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How Homebuyers Can Save As Prices Rise

According to data from the UK House Price Index, the average price of a house in the UK has risen (from September 2018 to 2019) by 1.3%. It doesn’t seem like much, but it is an average rise of £3,400 in just a year. Rises like this can make it harder for the average person to get themselves in a position to save for a new home.

And when it is taking over a year to sell a home in Central London, those on both sides on the house buying journey need to be clued in on ways to save in the long-term. In this short post, we’ll be looking at some ways those in the UK can help save when investing in property, from ISA control to the not so glamorous return of PPI.

Saving with an ISA investment

ISAs get brushed under the rug as a long-term investment idea, but it is silently regaining its reputation as a reputable investment idea. ISA firm Scottish Friendly recently reported that stocks and shares ISAs rose 27% last year, with many people copping on that you’ll have a better chance of a higher return when placing investments in the markets as opposed to a Cash ISA.

With the way markets are flipping around every day, an ISA tied to stocks may be something to keep an eye on, especially considering the fact that (again according to Scottish Friendly) those who invested in Cash ISAs in 1999 would’ve collectively been £127 billion better off had they invested in stocks.

Homebuyers can self-evaluate (and more) for free

The wonderful world of asking estate agents endless questions can get tedious, especially when many people don’t know there are free tools online that can help you better understand everything from house prices to market forecasts.

Here on the blog, you’ll see posts like these that give you an idea of what the likes of Zoopla, Rightmove and Halifax all think the status of the House Price Index is right now. It’s the simplest way of seeing what the major players make of the market.

Current homeowners thinking of selling and moving elsewhere don’t always need to wait on a full evaluation to get the balling rolling. Using free resources like the Land Registry (in England) or the Registers of Scotland, you’ll be able to use your postcode to see what any property recently sold for; although you won’t get an idea of what exactly was sold (house type or flat) without knowing where the address corresponds to.

PPI is back (for some of us)

Knowing there’s a little left in the piggy bank, even after it’s been emptied, is always a surprise. For anyone out there who took out PPI with Nationwide, there’s a slim chance you could still be owed well after the deadline has passed.

Roughly 7,000 people who were a mixture of credit card customers and Lifestyle Protection customers didn’t get the correct information with annual statements, and that means they are still owed the money – which Nationwide has to pay out.

If you, or someone you know, falls in that category and would benefit from putting it towards their mortgage or saving for a property, have a good check and see.

Make sure credit isn’t sought before buying

In the lead up to a purchase, you can feel like you’re on tenterhooks to have a sale go through. For anyone getting ready to buy, make sure any form of credit isn’t taken out as doing so can have a knock-on effect when you’re being run through the credit score gamut.

Forms of credit can include anything from a short term loan to contract, and even if you simply look up something like a new mobile phone contract and don’t follow through, it still goes on your credit score record.

Want to read more articles on how to be a savvy homebuyer?

Check out all the posts on our news section here.

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