With the cost of heating and petrol prices soaring, food prices spiralling upwards and the cost of houses to rent or to buy higher than they’ve been for many years, it’s no wonder first time buyers are struggling to get a foot on the property ladder. It’s not just first-time buyers who are struggling to buy a home but anybody in the difficult position of trying to buy a larger property are also finding it financially impossible. The average cost of a three-bedroom house in Bristol for example is around £350,000, if you’re selling a smaller property to try and get more room for your growing family you would need to look at increasing your mortgage and with the unpredictability of the interest rates around lending that is out of the question for lots of families.
One of the few groups of people benefitting from house prices being so buoyant are the older couples whose children have left home, and they are now looking to downsize to a bungalow or a Park Home. In this instance getting a higher price for their larger family property works to their advantage. Lots of older couples are selling their homes in Bristol and moving to Devon or Cornwall for example and enjoying their retirement years by the coast. To transport all their precious memorabilia from Bristol to their new coastal home they often use a local Van Hire Bristol company such as https://www.autolynecarvanrental.co.uk/van-hire-bristol. This way they can save money on hiring professional movers as they arrange for family and friends to help them pack up and transport everything in the hired van.
The only way a lot of first-time buyers are managing to invest in a property is to start with a shared ownership scheme, this way they part buy, and part rent their new home. They can eventually buy more and more of the shares in their home until they eventually own it all. As this scheme takes money for the mortgage and rent, young couples are finding it financially impossible to take on any more of the shares and are stuck with only owning half of their own property. The couples downsizing are certainly profiting from the higher house prices by accepting the best offer for their homes and then buying a much smaller property, keeping the extra cash to help fund their pensions.