A home which cost just £1 nine months ago, would now go back on the market with an asking price of around £70,000.
Dubbed Britain’s cheapest home, Lawrence Poxton and his wife Teresa bought the terraced property in Stoke-on-Trent for just £1 after the council put 33 heavily reduced properties on the market in an innovative attempt to clean up the area.
The bus driver, 48, and his wife were picked from thousands of applicants in November of last year to be the first couple to purchase one of the reduced houses.
Since then, the couple have transformed the boarded-up two-bed mid terrace into a modern home – with a spacious bathroom, roomy kitchen and plush carpets.
Located in one of London’s most desirable areas, this home appears to have everything a first-time buyer might want, it’s bright, clean and modern, and what’s more it’s on the market for just £125,000.
It is less than half a mile away from Fulham Broadway Tube, close to the swanky restaurants of the Fulham Road and sits in an area where the average house price is more than £700,000.
So, what’s the catch? Well, it’s tiny, not just small, tiny. Read more…
Forget historic flats and ancient castles – a detached house is the property most people cite as their dream home, according to a new survey.
In a recent survey by Ocean Finance, nearly one in five (19.3%) said that the type of home they would most like to own one day is a detached house.
12.9% dream of living in a bungalow, whilst 6.5% wish to reside in a flat or apartment with just 6.1% of respondents saying they dream of living in their own castle or historic mansion.
19% of new build homes built since April 2013 were purchased using the Help to Buy equity loan scheme, according to a new report.
Countrywide’s quarterly housing market review also highlighted significant regional variations, 49% of new homes built in Newcastle in the past 9 months purchased using the equity loan, compared to 9% in London.
The Government should abandon its Help to Buy mortgage support scheme in London says one of the housing markets leading players.
Nigel Wilson, the chief executive of Legal & General, believes that the scheme risks stoking a price bubble which will put homes out of reach for everyone except the most affluent.
Wilson, speaking to The Telegraph, argued that house prices in London and surrounding areas have reached “absurd” levels and that Help to Buy has pushed up demand at a time when the supply of affordable homes remains a problem.
60,800 mortgages were advanced in October 2013 totalling £9.7bn and representing a 24% increase on October 2012. This makes it the second highest lending month since November 2007, behind only December 2009 which saw the public clamber to buy before the end of the stamp-duty holiday.
Of this total, 26,800 loans were to first-time buyers (totalling £3.7bn) – a 16% increase on the previous month and a 33% increase on October 2012.
Second-steppers were slightly more active receiving 33,900 loans in October, a 19% month-on-month increase and a 16% year-on-year increase.
A new initiative in the UK is helping first time buyers get on the property ladder. The government’s new “Help to Buy 2” scheme could possibly help up to 665,000 homebuyers; buy a property with a deposit of less than £10,000.
House prices are continuing, resulting in many first-time home owners struggling to get on the property ladder. Furthermore, inflation is very high and wage increases are struggling to keep pace.