Mortgage Affordability At 10 Year Low, Plus More

In this month's edition, the monthly cost of mortgages has reached a ten year low and we share some tips for a spring spruce up.

Also this month, we reveal your kids top ten dream features and we share six top tips for a swift spring sale.

Mortgage Affordability At 10 Year Low

 

New research has found that mortgage payments account for less than a third of a homeowner’s disposable income, with mortgages reaching their most affordable level since 2007.

The recent research from Halifax has shown that during the fourth quarter of 2017, the average mortgage payments in the UK accounted for 29% of the owner’s disposable income.

When the same statistic was recorded in 2007, monthly mortgage payments took up 48% of disposable income, meaning there has been a 40% fall in mortgage affordability levels for home buyers since the peak seen in 2007.

According to Halifax, record low mortgage rates are responsible for the improving affordability levels as average rates dropped from 2.09% to 1.98% across last year.

With house prices rising recently by an average of 3%, affordability was still improving at the tail end of 2017.

Just under 75% of all the districts included in the study recorded an improvement in affordability of at least 15% over the last 10 years and 35 districts saw mortgage payments fall by at least 30% over the same period.

As a result of the considerable fall in house prices, Northern Ireland saw the greatest improvements in affordability, currently standing 44% lower than 2007.

Within the UK, the North West and Scotland had the most frequently listed areas in the top 10 most affordable places to live, with the South East and London dominating the other end of the table.

The research found that Brent and Haringey were the least affordable places to live, with mortgage payments taking up 61% of disposable income on average. At the other end of the spectrum, the findings showed a considerable difference when compared to such areas as Copeland, Cumbria, where only 15% of disposable income is used for mortgage repayments.

Mortgage Director at Halifax, Andy Bickers, commented on their findings, saying that whether you’re a first-time buyer or already a homeowner, these latest statistics are good news “This is a real boost for both those who already have a mortgage and those preparing to take their first step on to the property ladder. Improved mortgage affordability has been a key factor supporting housing demand and helping to stimulate the modest recovery that we are currently seeing.”

"In recent months we have seen the number of first-time buyers and homemovers purchasing a home with a mortgage bounce back towards 2007 levels, and mortgage payments becoming a much smaller proportion of disposable income across most of the country will also support a healthy market with more choice and opportunity for buyers/borrowers.”

Top Tips For A Thorough Spring Clean

 

It’s officially time for a spring clean! Whether the lighter days and warmer weather have got you in the mood for a post-winter spruce up or you’re looking to get your home presentable for a spring sale, we have some tips for cleaning your home.

De-clutter
The first and hardest step in the entire process. It’s vital you take a brutal stance when it comes to de-cluttering your home. If you don’t like a decoration or if you have an outfit that you haven’t worn since 2008, just throw them away or donate them. Don’t just focus on one room – ensure you search every part of your house, especially in rooms like the kitchen and bedrooms where clutter can quickly get out of hand.

The problem with clutter is it quickly manages to grow again! You might wish to consider setting up a bag, box or bin that you can designate as a “donation bin”. In the future, you will be able to sort clutter as you come across it, and then donate it all to charity as soon as you fill up the bin.

The bedroom
Your wardrobe is a key area you should focus on when having a de-clutter, however, unlike other areas of your home, there is potential money to be made when clearing this area! If you have a hardly worn item of clothing, consider putting it on a Facebook sale page or eBay to generate a little extra pocket money.

There are also some areas of the bedroom(s) that will most likely be in need of a little TLC. Make sure you clean underneath all the beds, dust the curtain rails and even consider flipping the mattress.

The kitchen
There are a few areas of the kitchen that can prove to be a big job on their own. After you have finished de-cluttering your cupboards of old pots and spices you only used that one time, you should then turn your attention to the appliances.

The fridge is a good place to start. Clear out all the old produce and table sauces, give it a really good clean to get rid of all the weird smells and then try to stay on top of its organisation, which will save you a job in the future.

Have you been avoiding cleaning the microwave for the past few months? Luckily, there is a quick and easy way to clean your grease spattered appliance. Simply place a combination of vinegar and water in the microwave, heat it up for ten minutes until the solution is steaming, then simply wipe away the grease.

The bathroom
The bathroom is another time-consuming job. The tiles, floors, toilet, bath and sink may be ready for a deep clean. This requires a full gutting of all the beauty and hygiene products, and a good deal of manual labour to remove any troublesome stains like limescale or mould that might have built up over the winter.

There are thousands of home remedies available on the internet, as well as powerful cleaning products at your local supermarket to help you get the job done. So, roll up your sleeves, snap on the yellow gloves and give it a bit of elbow grease.

Our little secret…
Want to add the perfect touch to your spring clean? Take a leaf out of our book and put a cup of vanilla extract in the oven for an hour. Your home will smell like a bakery in no time!

Top 10 Dream House Features for Kids

 

At some point or another, we have all thought about our dream home and whilst most of us would be happy with a spacious detached 5-bedroom home with a large back garden, it appears from a recent survey that we’re just not being creative enough.

A new survey carried out by home developer, Strata, questioned over 2,000 children between the ages of 3 and 11 and found out their most desired features for their home, resulting in some fantastical answers.

So where do all the kids want to live? Well, it depends on who you ask.

The consensus amongst the girls was that the best place to live would be a fairy-tale style castle at the top of a hill and surrounded by the ocean. As for the boys, it appears that the popular choice was a multi-coloured LEGO block tree house, which would be a wonderful sight but terrible to walk around in.

From an interior design perspective, walls made from chocolate was, of course, the best option, with water slides instead of stairs also proving popular – making it a bit of a chore getting upstairs but going down should be fun.

Free time is clearly a valuable commodity to the young demographic, as instead of having a home that featured the perfect office to allow them to get productive, the kids would prefer a magic room that completes homework for them.

For the flooring, although they had the options of luxurious carpet or hardwood floor with underfloor heating, the clear choice was trampoline floors, allowing the owners to jump and bounce from one room to the next.

When quizzed on their kitchen needs, the common choice was a sweet shop/ice cream parlour instead of the usual granite countertops, as their dietary requirements appear to be sugar and more sugar.

Property developers may want to keep these points in mind when planning new homes for future generations. If you’re a landlord, then it could be worth considering installing a water slide and chocolate walls over the next 10 years if you really want to beat the competition!

Top 10 dream features for kids:

1. Magic homework room that does the work for you.
2. Waterslide staircase so you never have to walk.
3. Dinosaur park with its very own scientist
4. Trampoline floors to bounce from room-to-room.
5. House robot.
6. Sausage-llama as a pet.
7. Christmas market all year round.
8. Petting zoo where David Attenborough works.
9. Shark Tank.
10. Twelve toilets so no one ever has to queue.

Six Tips for a Swift Spring Sale

 

Spring is always a popular time to sell for homeowners. Your house will get the representation it deserves, thanks to the pleasant weather and sprouting plant life. However, it comes with the challenge of competing with all the other sellers. How can you help your home stand out amongst the crowd?

We run through our six top tips for selling your home in Spring.

Snag list
A snag list is a term from the property development sector that essentially compiles a list of things you’re not happy with. If there are scuffs on the walls, marks on the floor or broken fixtures, you should focus on getting these issues fixed. Buyers tend to notice these and may be put off.

Street appeal
It’s a simple fact of life. First impressions count! Spruce up the driveway and patio, make some improvements to the garden with potted plants, give the front door a fresh lick of paint, and varnish and polish your knobs and knockers.

Let there be light
Ensure you clean the windows, inside and out, and keep the kids and dogs away from them! Dust the blinds and keep the curtains open at all times to allow as much natural light as possible into the living spaces.

De-clutter
That means the whole house. You have no idea how thorough a prospective buyer might be. They might open every cupboard and check every room, so it’s no good just sticking everything in the garage. De-cluttering your home gets you ready for the move, but also gives more room for your potential buyer’s imagination to soar.

The viewing itself
Go out. Take the kids, the pets and the car and get out from under the potential buyer’s feet. Whilst we are conducting your viewings, let us do what we do best. Make yourself scarce and cause as little distraction as possible.

Talk to us
By speaking with us, we can help you market your home the right way by identifying what makes your home great. We’ve got plenty of top tips that can present your home in the best light possible and make sure that it gives you the best chance of a swift spring sale.