* Young homeowners worried about debt: The Daily Telegraph highlights a report from the Homeowners Alliance which found fears of a rise in interest rates is causing concern amongst younger home owners. Many have only been able to buy their homes with help such as loans from family, Help to Buy schemes and low interest rates. The Telegraph also comments that the rise in house prices is causing young people to resort to ‘desperate measures” to get on the housing ladder.
* Homeowners typically need £1,200 to cover mortgage and household bills: In some helpful advice from Zoopla, buyers are encouraged to think about their monthly household budget. Research from the Money Advice Service shows that the average household bill consists of £749/month on the mortgage and £467/month on other bills. The new rules on mortgage lending introduced in April focus on the affordability of taking on a mortgage, particularly in regard to foreseeable events such as having a baby or a rise in interest rates. This means that mortgage applications are taking longer due to the need to provide evidence of other financial commitments.
* Demand for homes is on the up in Devon and Cornwall: Finally a local story which appeared in May’s Western Morning News reporting that, according to a recent survey of estate agents, demand for property is on the up. The study also found that estate agents also expected prices to rise and that confidence has returned to the South West housing market. However, Cornish sellers were warned that being realistic about the value of their homes was still important.
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