Flat Prices Tumble Helping FTB's

The younger generation, so called millennials, are opting to buy houses rather than invest in apartments. This comes as statistics show that whilst property prices across England have risen, the cost of an apartment / maisonette has dropped by 2%.

 

Data suggests that whilst First Time Buyers are happy to live in rented flats they prefer to save sufficient sums to allow them to buy larger properties. Taking an average figure UK house prices stood at £229,000 for 2019 which was seen as being £3,000 up on the same period (April) 2018.  

 

Separately property prices fell in London for the 14th consecutive month recording a loss of 1.2% in June 2019. 

 

According to the current Insight Director at Zoopla, "First Time Buyers don't need to buy a flat in regional areas in the current house market". He further commented, "If you are going to make a commitment to buying, people want to stay for a while. The data suggest that people have a long term view. People are looking to buy their homes to live in for eight to ten years, wheras 20 years ago people thought they were buying for just three or four years" he added. 

 

Thirty six percent of current property sales go to first time buyers with the suggestion that 80% of those buyers get help with their financers in order to fund their purchase. The gent from Zoopla commented, "Even if it means moving out of bigger cities, buyers, like always, will try to buy three or more bedroomed homes, if they can afford it".

 

To discuss your legal requirements in further detail please do not hesitate to contact us.

 

 

E&K Solicitors

Rusholme

0161 256 3915