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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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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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Should the 96,637 home owning OAP’s of Birmingham be forced to downsize?

This was a question posed to me on social media a few weeks ago, after an interesting discussion with some clients about our mature members of Birmingham society and the fact many retirees feel trapped in their homes. After working hard for many years and buying a home for themselves and their family, the children have subsequently flown the nest and now they are left to rattle round in a big house. Many feel trapped in their big homes (hence I have dubbed these Birmingham home owning mature members of our society, ‘Generation Trapped’).

So, should we force OAP Birmingham homeowners to downsize?

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Over 39 million people use New Street Station a year – How does that affect the Birmingham Property Market?

Birmingham's property market is sky rocketing. Contact Love Your Postcode to get your property sold.

It might surprise you that it isn’t always the poshest villages around Birmingham or the swankiest Birmingham streets where properties sell and let the quickest. Quite often, it’s the ones that have the best transport links. I mean, there is a reason why one of the most popular property programmes on television is called Location, Location, Location!

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Why should you consider buying a property with sitting tenants?

Love Your Postcode have successfully sold many properties with sitting tenants.

Research from Nottingham Building Society states that 21% of buy-to-let investors have to wait at least four months before finding their first tenants. This is a very worrying prospect for an investor needing to keep up with making mortgage payments. How does buying a property with sitting tenants help?

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