Friday, May 6, 2011
Category:
Home Improvements
According to Clydesdale and Yorkshire Banks, the cost of getting on the UK property ladder can vary by more than £150,000 depending on whereabouts you live.
The average price for a first time buyer reportedly stands at £100,831 in the North East, compared to £260,261 in London. It has also been revealed that the average prices of first homes are now lower in the majority of areas than they have been in years gone by. For example, figures show that prices in the South East are £16,500 lower than they were in 2007. However, the difference is reportedly less in London, at just £5,403.
Clydesdale and Yorkshire Banks have pointed out that buyers could now require a smaller deposit than they would have required in 2007, as a result of the reduced property prices. The Banks also added that this would make it less difficult to get on the property ladder with a 95 percent LTV mortgage.
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Homeowners who have recently managed to get on the property ladder, but cannot currently afford to make any home improvements, could consider taking out a secured loan. One of many finance options available, a secured loan for
home improvements could allow borrowers to embark upon an array of projects in and around their new property. For example, a tired kitchen or bathroom suite could be replaced in accordance with personal tastes. Furthermore, homeowners could thoroughly redecorate – and even refurbish – their new home to really put their stamp on it.
