News & Updates | Page 18 of 34

Even though the average value of a Rugeley first-time buyer property has risen by 311.4% since 1989 to £198,880, the monthly payments Rugeley first-time buyers must make on their mortgages as a proportion of their take-home pay is 40.7% less today compared to 1989. Today, according to the Nationwide Building Society… the average Rugeley first-time buyer only needs to pay out 28.5% of their household take-home pay on their mortgage payments, compared to 48% in 1989 (i.e., just over two fifths less).

74.8% of Rugeley Properties Were Bought With a Mortgage in the Last Ten Years Many Rugeley homeowners and landlords have been contacting me recently and asking what will happen to the Rugeley (and the UK) property market? More specifically, will we have a repeat of the 2008/9 Credit Crunch property crash? High mortgage payments were one of the critical catalysts to Rugeley house prices dropping by between 16% and 19% (depending on the type of property) in just over one year in Rugeley. To answer that question, let me look at the mortgage numbers locally to see where we stand in the Rugeley area.  

30.9% of Rugeley Property Sellers Reduce Their Asking Prices as the Property Market Equilibrium Starts to Return   56 of the 181 properties on the market in the Rugeley area have had a price reduction in the last 3 months. The average reduction has been 4.4% of the original asking price. This is great news for Rugeley home buyers and Rugeley buy-to-let landlords, strangely Rugeley house sellers as well.

  The rate of house price growth has started to ease with a reduction in the number of properties that will sell in Rugeley in the coming 12 to 18 months. Yet, rising interest rates and the cost-of-living issues won't knock everybody out of the property market and there shouldn't be a housing bubble for two vital reasons.