Connect with us

Property

A baby born today could be paying £483k for their first home, £1.5m in the capital

Research by Winmydreamhome.com (WMDH), the house competition run by London property developers Misuma, has looked at the potential cost of homeownership for a baby born today.

Published

on

With the average first-time buyer aged 30 years old, WMDH looked at the current average first-time buyer house price and how this has changed historically, before forecasting house price growth based on the interpolation of historic data over the next 30 years.

Today across Britain, first-time buyers are paying £193,194 on average to get on the ladder but this could climb to £482,741 over the next three decades based on historical trends – an increase of 150%.

This increase would be highest across England, climbing 160% from an average cost of £206,018 today to £535,340 in 2049. The average FTB could be paying £278,468 to get on the Welsh ladder in 30 years, a 100% increase, while Scotland would be the most ‘affordable’, up 67% to £203,760 from £122,148.

Despite a current period of problematic price growth due to Brexit, London would remain the most unaffordable region of Britain by some way. The average FTB in London currently pays £410,084 to get a foot on the ladder but should prices maintain their growth based on historical trends, this cost could spiral to almost £1.5m by 2049 – an increase of 259%.

The South East would see FTBs pay a hefty £731,631 in 2049, joined in the £700k club by the East of England (£728,874). The South West would be home to an average FTB cost of just over half a million pounds, while the East and West Midlands would hit £405,945 and £397,741 respectively.

The North West, Yorkshire and the Humber and the North East would be the most affordable but would still see FTBs paying between £160k-£291k for their first home.

Marc Gershon of Winmydreamhome.com, commented:  

“A scary prospect but one that could materialise if we fail to address the lack of affordable housing being delivered, the attack on buy-to-let landlords restricting rental stock and the failure of wages to keep pace with property prices.

The tough task facing current home buyers is well documented but for those born today, the task of getting on the ladder could be nigh on impossible.  

For many, competitions like win my dream home are a bit of fun in this day and age, fast forward 30 years and they could be the only realistic option for the majority when it comes to securing some bricks and mortar.” 

Location Current FTB house price (2019) Future FTB house price (2049) Change (%)
Great Britain £193,194 £482,741 150%
England £206,018 £535,340 160%
Wales £139,436 £278,468 100%
Scotland £122,148 £203,760 67%
       
London £410,084 £1,473,551 259%
South East £256,636 £731,631 185%
East of England £241,704 £728,874 202%
South West £210,212 £516,617 146%
East Midlands £161,703 £405,945 151%
West Midlands £164,642 £397,741 142%
North West £137,461 £291,366 112%
Yorkshire and the Humber £139,206 £287,914 107%
North East £109,306 £164,592 51%
Future house price predicted using SPSS program based on historical FTB house price data and a projection period of 30 years.

Continue Reading

Property

Bah Humbug – Christmas market property cost is at its highest in London

Published

on

The latest research by national fast sale estate agent, Springbok Properties, has looked at the cost of buying near the best Christmas markets around Europe and how they differ between city.

Pulling house price data for cities home to 20 of the best Christmas markets around, Springbok Properties found that the property cost of some annual festive cheer is £5,128 per square metre on average. 

This cost is at its highest in London, with property costing an average of £12,976 per sqm to live in the city where famous Christmas markets range from Winter Wonderland to the Southbank Centre Winter Market to name but a few.  

The second highest property cost when looking for a top Christmas market was in Zurich, Switzerland, where buying close to the historic Old Town market, situated in front of the opera house and home to more than 100 stalls will set you back £9,827 per sqm.  

The Village de Noel Christmas market at the Champs-Elysees maybe be world-famous but living nearby will also cost you over £9,000 per sqm, while a place in Munich so you can make the most of the cities famous market at the Marienplatz town hall comes in just under at £8,980 per sqm.  

In fact, most of the cities home to a top-rated Christmas market come with a festive property premium with Stockholm (£7,450), Vienna (£5,560), Copenhagen (£5,355) and Berlin (£5,126) all coming in over £5,000 per square metre when buying a property.  

But there are some more affordable options for mold wine, festive food, and merriment. Riga in Latvia is the most affordable location with an awesome Christmas market with property in the city coming in at just £1,570 per sqm. 

Closer to home, Belfast hosts a famous market at its City Hall with Candy Alley also one of the main festive attractions, all with the cost of buying hitting just £1,900 per sqm.  

Krakow in Poland (£2,179), Tallin in Estonia (£2,260) and Budapest in Hungary (£2,470) are also amongst some of the most affordable Christmas market property purchasing locations.  

Founder and CEO of Springbok Properties, Shepherd Ncube, commented:

“As is often the case with most things, the cost of living close to anything vaguely helpful, exciting or fun is at it’s highest in London and this applies when comparing the best Christmas markets about.

It’s a high price to pay for those in England for some once a year festive cheer and it may well be more cost-effective to look further afield to the likes of Riga and book your flights early for a festive getaway instead.” 

Continue Reading

Trending