Rightmove reveal just how much you can expect to pay as a first-time buyer in your region.
Latest studies by Rightmove show that the North West has seen the biggest annual rise in property prices for first-time buyer homes with two or fewer bedrooms.
The average asking price in the North West is up 8.6% over the past 12 months, the biggest increase in any region across Great Britain.
The second biggest increase is seen in Yorkshire and The Humber with prices up 8.4%, followed by the West Midlands at 7.0%.
The average asking price for a first-time buyer is £200,578, up 3.9% compared to 12 months ago, equating to an annual rise of £7,475.
The average asking price in the North West in January 2021 is £144.453.
The only region where the asking price exceeds £400k is in the capital where the average is £474,950. However, London is the only region where first-time buyer property prices have fallen year on year with prices down 1.4% compared to a year ago.
Tim Bannister, Rightmove’s data expert said: “Many people are deciding that 2021 is the year to get their foot on the property ladder, and this research provides an insightful snapshot into the first-time buyer sector across the British property market right now.
“What’s interesting for me is that, despite the higher asking prices in London, first-time buyers in the capital appear to have a window of opportunity to negotiate a good deal, with this being the only region to have seen average first-time buyer asking prices fall over the past 12 months.
“Conversely, sellers in the North West who are looking to trade up and move into a bigger home are in a strong position, with average asking prices for first-time buyer properties having jumped by 8.6% during the same period, which is a good indicator of a strong market.”
Richard Powell, Director at Ryder & Dutton with branches across East Lancashire, North Manchester and West Yorkshire, said: “I think first-time buyer homes have seen a boom in property prices because demand is outstripping supply.
“We’ve less properties for sale per branch than at any time since the late 1980s, which of course causes prices to rise. Having said that, people still want to buy homes and in many cases it’s no more expensive to buy in the North West than to rent, especially with low mortgage rates available.
“The North West possibly has a greater stock of properties that are more easily accessible for first-time buyers – places such as Oldham, Rochdale, Bury and Blackburn – these big, former mill towns have lots of terraced properties around the £100,000 to £200,000 mark that are available to buy.
“And coupled with more Help to Buy schemes and new-build developments, it’s probably easier to become a first-time buyer in this part of the world than many other regions, which also helps to push prices up.
“We’ve also seen a reluctance from people in their first homes to move up the ladder because they haven’t had confidence in the market to do so. Over the past four years or so with Brexit and now Covid, we’re seeing a lot of pent-up supply as well as pent-up demand.”
We chatted to a property expert last week to find out the top six places to buy in Greater Manchester this year, including Salford, Prestwich and Ancoats! See more here.
This huge £3m Lake District house could be yours for just £10
The competition is aiming to raise money for Cancer Research UK
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.
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.
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.
Gary Neville’s new £200m St Michael’s neighbourhood development to begin construction in January
St Michael’s will boast a 41 storey tower with 191 hotel rooms, 181 apartments, and a 900 cover restaurant with city views
Gary Neville has announced that work on his ambitious £200m neighbourhood development St Michael’s will be getting underway in January 2022.
Plans for the highly-anticipated St Michael’s neighbourhood began back in 2016, though the development has been fourteen years in the making – the ex-Manchester United star said he is aware that many were sceptical it would ever come to fruition, but has insisted that the project is in ‘the home straight’.
And today, Neville has shared first-look graphics of what St Michaels will look like, writing on his social platforms: “Welcome to St Michaels , Manchester . We’ve just completed the deal to build phase 1 starting in January and can’t wait.”
The build will take place in two phases courtesy of a joint venture between Gary Neville’s Relentless and US investor KKR, with the first being delivered by contractor Bowmer & Kirkland and focusing on 185,000 sq ft of commercial space across nine floors at the site of the former police headquarters on Southmill Street.
The new office spaces will offer tenants their own designated roof space – which will boast impressive skyline views overlooking the Manchester Town Hall and Manchester Library – private terraces and areas for meetings and presentations, and interiors designed by Skidmore, Owings & Merrill.
They will also have access to increased cycle storage, and enhanced changing and showering facilities.
St Michaels will also house a huge public space billed to be a ‘hub of music, food, drink, and entertainment’, and is expected to generate 1,800 new jobs.
The second phase of the development will focus on the hospitality and residential elements in the form of a forty-one-storey tower with 191 hotel rooms and 181 apartments, as well as a 900 cover restaurant with city views.
Relentless and KKR are also aiming for high sustainability credentials, with the hope to achieve BREEAM Outstanding, five stars on NABERS and WELL Platinum status, which would make them some of the most eco-friendly and energy efficient spaces in the country.
Gary Neville said on the development: “This is such an important project for Manchester. We are really pleased to be announcing the start-on-site in what is another major step forward for this legacy scheme. The aim is to deliver a world class development for our city and the UK.
“Our team has worked tirelessly with our joint venture partner KKR, along with contractor B&K and Manchester City Council, and it is the dedication of these teams that has enabled the first phase to come to fruition in the new year.”
Manchester City Council are fully backing the development, with city council leader Bev Craig saying: “This is momentous news for the St Michael’s project. This development will be transformational for the Jackson Row area and confirmation that a start on site is imminent is very welcome.”
St Michael’s will begin phase one of building in January 2022, with an expected completion date in 2024. Head over to the St Michael’s website for news and updates.
Renters will no longer have to pay deposits under new tenancy scheme
There will still be some fees to look out for, however…
Tenants will no longer have to fork out for costly deposits when renting a home under a new tenancy scheme.
The majority of landlords require their tenants to put down a deposit in order to secure a property; on average, renters have to put down a £1,054 deposit to secure a tenancy, according to the Office for National Statistics.
But now, a new scheme launched by rent guarantor Housing Hand could very well be putting an end to expensive deposits.
Their scheme means that working professionals and students alike can move into a property without coughing up hundreds of pounds for a deposit.
Instead, renters will have to pay a £25 joining fee and and a one-off payment for the scheme.
The one-off charge is the equivalent of 20% of one month’s rent to Housing Hand, which is paid in monthly instalments stretched across the length of the tenancy.
For example: If you paid £500 rent a month for twelve months, you would need to pay £100 over one year – which works out at roughly £8.33 a month, plus the £25 fee up-front.
However, there’s a catch; landlords aren’t legally obliged to accepting Housing Hand as a rent guarantor, so there’s no guarantee they’ll agree to waiving a deposit.
Renters will also need to provide personal information in the application, such as proof of identity, proof of address, and evidence that you earn at least 1.5 times your share of the monthly rent if you are a working professional and not a student.
And, while Housing Hand says using the scheme will not affect your credit score, a missed rent payment means Housing Hand would pay the rent on your behalf, something renters would be required to pay back.
Oh, and tenants won’t get the fee they paid to Housing Hand back at the end of the tenancy, though I’m sure we can survive without £25.
However, experts have warned renters about using these type of schemes that offer the option to move in without a deposit.
Generation Rent deputy director Dan Wilson Craw said: “Renters should be careful about using schemes like this as they are not regulated and ultimately cost more than traditional deposit schemes as they aren’t refundable.
“We have heard from tenants who have used other deposit-free schemes and found that after paying for the coverage every month, they move out and are hit by a large claim for any damage or wear and tear that is very difficult to challenge.”
For more information, head over to the Housing Hand website.