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LawStore Conveyancing based in Bromley, Kent offers straightforward and jargon free advice when it comes to buying a property or selling your home. LawStore Conveyancing uses a panel firm of solicitors who are all members of the Law Society Conveyancing Quality Scheme (CQS), ensuring that they meet the high standards set by the Law Society. Our property law solicitors will adopt the best course of action tailored to suit you, ensuring that your transaction runs as quickly and efficiently as possible.

LawStore Conveyancing also offers peace of mind with a NO SALE NO FEE policy. They also understand house stressful buying a selling a property can be. So whether you are a first time buyer, a property developer, a landlord or a business trying to secure a commercial property LawStore Conveyancing can help you!

In addition to this, lawstore conveyancing provides a FREE no obligation conveyaning quote online. They also offer price match guarantee, so if you find a comparable quote elsewhere, they will either match it or beat it!

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Parents start to dig deep as young buyers feel the squeeze.

The National Association of Estate Agents (NAEA) has reported that in June alone the market witnessed a 20% fall in the number of first time buyers. This is a 5% decrease on Mays figure and the lowest level recorded since May 2013. The report conducted on those aged between 18 to 30 years showed a definite first time buyer struggle as they represented only 3% of all house sales in June of this year, the lowest percentage ever recorded by the NAEA to date.

The managing director of NAEA has argued that “things are getting even tougher for first time buyers. Not only do they have to stump up ridiculously large sums of money in terms of deposits and stamp…but new rules mean buyers will also have to prove they can easily afford the repayments now and in the future…” As a result many young buyers are turning to the bank of mum and dad to get on the property ladder. 

Buying a first home with the help of mum and dad is continuing to play an important role in aiding the purchase of their child’s first home. A study from Santander Mortgages has revealed that current homeowners have received on average approximately 49% of their deposit from their own parents or their partner’s parents. Further results showed that 68% of parents providing money towards a deposit will not receive anything in return as it was intended as a gift.

In addition to this almost 3 in 10 (29%) who received money from their parents were given it as an equivalent of an interest-free loan whilst only 3% contributed towards their child’s deposit as an investment. And for those that are yet to purchase their first home, the average amount children look to receive from their parents is £17,900. An estimated 34% of parents who have children will contribute money towards a deposit in order to help them on to the property ladder.

If you are a first time buyer looking to get your foot on the property ladder but find the prospect of entering the market daunting, LawStore Conveyancing can help you. LawStore Conveyancing offers expert and sound advice to those looking to buy or sell a property. Our on-board solicitors provide all the legal knowledge and support you need to keep you house move on track. To find out more or to get a free instant online conveyancing quote then visit us online today. Or simply call us on 0845 603 6544.

Pay double to rent in the capital

Those renting in London are paying twice the amount than other tenants across the rest of Britain. The average monthly rent in the capital has hit £1,412 compared to just £694 in the rest of the country. In a report which compares rent prices to tenant incomes, the North-east of England, Scotland and Wales were said to be at the most affordable level. In London, the average tenant spends around 45% of their annual income in order to stay in rented accommodation.

According to the HomeLet Rental Index, 10 out of 12 regions in Britain are experiencing a rise in rental prices. Those in both the South-west and South-east are also feeling the squeeze after paying 39% and 34% of their yearly income on rent. While some argue that the average wage in London is much higher than other areas throughout the UK, the ability to afford rent is still at a tight squeeze. The chief executive of Barbon Insurance, Martin Totty has argued that “for a rental property to be affordable, a tenant’s gross income must be at least 2.5 times his or her annual rent. Our data shows that rents in London have pushed beyond that”. 

The table below shows the average monthly and yearly rental prices across the UK in comparison to the average income and % of income used from salary to pay for rent based on location.

RENT PRICES	MONTHLY	ANNUALLY	TENANTS INCOME	% OF INCOME
Greater London	£1,412	£16,944	£37,800	45%
East Anglia	£781	£9,372	£28,900	34%
Wales	£584	£7,008	£24,300	29%
South-west	£813	£9,756	£24,900	39%
South-east	£863	£10,356	£30,300	34%
West Midlands	£625	£7,500	£23,400	32%
North-west	£665	£7,980	£24,100	33%
Yorkshire & Humber	£600	£7,200	£22,700	32%
N Ireland	£567	£6,804	£23,800	29%
East Midlands	£579	£6,948	£23,300	30%
North-east	£507	£6,084	£22,700	27%
Scotland	£578	£6,936	£24,200	29%

 

So is there any way you can get cheaper rent? 

Although it may not seem possible but there are several things you can do to negotiate a cheaper rent.

ü   

    - Do your homework and see how long the property has been on the market for.

ü   - Check out what prices the other homes in the area are renting for.

ü   - It’s always good to sell yourself; other references will help show that you have a good credit rating.

Remember; the more information you have the easier it is to strike up a deal. In addition to this, you can also offer to sign a longer lease for less rent because it actually costs the landlord money when a tenant decides to move out. Therefore, the longer your stay, the more appealing your offer as you offer both stability and a regular income. 

If you are a tenant and you are facing some legal issues with your landlord contact us today for straightforward and jargon-free advice. Also, if you are thinking of buying a property and leaving your rented accommodation behind visit us online for more information and advice. A free instant online conveyancing quote is also available here.