First time buyers on a 12 year high

First-time buyer numbers have soared to a 12-year high, reaching a level last seen before the financial crisis struck.

A total of 35,010 mortgages were advanced to people buying their first home in August – the highest monthly total since August 2007, according to UK Finance.

The typical first-time buyer borrowed £175,361, the equivalent of 80% of their property’s value.

Although the sum was an average of 3.52 times their pay, close to record-low interest rates meant monthly mortgage payments accounted for just 17.1% of their total household income.

The data from UK Finance supports Zoopla research which found that more than a third (36%) of all property purchases in 2018 were made by first-time buyers and that numbers were up by a huge 85% since 2010.

Buying a home for the first time can be daunting and expensive, which is why it’s important to get fully up to speed before you start your property search. Once your name is on the property deeds, you’ll benefit from potential equity gains, you can decorate how you like and of course you’ll always have something to call your own.

Source: Zoopla property News

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

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How to claim for Home Insurance: the three golden rules

Home insurance is there to give you financial support if the worst happens. So if you need to claim, its important that you know what to do.

1. Read the policy carefully

To start with, when you receive the policy document read it carefully to know exactly what you are covered for, any limits or exclusions, and the steps you need to make a claim. For example, if you have been burgled, you will be expected to notify the police as soon as possible. And if anything is unclear, talk to your insurer.

2. Inform your insurer as soon as possible, if you need to claim

As soon as you think you need to claim, tell your insurer. The sooner they know, the sooner they can get your claim moving. If, for example, your home has been damage by fire or flood, arrange any temporary repairs to stop the damage from getting worst. Home buildings and contents policies will include a 24-hour emergency helpline service to give you advice and information.

3. Provide as much information as possible

The more detail information that you can give your insurer about the damage, and what you are claiming for the better.  When claiming for damage or lost items, wherever you have them, provide receipts and any valuations to substantiate your claim.

While insurance cannot guarantee that you will not suffer financial setbacks. It can ensure that any unexpected and unwelcome events will not leave you struggling financially. Home Insurance in particular is one of the very few products that you buy hoping you will never have to use it. But if the worst happens, it will turn out to be one of the best purchases you have ever made.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Green number plate proposed for UK electric cars

Drivers of electric cars across the UK may soon be using special green number plates under new plans.

The aim is to make it possible for local authorities to allow zero-emission vehicles to benefit from incentives such as cheaper parking.

The government hopes it will boost electric car sales, helping it achieve its 2050 target of net zero emissions.

But Friends of the Earth said without better financial incentives and more charging points, little would change.

The government is asking industry and the public for their views on how to implement the scheme.

“As the UK moves at pace towards net zero emissions, the initiative aims to raise awareness of the increasing number of zero tailpipe emission vehicles on UK roads,” said the Department for Transport (DfT).

“Through the introduction of green number plates, local authorities would have a useful visual identifier should they wish to introduce incentives to promote the use of zero-emission vehicles, such as allowing these drivers to use bus lanes and to pay less for parking.”

The government said a similar licence plate scheme introduced on a trial basis in the Canadian province of Ontario had led to an increase in electric vehicle registrations.

However, RAC head of roads policy Nicholas Lyes said: “While the sentiment seems right, there are question marks as to whether drivers would see this as a badge of honour or alternatively it could foster resentment among existing drivers of petrol and diesel vehicles.

“On the face of it, drivers we’ve questioned don’t seem too impressed – only a fifth think it’s a good idea and the majority said the number plates wouldn’t have the effect of making them any more likely to switch to an electric vehicle.”

Friends of the Earth campaigner Jenny Bates urged the introduction of a national scrappage scheme, saying it would “help fund a switch to a cleaner vehicle or greener transport alternative”.

Source: BBC News

UK Finance survey shows UK mortgage approvals hit 6 month low

The number of new mortgages approved by British banks hit a six-month low in September, according to a survey that adds to signs the housing market is slowing again ahead of the October Brexit deadline.

 

Industry body UK Finance said banks approved 42,310 loans for home purchase in September, compared with 42,527 in August, according to seasonally-adjusted data. However, the number of approvals for remortgaging rose to the highest level since November 2017 at 32,649.

UK Finance said annual growth in consumer credit rose to a 19-month high of 4.5%, driven by personal loans and overdrafts rather than credit card lending.

Source: Reuters