Outside London Rents Grow As Supply Is Limited - But First Time Buyers Are Back
Fri 31 Jan 2014
Latest figures from Move with Us Suggest that in the last three months of 2013, rents dropped for tenants in greater London and the South-East, while rising by 9 per cent in the North-East and Wales, and by 6 per cent in Yorkshire /Humber. Average asking rents in the usually slower performing regions such as Wales and the North-east went against the seasonal trend and increasing, said Robin King, director of Move with us. This is likely to have been caused by the lack of supply in the North of England which pushed rental prices up.
There were 29,100 first-time buyer transactions in December, according to LSL Property Services, the most since 2007. The average deposit for a first-time buyer fell to 26,533 in December, 3.6 per cent lower than the previous year, although the average first-time buyer rose 11 per cent over 2013 to 122,040 in December.
First-time buyers are returning to the market in their droves, said David Newnes, director of LSL. There is a greater array of deals on offer to buyers with just a small deposit saved, and schemes like Help to Buy are providing vital support. As with the entire market, prices are quickly climbing upwards, but lower rates mean that mortgage repayments are still affordable.
The average first-time buyer in December was aged 31, with an annual salary of 36,621. Eight out of 10 first-time buyers wanted to buy a house rather than a flat, 44 per cent were able to self-fund their purchase and 37 per cent received financial help from relatives.
Kitchens are shrinking in new homes and conversions, suggests a new report. Estate agents Marsh and Parsons says its listing shows growing numbers of flats with kitchens around the 6.5 sq m size. In the 1960s, the average British kitchen in post-war new build was 8.8 sq m (95 sq ft).
With less and less time spent preparing meals in the home, we are starting to see the kitchen completely disappear as a room in its own right, said Peter Rollings of the firm. Looking to the future, it begs the question whether the London kitchen is about to do a disappearing act on us all together , or whether it has already ceased to exist as a must-have space?
Right move has added information about broadband speeds and availability to its online inventory. Research for the portal showed that users found that broadband details were a more important feature than information on transport links and nearby schools.
Spareroom.co.uk says that it has seen a rise in over 40s flat sharing, with one in eight wanted ads on its site now coming from this age group. According to Matt Hutchinson at Spareroom, that equates to 60,000 people.