Past and present homes of some of the world’s biggest celebrities. A few have even been awarded a Zoopla Purple Plaque.
1. Take a look around Gary Barlow‘s not so humble abode where he lived from 1995 – 2005.
Six bed in Northwich
2. Andy Murray‘s old home…strange I can’t see any tennis court.
Five bed in Dunblane
3. John Lennon bought this house in 1964 for £20,000. It’s now on the market for £13.7m.
Six bed in Surrey
4. One of Robbie Williams‘ UK properties is this impressive Wiltshire countryside estate.
Seven bed in Compton Bassett
5. Tulisa lived in this Hertfordshire mansion for up to a year. It was put back on the market in Nov last year and can be yours for £4.5m.
Five bed in Hertfordshire
6. This East Grinstead new build is the current home of Peter Andre and girlfriend Emily. It was on the market last summer for £2m but taken off later that year when the couple decided to stay.
7. This blinging bungalow was once home to Alesha Dixon. Now on sale for £1.15m.
Three bed in Hertfordshire
8. Host to the X Factor finalists last year this London home is now for rent at £20,000 pcm.
Seven bed in London N21
9. Not only is this the childhood home of Top Gear’s Jeremy Clarkson, it’s also where his mother Shirley made the first Paddington Bear in 1971. Now on sale for £595,000.
Four bed in Doncaster
10. Home to This Morning’s Eamonn Holmes & Ruth Langsford this Weybridge mansion has been on the market for 6 months and has already had a price drop from £3.49m to £3.25m.
Six bed in Surrey
If you want to buy a home, you might think it’s a good time to step on the housing ladder – interest rates are at a record low although they may rise in the future, unemployment’s falling and summer’s on the way at last.
Not only that, but traditionally property’s been seen as a good investment, and all you need to do is save a deposit and be able to pay your mortgage, right? Wrong. New rules require lenders to ensure borrowers can afford to meet their initial and on-going mortgage payments on time, and ensure they don’t get into financial difficulty running and maintaining their new home. It also means making sure they could manage if interest rates were to rise.
Time to buy?
The Bank of England Bank Rate is currently 0.5 per cent – a record low, meaning there could be great mortgage deals up for grabs. Of course you should remember to consider any arrangement or products fees when choosing your mortgage. If you add them to the mortgage it’ll mean paying interest on them for the entire term of the loan, so it makes financial sense to pay those fees separately if you can.
Right now, variable mortgage rate deals of around 2 per cent are available to individuals with a good credit record and a 20 per cent deposit to put down towards a property. So far so good, but with the new rules on mortgage lending taking effect on April 26, borrowers will also assess the impact of foreseeable changes in circumstances, such as if you’re expecting to be made redundant or are planning to start a family.
According to Money Advice Service research, the average first-time buyer is paying 3.4 per cent interest on their mortgage payments – around 3 per cent above the Bank of England rate. This is good news for many potential home-buyers, yet there is always the chance that interest rates may rise. To safeguard against this the new rules will also assess your ability to meet mortgage payments in the event that interest rates rise in the future.
Can you afford to buy?
Money Advice Service research also revealed three in four new homeowners overstretched their finances to get on the housing ladder. When you consider that over the past 18 years the Bank of England Bank Rate has fluctuated from a high of more than 7 per cent down to its current rate of 0.5 per cent, a stress test against shifts in the interest rate makes sense. Here’s a typical example – the average first-time buyer will have a mortgage of £140,800 and be making monthly payments of £749. For these people a 2 per cent rise would result in an increase of £171 a month on top of their existing mortgage payments.
If you are thinking about buying a home, it’s essential to consider all the key costs. Using a budget planner will help you plan your finances and cope with any unexpected costs.
All information accurate at time of publication
This article is provided by the Money Advice Service.
First-time buyer numbers hit a six-and-a-half year high during March boosted by Government schemes, research showed today.
A total of 31,400 people bought their first home during the month, the highest level since August 2007 and 60 per cent more than in March 2013, according to LSL Property Services.
The group attributed the jump to the Government’s Help to Buy scheme, which has boosted the number of high loan-to-value (LTV) mortgages available.
It added that first-time buyer activity had now returned to the level seen before the recession.
The typical first-time buyer put down a deposit of £23,802 in March, the lowest level recorded for three years.
The average deposit was also the equivalent to just 66 per cent of the typical first-time buyer’s income, compared with 77 per cent a year earlier.
Even rising house prices have failed to deter first-time buyers, who now pay an average of 6 per cent or £7,781 more for their first home than they did a year earlier.
David Newnes, director of estate agents Your Move and Reeds Rains, part of LSL Property Services, said: “The number of first-time buyers has returned to a pre-recession high, just in time for the one year anniversary of Help to Buy.
“More first-time buyers are seizing the opportunity to have a helping hand from the Government in putting together a deposit.
“Help to Buy has allowed the bottom of the market to stay buoyant, despite property prices increasing.”
The number of high LTV loans available has more than doubled during the past year, while falling mortgage rates have helped to offset higher house prices.
High LTV loans accounted for one in six mortgages approved for house purchase during March, according to chartered surveyor e.surv.
Overall, 9,628 loans were agreed for borrowers with a deposit of 15 per cent or less – 50 per cent more than in March 2013.
The average first-time buyer borrowed 83.5 per cent of their home’s value in March, while mortgage repayments accounted for 20.9 per cent of their monthly income.
Unsurprisingly, first-time buyers in London put down the biggest deposits at an average of £67,955.
But despite the high down payments needed, 12,700 people still got on to the property ladder in the capital during the first quarter, the second highest figure for any region after the South East at 14,900.
At the other end of the scale, first-time buyers in Yorkshire and Humber put down the lowest deposits during the three months to the end of March at an average of £15,280.
People buying their first home in Northern Ireland paid the least for their property at around £90,816.
But only 1,700 people got on to the housing ladder in Northern Ireland during the first quarter, the lowest for any region.
If you are looking for a new build home, try the redevelopment of these townhouses in Glasgow.
Where exactly is it? Close to the University of Glasgow campus, and about 1.5 miles north west of the city centre.
Monster housing estate or tiny boutique development? Rather exclusive. This redevelopment of a terrace of townhouses dating from 1883 will contain just 36 flats when it is completed this winter.
How much will it cost me? One bedroom flats are priced from £184,000.
What is so great about it? A magnificent-looking development located on a quiet private street in Glasgow’s fashionable West End, with smashing views over the city. Jennifer Goldie, associate director of Savills estate agents and the selling agent for Lilybank Terrace, says its other plus point is that the terrace has been entirely rebuilt behind its Victorian façade so owners get period charm plus contemporary convenience. “It is the best of both worlds,” she says.
Surely its not completely perfect? Not all of the flats have parking spaces and only a couple have private gardens. The rest of the residents will share a communal garden. And the West End is one of the most expensive parts of Glasgow to live in so your pockets will need to be fairly deep.
Who will my neighbours be? Goldie said the development is particularly attracting older downsizers and young couples, particularly those who work at either the University or the nearby hospital.
What is West End itself like? Glasgow’s answer to Notting Hill, full of cafes, bars, boutiques, clubs and restaurants, and on the doorstep of the lovely Kelvingrove Park and the Glasgow Botanic Gardens, as well as many of the city’s museums and galleries.
Is it any good for kids? Teenagers will love West End’s bohemian vibe and the presence of students gives the area a youthful vibe – there is masses for them to do, but the atmosphere is generally safe. Plenty of open space on the doorstep for younger kids to enjoy, but this development’s lack of private outside space means its not hugely family friendly. Local schools include the high performing Hillhead Primary School.
How are the public transport links? Excellent; Hillhead underground station is a five minute walk.
Is it up and coming? Thoroughly up and come. Average house prices stand at £274,124, up 4.64 per cent in the last year according to Zoopla. This is close to twice the average for the city as a whole, where average prices stand at just over £150,000.
I like the sound of West End, what else is on sale there? The area is stuffed with some lovely period buildings.
This two bedroom flat is on the market for offers over £195,000
Or if you want a classic Glasgow tenement, this two bedroom flat is available at offers over 179,000
Homes in the area tend towards flats but there are one or two houses available, including this six bedroom terrace on the market for offers over £785,000
It’s not a straightforward answer and a lot of the decision depends on personal preference. Some people are diehard fans of brand spanking new homes where you can march in, not worry about doing a thing and get on with your life. Others wouldn’t want to be caught dead in a new home, preferring period property with personality.
Some see a period home as a black hole for cash, with the maintenance you have to lavish on it simply to keep it up to date and upright? Others see new homes as bland that are cookie-cutter boxes modelled on a computer plan provided by a developer.
Personally I believe both have their benefits and here are five points on each to help you make that decision.
Older re-sale home
*With a re-sale home, if you don’t like it you can quickly knock a few walls down, paint and install your own your vision and add value
*Likely to be found in areas that have ready made and long established communities
*All the services: broadband, telephone, electric etc will all be easy to re-establish from the previous owner
*No endless snagging list for an older property
*You tend to get more mature garden with a re-sale home. New builds tend to be just recently laid turf.
The new home
*New homebuilders generally offer a range of benefits that the second-hand market cannot hope to match.
*New homes are vastly more energy-efficient and therefore much cheaper to run than second-hand homes
*New home prices are now more in line with the second-hand market, so there is not so much of a ‘brand new’ premium any more
*New homes are packed with lots more extra features than most older properties.
*NHBC 10 year warranty peace of mind with new build homes