Are Bexhill First Time Buyers Being Squeezed Out Of The Housing Market?

I received a very interesting letter the other day from a Bexhill resident. He declared he was a Bexhill homeowner, retired and mortgage free. He stated how unaffordable Bexhill’s rising property prices were and that he worried how the younger generation of Bexhill could ever afford to buy? He went on to ask if it was right for landlords to make money on the inability of others to buy property and if, by buying a buy to let property, Bexhill landlords are denying the younger generation the ability to in fact buy their own home.

Whilst doing my research for my many blog posts on the Bexhill Property Market, I know that a third of 25 to 30 year olds still live at home. It’s no wonder people are kicking out against buy to let landlords; as they are the greedy bad people who are cashing in on a social woe. In fact, most people believe the high increases in Bexhill’s (and the rest of the UK’s) house prices are the very reason owning a home is outside the grasp of these younger would-be property owners.

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1 in 9 Bexhill Properties are Leasehold

There are 23.4 million properties in England and Wales with 64% being owner occupied and 36% being in rented either from a private landlord, local authority or housing association.

Over nine out of ten of those English and Welsh owner-occupied properties are a whole house or bungalow. Now, most people would assume they would be freehold – however, of those renting, nearly half of rental properties, 44% to be precise, lived in other leasehold apartments and flats.

It might be wise to quickly explain the difference between freehold and leasehold. When someone owns the freehold of a property they own it outright, including the land it is built on, whilst with a leasehold property the leaseholder owns the property for the length of their lease agreement. Leaseholders must pay the person who owns land (the freeholder) ground rent and other fees. When the leasehold ends, ownership returns to the freeholder although the leaseholder can extend the lease or they can buy the freeholder out, but there are rules and regulations with regards to doing that.

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