In the News – Home Finance
Investing in your garden
It seems that gardens have become more important to UK homeowners during the pandemic1, with 58% saying that their garden has become more of a priority, resulting in a willingness to spend considerably more on their outdoor space. Just 12% of homeowners normally spend more than £600 on their garden each year; this figure increased to 22% in 2020, and 27% say they plan to spend more than £600 in 2021.
The most (and least) profitable BTL locations
The average annual return from buy-to-let (BTL) properties in the UK is reported to be around 5%, but this can vary considerably, depending on which locality you choose for your BTL. The top 10 places to invest in a rental property are reported to be: Sunderland, Blackburn, Durham, Blackpool, Oldham, Cleveland, Liverpool, Wigan, Bolton and Manchester. Languishing in the bottom spots for BTL profitability are West and North West London, St Albans, Hereford, Bromley, Cambridge, Dorchester and Slough.
Antisocial neighbours prompt many to move
The trend for more outdoor space, escaping the city and moving to more spacious homes aren’t the only reasons prompting homebuyers to move. Another contributing factor has been a desire to move away from noisy or messy neighbours, reported by 28% of recent homebuyers2 when they were asked the reasons for leaving their previous home. Neighbour annoyance is likely to have been exacerbated by lockdown, as more time spent at home means more time with neighbours getting on our nerves.
2Yes Homebuyers, 2021
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.