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Lots of New HomeOwners In Over Their Heads

02/10/08

Permalink 11:07:39 am, by Rick Hendershot Email , 181 words   English (CA)
Categories: General

Lots of New HomeOwners In Over Their Heads

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First Time Buyers 'Face Financial Strain' - by Mark Dawson

New homeowners are increasingly struggling with their finances, new research indicates. In an accessibility index conducted by the Royal Institution of Chartered Surveyors (Rics), it is claimed that the cost of becoming a home purchaser in Britain has surged by 351 per cent since its most affordable point in 1996. The institution pointed out that a first-time buyer couple who are both on lower-quartile earnings (about 26,595 pounds after taxes) would have to save up over a year's take home pay to afford the up-front buying costs. With the likes of stamp duty, fees and a down payment on a property coming to 27,729 pounds, it was suggested that consumers will have to save up the equivalent of 104 per cent of an annual salary to meet such expenses. The institution pointed out that such a figure indicates a "substantial rise" from the low point of 23 per cent recorded 12 years ago...

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Real Estate information for home buyers and home sellers, real estate investors, real estate agents, real estate brokers. Tips on choosing an agent, setting the correct price, making the right kind of offer, FSBO (For Sale By Owner), legal matters, mortgage information, and much more.

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