23rd Nov, 2016
A recent Age Partnership UK report suggested that people over 55 in the UK have more wealth locked away in their homes than the entire annual GPD of Italy! In fact, 6.3 million of over 55’s own their own home outright, making them some of the most property-rich in the world.
Our managing director, Amy Wray, looks at what this means for younger generations, who may be trying to get onto the property ladder, or climb up it.
Amy explains: “It’s fantastic that the older generation are proving that they can afford to completely pay off their mortgage and own their own home in full. Often, this means they have more disposable income, allowing them to enjoy a less stressful lifestyle too!
“We also see clients who are over 55, who want to release the equity in their homes, to enjoy their retirement. By downsizing, it creates a knock-on effect further down the property chain, with families buying bigger properties, and consequently freeing up first-time homes.”
This, coupled with the amount of ‘bargain homes’ in and around Huddersfield, provides lots of opportunities for young people to get on the illustrious ‘ladder’, and perhaps earlier than they may have thought.
For example, the cheapest house which sold in September in Huddersfield went for £33,500. This is amongst one of many other homes that sold for less than £50,000 in Kirklees and Calderdale this year.
Amy comments: “For those who are creative and love a challenge, these bargain houses may present the perfect opportunity to tackle a ‘doer up’ property. This is great experience and would ultimately add value to a property, often generating profit, which would help towards climbing up the property ladder later in life.”
Now could be a great time for anyone thinking about taking their first step to becoming a home owner, while interest and mortgage rates are at all-time lows.
If you’re looking to buy a property in Huddersfield, then get in touch with our sales team on 01484 682999.
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