Buying a home is much more affordable than a decade ago

Buying a home is much more affordable than a decade ago


In this month's edition, we look at why buying a home is much more affordable than it was in 2009. 

We've also got 10 decor suggestions to help you to transform your home, and offer our top tips to help you on your way to a swift sale this Spring. 


Buying a home is much more affordable than a decade ago

 
Buyer hesitancy has been a common theme over the last few years, with the affordability of housing, Brexit and a lack of confidence in the market frequently coming up as reasons for renters to stay put. It’s understandable that plenty of potential buyers are feeling a sense of unease when it comes to taking the plunge on a house, but the reality is that more and more people are putting their worries aside and searching for that perfect home, even within the current climate.

December saw a rise in mortgage approvals, for instance, and we now have more good news to share due to the fact that affordability is improving at its fastest rate since 2011, meaning that purchasing a home is more affordable than it was ten years ago.

According to mortgage broker Private Finance, the average borrower is saving £104 per month on what they would be paying in 2008, with average monthly payments falling from £804 to £700.

Whilst house prices have risen at a much quicker rate than wage growth-inflation over the last 20 years, the broker is insisting that once the initial payment is made on house, monthly repayments are broadly in line with the same levels seen 20 years ago.

“News of the UK property market’s affordability crisis is never far from the headlines,” offered Shaun Church, director at Private Finance. “What we often fail to acknowledge, however, is that thanks to falling rates, those with a mortgage today are in a similar – if not better – position than their predecessors, who owned property at a time when housing was considered vastly less expensive” explains Shaun Church, director at Private Finance.

“Homeownership can be attainable. Those in a position to buy should shop around for the best rates on the market, to ensure they capitalise on the incredibly competitive rates currently on offer. Borrowers should also consider locking into these with a longer fixed term, to cushion themselves against any further rate rises and keep the monthly cost of ownership low for as long as possible.”



10 home decor ideas to instantly transform your home

 
Now that spring is just around the corner, the much-welcomed extra sunshine might be shining a light on some of the less-polished parts of your property. If you’re thinking that a good spring clean won’t quite cut it this year, then follow our 10 home decoration ideas to instantly transform your home…

1) First impressions count
We all know that it is tough to change a first impression once it has been made, and the same is true for our properties. If you don’t have a grand entrance hallway, and even if you do, it is important to create the right aesthetic as soon as you step through the front door. Depending on the size of your entrance hallway, choose an appropriately-sized console table with a few choice ornaments and you’ll create an elegant first impression. A traditional table with some tasteful art above it will set a sophisticated tone, and an on-trend transparent table with high-gloss accessories will create a chic and modern atmosphere.

2) Mirror, mirror on the wall…
If you have a staircase in your home, it is easy to see it simply as a passageway to the next level of your home. Similarly, if you live in single-storey accommodation then you will most likely have a hallway that you see simply as a thoroughfare. Instead of treating these spaces as utilitarian, turn the walls in to a gallery by hanging a variety of antique mirrors, an eclectic mix of photo frames or a mixture of both. Charity shops and antique shops are a great place to source interesting frames and mirrors, and as an added bonus, the reflective surfaces will help to brighten up the staircase or hallway.

3) Feng shui your home
When it comes to transforming your home, it’s not just a case of spending money – using what you already have in a different way can have equally stunning results. Rearranging your furniture is simple enough to carry out, but it can change a room entirely; throw the rule-book out of the window when you are experimenting with where to put your furniture and see what looks best. In the living room, for example, arrange your furniture around a coffee table rather than facing the television and you will create a much more social space.

4) Don’t neglect the accessories
One of the most cost-effective ways to update your home is through accessories; by simply enhancing what you already have through a few choice items you can take your home from drab to fab. Of course, the essentials of throw cushions, blankets and ornaments (such as candles and vases) are the holy trinity when it comes to jazzing up your room; however, you can also branch out to lampshades, wall hangings and art. By rotating your accessories seasonally, you will keep your rooms looking fresh, on-trend and reflecting the time of year.

5) Flower power
If you’re going to do one thing to your home in order to quickly refresh it, then adding flowers is a great idea. Placing some nicely arranged flowers in a clear glass vase will make any room feel more cared-for and elegant, all for only a few pounds!

6) Create a dreamy sleep-space
A good night’s sleep is essential for all of us, but the bedroom is often the last room that we renovate as it isn’t on show, like the living room or kitchen often is. Indulge yourself, and step-up your property’s style by investing in some bed linen. Plenty of cushions twinned with a matching throw at the foot of your bed will instantly make your bedroom feel more sumptuous, and you’re guaranteed to sleep soundly in your upgraded boudoir.

7) Don’t shrug from the rug
Floor coverings are costly and time-consuming to replace, so if you’re looking for a quick fix to update your home then we wouldn’t suggest laying a whole new floor. Something that will make a difference, however, is the use of rugs. A simple rug can change the whole aesthetic of your room, and the choices are endless; you can choose from boho, rustic or traditional and small, large, long or wide. Experiment by layering rugs and creating interest in your floor spaces without the expense of having to change the whole floor covering.

8) Curtains up
Curtains are more than a privacy aid, they can add colour, texture and interest not only to your windows but also throughout the home, if you are brave enough to use them creatively. Using curtains as an alternative to a door can add rich texture to your home and using a contrasting colour will make them pop against your walls.

9) Let there be light
Something that can make a room feel dark and dreary is a lack of light. If you want to transform your home, then changing the light fixtures, or adding in some extra lighting can make all the difference. Ensure that your ceiling lights aren’t dwarfed by heavy lampshades which are constricting the amount of light in the room – current trends favour glass lighting fixtures anyway, so changing your lampshade should be a simple fix. We’d also recommend adding in some uplighters and floor lamps to the corners of your room in order to avoid the wasted dark spaces which we are often guilty of neglecting.

10) Make a statement
If your walls are looking a little plain, or you’re simply looking for a way to brighten up the room then statement art is the answer. Easy to change and rotate with the seasons, statement art such as large-scale photography or something abstract will transform even the most listless room.



Tips to help you sell your home quickly this Spring

 
It has been hard to miss the fact that the days are getting that little bit longer, and the temperatures a little fairer lately. With the sun shining a touch more frequently, and the first sightings of daffodils here and there then there’s no doubt that spring is in the air. With the season slowly revealing itself, this is a great time to sell your home with buyers more active through the spring months than any other time of the year. Follow our tips and you’ll be able to make the most of the changing of the seasons to sell your home…

1) Spring cleaning counts
That long-standing custom of a good spring clean is something you should take to heart if you want to sell your home quickly over the coming months. Washing all of the windows inside and out so that they sparkle, and the same for your windows and doors, will make the right impression to buyers. Make sure your home reflects the fresher spring months and ensure it is clean and bright.

2) Don’t neglect your outdoor spaces
With the weather perking up, people naturally cast a more critical eye on the outdoor spaces of the properties which they are looking at. After a cold winter, it is easy to leave your garden a little unkempt but passing the lawnmower over the garden (mowing diagonally will make the space look larger) and tidying up those outdoor spaces will make your property much more sellable. Although spring is coming, we all know how unpredictable the British weather can be, therefore putting a hardy outdoor mat outside the front door as well as somewhere to pop umbrellas out of the way will save unnecessary dirt and debris being brought in to your pristine property.

3) Spring has sprung
Fully embrace the transitioning seasons by planting flowers at your door – pop a planter outside full of cheerful tulips and daffodils to put potential buyers in the right mood. Pops of colour around the home will also translate into happy and contented buyers, who are therefore more likely to make an offer. Fresh flowers in the house will also make that all-important difference and set the right tone, so fill a few vases and put them in different rooms for a consistent wow factor.

4) Accessorise to the max
A few accessories can make all the difference to the overall presentation of your property and aligning these to spring is perfect for impressing your prospective buyers. Choose soft spring colours to lighten up your rooms – throws, cushions, towels and bed linens are all easy to change over to create the perfect ambience, and you can take them with you when you sell your property.

5) Smells like a good deal
First impressions are absolutely imperative when it comes to selling your home, with research showing that buyers take only 8 minutes to decide whether they would like to buy a property or not. A fresh smelling property is exactly the right impression, so ensure that you have aired your property, and that there are no untoward scents. A sure-fire way to fill your home with a pleasant and attractive smell is to put some bread in the oven and set a homely, welcoming feel.