Making headlines in the property news last week was the announcement of the extension to Help to Buy in Wales. Read on to find out what the Welsh government have confirmed, along with the updates to the scheme.
With the delays on building new homes during the pandemic, the Government have confirmed an extension of the Help to Buy scheme. Extending the equity loan scheme beyond December 2020 will go a considerable way to help support the housing market. We take a look at the scheme as it was before, and the plans to extend it.
When lockdown was enforced back in March, it was a worrying time for all business and industry sectors. Not least the property market. For new build homes especially, 2020 had started out a strong year. The last time new homes sales started the year as high, was back in 2016. But, what would the impact of lockdown have on new build home sales? Well, over six weeks on and analysis from Zoopla shows it has been more positive than we might have thought. Here’s how, and why…
Essex sees huge property price growth Looking at the country as a whole, statistics show that Essex has experienced some of the largest property price rises on average, in recent years. Recent data from Rightmove dug a little deeper to show those regions of Essex where house prices have rocketed in the last five years. And, it might surprise you to know that Basildon tops the list!
New homes flourish in Scotland There has been a steady increase in the number of new build homes in Scotland over the last few years. In fact, figures from the last 12 months show new home building has increased by 15% compared to last year, with a rise of 3,000 new properties brought to market.
First-time Buyers are looking beyond the City It probably won’t come as too big a surprise, but in a recent survey by Nottingham Building Society it was found that many younger homebuyers were more in favour of a rural location for their first home over buying in the city. While apartments across major UK cities are becoming more affordable, the cost of them is still quite substantial and there are better deals to be had looking out of town.
Mortgage competition heats up Housing market growth has slowed down a little of late, thanks to several contributing factors - economic uncertainty being one of them, combined with increased living costs. With that comes fewer mortgage approvals, evidence of fewer property purchased and the reduction in demand. Meanwhile, mortgage lenders are upping the competition between each other to attract and win borrowers. All this means for those who are buying, there are better mortgage deals to be had right now.
More house builders needed Recent news reports the Government will struggle to meet its housebuilding target due to a severe shortage of skilled construction workers. And the situation for the construction industry is predicted to worsen once Britain leaves the European Union, as many of the current skilled workers are from EU countries. It’s not a new problem within the industry and certainly hasn’t come about due to Brexit alone. In fact, the skills shortage has been noted for some time due to an ageing workforce and a lack of new entrants to the market.
It’s a fact that since the pandemic and the ensuing lockdown, people’s property buying needs have changed. Those with young or larger families especially, are looking for new homes in quieter, rural locations with more space around them. A place where they can properly appreciate and live life.
What better way to start a new chapter in your life than in a new home, with new neighbours, in a new village! When it comes to new villages, they offer a new start for everyone, not just you. There is plenty of potential for building fresh community spirit together. And of course, to take advantage of new spaces and amenities. Find out more about the benefit of buying property within a new village and take a look at a popular one which is in development in Chester.
Last week, it was confirmed that a new Government scheme has been proposed to help more first-time buyers purchase properties in their local area. The First Homes Scheme will see new-build properties reduced by at least 30% of the market price. They will be prioritised for first-time buyers, serving members and veterans of the Armed Forces, as well as key workers, such as nurses, police and teachers.
New build completions reach 200,000 It doesn’t need to be said that there’s still unprecedented demand for new homes across the country. And that demand is greater in some areas than others. However, there is some good news to share in that new build home completions this year saw figures at their highest in a very long time. That said, they still fall short of the government’s target for delivering new homes. Let’s find out more…
Choose a conveyancer You’ve got your mortgage, you’ve found your dream new home, but who will you appoint to handle your conveyancing? It’s a bit of a minefield as with most things, there’s a huge amount of choice. Do you go for a local firm, one that’s been recommended to you? Do you choose by the cheapest fees? If you’re buying a new-build property, the choice is made a little easier as a specialist conveyancer is required. Here’s why…
Many think of new build homes as the desirable first step onto the property ladder for younger property buyers or those starting out with a family. But, buying new is just as attractive a proposition for those looking to downsize from a large family home to something smaller. Something clean, affordable and requiring minimal decoration, offering a new start to a new phase in life.
Cheaper to own a home than rent Yes, it’s official! News this month confirms it’s cheaper to own a home and pay mortgage repayments than to rent. Research from Santander Mortgages reports potential first-time buyers could save in the region of £2,268 a year if they were able to purchase a property over renting. The cost of renting now outweighs that of monthly mortgage repayments by an average of £189 a month with average rents at £912 per household, compared to £723 for repayments.
Conveyancing goes digital Changes are on the way to make conveyancing simpler, faster and cheaper with the introduction of digital services.
Yes, to kickstart our new ‘Spotlight on…’ series, we take a look at Lincolnshire. It’s an area of the country where house sales have been at record levels since the lockdown. From the most popular areas, to the new developments being built in the region, we find out more about Lincolnshire.
After all the waiting and whispers, Chancellor Rishi Sunak has confirmed stamp duty changes to take place with immediate effect. The change has been introduced to revive the property market and help kick-start the economy. Billed as a stamp duty ‘holiday’ as it will last until 31st March 2021, it sees the threshold for stamp duty tax raised to £500,000. Here’s more…
New figures were published last week showing significant positivity in the housing market. This comes by way of an unprecedented rise in the average asking price of properties. Since the General Election in December it would appear confidence has returned to the market, leading to a new record in property asking prices. But, is an increase in house prices a good thing?
Traditional features lead the way Some new research was published last week, highlighting the most important factors a new-build home can have, from the point of view of homebuyers who are looking to buy new. And despite our desire for lifestyle and contemporary living, it’s the more traditional features which still rank as the most sought after when people are looking for their ideal new property.
We do like to live by water Yes, the warm Summer weather can make a big difference when it comes to thinking where we’d most like to live. An air-conditioned apartment, a South-facing garden or how about something on the coast? A recent study done across Britain revealed most of us would prefer to live near water, given the chance. Ideally by the sea.
Bristol property gains Despite a recent deceleration in house price growth, felt across the whole country, one of the most popular areas to buy a home is Bristol. Last year, house prices in Bristol went up an impressive 11.2%, a figure greater than that for Cambridge and not too far off that for London (13.3%). And a recent report from property company JLL predicts property prices in Bristol in 2019 will outperform London. The residential forecast ‘Find the Gap’ report anticipates house prices in Bristol to increase by around 1.5% in 2019, while the South East will not experience any growth in house prices, with London managing an estimated 0.5%.
Strata is an established home builder, building stunning new homes at developments across affordable Yorkshire and Midlands regions, including areas like Leeds, Hull, Wakefield, Leicester and Burton on Trent. Strata’s love of design, unrivalled attention to detail and high-quality specification comes through each house and street scene they create, while customer experience is engrained in all they do. With a forward-thinking philosophy and continually striving to the best on the market, a new home from Strata should definitely be considered.
You’ve bought your dream new home, and now you need to decorate it, to add a bit of ‘life’ to it. While fabrics and furnishings make the finer detail, houseplants also help make a new home. From their benefits, to the easiest types of plants to care for; we look at how adding plants to your new home can make the difference.
At the end of June, Prime Minister Boris Johnson shared plans to build more new homes and overhaul the planning system. His pledge was a simple one – to ‘build, build, build’. The aim is to make it easier to build homes in areas where people want to live. This requires radical changes to the country’s planning system, the likes of which haven’t been since the Second World War. Here’s more about the plans…
For obvious reasons such as Brexit and political uncertainty, house price growth last year was a little stagnant. In fact, figures shared by Post Office Money, found by analysing ONS data, shows there was an increase of only 0.9% across the UK. This saw the average home in 2019 cost £282,713. But the figures also reveal a couple of regions across the country where growth outstripped the national average and reached double figures. We look at some of these areas and the new build homes you can find there…
Record figures for first-time buyers With all the political turmoil in the country over the last few months, anyone would be surprised to hear property sales have broken records this year. Buy they have, and they come via the first-time buyer proportion of the market. We look at the numbers and the reasons why…
Leasehold banned on new-build homes Despite the ban on leaseholds being promised back at the start of 2018, the government went on to backtrack on their plans. It was only recently the confirmation came through from government ministers that they will legislate to sell all new homes on a freehold basis (save exceptional circumstances). The ban only applies to new homes being built, those which already have been built can still be sold as leasehold. In addition to the ban, ground rents on new leases will be reduced to zero, putting an end to the financial misery for those looking to buy new. For flats and apartments built as new, the ground rent change will apply once the new rules come into force, but they will still be able to be sold as leasehold.
For energy efficiency, choose new As climate change continues to top the agenda, we’re all looking to be more energy efficient. Especially when doing so helps reduce bills as much as carbon emissions. Today, regardless of the type or age of the property being bought, sold or let, an Energy Performance Certificate (EPC) is required. The certificate outlines the estimated running costs of a home. Different aspects of the property are graded, from the walls, roof, windows and central heating systems to establish a grading for its overall energy efficiency. The higher the efficiency of the property, the lower the running costs are. And when it comes to the most efficient properties to buy, new build homes lead the way.
Will the Government hit their new homes target? Some said it was always a very ambitious target, and data made public at the beginning of this month goes to confirm that, with figures from the Ministry for Housing, Communities and Local Government showing the Government will fall short of reaching its 1 million new homes target by 2020.
