15/08/2019

Bloor Homes’ Regional Sales Director Sara Parker explores housing market affordability in the South West

With healthy labour market conditions and low borrowing costs, there has seemingly never been a better time to move home. But with recent figures from the Nationwide House Price Index showing housing market activity is stable at 5%, but well below the rates of 8% seen pre-crisis, home mover activity is clearly still subdued.

Sara Parker, Regional Sales Director for Bloor Homes South West, said: “Affordability remains a major hurdle for many buyers, despite historically low interest rates on mortgages and an improvement in credit availability. 
“Schemes such as Help to Buy have helped, but with average house prices here in the region at £257,563, up 1.2% from April , home ownership is still out of reach for many, particularly when you consider the average deposit is 15%  of the house price. That’s an eye-watering £38,634 would-be buyers need to find here in the South West!
“It’s no surprise then that the average age of first-time buyers is 31, with many typically spending some ten years saving up .
“Many buyers underestimate the additional costs associated with buying a house, from survey costs and solicitor’s fees, to removal costs, buildings insurance, mortgage arrangement and valuation fees and Stamp Duty, leaving them struggling to find the budget to complete their move. 
“The affordability issue is not just affecting first-time buyers though, it’s a similar story for existing homeowners looking to move up the property ladder and secure their next family home. 
“That’s why we introduced our deposit boost scheme, offering a contribution of up to £6,000 on selected plots at our new homes developments across the South West. For those who already have their deposit sorted, our contribution could be a valuable boost towards legal fees or Stamp Duty. 
“The deposit boost offer has already helped many of our buyers with the purchase of their new homes, helping shorten the time it takes to get on the property ladder. I would encourage prospective purchasers to act fast to make the most of the scheme, which ends on 31 August 2019.”
For more information on the deposit boost scheme, please visit https://bloorhomes.com/match-affordability-event, visit or call one of our developments.

NOTES TO EDITORS
In 2019 Bloor Homes is celebrating its 50th anniversary year
Bloor Homes was proud to receive five-star builder status in the Home Builders Federation’s (HBF) 2018 customer satisfaction survey
Established in 1969, the Bloor Group is now one of the largest privately-owned housing groups in the UK
Bloor Homes is based in Measham, Leicestershire, and has seven regional offices across the country
Bloor Homes currently has more than 60 developments from Lancashire to Devon and the South East
In its five decades of development, Bloor Homes has created hundreds of communities, building not just houses, but schools, transport infrastructure and green spaces that will be enjoyed for generations to come