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With the FIFA World Cup kicking off today, we have been reflecting on the last time that England was victorious and how much the housing market has changed since then.
When England last won the championship in 1966, the average price of a home was just £3,558. More than half a century later, average prices have increased by a massive 5853% to almost £212,000. Back then, just over half of homes (51%) were owner occupied. Now the proportion of households living in their own home has increased to 63% (although it did peak at 70% in the early 2000s).
The proportion of households renting privately is at the same level as it was, at 20%. However, this masks the massive change in private renting in the intervening years, having dropped to less than 10% in the early 90s.
Finally, there have been many changes to the fabric of our housing stock. Since Bobby Moore lifted the World Cup, more than 6.5 million new private homes have been built across England.
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Well... we've only gone and won it again!!!
British Property Award for best Estate Agent in Kendal 2017 AND 2018!
We want to make the buying, selling, letting or renting experience as easy and enjoyable as possible for all of our clients and our high standard of customer service goes a long way to make that happen.
Find out how you can become one of our clients in Kendal by calling 01539 733373 and we'll be happy to talk about how we can help you out ☺
Real Service from Real People @ Lancastrian Estates
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- For the first time in more than ten years, the Bank of England have raised interest rates. But, there is no need to panic, the new rate of 0.5% still remains the second lowest rate on record.
- While a number of banks and building societies have already announced that they will pass on the rate increase to borrowers, the impact of a rise will be minimal. UK Finance report that over the last two years, over 90% of new mortgage and remortgage loans have been on fixed rate deals. Over half of all outstanding mortgage loans are now on fixed rate deals.
- For the 5 million borrowers on variable rate mortgages, some increase in their monthly mortgage is to be expected. The Nationwide estimate that the 0.25% rise will increase the monthly mortgage bill for homeowners with a £175,000 mortgage on their base mortgage rate deal by £22.
- However, the introduction of the Mortgage Market Review in 2014 means that borrowers are more prepared for a rise than they might have been in the past. UK Finance estimate that, of mortgages lent since 2015, 92% were stress tested for an interest rate of at least 3% above their current rate.
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- Homes across more than half of the UK are more affordable now than before the financial crisis according to new research by the Yorkshire Building Society who analysed changes in local house prices and earnings since 2007.
- The gap between the least and most affordable parts of Britain has doubled over the last decade, with housing affordability having fallen across all of London’s 32 boroughs.
- Homes in cities including Birmingham, Newcastle-upon-Tyne, Leeds, Harrogate, Edinburgh, Liverpool, Cardiff and Exeter are now more affordable than they were 10 years ago, while across Cambridge, Oxford, Bristol, Manchester, Nottingham and York property price rises have outstripped wage growth.
- With the communities secretary announcing a new methodology for new build development based on household projections and affordability criteria, local authorities with high affordability ratios could be expected to build up to 40% more than their current targets.
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- Research by the Resolution Foundation think tank has found that young people are spending three times more on housing than their grandparents did.
- At the age of 30 millennials spend 23% of their annual income on housing costs, compared to those born 1926–1945 who, aged 30, spent just 7%.
- The post war baby boomers now benefit from record levels of outright ownership, but there are now as many young families (aged 25–34) living in the private rented sector as owning a home or living in the social rented sector combined (36%).
- While the number of mortgage loans issued to first-time buyers over the past year is at its highest level since pre the financial crisis, the average age of a first time buyer looks set to continue to rise over the coming years.