Why Manchester is experiencing a decline in home ownership rates

Why Manchester is experiencing a decline in home ownership rates

The greater Manchester area has seen a significant increase in renting statistics, which suggests a large decrease in the rate of home ownership. Private renting clients rose to 25% last year from 6% in 2015, while home ownership rates dropped up to 15 percentage points over the last decade. Why is this the case, and how can you benefit out of investment in the area? Why home ownership is declining in Manchester The key factor responsible was the disparity between average incomes and average costs of owning your home. While people made just under £26,000, the average price for a small flat is just under £150,000. Since 1990, the average price for a house has increased nearly six times, whereas the average wage has only risen by only just over…
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Should you pay with your new home in cash?

Should you pay with your new home in cash?

Cash might look like the ideal way to buy your home. You are not riddled with played out processes. Instead, all paperwork is completed on the day, and the ownership of the home transfers to you. It is convenient, safer and a better way to pay for your home. But paying with cash also attracts some challenges. Should you pay for your home in cash? Paying for your home in cash can attract a number of advantages. First, you will not have to make regular mortgage payments that could increase the total outlay on the house. By paying in cash, you may reduce the total cost of the house. Paying in cash also reduces third party involvement, which also reduces risk of loss through defaulting. Paying in cash improves the…
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How to make successful property investment

How to make successful property investment

Investing in real estate can be daunting, particularly for newer investors. You might be interested in making property investment, but are worried about lack of information and know-how to go about it. But investing in real estate can be easy. Here are some rules to help you out. When you are setting out a search for the best investment possible, do not limit yourself to a certain type of investment. Unless it is backed with research and advice from trusted sources around you, by specifying your investment could limit your ability to reap reward from it. You may limit yourself to investing only on flipping properties or on other investments within your area. Either of these strategies limits your likelihood of success in your investment. The total value of your…
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How to increase your likelihood of getting a mortgage

How to increase your likelihood of getting a mortgage

Getting a mortgage has become even more difficult now thanks to a lot of new tougher and more detailed application measures. Financial institutions are demanding so much that getting a mortgage is impossible. For starters, they demand large deposits, which will be at least 10% of the value of your potential house. In the current economy, where decent properties may go for £300,000, getting a deposit that large is a challenge. If you think being able to afford a mortgage is the only problem, the requirements for eligibility will stun you. Getting a mortgage is so much tougher now. Here are some tips to help increase the chances that you will get a mortgage. The most important thing you should know about mortgage applications is that any failed application is…
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How to handle a re-listing

How to handle a re-listing

Real estate property is never sold until the final sale is made. There are many steps between putting the property on the market and finally exchanging ownership. Any number of things may go wrong during every stage, which makes the whole process difficult and strenuous for all parties involved. Buyers could as easily dislike your property just as they would pull out of a deal to buy it due to a failed inspection. Your home’s failing of a buyer’s inspection can be particularly difficult, as this is near to the tail end of negotiations. Alongside giving your property a bad reputation, it could mean more expenses on your part. When you are negotiating with the buyer in advanced stages, your home will be taken off the market. After failing the…
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