Even though the average value of a Hitchin first-time buyer property has risen by 265.7% since 1989 to £399,910, the monthly payments Hitchin first-time buyers must make on their mortgages as a proportion of their take-home pay is 40.1% less today compared to 1989. Today, according to the Nationwide Building Society … the average Hitchin first-time buyer only needs to pay out 33.3% of their household take-home pay on their mortgage payments, compared to 55.6% in 1989...
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“Tell me what is happening to the Hitchin property market”, asked the friend of a friend at a recent do I went to in Hitchin (after finding out I was an agent in Hitchin). I always reply, “It depends if you are buying, selling or both”. The Hitchin property market is like a seesaw. For the last two years, it has been quite firmly in the realms of a 90% seller's/10% buyer's market. However, unless you are a...
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The total value of homes owned by Baby Boomers in Hitchin alone is £2,350,795,358 – and two-thirds of the Hitchin Millennials are set to inherit all that in the next few decades! Could this be the answer to the housing crisis? Could Hitchin Millennials live it up for the next few decades, safe in the knowledge they will get a huge lump sum to pay off their debts and buy a house with what is left? Before I...
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