To buy or to rent? To become a landlord or not? There are so many questions to ask when looking at the property market today, it can get confusing. Not to mention the fact that the industry has changed dramatically in the last year, never mind the last 10 years.
These are some of the shocking facts around the property market, we hope these help you make an informed decision. For example, did you know that the average yearly wage of a first time buyer is £39,000 and yet the average deposit for a house is £29,000, just £10,000 less than an entire year’s wage.
It all seems so impossibly expensive right? Well you’re not alone in thinking this way, 45% of people believe they won’t be able to buy their own home in the near future and 28% can’t afford to save for a deposit.
But maybe you don’t want to buy. Maybe you’re in the 11% of people who want the freedom of renting, without being tied down to a mortgage and a house.
Perhaps you’re thinking of buying a property as an investment or a business venture. Although the amount of new landlords has dropped this year, with the price of buying being so high there will always be plenty of people looking to rent. So there could be a silver lining after all.
Whatever group you fall into, check out the stats below and get a better understanding of the ever-changing property market.