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May 6, 2016

FTB age gap revealed in new report

FTB age gap revealed in new report A new report from Halifax has found that the average age of a UK first time buyer is now 30. However, according to the data, this figure masks a seven-year age gap among those coming on to the housing ladder –  with the

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Indianapolis named as best US market for first time buyers

Indianapolis, Pittsburgh, and Memphis are the best markets for first time buyers in the United right now, according to new research. Cleveland, Chicago, Houston, and Birmingham, Alabama, also made the top 10 first time buyer market ranking list put together by real estate firm Zillow. To determine which markets are

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Airedale House bought for £6.6m in Leeds

Specialist investor Bridges Ventures has recently had a new investor purchase a bid for a prominent office and retail building based in central Leeds, the investor and successful entrepreneur has come a long way from his roots as an Army Officer after a string of clever investments, patience and hard

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BDC 318 : Jul 2024

May 6, 2016

FTB age gap revealed in new report

FTB age gap revealed in new report A new report from Halifax has found that the average age of a UK first time buyer is now 30. However, according to the data, this figure masks a seven-year age gap among those coming on to the housing ladder –  with the youngest FTBs based in Carlisle aged 27 and the oldest, aged 34, in areas including Slough in Berkshire and the London boroughs of Barnet and Ealing. Other places where the average age of a first time buyer is significantly below the national average are Redditch in the West Midlands and Newark and Sherwood in the East Midlands, at 28 years old. First time buyers have an average age of 28 in three areas in Yorkshire – Doncaster, Barnsley and Calderdale. The youngest first-time buyers in southern England are in Waveney in Suffolk and Broadland in Norfolk with an average age of 28 in both areas. Portsmouth and neighbouring Gosport have the youngest first time buyers in the South East, at 29. The youngest first time buyers in the capital are in Lambeth with an average age of 30 years old. The analysis reveals a strong relationship between areas with relatively low average house prices with the youngest first time buyers. All 10 areas with the youngest first time buyers have prices below the national average of £200,754. Seven of these 10 have an average house price of between three quarters and half the national average. Chris Gowland, mortgages director at Halifax, said: “The majority of areas in the country where the average age of first-time buyers is two to three years below the national average of 30 are outside southern England, mostly locations where house prices are typically lower both in monetary terms and in relation to earnings, factors that help to reduce the size of the deposit needed. Our latest Halifax Generation Rent report found that non-homeowners aged 20-45 would be prepared to save for around five and a half years for a deposit, while the average deposit paid by first-time buyers increased by 13% in 2015 to £32,927. With the youngest average first time buyer age dropping to 27 in some areas, this is a stark reminder of how early aspiring   homeowners should start thinking about what they will need to get onto the property ladder and what options they should consider in order to take their first step.” Typically, the areas with the youngest first time buyers are areas where housing affordability conditions are relatively favourable. Nine of the 10 local areas with the youngest buyers have an average house price to average earnings ratio for first time buyers below the national average of 5.8, except for Redditch (6.3).  Seven areas have a price to earnings ratio below 5.0, while Barnsley (3.9) and Doncaster (4.0) have the most affordable housing amongst the 10 areas. The top 10 areas with the oldest first time buyers are all in the south east of England. Nine of these – including the London boroughs of Barnet, Ealing, Richmond and Hounslow – all have an average age of 34, the highest in the country. They have an average house price paid by first time buyers above the national average with the exception of Hastings. Richmond upon Thames, Brent, Barnet and Ealing all have an average price of more than double the national average. The house price to earnings ratio is above the national average of 5.8 in all 10 areas. The average age of a first time buyer has risen over time to 30 in 2016 – one year older than a decade ago and two years older than in 1983 when Halifax records began. The average age in London has risen by three years since 1983 (29 to 32) and by four years in the South East (28 to 32). Government schemes and the increasing contribution from the Bank of Mum and Dad are likely to have prevented a sharper rise in the average age of FTBs. The CML estimates that 62% of first-time buyers in 2014 became home-owners either with assistance from relatives or the Help to Buy schemes Source link

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Indianapolis named as best US market for first time buyers

Indianapolis, Pittsburgh, and Memphis are the best markets for first time buyers in the United right now, according to new research. Cleveland, Chicago, Houston, and Birmingham, Alabama, also made the top 10 first time buyer market ranking list put together by real estate firm Zillow. To determine which markets are best for those looking to buy their first home, Zillow looked for places where it’s more affordable to make a monthly mortgage payment than a monthly rental payment. The research also looked at median home values and competition, including how many homes the first time buyer has to choose from and whether they are likely to be up against all-cash offers. It found that San Jose, Seattle and Austin are among the hardest places for first time buyers to get on the housing market, a conundrum for many young people who move to those cities because of their hot job markets, only to find a limited and unaffordable selection of starter homes to choose from. ‘Buying your first home is a big decision that takes a lot of planning. First time buyers across the US are up against high prices and low inventory,’ said Zillow chief economist Svenja Gudell. ‘But these are the places where the availability of affordable, entry level homes and the presence of cash buyers are less of an issue. First time buyers in these markets won’t have to deal with as many bidding wars or runaway price as they’ll be able to find a first home that fits their needs with less stress. With record low mortgage rates, it’s a good time to buy a home and certainly worth considering,’ she pointed out.   In Indianapolis, home buyers can expect to spend 11% of their income on a monthly mortgage payment, some 4% less than the US average. Renters, on the other hand, can expect to spend 26% of their income on monthly rent, an incentive for renters in Indianapolis to become home owners. BOOKMARK THIS PAGE (What is this?)      Source link

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Airedale House bought for £6.6m in Leeds

Specialist investor Bridges Ventures has recently had a new investor purchase a bid for a prominent office and retail building based in central Leeds, the investor and successful entrepreneur has come a long way from his roots as an Army Officer after a string of clever investments, patience and hard work have landed him the opportunity to purchase the Airedale House on Albion Street in Leeds for £6.6m. Graham Goodwin has successfully purchased the 41,432 sq ft property on Albion Street, the office building sits in the heart of the city’s commercial district and was originally acquired by Bridges for £4m in 2013 via its first Bridges Sustainable Property Fund. The Airdale House has undergone an environmentally-led refurbishment and has been multi-let to a list of tenants including highstreet brands and services with companies such as Sally Salon Services, Slaters Menswear, Optical Express and The Prince’s Trust included. The building has now been bought by GM Legato Property, an investment company set up by Yorkshire-based investor Graham Goodwin. Who formed a successful recruitment business in 2002. The company now has offices across the UK based in Leeds, Birmingham and London. The company had sales of £38m and an EBITDA of £5.4 by the time it sold it’s management in 2014 in a private-equity buyout. The former British Army officer toured The Falkland Islands, Northern Ireland and Germany now has a very different life as a director of Ling Bob a developer business specialising in listed buildings. Bridges was advised by CBRE, whilst Knight Frank acted on behalf of GM Legato Property. Lloyds Banking Group provided the debt required to support the investment. Guy Bowden, parter at Bridges Ventures stated that the investment in Airedale House was an illustration of how positive societal impact and things like commercial value growth can go hand in hand.

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