homeowners
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Latest property news
Renters ‘harder hit by cost of living crisis than homeowners’
Figures from the ONS show that tenants are struggling to pay energy bills, and are being forced to borrow money.
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Latest property news
250,000 give up on home ownership
250,000 non-homeowners have given up on the dream of owning their own property in the past year alone, says the 2017 Homeowners Survey.
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Latest property news
500,000 homeowners aged 55+ want to move…
One in five (19 per cent) homeowners aged 55 or over considered moving in the past two years but have not done so; equating to more than 2 million homeowners. • 23 per cent of homeowners aged 55 or over who considered moving say lack of suitable housing was the main reason they did not do so. This equates to more than 500,000 homeowners. • The stress and upheaval of moving as well as not wanting to be away from friends, neighbours and community are also obstacles to moving. • Last time buyers may be put off from buying new build homes because they don’t meet their needs. According to the annual Homeowner survey conducted by YouGov for HomeOwners Alliance and BLP Insurance, 6 per cent of homeowners age 55 or older say they have moved in the two past years and a further 19 per cent have considered moving but not done so – the equivalent of more than 2 million homeowners. A lack of the right kind of homes is the main reason for older homeowners deciding to stay put (23 per cent of homeowners age 55+ who considered a move in the past two years say this…
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Latest property news
600,000 homeowners to use pensions to pay off mortgage
Over half a million people in the UK intend to use their retirement savings to pay off their mortgage by using either the tax-free 25 per cent lump sum or the entire pension pot, according to specialist insurer Partnership. A survey of 3,000 found one in ten 40 to 70-year-olds – the equivalent of 631,000 adults – plan to use all or part of their pension to help pay down their mortgage debt. Andrew Megson, of Partnership, said that it was concerning that so many people are relying on their pension to pay off their home loan. He commented, “Using their pension may well seem like an option but it is not the only option as working longer, downsizing or considering a lifetime mortgage may be more appropriate.” “Ideally, pension savings should be used to provide an income in retirement, and with the state pension only providing a very basic safety net, making this choice could lead to hardship in later life,” Megson added. Separate figures from the Association of British Insurers (ABI) reveal that pension savers have been withdrawing £27 million a day since the pension freedoms were introduced in April, latest figures from the Association of British Insurers…
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Housing Market
Homeowners urged to factor in interest rate rise
People thinking of buying a home or remortgaging their existing property should budget for a potential interest rate increase in the coming months after the Bank of England signified that it expects to see interest rates rise sooner rather than later. UK interest rates have remained at a record low of 0.5 per cent since March 2009, and although any hike to the rate would be dictated by economic data, including wage growth and productivity, over the next few months, the Governor of the Bank of England, Mark Carney (left), did last week admit that the time for an increase is ‘drawing closer’. It is not clear when the rate rise may occur, but Nicholas Leeming (right), Chairman of agents Jackson-Stops & Staff, is urging homeowners not to take any chances. He said, “Mark Carney has been careful to flag that interest rates will edge higher in the longer term as the economy continues to grow and inflationary pressure on wages increase. “Property buyers should recognise that rates will move towards more sustainable, long term levels and so budget for higher mortgage costs accordingly. Vendors should be aware that any such increases will create resistance to overly high guide prices.”…
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Housing Market
Mansion Tax would be bad for property, warns agent
With just over a week until the General Election, London based estate agents Sandfords has joined a chorus of other industry experts and warn of the possible ‘disastrous consequences’ for the residential property market if Labour is elected into power. The estate agency firm is particularly concerned about the party’s plans to introduce a mansion tax on all homes worth more than £2 million, and the potential impact that the levy could have on the housing market in London as well as other parts of the country. _“In the immediate run up to the Election we are seeing a lot of influential individuals, economists and agents shouting about the reality of a Labour Government and the effects their proposed mansion tax will have on the whole property market, and not just in London,” said Tim Fairweather, a Director at Sandfords. “We have voiced our fears of Labour’s taxing policy on numerous occasions ever since its proposal but it’s now increasingly apparent that it will provoke far reaching problems that will have an effect on millions of everyday people,” he added. Although Labour insist that they want to help aspirational homeowners gain a foot on the housing ladder, Fairweather claims that…
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