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First-time Buyer
A first-time buyer (FTB) is a potential house buyer who has not previously purchased a residential property. The term is primarily used in the British, Irish, Canadian, and U.S. property markets, as well as other countries. Characteristics A first-time buyer is usually desirable to a seller as they do not have to sell a property, and as such will not involve a housing chain. In the US, Canada, and Australia, the average age of first-time buyers is usually around their mid-30s, while in the UK it's between 25 and 34 years old. Decision to buy a home There are many factors a first-time buyer may need to consider before purchasing their first property; how much initial cash they will need for stamp duty and any solicitors fees, and if they need to arrange a mortgage how much are they able to afford. In many countries such as United Kingdom, Canada and Australia home ownership is seen as a natural step in the life cycle and the natural form of property tenure. Canada and Au ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted Property rights (economics), property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or ''cooperative propert''y). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Ladder
The term property ladder—or housing ladder—, widely used in the United Kingdom, describes the relative differences in constant terms from cheaper to more expensive housing. According to this metaphor, an individual or a family can progress by stages from starter homes (for younger first-time buyers who are typically at the bottom of the property ladder) to move-up houses to more expensive houses that are at the top. "Getting on to the property ladder" is the process of buying one's first house and holding a place on the property market. The Oxford English Dictionary traces use of the phrase "property ladder" back to 1941 in the journal ''Eugenics''. See also *Real estate bubble * British property bubble *United States housing bubble The 2000s United States housing bubble or house price boom or 2000s housing cycle was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a Real-estate bubble, real es ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing In The Republic Of Ireland
Housing refers to a property containing one or more shelter as a living space. Housing spaces are inhabited either by individuals or a collective group of people. Housing is also referred to as a human need and human right, playing a critical role in shaping the quality of life for individuals, families, and communities. As a result, the quality and type of housing an individual or collective inhabits plays a large role in housing organization and housing policy. Overview Housing is a physical structure indented for dwelling, lodging or shelter that homes people and provides them with a place to reside. Housing includes a wide range of sub-genres from apartments and houses to temporary shelters and emergency accommodations. Access to safe, affordable, and stable housing is essential for a person to achieve optimal health, safety, and overall well-being. Housing affects economic, social, and cultural opportunities as it is directly linked to education, employment, healthca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing In The United Kingdom
Housing in the United Kingdom represents the largest non-financial asset class in the UK; its overall net value passed the £8 trillion mark in 2023. This reflects a marginal decrease of 0.3% from the previous year, yet it remains £1.585 trillion higher than levels in 2019, prior to the COVID-19 pandemic in the United Kingdom, COVID-19 pandemic.Savills. "UK housing value dips by a marginal -0.3% to £8.678 trillion." January 30, 2023. (https://www.savills.co.uk/insight-and-opinion/savills-news/356908-0/uk-housing-value-dips-by-a-marginal--0.3--to-%C2%A38.678-trillion) Housing includes modern and traditional styles. About 30% of homes are owned outright by their occupants, and a further 40% are owner-occupied on a mortgage. Around 18% are social housing in the United Kingdom, social housing of some kind, and the remaining 12% are privately rented. The UK ranks in the top half in Europe with regard to rooms per person, amenities and quality of housing. However, the cost of hous ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Mortgage And Housing Corporation
Canada Mortgage and Housing Corporation (CMHC; , SCHL) is Canada's federal crown corporation responsible for administering the ''National Housing Act'', with the mandate to improve housing and living conditions in the country.McAfee, Ann. 2013 December 16.Canada Mortgage and Housing Corporation" ''The Canadian Encyclopedia''. Historica Canada. Retrieved 1 April 2023. Originally established after World War II to help returning war veterans find housing, it has since seen its mandate expand to the mandate of improving access to housing overall. Overview The CMHC operates with a primary mandate of providing mortgage liquidity, assisting in establishing affordable housing development, and providing arms-length advice to the Government of Canada and the housing industry. The crown corporation acts as Canada's national housing agency. As such, it administers federal housing programs such as the first-time home buyer loan, acts as a mortgage insurer (primarily for high-leverage l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Help To Buy
Help to Buy is a government programme in the United Kingdom that aims to help first time buyers, and those looking to move home, purchase residential property. It was announced in Chancellor of the Exchequer George Osborne's 2013 budget speech, and was described as "the biggest government intervention in the housing market since the Right to Buy scheme" of the 1980s. It is an extension of a previous programme called FirstBuy that was aimed solely at first-time buyers. Help to Buy has itself been expanded and extended. According to a 2024 study, the programme led to an increase in housing prices without any impact on housing construction in severely supply constrained and unaffordable Greater London. Schemes Subject to restrictions, which in some cases vary by country, the types of Help to Buy scheme are: *Help to Buy: Equity Loans: Buyers contribute a 5% deposit, the government provides an equity loan for up to 20% of the property value (40% within London), and buyers must p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Time Home Buyer Grant
A first-time home buyer grant (or first home owners grant) is a grant (money), grant specifically for/targeted at those buying their first home – perhaps a starter home. Like other grants, the first-time buyer does not hold an obligation to repay the grant. In this respect, it differs from a loan and does not incur debt or interest. Grants can be given out by foundation (charity), foundations and governments. Grants to individuals are typically a cash subsidy. First time home buyer grants are typically awarded based on a few criteria, primarily financial need and income qualifications as well as never having owned a home before. However, in countries like Australia the criteria include maximum house price, that it is a new build or substantially renovated and having lived in Australia previously. Many countries and states have initiated grant programs to help lower income residents with the purchase of their first home. The United States Department of Housing and Urban Developm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Adviser
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Traditionally, banks and other lending institutions have sold their own products. As markets for mortgages have become more competitive, however, the role of the mortgage broker has become more popular. In many developed mortgage markets today, (especially in the United States, Canada, the United Kingdom, Australia, New Zealand, and Spain), mortgage brokers are the largest sellers of mortgage products for lenders. Mortgage brokers exist to find a bank or a direct lender that will be willing to make a specific loan an individual is seeking. Mortgage brokers in Canada are paid by the lender and do not charge fees for good credit applications. In the US, many mortgage brokers are regulated by their state and by the CFPB to assure compliance with banking and finance laws in the jurisdiction of the consumer. The extent of the regulation depends on the jurisdiction. Duties of a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of The United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body of the United Kingdom, and may also legislate for the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster in London. Parliament possesses legislative supremacy and thereby holds ultimate power over all other political bodies in the United Kingdom and the Overseas Territories. While Parliament is bicameral, it has three parts: the sovereign, the House of Lords, and the House of Commons. The three parts acting together to legislate may be described as the King-in-Parliament. The Crown normally acts on the advice of the prime minister, and the powers of the House of Lords are limited to only delaying legislation. The House of Commons is the elected lower chamber of Parliament, with elections to 650 single-member constituencies held at least every five years under the first-past-the-post system. By constitutional conventi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Homebuy
Equity sharing is another name for shared ownership or '' co-ownership''. It takes one property, more than one owner, and blends them to maximize profit and tax deductions. Typically, the parties find a home and buy it together as co-owners, but sometimes they join to co-own a property one of them already owns. At the end of an agreed term, they buy one another out or sell the property and split the equity. In England, equity sharing and shared ownership are not the same thing (see the United Kingdom and England sections below). Equity sharing in different countries United States Equity sharing became desirable in the United States when in 1981 Section 280A of the Internal Revenue Code allowed mixed tax use of a single property for the first time permitting the occupier to claim principal residence tax deductions and the investor to claim investment property tax deductions. Since shared ownership is conferred by the federal tax code, this ownership vehicle can be used in any s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Yvette Cooper
Yvette Cooper (born 20 March 1969) is a British politician who has served as Home Secretary since July 2024. A member of the Labour Party (UK), Labour Party, Cooper has been Member of Parliament (United Kingdom), member of parliament (MP) for Pontefract, Castleford and Knottingley, previously Normanton, Pontefract and Castleford, since 1997 United Kingdom general election, 1997. First elected to Parliament at the 1997 United Kingdom general election, 1997 general election, Cooper was a Parliamentary Under-Secretary of State in three departments under Prime Minister Tony Blair from 1999 to 2005. She was promoted to Minister of State for Housing and Planning in 2005, and was retained in the role when Gordon Brown was appointed prime minister in 2007. In 2008, she joined Brown's Cabinet of the United Kingdom, Cabinet as Chief Secretary to the Treasury, before being promoted to Secretary of State for Work and Pensions in 2009. Following Labour's defeat at the 2010 United Kingdom gene ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scottish National Party
The Scottish National Party (SNP; ) is a Scottish nationalist and social democratic party. The party holds 61 of the 129 seats in the Scottish Parliament, and holds 9 out of the 57 Scottish seats in the House of Commons of the United Kingdom, House of Commons. It is represented by 419 of the 1,227 local councillors across Scotland. The SNP supports and campaigns for Scottish independence from the United Kingdom and for Scotland's membership in the European Union, with a platform based on progressive social policies and civic nationalism. Founded in 1934 with the amalgamation of the National Party of Scotland and the Scottish Party, the party has had continuous parliamentary List of Scottish National Party MPs, representation in Westminster since Winnie Ewing won the 1967 Hamilton by-election. With the establishment of the devolved Scottish Parliament in 1999, the SNP became the second-largest party, serving two terms as the Opposition (parliamentary), opposition. The SNP gaine ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
