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…
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.
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.
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.
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.