Adults in Britain Aspire to Own a Home

According to a research article shared by the Council of Mortgage Lenders, 81% of adults in Britain hope to become homeowners in a decade’s time irrespective of the financial and economic problems arising from the current credit crunch, and around 74% feel that they will be able to purchase their own home in 2 years time.

The article published by CML (based on the survey results released by YouGov) also revealed that the desire to own a home has fallen only a little over the last few years and still exists strongly within different age groups in the UK.

People within the age of 35 have higher aspirations compared to those who own a home in UK currently. What is important to note here is that most people who are paying for rented accommodations or sharing a home with their family and friends are below 35 years of age, and over half of these people (i.e. around 54%) have a desire to purchase their own homes within a short period of time. However, only a third (i.e. 33%) of them think that they will manage to own a home in two years time.

"Safe Haven" Status Driving the Rates of London’s Major Properties

According to a report issued by Development Securities PLC and a study conducted by Fathom Consulting, it has been found the desire to purchase a home in a safe location is driving the London real estate market forward. This has further resulted in an historical increase in the prices of homes in some of the major residential properties of London.

The report revealed that since 1995, as much as 75% of the rise in London property values (as compared to the remaining areas in the UK) can be attributed to the fact that properties are completely safe here. Besides, at a time when the UK’s economic condition is not very impressive, prime central London home prices are a record 6 times higher in comparison to the rest of the country.

In essence, the Sterling’s current value, equity prices applicable globally and the safe status of London are the three major reasons behind the growth of London’s major property markets. Of these three reasons, the fact that London is a safe haven for investing in properties has been a major reason why property prices have increased so much in the city. This ‘safe haven’ factor has lifted the price of London properties by over 30% in comparison to the rest of the England since 1995.

The report also stated that foreign money accounted for around 60% of acquisitions in terms of value between 2007-2011 and it is because of overseas property buyers that the prices of homes in London have risen to such an extent. Consequently, over half of the residents of Chelsea, Kensington and the boroughs of Westminster are from overseas. So, if you are a property seller in London who wishes to Sell Your House Fast, now is the right time to approach a cash rich property buyer. Property sellers outside London can approach a Property Buying Company and enjoy a fast house sale in case they cannot find buyers easily.

Home Prices Witness a Massive Increase in UK’s Attractive Locations

In research conducted by Lloyds TSB, the company has revealed that property buyers in the UK are willing to pay higher prices in order to acquire properties with picturesque surroundings and alluring locations. The value for such residential homes has increased by 87% (i.e. £109,355) over the last ten years, from £125,860 in 2002 to £235,215 in 2012. This clearly implies that people who own a home located in attractive locations have witnessed the value of their house rise by over £911 on a monthly basis for a period of a hundred and twenty months consecutively.

In essence, five primary areas boasting of natural surroundings have seen their home prices hit double in the past ten years. Out of these 5 areas, Solway Coast located in Cumbria registered the biggest increase of around 124.5% over the past decade.

On the other hand, Northumberland Coast witnessed an increase of 123.8%, and was marginally behind Solway Coast. Other areas where the prices of homes shot up remarkably included Kent Downs at 115% and the Forest of Bowland (situated in northern England) at 107%. Surrey Hills was the most costly area with natural surroundings to live in England. Here, the average cost of a home was around £407,568, followed by High Weald at £329,441 and Kent Downs at £320,090.

This is evidence enough to state that homebuyers in England are willing to pay a premium for homes surrounded by beautiful and picturesque scenes. This is certainly great news for homeowners who own a residential property, which is surrounded by natural and scenic beauty. They can sell their house to rich cash home buyers and enjoy a Quick Property Sale.  So, if you have been thinking “I need to Sell My House Fast”, now is the time to put your property on sale and indulge in a fast property sale.

UK Government to Levy 15% Stamp Duty and CGT on Homes Valued Above £20m in London

In view of the fact that rich property buyers in London were easily acquiring tax free properties in London through offshore companies, UK’s Chancellor George Osborne has intervened and clarified that the government would be levying a 15 percent stamp duty charge on homes valued over £2m that are purchased or disposed off through companies.

The government will also extend the Capital gains tax (CGT) net so any house sold via an offshore company is taxed at the usual rate. What is important to note here is that at present non-UK residents are not paying any CGT at all. In addition to this, the government will also levy a new charge on an annual basis on homes purchased via companies. This charge would be approximately £15,000 for homes valued at over £2m. However, this will increase to £140,000 for homes priced above £20m.

Non UK residents who purchase homes via off shore companies will have to deal with the UK tax authorities as well. Prior to this, a Property Buyer who was purchasing a home via off shore companies in this manner was paying very little to own a property in London. The only cost that the buyer was paying came in the form of council tax, which was easily payable.

However, this particular legislation will change the scenario completely. Though property buyers will continue to enjoy inheritance tax benefits, these new charges will definitely put things back in order. So, if you are a property buyer who is willing to purchase a house valued over £20m pounds in the UK via an off-shore company, now is the time to act. On the other hand, if you are a property seller and want to Sell Your House Fast, approach a property buying company today. They can fetch you the right price for your property and assist you with a fast house sale.

Young Families in UK Shifting Focus to Rented Accommodations

A number of young UK families have started to feel insecure about their finances and are gradually drifting towards rented accommodation. A study conducted by the Cambridge University revealed that if UK economic conditions continue to remain stagnant, over 1 in 4 people (i.e. about 27%) will be in a mortgaged home ownership by the year 2025 compared to 43% registered in 1993-94 and 35% at present.

The study further revealed that it is not just the young and single Property Buyer who is facing difficulty in purchasing his or her own property and is shifting focus towards the rental properties in the wake of rising home prices. With banks unwilling to lend and falling wages, even UK families with children are facing similar issues. Many of these families are either paying more or half of their salary as rent and are left with nothing to save at the end of the month.

According to Cambridge University’s analysis, over the past 5 years the figure for UK families with children who are opting for rented accommodation has increased by 86%. This figure is more than double the hike registered across all households (i.e. 41%).

According to another report carried out by the independent Resolution Foundation and the housing and homeless charity Shelter, it is evident that this trend (towards rented properties) will constantly rise for over a decade and may only show a reversal if the economy improves remarkably. The report also clarified that the hike in the proportion of UK families with kids who opt for rented accommodations will be the highest in the London area. About 25% of families in London have already shifted towards rented homes, and by 2025, this figure will hover around 33%.

Given the pace at which the UK economy is moving, it is the right time for property sellers to get in touch with a property buying company and enjoy a Fast House Sale. Given that there are not enough buyers in the market, they can help you sell your house fast and provide you with instant cash.