’s harder to buy a home now than five years ago, compared to only 54 percent of those living in Eastern Europe. They also found that almost half of those surveyed thought that the property market in their home area was overpriced. People living in the U.K. spent at least 30 percent of their income on housing and property related costs. It’s widely considered excessive if your housing costs make up more than one third of your income. this took things like mortgage payments, insurance and Rates and taxes into account and also the purchasing costs I.E. solicitors fees stamp duty. The biggest reason for this lack of faith in new home ownership can be directly attributed to property affordability and the recent housing boom over the last five years. Also, a recent increase in mortgage rates has also dampened optimism. And while incomes are up, as well, most don’t even keep up with inflation. While buying your a first home is never easy, things may be a bit more difficult now than they have ever been. But bargains so still do exist, and if you’re patient, a first home can still be yours. For a much lower price than you ever dreamed possible in fact I got a call from my mortgage company last week. They offered me to pay off my £105,000 pound Mortgage on one of my investment properties for only £80,000 thousand pounds that’s 25K off before i negotiated. What that tells me is with that many motivated sellers out there looking to get some money fast or to re coupe some of their losses if you cannot find a bargain property right now you probably never will! So go out and look for opportunities try to agree some seller finance deals where the owner holds some of the mortgage for you this is a great time to negotiate get the other 70% from a lender and 30% finance from the desperate seller,you will be doing them a favour as well as yourself, Warren Buffet is buying again so now is the time to buy.
For a lot of young couples, the idea of owning their own house like their parents is an nice idea, but it’s not very realistic. A recent poll conducted about property investment showed that 80 percent of respondents believe that it is difficult for first-time buyers to afford a home. A majority of those polled – 59 percent – also said that they believe it is more difficult now to buy a home than it was five years ago.
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