Rental market improves as first-time buyers delay plans

Because of the continuous cost-of-living issue, around half of first-time buyers believe their chances of purchasing a home are worse than they have ever been

20% of renters believe they won`t be able to purchase until at least their forties, according to research by the Nationwide Building Society. This is a big increase from the current average age of 33 for first-time buyers. More than 84% of prospective homeowners who participated in the Society`s poll of over 1,000 said that their plans have been influenced by the expense of living. 10% of people are delaying their intentions to become homeowners by up to three years.

Almost one-third (31%) of those questioned about the largest obstacle to purchasing their first house said paying for a down payment. But that`s not the only obstacle; according to 44% of respondents, affordability is a problem. Of those who are attempting to save a deposit, over 25% of would-be homeowners have been doing so for three to five years, and 10% have been saving for six years or longer. Nevertheless, due to cost issues, more than half of the respondents (52%) now had less money each month to save for a deposit, and 29% claimed that financial strains have reduced the amount of supplementary financial support—such as from parents.

10% of dwellings in England were privately leased in 2000. This has more than doubled by 2017. This percentage decreased little to over 19.1% as of 2022, bringing the total number of privately leased homes in the UK to just over 4.6 million. The UK population is growing faster than anticipated, according to current figures, which is more intriguing and will probably result in an increase in the number of renters looking for rental properties.

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Sellers standing firm on asking prices

Many sellers are holding off on lowering their asking prices until the warmer weeks

Despite a somewhat slow start to the spring market compared to previous years, which has taken a little more time to kick in than usual, it has been reported that numerous sellers are already less open to price adjustments ahead of the up-and-coming warmer months. Industry experts have reported that an 11% drop has been observed in the number of sellers who were willing to lower their asking price.

These findings are supported by Nationwide’s March House Price Index, which stated that London was the only location in the country that saw property prices increase over the past three months by 1.6%. Due to homeowners delaying their sale, according to many agents the number of available properties increased by just 2% in March over February.

Spring traditionally brings with it a higher number of home seekers, which benefits sellers by improving the market. Most owners have been waiting for the Easter break to conclude before listing their homes for sale in order to attract as much attention as possible. As a result, we anticipate that for the next several weeks, the spring market will realise its full potential. Demand will continue to exceed supply, even though we anticipate seeing more sellers post in the upcoming weeks. This means that buyers will face intense competition and even less opportunity to haggle over prices.

Sellers may benefit from not lowering their asking prices for certain reasons. Firstly, families like to relocate during the summer months when the kids are on school holidays, therefore demand tends to rise during such times. Also, with gardens in blossom and an abundance of natural light, homes are frequently shown in their finest light throughout the spring and summer, which may help to justify higher costs.

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Films and live shows near Rugby

The show must go on, and there’s plenty of them to choose from in your local area

We all need entertainment in our lives from time to time, and there is plenty of it out at the moment to provide us with just that, and that includes the theatre and live shows. Shows and films are a great way to bring families and couples together, so here are our top picks of cinema and live shows for you to visit in your local area in the near future.

FILM: Challengers
Her spouse was a terrible tennis player before Tashi, a former player turned coach, converted him into a world-renowned grand slam champion. She forces him to compete in a challenger event, which is akin to the lowest tier of competition on the pro tour, in an attempt to shake him out of his current losing run. When he finds himself across the net from his former best buddy and Tashi`s ex-boyfriend, Patrick—who was once promising but is now burned out—tensions quickly rise.
UK release date: 26th April
Address of your local cinema: Junction One, Rugby. CV21 1RW
www.cineworld.co.uk/cinemas/rugby/

SHOW: Grease The Musical
From the Belgrade Theatre website:
After a whirlwind summer romance, leather-clad greaser Danny and girl-next-door Sandy are unexpectedly reunited when she transfers to Rydell High. But can they survive the trials and tribulations and find true love once more?
Date: Thu 23 – Sun 26 May
Location: Belgrade Theatre, Belgrade Square, Coventry. CV1 1GS
https://www.belgrade.co.uk/events/grease-the-musical/

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