00:02one thing you don't want to signal too much you know when we go in we went in very hard
00:06and we didn't tell anybody about it because we wanted surprise and uh we had a surprise
00:13and we did and because of that surprise we knocked out the first two days we probably
00:18knocked out 50 percent of what we and much more than we anticipated doing so if i go
00:25and tell everybody about it there's no longer a surprise right and it certainly was a surprise
00:31definitely to the already cash-strapped britain struggling to afford everyday costs the conflict
00:36in iran has and will continue to drive up the cost of energy bills around the world and it's having
00:42an impact on housing as well mortgage rates in the uk have been climbing sharply in recent weeks
00:47leaving households facing higher monthly repayments and first-time buyers encountering new barriers to
00:52getting on the property ladder according to money facts a typical 25-year mortgage of 250 000 pounds
00:59now costs almost 800 pounds more per year than it did at the start of march two-year fixed rates
01:06have
01:06risen from 4.83 percent to 5.35 percent with five-year fixed deals jumping from 4.95 to 5
01:15.39
01:16percent adding over 600 pounds to annual repayments for those borrowing over a longer term
01:21many of the most competitive sub four percent mortgage deals have been withdrawn by lenders
01:26including major banks such as barclays hsbc natwest nationwide and santander reducing options for
01:34prospective homeowners there's a few different things going going on here whenever you buy a home
01:40you need to engage both your head and your heart there's no getting away from it being a somewhat
01:47emotional process but you do have to have your head screwed on and so being as informed as you can
01:55be making sure when you're stepping through the threshold of a door you take your time to to look
02:00at all the right things in a home is only going to place you in a better position further down
02:06the line
02:07once your survey starts coming in once your your checks start coming in there are there's less chance
02:12so there being any nasty surprises there and then in terms of uh putting your best foot forward
02:19in terms of an offer perhaps a slightly different thing um you'll you need to be procedable and your
02:27offer needs to be genuine and legitimate but also if you if you can evidence that you have uh taken
02:34the
02:34time to view the home properly you're fully aware of what it is you're putting an offer into
02:39and that is only going to stand to in good stead with the with the estate agents and with the
02:44seller
02:44first-time buyers are already facing challenges the average age of a first-time buyer in the uk has
02:50risen from 29 in the mid 90s to 34 today rising house prices slower income growth and higher deposits
02:58mean younger buyers often have to wait longer to step onto the property ladder only six percent of
03:04first-time buyers are now under 25 many are relying on two or more incomes to secure a mortgage and
03:10a
03:10significant number are prepared to compromise on property type location or even consider renovation
03:15projects in order to buy some are willing to move around 12 miles or more for their preferred area
03:21while a small percentage may consider relocating 40 miles or further to afford a home time is precious
03:27but you've got to weigh this up against buying a home being one of life's largest financial decisions
03:33a fifth of uk buyers spend 20 minutes or less viewing a home and a third of us only view
03:40a home once
03:41before putting an offer in so the housing market is always competitive even if there's a lull in supply
03:48or demand but moreover what we were looking for is with time being so tight are those home buyers
03:57using the minutes they have in their home in the right way that is to say are they looking at
04:02the
04:02right things the outlook going forward will depend on interest rate decisions in the coming months
04:07and broader economic developments with households needing to remain prepared for potential changes
04:12in costs and availability
04:14uh
04:14uh
04:14nearly
04:14uh
04:14uh
04:15uh
04:15uh
Comments