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.
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.
The cost of buying new Whether it’s your very first time buying a home, or it’s been a while since you last purchased a property, it’s important to consider all the costs associated with moving. The same goes even if you’re buying a new build property. There may be offers with your housebuilder and you may well qualify for stamp duty exemption, which all helps with the budget. But what about all the other costs here and there which soon start to add up?
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.
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.
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.
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%.
