Property news roundup: The average pensioner made £7,100 on the value of their home last year
Plus fees and first time buyers
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Monday 24 February 2014
Pensioners who own their homes outright have earned nearly £600 a month from their houses says a new report which suggests that their property wealth is at its highest level since 2010.
The average retired over-65 homeowner has gained more than £7,100 in the past year from their house, according to over-55s financial specialist Key Retirement Solutions whose Pensioner Property Equity Index shows over-65 homeowners have property wealth of £801 billion, an increase of more than £33 billion in the past year due to increasing UK house prices.
Retired homeowners in London were the biggest winners with their properties up more than £41,200 on average in the past year while Scottish pensioners were £8,553 better off.
Fees and first time buyers
New figures from Money Advice Service show that 55 per cent of first time buyers had a nasty shock when they discovered the total bill for buying their home on top of the mortgage was higher than they expected by around £1,300.
Three quarters of recent first-time buyers identified solicitor’s fees as costs they would need to budget for, but only around a half had thought about Stamp Duty. Under a quarter of new homeowners said they had remembered to budget for removal fees.
Shared Ownership Plus
Thames Valley Housing has launched a new shared ownership model which allows shared owners to own one per cent more of their property each year for 15 years. Kush Rawal, Assistant Director at TVH, said: "The scheme encourages staircasing immediately as it eliminates transaction costs traditionally occurred when buying more equity in shared ownership, such as valuation, solicitor and re-mortgaging expenses."
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