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An end to ‘generation rent’ moaning? Government reveals home-owning boom among young

first_imgHome » News » Housing Market » An end to ‘generation rent’ moaning? Government reveals home-owning boom among young previous nextHousing MarketAn end to ‘generation rent’ moaning? Government reveals home-owning boom among youngFigures from the latest English Housing Survey reveal that the number of homeowners now matches those renting among 25 to 34 year olds.Nigel Lewis24th January 20202 Comments1,068 Views More young people are ditching their takeaway coffee habit and spurning gym membership to save for a deposit on their first home, the latest English Housing Survey reveals.Help to Buy, record-low mortgage rates and the Bank of Mum and Dad have all evidently helped to boost numbers getting on the property ladder. New government figures show there are now as many 25 to 34-year-old home-owners as there are renters.After more than a decade of decline, the proportion of this age group in owner occupation has risen to 41%, while the proportion in the private rented sector has dropped from its peak of 48% in 2013-14 to 41% in 2018-19.Funding sourcesAccording to the latest English Housing Survey, the average first-time buyer was 33, unchanged from the previous year. Most (85%) funded the purchase with savings, while 34% got help from family or friends, and a lucky 6% used an inheritance as a deposit.Joseph Daniels (left), founder of modular developer Project Etopia, says Help to Buy, both the equity loan and the ISA, and Stamp Duty relief are behind the march of the younger first-time buyers powering a recovery in home ownership.However, he warns that falling home ownership among the young still threatens to become a national crisis, rooted in high property prices and stretched affordability.“House building will need to keep pace with growing demand and buyers face very different propositions across the country with prices still unaffordable in many parts of the UK, particularly in the south of England,” says Daniels.The new survey shows that of the estimated 23.5 million households in England, 64% are owner occupiers while the proportion of households in the private rented sector remains unchanged for the sixth year in a row; in 2018-19, the private rented sector accounted for 19% of households.Read the English Housing Survey report in full.English Housing Survety project etopia Joseph Daniels Etopia January 24, 2020Nigel Lewis2 commentsSimon Davies, A A 24th January 2020 at 1:35 pmCertainly don’t want more people being sucked into the black hole that is leasehold, especially shared ownership leasehold with Housing Associations. Too many are trapped with housing costs they cannot control, or cannot sell their property. Commonhold gives every resident a stake in the building, rather than being subject to the demands of a remote freeholder and their appointed managing agent. The whole concept of shared ownership needs careful thought, and the main stakeholder, the home buyer, needs to know they will not lose a lot of money on their investment. Far too many are at the moment and are in many ways better off being a shorthold tenant.Log in to ReplyAndrew Stanton, CEO Proptech-PR Real Estate Influencer & Journalist CEO Proptech-PR Real Estate Influencer & Journalist 24th January 2020 at 9:53 amGetting on the housing ladder is difficult, lending criteria and crippling student loan debt are barriers as well as high capital value of property. Cutting the takeaway to save may for some be the answer, but, maybe a tokenisation approach to property purchase might be a better route.In that many feel in 10 years people may not own cars, instead share them and perhaps even own a part of the car, or the car supplier business.Why not then have a system in housing, where A buyer puts down their deposit, mortgages a percentage and the rest of the purchase price is covered by other stakeholders owning fractions of the property.A bit like shared ownership only the council does not own the share and you do not pay rent to the council or the stakeholders who hold a fractional part of your home.Then in time, the stakeholders can cash in their interest in the property, yes property goes up goes down, but I sold terraces for 30k twenty five years ago now they sell for 260k, yes there is inflation, but if I owned 10% of the original 30k property, Cost of investment 3k, I would cash in at 26k, a good return.This would get people out of generation rent, and people could invest in property globally as well. Yes the lenders and the legal industry will throw up their arms, but it can be done. If the first buyer moves fine, the investment in the property stays with the investors who can cash in.Just a thought, but with the power of computers and tech, new solutions to problems can be solved as it is all about big problems which need to be boiled down to simple ideas- how do we fix housing for our people. Yes they can rent for life or live in property and build up their and other investors equity. Just a thought but better than missing out on your just eat delivery. Thoughts anyone?Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Exclusive: Former Countrywide chief John Hards joins Rightmove challenger OpenBrix

first_imgHome » News » Agencies & People » Exclusive: Former Countrywide chief John Hards joins Rightmove challenger OpenBrix previous nextAgencies & PeopleExclusive: Former Countrywide chief John Hards joins Rightmove challenger OpenBrixIndustry big beast says new tech platform enables agents to have their own ‘sovereign identity’ online.Sheila Manchester17th April 202001,127 Views OpenBrix, a new challenger portal, has announced that John Hards has joined its board. John brings extensive experience to the table with his background and prominent role in the industry, for which he was awarded a lifetime achievement award from The Negotiator.John said, “I have worked alongside the team at Openbrix for some months and find it both a refreshing and an exciting opportunity to be involved with this development.It is a unique portal based on next generation technology that will enable tenants to have their own sovereign identity that will carry their data including rental credit history. This brings a genuine solution to the portal space whilst providing many additional benefits at a fixed and affordable cost”.Data is the new goldAdam Pigott, its CEO, said, “UK agents are, on the whole, fed up with the way the portals have treated them. No rate cards, no level playing fields and no trust. Agents know that their data, being the new gold, is captured and sold. “The same happens with the applicant’s data that enquire about a property and then the agents get a huge bill for the privilege of placing their hard-fought instructions onto the portals. Going forward, portals have to change and bring real value and more to the table for the agents as well as the end-users.“I have known John for a number of years and I have never met someone within the property industry who is so well respected. His knowledge is second to none and we are truly privileged to have him on board.“It is fabulous to have someone so knowledgeable and grounded to help me remain focussed on what agents really need. We are 100% committed to deliver a product that gives value to the end-users but also, and at long last, can bring value to the agents.”OpenBrix is built on blockchain and offers a global first of a B2C ledger for tenants to hold their own data. Tenants will hold their own sovereign ID, their pre-verified Right to Rent data, have an immutable record of their rental payment history and have the option of having these rental payments read by OpenBrix’s partner, CreditLadder, to influence their credit histories and Credit scores by Experian and Equifax.openbrix John Hards Countrywide April 17, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

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