The Know Daily - Monday 22 April 2024

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A very nice story this Earth Day: letting grass grow longer could almost double the number of butterflies in your garden! A new six-year analysis of butterfly sightings in British backyards has provided the first scientific evidence that wilder lawns encourage butterflies to thrive - throwing weight behind campaigns such as #NoMowMay. 

🏡 The cost of buying

Becoming a first-time buyer is the most expensive it has been in decades, according to a new report for the Building Societies Association (BSA).

Go on…
The report - written by housing market analyst Neal Hudson - found that while the cost of raising a deposit has been difficult for some time, recent increases in mortgage rates have made it even harder for first-time buyers. Soaring rental prices were also cited as a factor.

So how are most first-time buyers doing it?
By having two above-average incomes or receiving financial support from their parents, according to the report. In December, the Institute for Fiscal Studies found that around half of first-time buyers in their 20s had help to buy their home, receiving an average of £25,000.

What can be done to change this?
The BSA called for “new thinking and radical changes”, arguing that the housing market had tilted “too far” in favour of financial stability, therefore pricing out many would-be homebuyers.

It wants the next government to commission an independent review of the market to deliver a “clear starting point” for action, and to consider changing regulations to allow building societies to be more flexible with the mortgages they offer.

If you’re thinking about buying, MoneySavingExpert’s free-to-download guide for first-time buyers covers everything you need to know.