The number of mortgages taken out for house purchases dropped by 14% in July, the latest figures from mortgage lenders show, as the housing market slowed down around the time of the EU referendum vote. A total of 58,100 loans were taken out by first-time buyers and movers during the month, worth a combined £10.6bn. The number was down 14% on June’s figure, while the value was 13% lower. July’s fall in activity followed a 26% increase in new mortgages in June.
A nouveau country kitchen just outside Chicago stacked its elegantly exposed plates against the sleek lines of a kitchen with Manhattan views. A beachy bedroom with a sliding glass wall gave its all. And an opulent bathroom in Connecticut that would have made the Romans proud flexed its soaking tub and vast countertops.
First-time buyers made up 32 percent of all home buyers, down from 33 percent last year.The typical buyer was 44 years old, and had a median household income of $86,100.Sixty-seven percent of recent buyers were married couples, 15 percent were single females, nine percent were single males, and seven percent were unmarried couples.Thirteen percent of home buyers purchased a multi-generational home to take care of ageing parents, for cost savings, and because children over the age of 18 are moving back home.Ninety percent of recent home buyers identified as heterosexual, three percent as gay or lesbian, one percent as bi-sexual, and seven percent preferred not to answer.Eighteen percent of recent home buyers are veterans and three percent are active-duty service members.At 30 percent, the primary reason for purchasing a home was the desire to own a home of their own.
Real estate represents a significant portion of most people's wealth, and this is especially true for many homeowners in the United States. The average American has nearly one-third of his or her tied up in real estate, translating to a valuation of nearly $20 trillion dollars for the entire market. The size and scale of the real estate market make it an attractive and sector for many investors. T his article will look at some of the main factors that affect the real estate market and the variety of investments available.