No matter how old or young you are, it’s never too early or too late to make decisions about your pension savings. For impartial (more…)
Bank of England forecasts increased inflation rise
The Bank of England published its Inflation Report in May, revising its forecast to a higher figure than three months ago. (more…)
General election delays cut to pension annual allowance
People who have already withdrawn some of their pension savings can currently contribute a maximum of £10,000. This was due to be cut to £4,000 in April as part of the government’s Finance Bill, but this (more…)
How can independent financial advice help my growth plan?
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UK economy sees growth slowdown
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British economy forecast to grow above expectations
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Wirral house prices see 6% rise
According to the Office for National Statistics, home prices in the Wirral have increased by 6% over the last year.
The average home in the Wirral area is now worth £152,416, which is almost £9,000 higher than a year ago.
The average house price rise in the UK over the last year is 5.8% which makes the Wirral area slightly above the national average.
House prices on the peninsula are still some way behind those in London, where the average home costs £475,000. In the London boroughs of Kensington and Chelsea, the average house costs a huge £1.4m.
The house price rise is good news for Wirral residents who already own their own home, but means that people who want to buy their first home will need to save longer for a deposit.
Fortunately for first-time buyers in the Wirral area, there are affordable housing schemes for both new and old properties which allow houses to be purchased at below market prices.
If you own your home, you can take advantage of your house price rise by remortgaging the property. This can be done to release equity tied up in your home, or you can remortgage for a mortgage at lower interest rate in order to reduce your mortgage payments. There are also lifetime mortgages and home reversion schemes that enable you to access the money tied up in your house.
For help about all types of property finance, talk to Endeavour Financial Planning – your first choice for independent financial advisors based in the Wirral.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Sources used: http://www.wirralglobe.co.uk/news/15219502.Official_figures_show_house_prices_have_risen_by_6__in_Wirral/ https://www.moneyadviceservice.org.uk/en/articles/equity-release http://www.ownplace.org/affordable-housing-scheme/
