First-time buyers hit six year high and mortgage defaults plummet as property prices soar again

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‘Prices continue to rise but not as robustly as in the past few months, suggesting fears of a house price bubble are overstated.

‘A bubble implies that people are buying anything at any price and they aren’t. Buyers are being selective and sellers who are set on a certain price with little regard to what the market thinks the property is worth are struggling to sell.’

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The generation that can’t afford to move out: 20% more young adults stuck with mum and dad as house prices soar

 

Nicholas Ayre of UK buying agents, Home Fusion, said that the ONS figures, ‘say all you need to know about the property market and economy – they’re broken. Property ownership is a pipe dream for the majority of today’s young adults while rents are at astronomical levels. Renting was once the default option for people who were saving to own their own homes. Now it’s a luxury. For a huge number of today’s young people, the only option, quite clearly, is to live with their parents.’

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House prices back in the red for the first time in six months as stamp duty hangover hits

 

Nicholas Ayre, director of home buying agents, Home Fusion, said the fractured property market is seeing prices in popular areas supported by a shortage of stock, while elsewhere suffers. He said: ‘Annual prices are back in the red for the first time in six months but, hand on heart, that’s probably where they belong.

“It’s a fair assessment that overall prices will move sideways and modestly lower over the course of the next year. But as ever, certain areas will defy economic conditions and prove robust, while other areas will go into freefall.’

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Nationwide: House prices rise in February, but first-time buyer rush now may bring a property chill later

Nicholas Ayre, director, UK buying agents Home Fusion, said headline house price figures mask the real two-tier nature of the property market, with a substantial divide between have and have-not areas. He said: ‘Average prices are also being boosted by the more sought-after properties that are the only ones being sold right now. For just another property on just another street the picture is altogether different.

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Trust in Chelsea: Spending Daddy’s money is not the only way to buy into London’s SW3

A trust fund clearly offers an advantage when it comes to buying into the Chelsea lifestyle. However, says Nicholas Ayre of buying agent Home Fusion: ‘If you are prepared to compromise, a budget of £300,000 is realistic.’

Indeed, Chesterton Humberts is selling a studio apartment in Sloane Avenue, SW3 on the fourth floor of a mansion block. It offers an address with cachet, 24-hour concierge and is on the market for £249,950. However, says Ayre, given that property sells at £2,000-£6,000 a square foot in SW3, this is all about trading space for location.

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