The Charisma of Crewe

Crewe is a lively market town in the heart of Cheshire best known for its large railway junction as well as its connections with the motor industry as the town boasts being the historic home of Rolls Royce and current home of Bentley Motors.

The rail junction at Crewe was selected more than 100 years ago as it was perfectly located between influential centres of Manchester and Liverpool, yet had excellent access to the rest of the country.  The strength of its location remains one of its key attractions today.

London is only 90 minutes away by train while Manchester and Liverpool are less than 30mins. The town has also been selected as a key hub for the new HS2 project, making London and continental Europe even more accessible.  Since the announced arrival of HS2 into the area, the Council predicts that there could be a 40% increase in the average prices of homes in the area by the time the new station is built.

The market has also been quick to react with homes getting snapped up more quickly and the town being cited as one of the UK’s hotspots for property where the average time it takes to sell a property has been cut from 104 days in January 2015 to just 66 days in January 2016.

The town is not all about investment and infrastructure as it also boasts easy access to the Welsh border and Peak District for those who enjoy exploring the great outdoors.  Closer to home the southern Cheshire border takes you into Staffordshire and Shropshire, both renowned for their beautiful countryside and quaint towns.

Crewe is also proving popular with families due to its good schools and local amenities.  Whether you want to delve into Cheshire’s history and heritage at one of the many museums nearby or maybe a stroll around one of Cheshire’s stunning gardens located only minutes away.  For the cultured, the Lyceum Theatre offers great entertainment with numerous shows and musicals.

For those seeking some greenery and tranquillity, Queens Park offers both.  An ornamental lake takes central focus with boating available during the summer months.  It also offers a children’s play area, outdoor gym and a boules green.  Betley Farmers Market takes place once a month selling local produce, deli stalls, craft, jewellery and stationery, local cakes pies and preserves.

So if you’re looking to live or invest into property in South Cheshire, Crewe with its transport links, excellent amenities and inward investment is an increasingly popular choice.

Freedom or Finances?

The decision faced by many young adults today seems to be whether they would prefer to live independently in a rented house or to sacrifice the freedom and stay at home in order to save costs and secure enough money for a deposit to buy their own home?

The issue arises again after recent headlines claim that if you live in England you are less likely to own your own home than at any other time since the 1980’s. Perhaps the most shocking aspect about the statement from think tank Resolution Foundation is that it doesn’t just apply London, but all over the UK.

So, what do the figures say? In 2003, the percentage of people buying their own homes in Manchester was at 72%, that figure has now fallen to 58%.

This begs the question, how have we got to this situation?  Many aspects contribute to this fall in property ownership such as a general lack in supply, a rise in property prices and a tightening of lending and a subsequent need for higher deposits when purchasing a home.

Perhaps the most significant reason for the fall in home ownership could be the drop in wages across the UK.  Recent analysis by the TUC found that between 2007 and 2015 wages in the UK fell in real terms by 10.4%, a drop only equalled by Greece.

If young couples don’t fancy boarding with mum and dad their only other option is to house share with other couples or rent.  There are however some benefits of renting; the freedom, independence and a real-life exercise in how to improve your credit rating and preparing your finances for owning a home.

Some people are lucky enough to be in a position to receive financial support from parents or grandparents where a lump sum is given or lent helping people achieve the all-important deposit.  Repayment terms to family members can be managed from the cost saved between the mortgage repayments and what would normally have been paid out in rent.

Another option is the Government’s Help to Buy equity loan. The scheme requires you to provide only 5% of the deposit required for the property with the government providing up to 20% of the remainder.  This allows the purchaser to only need to secure a 75% percent mortgage.

There are also schemes to aid you saving for a deposit like the Help to Buy ISA, where the Government will boost your savings by 25%.  So, for every £200 you save you will receive a government bonus of £50 up to £3000.

There are definitely ways and means of saving effectively for a deposit to get on the housing ladder, however the amounts that can be saved depend on an individual’s preference between freedom or finances?

Whatever is option is chosen, the decision lies with the young person seeking to buy their own home. Both routes should eventually lead to having enough savings for that all-important deposit, but the rental route may just take you a little longer with the advantage of learning some valuable budgeting skills along the way.

To find out more about the property market in your area, speak to the Wright Marshall team who have a network of estate agents across Cheshire, Shropshire and Derbyshire.  The team is on hand to provide you with a complete range of property services from residential sales through to valuations, auctions as well as rentals.