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Mark
Robertson, an independent financial advisor said: "The average
property price in Oxford at present is £170,000 for a two-bedroom
house."
 The
majority of mortgage lenders would expect you to be earning
£46,000 for a single income and £58,000 for a combined
income. |
| Mark
Robertson, Financial Analyst with Chadney Bulgin |
According
to Mark, the later you leave purchasing a property, the more income
is required when you do finally purchase - "it's a case of
escalating prices putting people out of reach of properties."
For
those who don't have a deposit and insist on a 100% mortgage, Mark
warns: "If property prices were to go down, it's more likely
you'll be in a negative equity situation sooner than someone else
who took the time create a deposit."
However,
if house prices continue to rise, the issue arises as to whether
you can save more than the house prices increase by: "The
later you leave it, the more income that will be required for a
deposit later on."
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Mark
recommends:
1. Save as much as your budget will allow and place it in
a bank account.
2. Be careful about taking out a 100% mortgage. These
mortgages can mean less choice of lenders which in turn can
mean less choice of products and higher monthly payments.
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| Mark
Robertson, Financial Analyst with Chadney Bulgin |
To
make matters worse, there's a serious lack of housing in Oxfordshire
that is causing a huge demand for properties. In fact, back gardens
in Oxford are now being considered as sites for new homes.
About
4,000 new homes need to be built in Oxford City over the next 15
years to cope with demand. The pressure is on to find land than
can be built upon. Hill Top Road has been earmarked for further
development.
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