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Property

Average first-time buyer deposit increases to over £57,000

Deposits are up £20,000 in London.

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Andy Beecroft / Geograph

First-time buyer’s deposit increase by £10,000 reaching a record high across the country.

Getting on the property ladder for first-time buyers is notoriously difficult and now, they’re going to have to find an additional £10,000 compared to last year.  

According to Halifax bank house price index, the average needed to put down as a deposit for a house in 2020 across the country has now risen 23% from last year to a whopping £57,278.

Fuelled by high demand in the second half of 2020 pushed by the break in the market from the pandemic and the stamp duty holiday, average house prices in the UK are now £253,374.

Peter Hall / Unsplash

For those in London, properties are now £20,000 more expensive than in 2019 with deposits up by around £20,000 too. 

Despite these staggering figures, the findings from Halifax show that first-time buyers accounted for half of all home purchase loans in the year, down from 51% in 2019. 

Last year there were 304,657 first time buyers the lowest this figure has been since 2015. 

Russell Galley, managing director, Halifax, said: “Whilst these figures confirm the almost inevitable fall in the overall number of first-time buyers in 2020 – with the entire housing market effectively shuttered during the first national lockdown – they also underline just how strong the bounce back was in the second half of the year.

“Despite the obvious challenges presented by soaring house prices, not least the need to raise an even bigger deposit, first-time buyers still accounted for half of all home purchases, a reassuring statistic given their overall importance to the market.

“However, with the economic impact of the pandemic likely to be felt most keenly by the young and those in lower-paid jobs, the need to prioritise improved housing availability and affordability for all those looking to make that first step on to the property ladder becomes ever greater.”

Property

Developers unveil plan to transform forgotten corner of Lever Street

It is hoped the historic buildings will be transformed into a brand new mixed office space

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New life could soon be injected into two derelict buildings in the Northern Quarter thanks to an upcoming public consultation. 

Real estate developer Soller Group is holding the consultation on Wednesday November 2nd for its city-centre development proposals, where it will invite members of the public to comment on its plans to develop a prominent site on the corner of Lever Street and Great Ancoats Street.

The proposed heritage-led scheme aims to transform the existing site into a brand-new c.100,000 sq ft office led mixed-use development through a combination of sensitive retention and restoration of historic buildings, and the addition of a contemporary new building set back from Lever Street.

The developer is hoping to create a community hub, restaurant and bar offering in the restored ground floor buildings, and offices above designed to cater for creative businesses as they grow in the NQ. Currently as creative companies expand they are being forced out of the NQ due to a lack of modern office space.

Designed by Glenn Howells Architects, the scheme also hopes to promote economic benefits, including the potential to generate 800 direct jobs in the city and a predicted annual GVA contribution of £60m to the Greater Manchester economy.

Following the public consultation and review of feedback, it is hoped a planning application will be submitted in early Spring 2023.

Soller’s CEO Nick Treadaway said: “We’re very much looking forward to meeting with the general public and listening to their views on our proposals.

“This is a very complex site presenting many design challenges both from a heritage and massing point of view.

“It has been our priority to develop these plans sensitively and respectfully, ensuring that the end result provides a modern building which sits sympathetically within its surroundings.”

Members of the development team will be at the consultation event, which takes place on Wednesday 2nd November between 4pm and 7pm at Huckletree, The Express Building, 9 Great Ancoats Street.

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Property

Help to Buy loan for first-time buyers is coming to an end this October

First time buyers can invest in luxury apartments using the scheme before the deadline…

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Latimer & Reeds Rains

The Help to Buy: Equity Loan Scheme getting first-time buyers on the property ladder is coming to an end this October, potentially foiling the plans of thousands hoping to secure their first home this year.

The loan has proven to be a huge hit among those buying their first property over the last year, due to the fact they can purchase a house with a 5% deposit, rather than the traditional 10%.

The government then gives a 20% deposit contribution for the first five years, completely interest free.

Through the loan, homeowners have also been able to purchase their property at 75% loan to value, which eventually unlocks better mortgage product deals down the line.

@gregwillson / Unsplash

However, with the HTB scheme due to come to an end in March 2023, all new applications must be completed by October 31st this year.

Back in 2018, the government first announced that the Help to Buy: Equity Loan scheme would run from April 1st 2021 to March 31st 2023 and, according to the Gov.uk website, there are no plans to extend or replace it.

So as the deadline looms, prospective buyers here in Manchester are scrambling to get their finances in order and viewings booked in to take advantage of the scheme for one last time. 

And one of the unlikely places accepting Help to Buy loans is HD Media City, which is allowing buyers – first-time and those already on the ladder – to snatch up its luxury apartments with a 5% deposit.

Latimer

There are also 100 shared ownership units available, which is a good option for buyers wishing to purchase at a lower price point and with a smaller deposit.

But the Help to Buy scheme is the real star of the show for HD because, unlike similar flats in Manchester city centre, many of its one bedroom apartments fall below the HTB regional cap of £224k, allowing buyers to use the scheme to scoop up an apartment with only a 5% deposit.

Stephen Maskill, the regional sales manager at property developer Latimer, told Proper Manchester: “Almost all of the one bedroom apartments at High Definition fall under that regional cap, so it’s great that we can offer really nice luxury apartments with the Help to Buy scheme.

“It’s a very unique feature for this type of apartment to be available with that scheme.

Latimer

“This month we’ve done several Help to Buy sales already, so it’s clearly very in demand, it’s proving to be very very popular.”

HD was born with a vision to create an affordable and community-led luxury living space in the heart of the exclusive Media City.

Stephen said that in the wake of the Covid pandemic, a strong sense of community was at the forefront of the vision when building and developing the apartments.

He explained: “After millions of people were stuck and isolated in their Homes during the Covid lockdowns, we really wanted to deliver a community-led space with co working and recreational facilities for all, as well as somewhere that encourages a healthy work-life balance for residents.”

Latimer

Energy efficiency was also a priority during development, with each apartment having the highest EPC ratings possible amid the cost of living crisis.

Stephen said: “The EPC ratings in these apartments are exceptional, which means utility bills and heating bills will be extremely low and affordable because of how insulated and efficient the building is.”

As for the location, Stephen says now is the perfect time to invest in a home in Media City, which offers the ‘perfect mix’ of city centre living and suburban tranquility thanks to its acres of green spaces and cultural attractions, as well as its selection of restaurants and bars.

He also says Media City is anticipating ‘tens of millions of pounds worth of investment’ in the next couple of years, giving buyers all the more reason to get moved in while it’s affordable.

Latimer

He explained: “Media City has had a lot of money pumped into it already, but there’s a huge amount of investment and development yet to come… It’s going to keep growing into a larger destination, and will become just like Manchester city centre by the time it’s finished.

“So buyers will be getting in at a good time where values and prices will be driven by the investment that’s coming into the area.”

And offering a bit of advice to first-time buyers hoping to secure their first home, Stephen said: “Buy now, and get yourself locked into a five year mortgage product deal. Future-proof what you’re going to be spending for the next five years on a mortgage.”

To find out more about HD Media City, the homes it has to offer and which payment plan will suit you best, visit the Latimer Homes website.

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Property

This huge £3m Lake District house could be yours for just £10

The competition is aiming to raise money for Cancer Research UK

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Omaze

An enviable £3m home in the heart of the Cumbrian Lake District is being auctioned off for as little as £10.

The gorgeous six-bedroom property is situated on the cusp of Lake Windermere, one of the most popular holiday destinations in the whole of the UK.

Not many people are able to call this location home but, now, you could become a permanent resident thanks to a unique million pound house draw.

Fundraising company Omaze is raffling off the fully-furnished house with bundled entries to raise money for Alzheimer’s Research UK, with the cheapest bundle being just £10 for fifteen entries.

Omaze

Omaze

Once selected at random, the winner will be handed the keys to the property, completely mortgage-free and with no stamp duty or conveyancing to pay. Omaze will also be giving the winner an extra £20,000 to help you them started, whether they decide to move straight in, use it as a holiday home or sell it for the money.

So, what does the house include?

The property sits in Bowness-On-Windermere and provides panoramic views of the surrounding mountains and Lake Windermere, the largest natural lake in England. 

As mentioned earlier, the home will come fully furnished and features a large living area with a traditional wood burning stove and comfortable sofas and seating. There is also a handsomely sized kitchen with a breakfast bar and a number of modern appliances.

The property is ideal for hosting parties with a large twelve seater dining table, private cinema room and rustic indoor-outdoor BBQ kitchen, complete with a log burner and beautiful outdoor seating area.

Omaze

Omaze

Each of the six bedrooms come complete with king-size beds with sprung mattresses and contemporary headboards, two with en-suites and three with balconies. On the top floor sits a large en-suite penthouse which boasts the very best views of the Lake Distract.

And just when you thought this property couldn’t get any better, it also comes complete with a private gym, spa, sauna and steam room. 

Entries close on March 27th and the winner will be announced on April 1st. And don’t feel too glum if you don’t win the house; there are also a number of ‘secondary’ prizes to be won, including a Mercedes G Wagon, a Jaguar F Type and cash prizes ranging up to £100,000. 

For the full terms and conditions and to enter the competition, visit the Omaze website here.

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