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52.8% of families in the UK own their own home according to latest statistics; 28.2% own properties outright and 24.6% own with a mortgage. This figure is lower than the EU average but higher than European countries such as Germany, France, and Switzerland. Homeownership in the UK rose in the late 20th century due to the Right-to-buy scheme introduced in the 1980s, where council tenants were given the chance to buy their homes as a discounted rate. The average age of first-time buyers has risen in recent years, mainly due to increased house prices. According to the Institute for Fiscal Studies, homeownership among young adults has more than halved over the last 20 years.
buy house uk
There are no legal restrictions on expats buying property in the UK. Foreigners and non-residents can also get a mortgage in the UK. However, those with less than two years of residency in the UK and without a job may face more stringent requirements and a bigger deposit. See this guide to mortgages in the UK for more information. You will need to appoint a UK solicitor or conveyancer to handle the legal paperwork when buying a house in the UK.
In the year to February house prices had the biggest fall since 2012, according to Nationwide Building Society. Yet figures from Halifax and Rightmove paint a different picture as both the bank and the property website said that house prices had gone up over the year.
The housing market still has some momentum and prices have climbed over the past year. But as mortgage rates surged and the cost of living crisis has eroded household budgets, that rate of property price growth is now stalling, even falling.
Rising rates make it more expensive to borrow money which means fewer potential buyers can afford mortgages. The Office for Budget Responsibility (OBR) predicts that house prices will fall 9% over the next two years before rising again in 2025.
Meanwhile there were 76,920 house sales in February, 18% lower compared to the same month in 2022, according to HMRC. The mortgage chaos caused by the 23 September mini-budget has had a knock-on effect on property sales.
If you are looking to buy soon, another consideration is what would happen should there be a dramatic drop in house prices, as is expected over the next two years. Could a fall wipe out the value of your deposit and leave you in negative equity?
That can make it even harder for tenants to save enough for a house deposit when the payments to their landlord are so high, leaving them stuck in rental properties until they can set enough money aside.
March is generally a good time to buy a house when the days start to get longer the weather starts to get warmer. Many homeowners who want to sell fast are advised to put their property on the market in March as there are more house hunters.
The Clock House is an immaculate family home dating back to 1937 with later extensions. The house is a local landmark with a notable feature of the property being the refurbished clocktower, now housing a Bodet clock and the original bell.
The gardens extend across the width of the house and provide an excellent setting for al fresco dining, there is also a covered outdoor kitchen. Beyond the formal gardens is a large paddock. In all the gardens and grounds extend to approximately 3.94 acres.
The Old Malthouse has been beautifully and innovatively restored and renovated to a very high standard. Within this thatched 17th Century period house is a fantastic mixture of both classic and contemporary design.
If you buy your parents' house from them for less than the market value, there could be tax and other implications both for you and your parents. In this article, we explain what these implications are and the key points to be aware of if you are buying a family member's home for less than market value.
If your parents plan to sell their house to you for under market value, they will essentially gift the rest of the property to you. For example, if your parents' house is worth 200,000 and they sell it to you for 150,000, this means they are gifting you 50,000.
The final concern is if you die before your parents do. If this happens and they are living in the property, the house will pass to whoever you left it to in your will (or whoever's entitled to it under inheritance laws) and they will have to move out. If you do go ahead with buying the house, you should consider making or updating your will to reduce the risk of your parents' home ending up in the wrong hands.
If you plan to buy the house outright then the conveyancing process will continue just like any other purchase. If you intend to purchase with a mortgage though, you should make sure your lender is happy with the situation, as some will not lend if the buyer and seller are related.
This part of the house buying process usually occurs occurs a couple of weeks before completion of the sale, but can be as long as four weeks or as short as the very same day. This will depend upon the circumstances of the parties involved and the agreement they come to during the conveyancing process.
On average, a home buyer can expect the purchase process to take upwards of three months. During this time, you might view a number of houses, and work alongside estate agents, solicitors and surveyors before you get your hands on the keys.
Doing your research about what similar properties have sold for and knowing how long a house has been on the market can be a good place to start. Zoopla is a great resource for checking historic sales prices and estimates of current open market values.
When it comes to houses, freeholds are almost always the more desirable option and most houses are sold freehold. However some new build estates are sold as leasehold, while shared ownership schemes are often also sold as leasehold.
Undergoing a property survey is not a legal requirement when buying a house. However, there are huge benefits associated with getting one completed. First and foremost, they can save you money in the future by detailing what you might need to spend on repairs down the line.
While either representative can be used when it comes to buying a home, there are slight differences between the two. Namely, a conveyancer is a property specialist that is qualified to handle legal matters to do with house sales and purchases. They are regulated by the Council for Licensed Conveyancers (CLC).
Prior to signing the contract, the conveyancer will also conduct several checks to do with your prospective property. For example, they will look into planning permissions in the area and even conduct further environmental checks that could affect your purchase or offer. From making sure the house is connected to the water supply to checking the legal ownership, a conveyancer is incredibly useful when it comes to the final hurdles.
They will do a few final checks and make sure that all the relevant steps have been completed. However, at this point, it is quite unlikely that anything will fall through when it comes to the house purchase process.
Once the contracts have been exchanged and the deposit has been paid, the house is officially yours. The deeds of the home will now be transferred into your name and you receive the keys to the property. Usually, your conveyancer will also process the stamp duty payment on your behalf.
To find out the condition of the property, you should book a house survey. Our sister company e.surv can advise you on a suitable survey for the property. Without a survey you may not be aware of costly work that needs to be done.
It's important that you use a qualified legal representative such as a solicitor or conveyancing expert to get you through the buying process smoothly. Without a legal representative, the process of moving house becomes very daunting, quickly.
Please click here to provide your contact details and a mortgage adviser will come straight back to you.Share this article:Other recent news articlesHouse Prices in 2023What Can We Expect From The Housing Market in 2023? Official figures show a slow down. Buying a property for...Read moreA lull in house prices could be good for movers?A Lull in House Prices Could be Good For Movers This Year says Enzo Mora CEO and founder of The...Read moreCan you improve your chances of getting on the property ladder?How to Get Ready to Apply for a Mortgage and Boost Your Borrowing Power Enzo Mora, our founder and director,...Read moreHead OfficeThe Mortgage BrainGloucester House29 Brunswick SquareGLOUCESTERGL1 1UN
As a non-British national, you may enjoy visiting the United Kingdom on a frequent basis and have considered buying property in which to spend time on holidays. You may be moving to the UK for a new job, family ties, or studies. You might even want to purchase a flat or house in the United Kingdom as an investment property. All of these reasons are acceptable and legal reasons to be interested in buying a home in the UK.
Properties in the United Kingdom may be similar to properties in your home country, or they may be unfamiliar. If you intend to move with pets, children, or large pieces of furniture, certain factors such as personal preferences and family circumstances will need to be considered when choosing a property. Here are important facts to remember about houses and flats in the United Kingdom:
The decision to buy or rent property in the United Kingdom will depend upon your specific circumstances. If you are planning to live in the UK for a short amount of time or find it difficult to find an appropriate flat or house for your budget and personal circumstances, you may want to rent a property for the time being. If you are planning to live in the UK long-term, want to have ownership over your own flat or house, and have the funds available to put down a deposit on a home, you may want to purchase a property. This is a personal decision that should be tailored to your needs and finances. 041b061a72