For the single home buyer, the prospects for getting on the property ladder are not encouraging. The difficulty of saving for a deposit, coupled with a lack of appetite among lenders for high loan-to-value (LTV) mortgages, means the number of singletons making purchases is dropping. So it is little surprise that an increasing number of friends are coming together to buy. Figures from conveyancing firm My Home Move show the number of homes bought by “single” purchasers has fallen by an average of 4% over the past five years, equivalent to around 10,000 transactions a year. The benefits of pooling resources are clear: My Home Move figures show a couple of first-time buyers can afford homes worth around £100,000 more than their single counterparts. Given the latest government figures show the annual rate of house price growth stood at 8.3% in July – bringing the average property value to £216,750 – this additional buying power can make a big difference. Separate new figures from the Council of Mortgage Lenders put the average house price for a first-time buyer house at £156,500. “What is clear is that annually house prices are still on the rise at levels well above wage inflation,”… Read full this story
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