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Age of first-time buyer edges towards 40-years old amid cost of living crisis says First Direct

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Leap for the property ladder! Average age of a first-time buyer reaches 37 amid cost of living crisis – as new homeowners edge ever closer to 40

  • Average buyer predicts they will be 37 years old when they buy their first home
  • The average age of a first-time buyer is up from 32 years old two years ago
  • Study by First Direct says the cost of living and high mortgage rates are to blame

The average age of a first-time buyer is edging ever closer to 40 years old, new data suggests.

The average prospective buyer predicts they will be 37 years old by the time they finally step on the property ladder, up from 32 years old two years ago.

The study from First Direct is based on responses from 1,500 homebuyers and 500 prospective buyers.

The average first-time buyer predicts that they will be 37-years old when they buy a property

The average first-time buyer predicts that they will be 37-years old when they buy a property 

The prospect of getting on the property ladder has become further out of reach for many first-time buyers amid the cost of living crisis.

Inflation means saving for a deposit can be more difficult, along with securing a mortgage.

The data revealed that nearly eight in ten – 77 per cent – of prospective home buyers are concerned about their ability to get on the property ladder.

And the majority of prospective buyers – at 86 per cent – identified the cost-of-living crisis as a notable obstacle to getting on the ladder, with not being able to save as much for a deposit cited – at 59 per cent – as a major reason for any delays to their plans.

The study went on to find that the average first-time buyer will take 7.5 years to save for a deposit. It compares to just five years for those existing homeowners who were surveyed.

When it comes to funding this costly purchase, a total of 28 per cent of people who are waiting to get on the ladder believe the only way they’ll be able to secure a home is through an inheritance – which they are yet to receive.

Most first-time buyers – at 71 per cent – however, intend to use their savings, and four in ten – at 35 per cent – are planning to use Government programmes such as the Help to Buy and shared ownership schemes.

First-time buyers are sceptical about their ability to buy a house on their own as buying with a partner can help secure a mortgage

First-time buyers are sceptical about their ability to buy a house on their own as buying with a partner can help secure a mortgage

Pooling assets with a partner, close relative, or friend can be an alternative way to secure the cash needed for a mortgage.

However, more than half – at 56 per cent – of those who currently own a property did so without the assistance of a partner or sibling.

By contrast, first-time buyers are sceptical about their ability to buy a house on their own, with only 35 per cent citing this as a financial possibility, implying that a significant majority are unable to shoulder the financial burden alone.

Chris Pitt, of First Direct, said: ‘Getting on the property ladder is a distant dream for many today.

‘The rise in house prices relative to incomes is well documented, as is the difficulty in saving for a deposit while at the same time paying rent. What this study shows is the time it takes to save and realise the dream of home ownership – it is a long time and getting longer. The state of the economy will only make this situation worse.’

Mortgage approvals for house purchases fell by more than 10 per cent to 59,000 in October, suggesting homebuying appetite is dissipating amid rising mortgage rates

Mortgage approvals for house purchases fell by more than 10 per cent to 59,000 in October, suggesting homebuying appetite is dissipating amid rising mortgage rates

It comes after it was revealed that Britons are increasingly putting their home buying or moving plans on hold and stashing their cash in fixed term savings as the cost of living crisis bites.

Net mortgage borrowing by individuals fell from £5.9billion in September to £4billion in October, according to the latest figures from the Bank of England.

Mortgage approvals for house purchases also fell by more than 10 per cent to 59,000 in October, down from 66,000 in September, suggesting homebuying appetite is dissipating amid rising mortgage rates.

Mark Harris, of mortgage broker SPF Private Clients, said: ’The deposit tends to be the biggest barrier to getting on the housing ladder so it is little surprise that the average age of a first-time buyer is in their late thirties. With wage growth failing to keep up with property prices, it can be extremely difficult to save up enough to get on the housing ladder, particularly if you have to pay rent in the meantime as this continues to rise too.

’Many first-time buyers rely on parents and even grandparents for financial assistance in getting on the housing ladder. Lenders have cottoned onto the demand for products which help first-time buyers, with the Nationwide Helping Hand scheme offering higher loan-to-income multiples, while Barclays SpringBoard, Family Building Society Family Offset and Generation Home are all worth a look. There is also the Government-supported Mortgage Guarantee Scheme, or joint borrower sole proprietor mortgages, which are increasingly popular.’

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‘Britain’s shortest house’ measuring just 6ft 5ins tall which ‘dates back to 1758’ goes to auction

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Room for a little one! ‘Britain’s shortest house’ measuring just 6ft 5ins tall which ‘dates back to 1758’ goes to auction with £70,000 guide price

  • ‘Britain’s shortest house’ is just 6ft 5ins tall and is on the market for only £70K
  • The unique property is found in the village of Newton Poppleford near Sidmouth

‘Britain’s shortest house’ standing at just 6ft 5ins tall has gone on sale – for the relatively small price of £70,000.

The unique property, with ceilings that may skim the tops of some heads, is found in the village of Newton Poppleford near Sidmouth, Devon.

As its name implies, Ye Olde Toll House is a former toll house, which is believed to date back to 1758.

Its yellow exterior is topped off with a thatched roof, covering walls which stand no higher than an average front door.

Despite its miniature size the interior houses an entrance porch, living room, small kitchen, a shower room and one bedroom.

The unique property, with ceilings that may skim the tops of some heads, is found in the village of Newton Poppleford near Sidmouth, Devon

The unique property, with ceilings that may skim the tops of some heads, is found in the village of Newton Poppleford near Sidmouth, Devon

The unique 6ft 5ins property, that may skim the tops of some heads, is found in the village of Newton Poppleford near Sidmouth, Devon

The unique 6ft 5ins property, that may skim the tops of some heads, is found in the village of Newton Poppleford near Sidmouth, Devon

On the listing, Clive Emson Land and Property Auctioneers described the property as: 'A charming detached thatched Toll House for updating'

On the listing, Clive Emson Land and Property Auctioneers described the property as: ‘A charming detached thatched Toll House for updating’

There’s also an outdoor space with a log store area and attic space for extra storage.

On the listing, Clive Emson Land and Property Auctioneers described the property as: ‘A charming detached thatched Toll House for updating.

‘This unique single storey property is believed to date back to 1758 and is situated in the popular East Devon village of Newton Poppleford, which is only four miles from the popular seaside town of Sidmouth.

‘The property is likely to be of interest to a home owner or those looking for a lock-up and leave bolt hole. It could also be of interest to investment purchasers.’

Bidding for the property currently sits at £70k.

You can join the auction here.

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That’s potty! Grade II Listed cottage on sale is mocked for having a toilet in a children’ bedroom

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A Grade II listed cottage on sale for £450,000 has been mocked for having a toilet in the middle of one of the bedrooms.

The detached historic home in Colne, near Burnley, Lancashire, boasts a wealth of original features including mullion windows, inglenook stone fireplace and stone stills. 

But home hunters have been scratching their heads at the design choice of a loo and sink in what appears to be a child’s bedroom. 

The toilet has also been adorned with a large sticker featuring Marvel Comic character, Hulk, matching a small novelty Marvel laundry bin to its side.

Bemused Marie Gardiner said: ‘My friend sent me this from Rightmove and it’s freaking me out.

The toilet has also been adorned with a large sticker featuring Marvel Comic character, Hulk, matching a small novelty Marvel laundry bin to its side

The toilet has also been adorned with a large sticker featuring Marvel Comic character, Hulk, matching a small novelty Marvel laundry bin to its side

‘Somehow the layout is wrong in every room. Kid’s bedroom is also a toilet.’

Lydia Jane said: ‘That’s an OCD nightmare. Who builds a shower cubicle in front of a bedroom window?’

Marie added: ‘I thought it was maybe a stand up tanning thing?!

To which Lydia replied: ‘Might be, but still.’

It is listed in the property description which reads: ‘One of the bedrooms is separate to the others which is accessed via the spiral staircase and has a WC and wash basin.’

The quaint home features a large modern, living room diner and kitchen with a range oven and has a homely feel.

Three of the bedrooms are located in the main building with the fourth in an annex.

Other interesting features include what appears to be a stand up tanning booth in one of the other bedrooms, and wooden animals in the garden.

Other interesting features include what appears to be a stand up tanning booth in one of the other bedrooms

Other interesting features include what appears to be a stand up tanning booth in one of the other bedrooms

The key features include it being in a ‘sought after location,’ having a ‘fully fitted modern kitchen,’ ‘three bedrooms’ and ‘large private gardens.’

It is on the market with Petty Real Estate Agents and being advertised on Rightmove.

The property listing reads: ‘Beautiful three bedroom semi detached Grade II Listed cottage situated in a highly sought after semi rural location near to the amenities offered by Colne town centre.

‘This historic building which formed part of the old Carry Bridge Hall has a wealth of original features throughout such as, mullion windows, inglenook stone fireplace and stone stills.

‘The property comprises an entrance hallway with storage cupboard, spacious lounge diner with original stone flagged floor, inglenook stone fireplace with multifuel stove, spiral staircase and patio doors leading to the garden.

‘Fully fitted kitchen which houses a range of modern matching wall, base and drawer units, contrasting granite work surfaces, range oven, dishwasher and stairs leading to the first floor.

‘To the first floor is a landing there are three double bedrooms.

The 'beautiful three bedroom semi detached Grade II Listed cottage' has three of the bedrooms located in the main building with the fourth in an annex

The ‘beautiful three bedroom semi detached Grade II Listed cottage’ has three of the bedrooms located in the main building with the fourth in an annex

Th property listing boasts of a 'spacious lounge diner with original stone flagged floor, inglenook stone fireplace' and a spiral staircase

Th property listing boasts of a ‘spacious lounge diner with original stone flagged floor, inglenook stone fireplace’ and a spiral staircase

The quaint home features a large modern, living room diner with a prial staircase which can be used to access some of the bedrooms

 The quaint home features a large modern, living room diner with a prial staircase which can be used to access some of the bedrooms

The three piece family bathroom has a 'contemporary suite which includes a bath with shower over, low level WC and wash basin and is fully tiled throughout'

The three piece family bathroom has a ‘contemporary suite which includes a bath with shower over, low level WC and wash basin and is fully tiled throughout’

Petty Real Estate Agents, with whom the property is up on the market,  described how the property's kitchen 'has a homely feel'

Petty Real Estate Agents, with whom the property is up on the market,  described how the property’s kitchen ‘has a homely feel’

Original features in this historic home near Burnley, Lancashire include mullion windows

Original features in this historic home near Burnley, Lancashire include mullion windows

The four-bedroom home in the 'sought after location' has patio doors leading to the garden

The four-bedroom home in the ‘sought after location’ has patio doors leading to the garden

The 'fully fitted kitchen' features a 'modern matching wall, base and drawer units, contrasting granite work surfaces, range oven, dishwasher and stairs leading to the first floor'

The ‘fully fitted kitchen’ features a ‘modern matching wall, base and drawer units, contrasting granite work surfaces, range oven, dishwasher and stairs leading to the first floor’

There is a large private garden area to the rear which is 'mainly laid to the lawn'

There is a large private garden area to the rear which is ‘mainly laid to the lawn’ 

‘One of the bedrooms is separate two the others which is accessed via the spiral staircase and has a WC and wash basin.

‘Three piece family bathroom has a contemporary suite which includes a bath with shower over, low level WC and wash basin and is fully tiled throughout.

‘Detached annex with lounge & fully fitted kitchen, three piece shower room and double bedroom.

‘Externally there is a driveway leading to a courtyard where there is parking for several vehicles and a detached garage which has power and lighting.

‘The owners have created a woodland activity area which is perfect for your young children. There is a large private garden area to the rear which is mainly laid to the lawn.’

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‘Time capsule’ country house which has been left untouched for decades on sale for £1.65million

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A ‘time capsule’ country house left untouched for decades has gone on the market for £1.65m with 25 acres of overgrown grounds included. 

Burnells Estate on Exmoor National Park is nearly a century old but has not been lived in for at least 20 years as the current owner, who lives abroad, bought it to use as a retirement home and never got round to it. 

Estate agents Webbers have cleared the terrace around the outdoor swimming pool to show buyers the potential it has.

The house also has hunting rights over a neighbouring 81 acres of woodland and stunning countryside views of surrounding Exmoor.

Burnells estate was first built in 1927 for Lord Christopher Thomson, a British Army officer and later Labour minister and peer. 

The overgrown Burnells Estate on Exmoor National Park is on sale for a cool £1.65m

The overgrown Burnells Estate on Exmoor National Park is on sale for a cool £1.65m

The house was first built in the 1927s for Lord Christopher Thomson, a British Army officer and later Labour minister and peer

The house was first built in the 1927s for Lord Christopher Thomson, a British Army officer and later Labour minister and peer

The house in its former glory is quite the sight
It hasn't been lived in for over 20 years

The house has been left to decay for 20 years and is now overgrown and in need of renovation

He served in the Second Boer War and the First World War before going into politics.

Thomson was Secretary of State for Air under Ramsey MacDonald, who made him Baron Thomson in 1924. 

He died in the R101 airship crash on its maiden flight from Britain to France in 1930.

The accident was partly down to Lord Thomson putting pressure on to make the maiden flight before safety checks were complete and adequate flight testing had been done.

It led to the deaths of 48 people and the cancellation of the British airship programme by Thomson’s successor.

The house has an incredible private setting in the countryside, down a country lane between the villages of Dunster and Wootton Courtenay in Somerset.

The house has over 4,000 sq ft of living space with a large entrance hall, kitchen, breakfast room, dining room and a large L-shaped sitting room on the ground floor and eight bedrooms and three bathrooms on the first floor.

It has plenty of original features including exposed ceiling beams, ornate plasterwork and original fireplaces. 

The kitchen has an oil-fired Aga and adjoining butler’s pantry with original full-height crockery and storage cupboards.

There is also a large garage with a studio above.

The kitchen is spacious, airy and comes equipped with an AGA for clean country living

The kitchen is spacious, airy and comes equipped with an AGA for clean country living 

The inside of the house could use some work but has enough period features to fall in love with

The inside of the house could use some work but has enough period features to fall in love with 

The entertainment room has a large authentic log fire - perfect for winter nights

The entertainment room has a large authentic log fire – perfect for winter nights 

Outside the property has a number of slate terraces that would have originally made up the formal gardens and there is a sunken swimming pool from the house’s heyday. 

The grounds include mixed woodland, heathland and paddocks.

Mark Curran, from Webbers, said: ‘The house has not been occupied for at least 20 years and is a time capsule from the era of art deco.

‘The woodland and foliage has grown up around the property and offers people the possibility of a virtual blank canvas for their own preference and ideas.

‘The interior of the house could be remodelled to suit more modern tastes or enlarged.’

The property, which is in a national park, has nearly 25 acres of grounds

The property, which is in a national park, has nearly 25 acres of grounds

The house has hunting rights over a neighbouring 81 acres of woodland and stunning countryside views of Exmoor National Park

The house has hunting rights over a neighbouring 81 acres of woodland and stunning countryside views of Exmoor National Park

The owner Robert Berg said: ‘I was over in the UK for business and staying in a hotel that I really disliked, so I asked my accountant to help me find a home for when I was here.

‘I purchased the property back in 1979 and lived there permanently until 1983. I’ve used it as my holiday home ever since, until personal circumstances changed for me in recent years.

‘Unfortunately, I have not been back as often as I would have liked, so I think the time is right for me to move on and let new owners breathe life back into it. It is in need of renovation but I know it will make a truly unique home.

‘This is not a normal house; it must have been a very expensive project when it was built and it was constructed in the most perfect manner set over five slate terraces.

‘There is a swimming pool on the second terrace that is a wonderful luxury. Surrounded by woodland and beautiful trees, it offers a most welcome escape from the stresses of day-to-day life.

‘Views from the house are far reaching over scenic countryside that changes with the passing seasons.

‘Access to the property is via a private road which is about 500m long and not many people know that it’s here unless they are coming to visit.

‘I have loved my time living here, it’s been a really wonderful house, and I wish the new owners all the very best.’

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