First time buyers have delayed purchasing their properties by six months and three weeks as a direct result of the pandemic and are prepared to wait longer before they attempt to purchase a property, according to research by estate agency, Yopa.
Existing home sales in the United States steadily increased for the third consecutive month in July, according to the latest data from the National Association of Realtors (NAR).
However, stubbornly low inventory levels and rising prices have resulted in sales to first time buyers falling to their lowest share since January.
Americans are renting more than twice as long before buying their first home as they did in the 1970s, new research has found.
Aspiring home buyers are now renting for six years compared to an average of 2.6 years compared to 40 years ago, according to an analysis from real estate firm Zillow.
A scheme offering first-time buyers under the age of 40 a discount of at least 20% on newbuild homes is set to go live in the new year, the government announced on Monday.
The Starter Home initiative will offer 100,000 properties at a discount, but the saving will be made possible by changes to the planning system and will come at the cost of affordable housing.
Homebuyers in Scotland will pay no tax on properties costing less than £135,000, Finance Secretary John Swinney has announced.
And a 12% marginal rate for houses costing more than £1m will come into force next April, when stamp duty is replaced north of the border.
Prime Minister David Cameron has pledged that if the Conservatives win the next election his party will ensure that 100,000 new homes for young first-time buyers available at a 20 per cent discount are built on brownfield land.
The number of first-time buyers taking out mortgages rose by 38% in the 12 months to January, as initiatives like Help to Buy allowed those with small deposits to access the property market, according to the latest data from banks and building societies.
First-time buyer numbers surge as mortgage availability increases
New borrowers are taking on the biggest income multiples than at any point apart from 2007, CML figures show
First-time buyers are being encouraged to jump on to the property ladder with ever more controversial deals. The latest is the offer of a £250,000 apartment in east London for a down payment of £2,000 on a credit card, sparking fears of a return to easy credit.
But while would-be buyers should beware of overstretching their finances, they also need to consider carefully which type of property to buy, as unexpected costs and the difficulty of getting a mortgage risk turning a buyer's dream into a nightmare. Here we take a look at some popular options, and what you need to know before you start house hunting.
RICS advises homeowners to check flood prevention measures on their property
With heavy storms occurring and weather warnings being issued across many parts of the United Kingdom, RICS has today called on homeowners to check that they have all their flood protection measures in place and to prevent additional problems by making sure things such as gutters and drains are cleared of blockages.
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