Saturday, October 24, 2009
Category:
Property
According to Abbey Mortgages, individuals who are renting their homes would be better off getting on the property ladder. However, this does not apply to those intending to buy their first home in the city of London.
This conclusion was reached by Abbey Mortgages following their research, which revealed that the 1.61 million Brits who are intending to buy a property outside London would each save £624 by doing so. This equates to £1 billion during the course of the next 12 months. The average cost of rent for these individuals is reported to be £434 per month; however their average mortgage bill would be £382 per month if they had a 25 percent deposit.
With regard to the 187,000 individuals looking to buy a property in London, it was found that their finances would be adversely affected by making this move. In fact, they would lose out on £466.19 each month.
The research showed that Welsh first time buyers are likely to make the most significant monthly saving at £90.91, followed by North West inhabitants at £87.43, and those living in Yorkshire at £77.06. In contrast, it is reported that first time buyers residing in East Anglia will only save £2.59 per month.
In relation to the nationwide price of a typical first time buyer flat or terraced house, the research revealed that the average value has fallen by 9 percent to £92,861. As a result, a first time buyer will now require an average deposit to the sum of £23,215 if they want to put down 25 percent.
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Homeowners who have just moved into their first property, but do not have the funds available to put their personal stamp on it, could consider taking out a
home improvement loan to facilitate any desired work. A home improvement loan could finance a range of projects from general re-decoration to structural changes. Additional living space could be created by means of an extension or attic conversion for example.
