People Renting In Wolverhampton Rises

The typical one-bed home in England costs £600 a month to rent, but this is skewed by soaring costs in London and hides a gaping divide across the country.

In parts of Westminster, the average one-bed costs more than £3,500 per month. In Argyll and Bute, that sum could cover your rent for a whole year. Let’s say you lived in a three-person house-share in SW4, Brixton, London, you could expect to pay around £767 per month, along with your two flatmates. With that money, you could comfortably rent a one-bedroom flat in Southend or Milton Keynes – both within commuting distance of the capital – all to yourself. In fact, you’d be able to rent a one-bedroom flat in 79% of British postcodes, including locations such as Bristol.

The average rent in Wolverhampton is £576 this is for a two bedroomed flat. However for the same monthly amount you could buy a two bedroomed property in Wolverhampton, subject to the usual affordability checks of course.

Who is renting In Wolverhampton?

Private renting has more than doubled over the past 20 years, and young people are by far the most likely age group to be renting. During the same period, home ownership among young adults has collapsed. In 1995-96, some 65% of middle-income 25 to 34-year-olds owned a home. Twenty years on just 27% do, with the biggest drop in London and south-east England. This will be no mystery to renters in cities such as London, where for many young people, flat-sharing is the only option. In the capital, the average one-bed costs £1,237, but a third of a three-bed property costs £582 on average, saving you more than £650 each month.

So for some people In Wolverhampton renting is the only option or the preferred choice and I understand that totally But my personal opinion is that if you have to pay a monthly amount each month you might as well buy a property instead?

If you need any advice with regards to obtaining Mortgage Finance give me a call

Paul  at Apple Finance on 01902 213201

The End Of Cheap Mortgages

Despite Brexit no that’s not the case certain lenders have adjusted their rates upwards because no one, including the lenders know exactly how the property market in Wolverhampton or indeed the West Midlands will react, so they are protecting their profit margins. Conversely if you are looking for a five-year fixed-rate deal or a 90% mortgage, these rates remain incredibly competitive at the moment.

Mortgage costs have risen in 2018 In the last 3 months, both fixed and variable rate mortgages have become more expensive. A year ago, fixed-rate deals were just starting to rise from historic lows, and prices have increased steadily over the last 12 months, with two-year deals now 0.2% more expensive. Five-year fixes, however, have risen in cost at a much slower level. In November last year, the Bank of England base rate increased from a historic low of 0.25% to 0.5%, before rising again to 0.75% in August 2018. As you might expect, this means deals that are priced depending on the base rate have gone up in cost, although by significantly less than the 0.5% base rate rise.

Fixed-rate bargains for buyers with small deposits The number of fixed-rate deals available to first-time buyers and home-movers has increased in the last year. There are 20% more mortgage products at a 75% to 95% loan-to-value ratio (LTV) than this time last year, with the number now standing at 2,962. In terms of cost, it’s been a good year for first-time buyers with small deposits, with 90% mortgages now around half a percent cheaper than they were a year ago.

Whether you’re a first-time buyer or home mover, you can get expert help finding the right mortgage by calling Apple Finance, Mortgage Brokers on 01902 213201