First-Time Buyers Archives - Fife Properties
Fife Properties

FP TV (EP 31) Fife First-Time Buyers Can Now Buy Using 5% Deposit Mortgages! (Watch/read/listen)

 

Listen to the PODCAST: https://anchor.fm/fife-properties/episodes/FP-TV-EP-31-Fife-First-Time-Buyers-Can-Now-Buy-Using-5-Deposit-Mortgages-etfn3e

 

Yet higher mortgage rates could see Fife buyers paying a lot more each month for the privilege

 

Being a Fife first-time buyer in the last 12 months has not been an easy thing. Just before lockdown there were 400 ‘5% deposit mortgage’ deals and first-time buyers were able shop around to get the best deal. When the first lockdown hit, 5% deposit mortgages disappeared, meaning that as many Fife would-be first-time buyers were about to buy their first Fife home in 2020, the rug was pulled from under their feet. Continue reading FP TV (EP 31) Fife First-Time Buyers Can Now Buy Using 5% Deposit Mortgages! (Watch/read/listen)

Fife Properties TV (S1 EP 7) 5 ways on how all Fife landlords can escape the worst of the coronavirus downturn on their Fife rental property.

Hosts Jim Parker is joined by Andrea Stanford and Neil Bird to discuss this week’s news in the Fife Property Market while answering questions live on their show every Saturday morning @ 9.30am

 

Today’s agenda in case you would like to skip to the section required is:  Continue reading Fife Properties TV (S1 EP 7) 5 ways on how all Fife landlords can escape the worst of the coronavirus downturn on their Fife rental property.

Fife Properties TV (Series 1 EP 6) Property Price Predications for 2021.

Hosts Jim Parker is joined by Letting Agent Richard Cook and Estate Agent Sam Green to discuss this week’s news in the Fife Property Market while answering questions live on their TV show every Saturday morning @ 9.30am. Continue reading Fife Properties TV (Series 1 EP 6) Property Price Predications for 2021.

Fife Properties TV (Series 1 EP 5) Property Market Update for Sales, Lettings and the economy.

Hosts Jim Parker is joined by Letting Agent Richard Cook and Estate Agent Jimmy Mullen to discuss this week’s news in the Fife Property Market while answering questions live on their TV show every Saturday morning @ 9.30am.

Today’s agenda in case you would like to skip to the section required is:  Continue reading Fife Properties TV (Series 1 EP 5) Property Market Update for Sales, Lettings and the economy.

Fife’s ‘Generation Rent’ to Become ‘Generation Buy’? (3 min read)

Boris Johnson has attracted both praise and horror in equal measure with a new plan for 95% mortgages to help beleaguered first time buyers to get on the property ladder, but would that expose UK taxpayers to too much risk? In this article I discuss the implications of what that would mean both nationally and locally in Fife. Continue reading Fife’s ‘Generation Rent’ to Become ‘Generation Buy’? (3 min read)

PROPERTY MYTHS: Misconceptions about selling your home (5 min read)

Absolutely everyone we meet has a different story. Why they bought the home they live in; why they’re selling it now; what they’ve enjoyed through their time in residence. Indeed, one of the many delights of estate agency is hearing all these tales and listening to hopes and dreams for the future. Continue reading PROPERTY MYTHS: Misconceptions about selling your home (5 min read)

Fife Millennials Moving Back in with Mum and Dad (3 min read)

Roll the clock back 20 years and any self-respecting late 20/early 30 something would never say on their first date that they lived with their mum and dad. It was seen as a sign of immaturity being tied to your mother’s apron strings with as a failure to leave the family home. Yet over these last two decades, the age of leaving home has been increasing steadily from 20 years and 11 months in the late 1990’s to 22 years and 7 months today.

 

However, as with all the stats, the devil is in the detail. Although the age of leaving home has only risen by 8% between 1997 and today, those that didn’t leave home in their early 20’s tended to stay much, much longer.

 

In 1997, 11.26% of 25 year old  to 34 year old still lived at home with their parents,

yet last year that had risen to 15.74%, an increase of 391,000

 ‘stay at home’ Millennials

 

However, before we deride these Millennials for still being tied to their mother’s apron strings, I would say those very same Millennials (the mid 20’s to 30-year olds) have been pragmatic, being attracted to sacrificing independence in order to achieve their long-term life goals as they have seen rents rise and an inability to save for the mortgage deposit. All of this has seen the first-time buyer levels in this millennial age range rise for the last three years … so good news for everyone!

 

However, is all that about to change?

 

Just as mum and dads in Fife had thought their late 20 something/early 30 something offspring had flown the nest, Covid-19 has blown some Fife ‘chickadees’ back into the nest. Back in March, the lockdown saw many Millennials flee the big UK cities, with their constrained and poky shared HMO’s and flat shares, swapping their city centre private rented home for their parents’ Fife home.

 

Yet with lockdown lessening, it isn’t just remote workers who are unenthusiastic and disinclined to return to the big cities (fearful of a second lockdown) – many of these Coronavirus blow-ins are deciding to stay put too! A recent YouGov poll asked Millennials of private rented homes what their plans were and 1 in 6 tenants planned to hand their notice in on their rented home and fly back to the nest of mum and dad. The advantages are quite plain, especially as it could enable them to save for a deposit to buy their future home.

 

There are 160,952 households in Fife, made up of 51,239 single person households and 102,428 family households

(the remainder being made up of shared houses etc.)

 

 

Yet how many of those Fife family households had non-dependent children before Covid-19?

 

15,958 Fife households have children

that haven’t flown the nest

 

That’s 15.6% of Fife families whose kids are still to leave home … and it’s only going to get worse!

 

So, what does this mean for Fife homeowners and Fife landlords?

 

It will mean that Fife parents and their children will get to know each other better, build stronger relationships and it will enable their children, if they are wise, to save for their deposit for their first home purchase – who knows maybe in Fife, as working from home could become the norm.

 

Also, with remote working, many tenants are looking for properties with bigger gardens which could translate into greater demand for property with bigger gardens? It will also change the property needs of those Fife parents and potentially could mean instead of those parents moving down market, they could end up staying longer or moving up market?

 

Now of course these polls could be a load of hot air? What I do know is that this thing has not played out yet and only time will tell if this will make a concrete change to the way people live, rent and buy property.

 

These are interesting times and thank you for reading this. Do let me know your thoughts on this matter.

 

What To Consider When Buying A House With Friends In Fife! (3 min read)

Buying a house with friends can be particularly popular in younger people. It is an alternative route to getting onto the property ladder that could speed up your way to property ownership. However, there are many things to consider before deciding whether or not it is right for you. Continue below to find out all you need to know. Continue reading What To Consider When Buying A House With Friends In Fife! (3 min read)

The 5 Most Important Factors When Buying A Home In Fife! (4 min read)

For many of us, when we decide to move to a new home there will be many factors to consider, which can range from new work commitments, to growing family needs or simply the need for better quality of life. A new survey from Broadband Choices has discovered the five key reasons as to why people select a location for their new home, which could form a useful list for current house-hunters. Continue reading The 5 Most Important Factors When Buying A Home In Fife! (4 min read)

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