Property boom trebles £1m-plus homes - Published:26/09/07
The effect of the property bang has been revealed by a new report showing that the figure of homes selling for more than £1m has almost trebled over the past five yearsPOLL: How will the Northern Rock saga have an effect on the UK store rate Where will it be at the end of 2007A senior store boss has told the Daily Mail's Lucy Farndon that home prices will fall 50% Don't miss: Lucy Farndon's columnAlmost 6,200 homes in England and Wales sold for seven shape sums in the year to the end of June according to Halifax Estate Agents - a enormous increase on the 2,250 sold in the day to June 2002Bolstered by rapidly rising home prices the amount of £1m-plus properties in England and Wales has reached around 88,000 from 30,000 five years agoBut while the leap in the figure of £1m homes has helped lift the in general worth of their owners history the magic millionaire mark - it has left those at the bottom of the property steps or unable to get on to it with a mountain to climb if they want to own a top-end propertyThose who only bought their first possessions in recent years will not have benefited from the enormous increases in house prices seen since the mid-1990s and will be unlikely to have the equity or income to ever purchase a luxury house unless they are very high profits earnersAccording to Halifax's historic house price calculator a £1m house in London today, would have cost just £124,600 in 1983The average salary nowadays is £23,300, according to the Office of National Statistics, while the standard wage in 1983 was £7,700In the same time that the cost of the equivalent toa contemporary day £1m home has risen eightfold, salary have only trebled And while in 1983 the property would have cost 16 times the standard annual pay, it now stands at 43 times the current average wageA buyer of a £1m home today, with a 25% deposit, would need to take out a £750,000 mortgage to fund their purchase while a purchaser of the 1983 equivalent would have needed to borrow £94,000On a refund mortgage on an standard rate of 7% over 25 years the modern day borrower would pay £840,250 worth of interest, distant outstripping the £105,311 worth of interest that would be paid by the 1983 borrowerUnsurprisingly, Halifax said that more than semi of all properties sold for at least £1m during the 12 months to last June were in London However, the assets's share of seven figure homes is decrease from 68% five years ago to 58% today, as prices go up across the rest of the countryColin Kemp, managing director at Halifax land Agents, said: 'Million pound possessions sales are now taking place right across England and Wales and not now in inner London At the same time, million pound possessions clusters are emerging'In London, million hit sales are centred on Kensington and Chelsea There are other clusters around Cobham, Esher and Weybridge in Surrey and around Altrincham, Macclesfield and Wilmslow in Cheshire'Around 6% of all homes sold for more than £1m were in the North during the 12 months to the end of June, twice the proportion seen five years earlierOverall a third of postcode districts in England and Wales had at least one property in them that sold for at least £1m during the day to the end of June, compared with only 17% five existence previouslyAround 59% of districts in London and 57% in the South East had at least one of the sales, although this fell to now 15% exterior of the south of EnglandThe number of homes exterior of the south of England advertising for at least seven figures has more than doubled during the history two years alone to 393 homesHalifax supposed 1,067 homes in England and Wales sold for more than £2m during the year to the end of June almost three-quarters of these sales were in London, but every region separately form Wales had at least one home that sold for £2m-plusIs it not about occasion too that the BBC stops devoting the whole week-day's morning TV to property speculationI similar to the desperate attempts at positive spin I consider sales volumes are down significantly on 2006 - so why choose to publicise comparisons with 5 years before Why not go back 100 yearsThe property boom is over, lets look at the future and not the past This article now confirms that house prices are way too rxpensive in family member to wagesSelect a loan term 12 months (1 day 24 months (2 years) 36 months (3 existence 48 months (4 existence 60 months (5 existence 72 months (6 existence 84 months (7 existence 96 months (8 years) 108 months (9 years) 120 months (10 years)Please choose a type of insurance Life insurance Home and inside Car stop working services Health - medical Health - dental Travel Pet.
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Equity release in retirement planned by 2 in 7 people - Published:04/09/07
Two out of seven populace in the UK plan to release equity from their home to help fund their departure, according to a new reviewFoolcouk found that five out of nine people are frightened that their pension pot will be too little when they stop work, while approximately half of respondents plan to downsize in retirementDavid Kuo, skull of personal finances at Foolcouk, said that the accommodation boom has led many to cut back on expenditure into a pension plan and instead concentrate on their house"They often say that a gentleman's home is his castle, and it seems that for seven million homeowners the home is also a retirement fund fund But building castles in the air is a unsafe strategy, especially if we refuge't put down solid foundations first," said Mr KuoLast week, Saga Personal Finance urged those considering evenhandedness release to view it as an advance rather than a.
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Increased cover for summer gardeners - Published:26/10/06
Gardeners can now take advantage of a new cover policy that offers increased levels of cover, now in time for the summerWith more people heading outside to enjoy the sunlight in their gardens, Saga insurance has pushed its levels of wrap up to £3,500, to insure against damage and theftThe insurance company is contribution insurance for £207 a month to provide gardeners peace of brain that their garden will be covered in the event of injure or theftInsurance claims for damage to gardens are more common than many assume, with one in ten people treatment garden damage due to marauding children or grandchildrenAccording to a survey by farming Whick, Which 16 million households have had something stolen from their gardens, amounting to £90 million of losses countrywideAndrew Goodsell from the cover company also advises taking out some form of garden insurance policy, as it could be useful when persons are bearing in mind moving house"Gardens can really enhance the look of a house – indeed our new research shows that 82 per cent of people regard the garden as the most significant.
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