What is the first thing people do after moving into a new home?

Moving into your first property can be a long, complex and emotional process. For some, it can take a while to finally settle into their new home.

According to a recent Zoopla survey, the majority of people need from one week to a month after they’ve moved in to feel like they’re in a place they can call home:

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First things first

When it comes to settling into their new homes, people divide their time between the practical and the fun.

More than a third of respondents (37%) gave their property a deep clean on the day they moved in, while a fifth (19%) decided to set up council tax and utilities. Impressive organisational skills.

However, it’s not all work and no play. One in five respondents (20%) skipped cooking and ordered takeaway on their first day and another one in four (25%) got intimate with their partners:

Zoopla asked over 2,000 people, both existing homeowners and first-time buyers, to find out

What do people do on move-in day? 

  • Give the property a deep clean – 37%
  • Get intimate with a partner – 25%
  • Order a takeaway – 20%
  • Set-up council tax or utilities – 19%
  • Have your first argument – 10%
  • Entertain family – 7%
  • Make home improvements – 7%
  • Entertain friends – 4%

Source: Zoopla Property News

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Help to Buy: First time buyers overpaying an average of 10%

Thinking of using the Help to Buy scheme? Be sure to weigh up the pros and cons – and check you’re not overpaying – before taking the plunge.

First-time buyers could be paying a premium of up to 22% if they use the government’s Help to Buy scheme to purchase a home, a study has found.

It showed that the average person taking their first step on the property ladder using the Help to Buy equity loan initiative paid £303,450 for their home – 10.3% more than those who bought without using the scheme.

The premium paid by first-time buyers using Help to Buy was more than double this level in Yorkshire and the West Midlands at more than 20%, according to Reallymoving.

Its chief executive, Rob Houghton said many first-time buyers find it difficult to raise a deposit and, as a consequence, are turning to Help to Buy – a scheme which operates only under the new-build sector where homes can command higher prices.

He adds that this is in addition to a premium applied for buying under Help to Buy.

“In many cases, first-time buyers simply don’t have the deposit required to explore other options, such as buying a second-hand home, which may offer considerably better value,” he said.

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

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