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.
Those first-time buyers faced with months, even years of saving to get their first home can now breathe a little easier thanks to the Government’s announcement in the recent Autumn budget, to scrap Stamp Duty on homes less than £300,00, for those buying their first home.
Whether it’s you’re first home or you’re looking to upsize, downsize or even change location, one of the first considerations is whether to buy an older property or one that’s new.
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.
Windsor Park School Children Leave a Lasting Legacy at Lioncourt Homes Development
Housebuilder Lioncourt Homes invited pupils from Windsor Park Middle School to bury a time capsule in an area of open space at their Barley Fields development in Uttoxeter. The school children aged seven to eleven were challenged to collect a range of items that will give future generations a sense of what life was like in 2018. Photographs and drawings of the pupils along with write ups about school life, a stamp and a picture of the queen were among the many memorable items included in the time capsule.
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.
Figures from the latest Halifax First Time Buyer Review show not only the number of homeowners getting onto the property ladder for the first time have increased compared to this time last year, but also the average first-time buyer house price is the highest on record at £207,963
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.
The end of leasehold for new-build homes Following overwhelming response from the public, the Government confirmed the ban of the sale of new-build leasehold homes in July last year, requiring developers to re-evaluate leasehold agreements.
Redrow Homes continue developing across the North West.
The Northern regions, including the North West are experiencing an increase in commercial investment, which is leading to positive property market growth across the key cities and surrounding areas. Manchester, Cheshire, Liverpool and Preston for example, are just some of the sought-after destinations for homebuyer’s due to improved employment prospects, excellent transport links and exciting regeneration projects.
