Six years to save for first time buyers
Nearly one in four first-time buyers think they will have to save for six years to set aside enough money for a housing deposit, a survey shows.
The average first-time buyers takes three and a half years to save a typical deposit of £22,800 for a first home, but 23 per cent think it will take them at least six years.
Just 19 per cent of people think they will be able to pull together the money they need to get on to the property ladder in a year.
Many first-time buyers are looking for a ways to boost their income to help them save quicker, with 30 percent taking on second jobs, and 28 per cent investing in stocks and shares in the hope of getting higher returns.
First-time buyers have previously been able to take out 100 per cent, or even 125 per cent mortgages, removing the need to save for a deposit.
But since the credit crunch hit and lenders became more risk averse, all 125 per cent deals have been pulled, while only a handful of 100 per cent loans remain.
Meanwhile, lenders are asking for increasingly large deposits, with some now demanding at least 10 per cent , and others, such as Nationwide, only offering their best rates to customers borrowing 75 per cent of less, of the value of their property.
Bill hike leaves homeowners out of pocket
Consumers faced a gloomy day as a host of above-inflation hikes in household bills and taxes came in to force.
The first day of April saw rises in water bills, council tax, TV licence fees, and road tax, while the recently announced price rises for customers of Scottish and Southern Energy also came into effect.
People who get their gas and electricity from Scottish and Southern Energy will see a 15 per cent jump in the cost of the energy they use, raising average annual bills for dual fuel customers from £875 to £1,006.
All other five major energy providers raised their rates by an average of 15 per cent.
Water and sewerage bills for customers in England and Wales rose by an average of six per cent, more than double the current rate of inflation of 2.5 per cent, while consumers in some areas will see leaps of around eight per cent.
The move will add around £18 a year to the average bill for water and sewerage, increasing it to £330.
Council tax bills in England are rising by around four per cent this year, increasing from £1,101 to £1,146, with people in and average Band D property seeing their bill rise from 1,321 to £1,374.
At the same time, the TV licence fee is going up by around three percent to £139.5 for a colour television, and £47 for a black and white one.
Overall, combined changes will cost the average household around £203 a year, if they get their energy from Scottish and Southern.
Poor quality new-build
A research conducted by Commission for Architecture and the Built Environment shows 20 per cent of new homes built in the UK in the last five years were of such poor quality, they should have been denied planning permission.
The problems include homes being close to major roads, having poor access to neighbours, and space not safe for children to play outside, as well as properties being isolated.
Most newly built homes had an average of 60 snags (defects in the structure and finish of the building) such as shoddy paintwork and plastering, faulty fixtures and fittings, and overall poor design.
And three million new homes will be created over the next 12 years, for homes, VAT on refurbishment work is same as all other crippling 17.5 per cent.