{"id":7115,"date":"2022-08-01T12:15:21","date_gmt":"2022-08-01T11:15:21","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=7115"},"modified":"2022-07-20T11:34:17","modified_gmt":"2022-07-20T10:34:17","slug":"home-finance-in-the-news-4","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/08\/01\/home-finance-in-the-news-4\/","title":{"rendered":"Home Finance &#8211; In the news"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The great\nbungalow shortage<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Demand for\nbungalows has increased over 60% in 2022<sup>1<\/sup>, while supply has\nflattened, meaning prices for single storey properties has risen at double the\nmarket rate in some areas. Popular because of their large gardens and potential\nto extend, families are now keen to make offers, debunking the myth that only\nolder generations favour single storey-living. Downsizers are now becoming\nembroiled in fierce competition for bungalows with all other demographics.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>\u00a324 per day\nFTB house price rise<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Between 2016\nand 2021, house prices for first time properties increased by almost \u00a324 per\nday \u2013 a faster rate than the overall housing market<sup>2<\/sup>. On average\nFTBs are spending \u00a3223,751 on their first property and need to save \u00a343,623\nmore than they did in 2016 to secure their first home. This leaves a sizable\ndeficit when you consider the average salary of a thirtysomething (the decade\nthat most people buy their first property) rose by just 10% over the same\nfive-year period.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Dan Simson of\nDirect Line commented on the findings, <em>\u201cThe rate at which FTB prices have\nbeen increasing is frankly frightening. However, this generation of property\nowners are facing the challenge of dramatically increasing property prices in\ntraditionally popular areas such as London and instead are buying in places\nthat are less well-known. We may see an even more dramatic emergence of these\n\u2018young towns &amp; cities\u2019 with the increasing prevalence of remote working\nthat enables people to be far more flexible as to where they live. Given the\ncommitment people need to make to get on the property ladder, it is vital they\nprotect their investment with insurance<\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><em>should the\nworst happen.\u201d<\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Zoopla, 2022<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>2<\/sup>Direct\nLine, 2022<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>As a\nmortgage is secured against your home or property, it could be repossessed if\nyou do not keep up mortgage repayments. Equity release may require a lifetime\nmortgage or a home reversion plan. To understand the features and risks, ask\nfor a personalised illustration.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The great bungalow shortage Demand for bungalows has increased over 60% in 20221, while supply has flattened, meaning prices for single storey properties has risen at double the market rate in some areas. Popular because of their large gardens and potential to extend, families are now keen to make offers, debunking the myth that only [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":7116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7115"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=7115"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7115\/revisions"}],"predecessor-version":[{"id":7117,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7115\/revisions\/7117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7116"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7115"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}