Millions give up on home ownership as house prices soar

Middle class families are giving up their dreams of home ownership as soaring costs and a lack of supply price millions out of the property market, according to Bank of England research.

The Bank’s annual survey of household finances revealed that just under half of all families who don’t already own their own home believe they will never get on the housing ladder.

This represents around 4.5m households and compares with 32pc who said they were confident of buying.

The figures, which were buried in the depths of the Bank’s survey, showed many middle class families also believe home ownership is out of reach, highlighting the depths of Britain’s housing crisis.

Analysis by the Resolution Foundation showed that a quarter of Britain’s richest households – earning an average of £60,000 a year after taxes and benefits – believed they would never get on the ladder, while a third of families in the second fifth of households also said they were likely to remain tenants.

Must-ask questions when hiring a real estate agent

If you are someone who does not have much knowledge about the property market and you are thinking of selling a property, it is always recommended that you work with a real estate agent. Whether your main goal is to maximize sale or get a buyer as soon as possible without risking the cost of your property, hiring a real estate agent will help you get the best possible deal. However, with the growing number of real estate agents in the market, choosing the best agent can be extremely tricky. That is why an interview is very important. But how will you know if the person is the best agent for you?

Asking the right questions will help you get the best real estate agent. Just make sure that you ask these four questions during the initial meeting. We asked our local estate agent, Howce, their most commonly asked questions;

  1. How long have you been doing this?

Knowing how long the person is in the business is important. The longer they have been doing what they do tells us that they can do the job. The longer the period, the better the chances you will have of getting the best deal you can ever have.

  1. Have you sold properties similar to mine?

It is very critical that you hire the agent who has already sold properties like yours. There are different markets for different types of properties so you have to choose the agent who knows how much of a market there is for the property you are selling and what are the necessary strategies to employ to make sure that prospect buyers see it is available.

  1. How much will it sell for?

The agent you should be hiring must be someone who knows the worth of your property in the area. Do not, however, fall for a certain figure quoted to you when the agent has not inspected the property yet. You better talk to someone else because to determine the price of your property takes more than just one visit.

  1. Do you have references?

Anyone can just make a claim about their accomplishments but you have the option to make sure what they are claiming is true. Having a list of some references will help you determine that. Good real estate agents would always have happy customers satisfied with the service they offered and so they should be able to provide you a list of references.