In the UK we often hear the words that a person’s home is their castle, however is this still the case? Figures released in 2016 showed that home ownership had fallen to 63%. This is down from an all-time high of 71% in the 1980’s. There are many logical reasons for this notwithstanding the soaring cost of property! Other reasons include general population growth and the lack of new housing built over the past decade.
Schemes such as the government’s Help to Buy equity loan scheme have increased the number of first time buyers by 97,000 to March 2017. This has increased the number of first time buyers to the highest levels since 2006.
Other government incentives such as scrapping stamp duty for first time buyers which was implemented in November 2017. Tis came into effect for properties up to £300,000 or properties with a value under £500,000 in London. It is hoped this change will encourage more first time buyers to take the plunge into property ownership. The government anticipate that this change will help 95% of first time buyers. Which is clearly good news!
So why do the British love property so much? Well in the past seven years property prices have risen over seven times faster than the average first time buyer’s salary. So property is still proving to be a good investment.
It is part of the British psyche to buy a home while in continental Europe the culture of renting is more prevalent. But the private rental sector (PRS) in the UK is growing faster now than at any time previously with predictions that 20% of people will be in rental accommodation provide by the PRS. In the UK the housing market is still one of the major drivers for our economy.
So many people are passionate about property, spending their evenings and weekends trawling the property portals such as Rightmove and Zoopla planning their next move. Other ways to get involved in property is to work within the industry.
At HomeXperts we have a network of property professionals all working in an industry that they love. If you want to get involved in property then visit Home-Xperts.co.uk, take a look at our innovative award-winning property franchise and see if working within the industry could be for you. Or call our Franchise recruitment team on 01905 678853 to find out more about the franchise opportunity.