Latest Property News
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The Frome Baby Boomer Housing Paradox: Wealth in Property, But Nowhere to Go
For decades, baby boomers in the UK have been the quiet beneficiaries of a housing market that has worked in their favour. Rising property prices and a growing housing shortage have pushed home values sky-high, giving this generation substantial equity in their homes. However, as more and more boomers enter retirement age, a new reality sets in, and the properties they need for this next stage of life are almost impossible to find.
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Average 5 Year Mortgage Rates in the UK
The graphic illustrates the average five-year fixed mortgage rate in the UK from 2000 to 2024. While there has been a noticeable rise in mortgage rates over the past couple of years, it’s worth highlighting that today’s rates are still significantly below the peaks we witnessed in the early 2000s and during the financial crisis. This perspective is essential for homeowners and buyers in Frome to consider.
For local property buyers and sellers, these shifts in mortgage rates have a direct impact. Higher rates can tighten affordability for buyers, while sellers may see some softening in demand. However, compared to historic highs, today's rates remain competitive, and well-prepared buyers can still secure favourable deals with the right guidance.
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Average Change in Rents in the Last 5 Years
The map illustrates the average change in rental values across different areas of Frome ]over the last five years. It highlights a clear trend of rising rental demand and prices, underscoring the shifting dynamics in Frome's property market and shows varied changes, providing landlords with an insight into their specific neighbourhood's performance.
Understanding these trends is crucial for landlords to ensure they are maximising their property's rental potential. The last five years have seen unprecedented challenges and opportunities in the rental market, and staying informed can make all the difference in maintaining or increasing returns on your investment.
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Frome’s Ageing Population Turning to Rentals: What it Means for Landlords.
Recent figures from the Office for National Statistics reveal that across the UK, 486,795 households are occupied by individuals aged 65 (and over) who live in a private rental sector home. This represents that 6.71% of all OAP’s now renting privately.
Ten years ago, only 267,704 households were occupied by individuals aged 65 (and over) that lived in private rental sector home, (which represented just 4.39% of all older adults).
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£ per square foot November 2024
Welcome back to news of Frome's property market, where each week we bring you different local property market stats and trends. This week we are back again with the November's £/sq.ft statistics.
The average property presently in Frome is on the market for £358 per square foot, a figure representing the current heartbeat of Frome's property market.
