How long does it take to save for a house?

Data suggests that it now takes up to 8 years to save up for a house.

The average deposit at 20% is now around £20,000 across the UK and is as much as £80,000 in London. This data is according to the Nationwide Building Society.

The Nationwide have analysed their mortgage data for the cost of a typical first time buyer home, based on four times their income, and took 20% from that figure.

The BBC have produced a chart to show how each area of the UK compares. The East Midlands sits right in the middle, with the average deposit just under £30,000. As you can see, prices haven’t changed that much since 2007.

how long does it take to save up for a house

The Nationwide also calculated how long it would take to save for the average deposit, based on saving 15% of a monthly income. This works out at around 8 years to save for a house deposit and approximately 10 years in London. The East Midlands ranked at around 9 years to save for a house.

Many first time buyers are now turning to parents to help them save for a house more quickly, although the recent cut to stamp duty should help affordability.

Find out how much you can afford to borrow

Walton & Allen offer free mortgage advice to compare the whole of the mortgage market. You may be able to afford to buy a house sooner than you think. Get in touch for advice today.

Estate Agents Nottingham see large house price growth

Estate Agents Nottingham see top house price growth

Nottingham has been listed again as one of the top performing cities outside of London and the South for house price growth.

According to Halifax, house prices increased by 8.9% over 2017.

The report saw Nottingham rank in 3rd place north of London, behind Huddersfield (9.3% growth) and Peterborough (10.1% growth).  Nottingham ranked in 10th place across the whole country.

Halifax managing director Russell Galley said, “A number of towns and cities have recorded significant rises in house prices over the past year, with all of the top 20 performers recording growth of at least double the national average. Unlike last year, the top performers are not exclusive to London and the South East, with the top spot now belonging to Cheltenham in the South West, and towns in East Anglia, East Midlands, North West, Wales and Yorkshire and the Humber also making the list.”

The list of top 20 cities with highest house price growth is:

  • 1. Cheltenham, South West, £313,150, £36,033, 13%
  • 2. Bournemouth, South West, £273,687, £28,587, 11.7%
  • 3. Brighton, South East, £374,662, £38,289, 11.4%
  • 4. Crawley, South East, £323,660, £30,555, 10.4%
  • 5. Newham, London, £402,781, £37,344, 10.2%
  • 6. Peterborough, East Anglia, £220,623, £20,314, 10.1%
  • 7. Gloucester, South West, £231,581, £20,152, 9.5%
  • 8. Huddersfield, Yorkshire and the Humber, £186,988, £15,981, 9.3%
  • 9. Exeter, South West, £273,874, £22,789, 9.1%
  • 10. Nottingham, East Midlands, £193,397, £15,884, 8.9%
  • 11. Gravesend, South East, £312,940, £25,396, 8.8%
  • 12. Lincoln, East Midlands, £194,723, £15,053, 8.4%
  • 13. Stockport, North West, £235,147, £17,736, 8.2%
  • 14. Swindon, South West, £231,316, £16,683, 7.8%
  • =15. Redbridge, London, £475,148, £33,981, 7.7%
  • =15. Swansea, Wales, £164,895, £11,774, 7.7%
  • =15. Barnet, London, £584,049, £41,697, 7.7%
  • 18. Richmond-upon-Thames, London, £646,112, £45,463, 7.6%
  • =19. Portsmouth, South East, £222,704, £15,508, 7.5%
  • =19. Grays, South East, £290,422, £20,145, 7.5%

How much is your Nottingham property worth?

Find out by using the form below.

From time to time we may send relevant newsletter emails. Would you like to receive these updates?
Yes PleaseNo Thank You

Nottingham House Prices 2017 Vs 2016

As 2017 draws to a close, we look at how house prices have changed over the last year, and how it compares to the previous 12 months.

Nottingham House Prices

Overall, Nottingham house prices have risen 5.1% over the last 12 months. The average house price in Nottingham now stands at £144,700, according to Hometrack. When compared to London, house prices only rose 3% since 2016.

The land registry also suggests that Nottingham house prices will grow faster than any other UK city over the next 10 years. If growth continues as it did over the Spring and Summer, house prices could increase at a whopping 160%! This would make a £100,000 property worth £260,000 in 2027. Find out more.

Rightmove’s data shows a much more favourable rise with an average house price of £183,878. They also suggest house prices have increased 16% since 2014, when the average price was £158,915.

East Midlands House Prices

The East Midlands as a whole has seen a growth of 5.5% since 2016. The average house price has changed from £195,890 to £206,734. This is actually the largest growth across the country when compared to other regions. The closest were the West Midlands at 5.1% and Yorks. & Humber at 3.8%.

UK House Prices

City house prices have grown 6.1% which is the largest growth since September 2016. Hometrack report house price growth remains robust in regional cities due to affordability levels remaining attractive and unemployment falling.

Stamp Duty

The government recently announced that stamp duty would be abolished for all first time buyers when their house purchase price sits below £300,000. There have been thoughts that this may push house prices up further, so watch this space for more news!

How much is your house worth?

When did you last find out how much your house is worth? Has it gone up more than 5.5%? You can find out by booking a valuation using the form below. Alternatively, you can find out how much your house is worth instantly using our online valuation tool.

From time to time we may send relevant newsletter emails. Would you like to receive these updates?
Yes PleaseNo Thank You

Mortgage Interest Rates

The Bank of England increased interest rates earlier in the year from 0.25% to 0.5%. Mortgage rates could rise due to this, although this is unlikely to deter buyers too much with the positive growth news. If you are worried about your mortgage repayments increasing, we would advise having a 5 minute chat with our mortgage advice team to check if you are on a good fixed rate deal.

Contact our mortgage team here.

Is Christmas the best time to sell your property?

Put your house on the market before Christmas!

And these are the reasons why…

When looking to sell your property you might think that Christmas is not a good time to choose. Buyers are usually more focused on Christmas and wish to wait until the new year before they begin their property search. This is not the case!

Rightmove reported early last year that they received well over 1 million visits to their website on Christmas Day, with even more traffic on Boxing Day.

Christmas 2016 saw an increase in traffic of over 5% compared to the previous year, meaning over 50,000 more people per day were potentially looking at property online. Over 8,000,000 visits were recorded between then and the new year.

With this information in mind, if you are thinking of moving then your house has to be on the market over the festive period.

When should you market your property over Christmas?

The answer is now! You need to have your marketing photographs taken before the Christmas decorations are put up. If they appear on Rightmove and Zoopla then your property photographs instantly look dated, especially if your sale runs into the new year.

Even if you do not instruct us as an estate agent to market your property until 22nd December, this still gets everything set up and ready to go.

Should you leave it until the new year?

No! Why would you want to leave your property offline over one of the busiest periods for prospective buyers? Some property owners prefer to leave their property marketing until the new year. Whilst this is also acceptable, many potential viewings will be missed from the Rightmove and Zoopla visits over Christmas. You also run the risk of having your property buried in hundreds of listings as all agents return to work at the start of January.

Has your property value increased?

When was the last time you had a free valuation for your property? House prices have risen in Nottingham month on month for quite some time over this year.

You can use our instant valuation tool to find out roughly how much your property is now worth. Alternatively, use the form below for us to give you a more accurate price.

From time to time we may send relevant newsletter emails. Would you like to receive these updates?
Yes PleaseNo Thank You

Stamp duty scrapped for first time buyers

First time buyer stamp duty scrapped up to £300,000

Philip Hammond has scrapped stamp duty for first time buyers in the 2017 budget. This will affect anyone buying a property for the first time with a value of up to £300,000.

So how much will you save? As an example, if you were a first time buyer purchasing a £200,000 property before today, you would have had to pay £1,500 to the government. This will now be scrapped completely. A £160,000 property would have cost you £700 in stamp duty and a £250,000 would cost you £2,500.

This announcement equates to around 80% of first time buyers now not having to pay stamp duty.

The idea behind this is to help those who are struggling to buy their first home. Stamp Duty can not be included as part of your mortgage and has to be paid in full upfront.

Are you currently renting?

There is even more good news for you. Buying your first home should, in theory, now be more affordable. You may be able to afford to buy sooner than you thought.

Our best advice is to speak to our mortgage adviser who should be able to find a mortgage deal for you, no matter your financial circumstances.

What if you have a bad credit rating?

More good news! Walton & Allen are the currently the only high street agent in the country to help you increase your Experian Credit Score by paying your rent on time and in full. If you are a tenant in a property managed by Walton & Allen then you can qualify. Find out more here.

If you are not currently a tenant with a property managed by Walton & Allen you can ask your landlord to switch agents. It’s simple to do and should not cost them any more money than they are currently paying. Visit our Credit Rating page to find out more.

Nottingham Estate Agents see house price shift

Nottingham Estate Agents have seen a shift in house prices

The last few months have seen a constant growth in Nottingham house prices. The city has often been included in the top 3 growth spots by Hometrack which has encouraged numerous property owners to sell whilst prices are high.

However, now things are shifting. Nottingham has suddenly seen the highest fall in property prices across the whole of the UK since the start of October. We are down -0.7% on last month, with other city house prices falling including Southampton, Cambridge and Cardiff. Nottingham’s average house price is now £144,200.

It’s good news though if you live in Oxford, where almost a 1% property price rise was registered.

Nottingham property prices are still up across the last 12 months. Hometrack has recorded a rise of 5%, meaning a house bought for £150,000 in 2016 could have bagged you a £7,500 profit!

What does this mean for you?

Are you considering selling your property soon, but haven’t taken advantage of the property price rise over the last few months? Nottingham prices could fall further so it would be worth looking at selling sooner rather than later.

You can book a free, no obligation valuation with our Valuers Nick and Richard using the form below.

From time to time we may send relevant newsletter emails. Would you like to receive these updates?
Yes PleaseNo Thank You

We now also offer an online instant valuation.

Interest rates have doubled

The other slightly troubling news is that interest rates have doubled from 0.25% to 0.5%. This means that mortgage rates could change very soon which would see home owners paying more every month. Rates could also rise further. The Bank of England want a rise to 2% by 2020, meaning we could see multiple small rises over the next two years.

If you’re on a Tracker or Standard Variable Rate your mortgage payments will more than likely increase shortly. Our best advice is to seek advice from our broker as soon as possible to find the best fixed rate deal. This could potentially save you hundreds of pounds per year. Find out more about our mortgage advice services.

Chat to our mortgage advisor here

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

The East Midlands property market

Rightmove have produced their monthly property price report for the East Midlands. This is also down at -0.3%, with average house prices for October 2017 at £207.821. House prices across the East Midlands as a whole are also up in the last 12 months at 4.7%.

According to Rightmove, the average time to sell is currently 63 days.

Online Property Valuations

Walton & Allen have launched a new online valuation tool. This can help you in finding out how much your property is worth instantly. Remember though, this price would never be as accurate as inviting us out to view your home. Click here for an instant property valuation.

Walton & Allen Estate Agents Hucknall: Ethelbert Avenue

Walton & Allen Estate Agents Hucknall are pleased to announce their latest success story – Ethelbert Avenue.

Ethelbert Avenue, Hucknall, went to market on 12th October 2017. The property is a semi-detached house which had recently been fully refurbished. It has three bedrooms, a large lounge, parking for several cars, a garage and a south facing garden. The road is also a quiet cul-de-sac in Hucknall with open countryside almost on the doorstep.

Estate agents Hucknall Ethelbert Avenue Hucknall Estate Agents Ethelbert Avenue

As soon as the property was advertised for sale it gained a lot of interest. It almost instantly had 15 viewings and 5 offers were made. The Walton & Allen Estate Agents team are pleased to announce that they sold the property within 5 days, and at above the asking price!

Do you have a property to sell in Hucknall? Enter your details below for one of the Estate Agents sales team to get in touch with you as soon as possible.

From time to time we may send relevant newsletter emails. Would you like to receive these updates?
Yes PleaseNo Thank You

Did you know? Walton & Allen Estate Agents also offer mortgage advice in Hucknall and the surrounding areas of Nottingham.

You can receive a free of charge mortgage chat to find out how much you can afford to borrow, or to find one of the best deals for you at this moment in time.

Government looking to speed up house buying process

‘Gazumping’ could soon be a thing of the past

Communities Secretary, Sajid Javid, has announced he wants to make buying and selling a home ‘cheaper, faster and less stressful’.

Currently, when you have an offer accepted on a home, you can still get outbid by a higher offer at the last minute. This is known as ‘gazumping’.

Unfortunately this means buyers can lose out on the property they have fallen in love with, even when they think the property has been sold to them.

The government hopes to solve this by looking at “lock-in agreements” where this cannot be done. They hope this should also prevent sale fall throughs and speed up the buying process. Official figures currently show that a quarter of all property sales fall through every year.

Mr Javid said: “We want to help everyone have a good quality home they can afford, and improving the process of buying and selling is part of delivering that.

Buying a home is one of life’s largest investments, so if it goes wrong it can be costly.

“That’s why we’re determined to take action to make the process cheaper, faster and less stressful.”

Walton & Allen Estate Agents welcome this change as it will speed up the buying process for all involved. It also means we can ensure buyers are not left unhappy after waiting for their purchase to complete and having it fall through.

Further details are yet to be confirmed, however we will keep everyone notified when a decision is made regarding this situation.

 

Nottingham Property Price Comparison

Property prices are still growing above the average rate across numerous cities in the UK.

As a whole, UK inflation is down slightly. It was 6.6% in August 2016 and is currently at around 4.9%.

Low mortgage rates are supporting demand and buyers are still outweighing sellers. This means properties are being snapped up as soon as they come to market and more property for sale is desperately needed.

Nottingham housing market

Nottingham ranks joint second for price growth over the last 3 months at 2.6%, competing with Glasgow. Manchester is currently top of the charts for the last 3 months with price growth of 3.6%.

When comparing house price growth to the last 12 months, Nottingham currently ranks 5th across the UK. The average house price is currently at £146,500.

London property prices have stablisied after a previous sharp decline.

What does this mean for Nottingham home owners?

Whilst property prices are still rising, there is definitely a slow down in growth since last month. This is nothing to worry about, although if you are looking at selling soon then it makes sense to make the most of the market when growth is high. Find out how much your house is worth this month by filling in the form below. The fact demand outweighs available housing also means you could sell your property very quickly.

From time to time we may send relevant newsletter emails. Would you like to receive these updates?
Yes PleaseNo Thank You

Making the most of low mortgage rates

Are you coming up to the end of your fixed term mortgage? Perhaps you’re a first time buyer looking to make the most of low mortgage rates. Contact us today for mortgage advice to find one of the best deals available for you.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Nationwide Analysis

For further analysis, Hometrack have produced a downloadable report which outlines nationwide figures.

 

 

Estate Agents Hucknall – Sold in less than a week

Introducing Lime Street, Bulwell. The staff in our estate agents Hucknall have sold this property in less than a week, without photographs!

A local property developer approached Walton & Allen back in early September to arrange selling his property in Bulwell. The property did need some work but our staff suggested to put the property on the market before the work was done in order to gain interest.

The only picture placed on our website and Rightmove was this:

estate agents hucknall lime street

A 3D floor plan was also added and a description and the property was launched on 15th September.

The terraced house comprises three bedrooms, one en-suite bathroom and one family bathroom and is located on a street only 3 minutes walk from Bulwell town centre. Both bathrooms and the kitchen were ripped out and replaced as brand new.

Our Hucknall staff quickly got to work once the property was launched and booked in several viewings. Within 4 days an offer had been submitted and accepted.

Lime Street achieved full asking price after the buyer was persuaded to look in this area by Harli, one of our Negotiators. She immediately fell in love with the house.

Why not see our other property for sale in Bulwell, Hucknall and Nottinghamshire?

Do you have a property to sell quickly?

Walton & Allen Hucknall pride themselves in selling property quickly and for the best price possible. Why not book in a free property valuation by filling in our valuation form below?

From time to time we may send relevant newsletter emails. Would you like to receive these updates?
Yes PleaseNo Thank You

Mortgage Advice

We also offer mortgage advice to those in Nottingham, Hucknall, Bulwell and all surrounding areas, with our head office in Nottingham.