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First-time buyers paying over the odds

First-time buyers are so determined to buy sooner rather than later they are prepared to offer above the asking price straight away on the house they want, reveals the Yorkshire’s Housebuyers report.

More than one in four first-time buyers would put in the asking price straight away in order to secure their ideal home, while only 20% would shy away from a mortgage that took longer than 25 years to pay off.

Just two in five first-time buyers would rule out a home loan that was five x their income.

The report also found that 15% of parents have even started a home fund to try and help their children buy when they are older.

Gary Lumby, head of retail at Yorkshire, says: “With the average house price nearing £200,000, this year may feel like the last chance saloon for first-time buyers already finding it hard to buy.

“With house prices continuing to rise and very few affordable properties on the market for first-time buyers, it does seem as if many are willing to offer above the asking price straight away to fight off other buyers.

“However, buyers need to be wary of offering above the asking price straight away as a bit of bargaining could save them thousands of pounds.”

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
  • What topics you should be discussing with your pension members
  • The new pension freedoms and the importance of communicating them