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In-Deed's Angry Buyer Awards - Who are the property markets angry buyers?
Over the next month In-Deed will be thinking about the property market's angry buyers and what is making them so angry. Indeed, angry buyers are everywhere due to the doom and gloom atmosphere which has settled over the entire UK. At In-Deed we are using the information we are gathering to really make sure we help these buyers have one less thing to worry about – the legal side of their move!!
But first, we have decided to highlight some of the property market’s most disadvantaged individuals in our angry buyer competition! Check out below to see what awards they have won (although they probably wish they didn’t!)
Young Families take In-Deed’s prize for being the property market’s most frustrated buyers!
Chances are young families bought at the height of the property boom with a small deposit and a large mortgage! They probably purchased as a childless couple or a new family and planned to expand their family and property in the near future. But then they were then hit by falling house prices, financial woes and found themselves trapped for far longer than they wished! They may even find themselves in negative equity.
Young families are clearly placed in a tricky situation, which is hard to solve. They may even have to explore options such as selling and moving into rented accommodation, extending their current property or staying put in order to save up! This is why at In-Deed we feel young families are the most frustrated buyers!
London City Professionals
Those buying in the capital for the first time take In-Deed’s prize for being the property market’s most out of pocket buyers.
They will have found high house prices, huge demand and far more competition for property. Indeed, the capital is the one place in the UK which has bucked the falling house price trend and continued to see rising house prices fuelled by a growing number of investors from abroad. Great news if you are looking to sell and move out of the City!
However, if you are looking to buy in the City for the first time, you may find yourself spending more and fighting harder for the property you want, ultimately leaving you out of pocket.
Downsizers take In-Deed’s prize for being the property market’s most disappointed buyers.
Chances are if you are downsizing you will be disappointed by value of the property you are selling and probably exasperated by the high prices still on the market. Perhaps you are retired and relying on releasing the equity in your home to fund your retirement plans, which is now smaller than originally expected.
But do not despair too much remember although your home is worth less, the property you are downsizing too will also be cheaper (unless you buy in the capital that is!) Fingers crossed this frees up more money for all your post-move plans. Of course I haven’t allowed for low interest rates for these savings, which is another and probably larger problem downsizers have to contend with!
First time buyers
And In-Deed’s most esteemed prize (although maybe one you personally won’t want to receive) is our coveted “angry buyer” award; which goes to the UKs first time buyers!
The average age of first time buyers has risen from 23 (in the 1960s) to 35 (2011 – without financial backing). This is coupled with average house prices rising from £2530 (1960s) to £160,780 (Dec 2011) it is clear to see why they have won the award.
Of course this is all exasperated by the current economic climate, which has made it substantially harder for FTBs to get a mortgage and take the first step onto the property ladder. And to rub salt in the wound rents are also increasing often making it cheaper to pay off a mortgage than to rent…if you can get on the property ladder that is!
Play Angry Buyers and win your mortgage or rent for six months
Frustrated by your property move? Annoyed by high rent and mortgage repayments? Play In-Deed's Angry Buyers to blow off steam and potentially win your mortgage or rent for six whole months
And if you would like to find out how In-Deed can help you not to be an angry buyer by giving you one less thing to worry about, then please do not hesitate to get in touch by calling 0330 100 2322 or emailing firstname.lastname@example.org. Our legal advisors are always more than happy to talk through any aspect of your house move and try and remove some of the stress!