Home Finance – In the news
Buyers priced out
Some 41% of participants in a recent survey1 agreed with the statement, ‘I cannot afford to live in the area I want or need to live in’. Many renters and homeowners alike were unhappy with their current location, with job opportunities (37%), proximity to friends and family (35%) and a better lifestyle (29%) the key reasons for wanting or needing to move elsewhere.
Holiday lets bounce back
In the early weeks of this year, 173 more mortgage options were on the market for holiday let borrowers than in October 20222, and a broad range of fixed and variable options remain available now. After the September ‘mini-budget’, the range plummeted to only 26 lenders, but investors’ appetites have picked up as ‘staycations’ remain a popular holiday choice.
Hard resell for new builds
One in eight new-build homes are being resold at a loss, figures show3, with flats making up more than four-fifths of these loss-making sales. The average new-build property lost 7.8% (£22,000) of its value, with the typical sale taking place after 8.8 years. New builds are often sold at a premium, which can mean prices fall back to market rate when resold.