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Four unmissable tips for First Time Buyers

A photo of the First Time Buyers of Old College Avenue in Oldbury

Many first-time homebuyers throughout the UK may feel like the prospect of purchasing their own property is a lifetime away. After all, research has shown a quarter of British people over the age of 50 still have grown-up children living at home. In addition, the property markets in some areas of the country appear to be heavily against buyers.

Needless to say, buying a home virtually anywhere in the country can be a costly and time-consuming process, but we’ve come up with some golden nuggets of advice to help aspiring homeowners get to where they want to be.

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73% of Birmingham City Centre Properties are Leasehold, what does that mean?

A property on Oakham Road, Oldbury that Love Your Postcode is selling

There are 23.36 million properties in England and Wales with 64% being owner occupied and 36% being rented either from a private landlord, local authority or housing association. Over nine out of ten of those English and Welsh owner-occupied properties are a whole house or bungalow. Now, most people would assume they would be freehold – however, of those renting nearly half of rental properties, 44% to be precise, lived in other leasehold apartments and flats.

But what does it actually mean for a property to be leasehold?

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Why are online estate agents only selling 52% of their listings?

‘Top High Street agents significantly out-perform onliners’ says HomeOwners’ Alliance. The consumer group has consistently promoted online agencies in the past, but has now published analysis stating that High Street Agents have a far higher success rate than online agents, selling 82.42% of homes listed with them compared to 51.98% among the onlines.

The HomeOwners’ Alliance also revealed that in the past six months, Britain’s online agents have achieved 95.85% of their original asking price, when the top 1,000 High Street Agents achieved an average selling price of 100.35% of their value, resulting in a whooping £10,530 difference (based on the average property sold price of £234,000 in February).

So why are online agents struggling to sell properties, and selling them for so far below the original selling price?

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73% of Birmingham Properties are Leasehold

73% of Birmingham Properties are leasehold.

There are 23.36 million properties in England and Wales with 64% being owner occupied and 36% being rented either from a private landlord, local authority or housing association.

Over nine out of ten of those English and Welsh owner-occupied properties are a whole house or bungalow. Now, most people would assume they would be freehold – however, of those renting nearly half of rental properties, 44% to be precise, lived in other leasehold apartments and flats.

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10 things guaranteed to put your buyer off

A horror show of photos of a property up for sale by an estate agent

In a competitive property market, sellers can’t afford to put any buyers off by offering an unappealing home, so it’s key to address any issues that could put any doubt in potential buyers.

We’ve all seen and heard about horror stories like the photo above, so to make sure your house isn’t going to be in any hall of shame, we’ve picked out 10 things you need to avoid when selling your home:

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A look at the Birmingham property market over the last 12 months

With Birmingham being the second largest city in the United Kingdom after London, and with a population of 1,101,360; this is a city that is one of the busiest and most vibrant in the whole country. If you take a look at the metropolitan area figures for Birmingham, you’ll find that there is a population of 3.8 million which sees Birmingham listed in the Top 10 for most populated metropolitan areas in Europe.

With so many people already living in the area, and so many other people looking to move to the area, it is understandable that many people across the world have an interest in the Birmingham property market and any changes that have occurred over the last 12 months.

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A quick guide to tax changes for Landlords

There have been many tax changes for landlords to be aware of in recent times but as of April 2017, there has been a notable change that may seriously impact on many landlord’s income and ability to turn a profit.

As of the 6th of April 2017, changes have been implemented to the tax relief for finance costs, and by April 2020, this will be restricted to the basic rate for income tax, which is currently set at 20%. This relief will be provided as a reduction in the level of tax liability, as opposed to a reduction to the taxable rental income, and this may also have an impact on landlords.

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What will the General Election do to 224,761 Birmingham Homeowners?

Image showing the 6 largest party logo created by Kari-Ruth Pedersen

In Birmingham, of the 416,130 households, 104,911 homes are owned without a mortgage and 119,850 homes are owned by a mortgage. Many homeowners have made contact with me asking what the General Election will do the Birmingham property market. The best way to tell the future is to look at the past.

I have looked over the last five general elections and analysed in detail what happened to the property market on the lead up to and after each general election. Some very interesting information has come to light.

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