The Nation in a Nutshell

The Nation in a Nutshell

Single Buyers on the Decline

Those looking to buy need to find a partner first - according to the latest findings by conveyancing firm My Home Move.

Their latest findings show that the number of homes bought by 'single' purchasers has fallen 4pc in five years, the equivalent of 10,000 transactions a year.

60pc of purchases now take place between friends, relatives or those in a couple, giving them access to property worth up £100,000 more than their single counterparts.

Doug Crawford, CEO of My Home Move, said: "It is not surprising that the number of people buying on their own has decreased. As such we have seen groups of three or four people pooling their resources together and buying as a group, with the greatest numbers in London, Kent and Essex."

Landlords taking stock of the first-time buyer market will be reassured that multiple buyers are having to become single households, effectively freeing up stock elsewhere on the market for their own investment. The need to buy 'together' also points to the unaffordability of property in the UK, especially given the lower mortgage rates available at the moment.

North boasts the best hot-spots

LendInvest's latest buy-to-let index has named Blackburn as the UK's best area for rental yield.

Carlisle came second, with Gloucester in third spot.

Blackburn recorded rental yields of 5.69pc in July 2016, up from 4.13pc in August 2015, an increase of a massive 37.8pc in the year.

Carlisle recorded an increase of 36.5pc, and Gloucester had a rental yield growth of 19.4pc.

Landlords looking to invest will be looking for the long-term benefits of investments, and are increasingly looking beyond their immediate proximity for the best opportunities, especially in areas like the North where large scale developments and infrastructure plans are being implemented.

Lower prices in the North also contribute to higher rental yields, so perhaps the North will provide the next buy-to-let hotspot.

Commuters save £500,000 by moving out of London

Workers in London could save themselves almost 60% on the cost of a home simply by moving out of the capital.

Research by Lloyds Bank found that commuters could save an average of £450,000 on a property if they moved away from the prime central London zones, 1 and 2. Property in those zones cost an average of £742,000 compared with £447,000 in areas such as Wellingborough, Rugby and Southend - just an hour's commute away.

Lloyds also found that annual rail fair reached just under £5,000 - a sum that would equate to 89 years of commuting before wiping out the savings on a home.

Those who wanted a shorter commute of 40 minutes would save 50% on a home (£353,000 average), and those living a 20 minute commute would still save roughly £300,000 on a property (£450,000).

Andrew Mason, Lloyds Bank Mortgage Products Director, said: "Commuters to London could reap the financial benefits of living outside the capital. Quality of life is also a major factor - family circumstances, stronger schools and better value for money also come into the equation. This explains why so many commuters are willing to buy and rent further away from their place of work."

Landlords looking to invest would be wise to look around the commuter belt for those properties that best suit the likely living circumstances of potential commuting tenants - the difficulty of purchasing a home in the capital means that the flexibility and quality of life afforded outside London becomes more enticing to those working in the capital.

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