09 Oct The East of England DEPOSIT and FEE trap revealed
As the East of England Ranks As one of the Hardest Regions to Be a First Time Buyer: National Conveyancer When You Move Breaks Down the Maths
The latest research conducted by The Institute for Fiscal Studies released today found that around 40% of young adults cannot afford to buy one of the cheapest homes in their area, even with a 10% deposit.
Digital conveyancing platform When You Move has conducted nationally representative research breaking down the case for the East of England and wider regions. Delving deeper into the full cost of purchasing a home, specifically in the East of England, the full body of data can be made available if necessary.
The key findings are as below:
• The average salary in the East of England is £30,508 (x 5 for mortgage affordability) £152,540 – so over £1.3K is falling short
· Taking a MINIMUM of two years to save – homebuyers in the region save £25,517 for their deposit
· Additionally, homebuyers in the region are trapped by £8,099 in UNEXPECTED fees
· 23% of homebuyers in the East of England felt blindsided by unexpected fees
· 67% of Homebuyers have to turn to the Bank of Mum and Dad to cover the cost of fees for their property transaction, ranging from £7,500 to £25,000
· The average cost of a home in the East of England is £288,808