Cash lift for Scottish first-time buyers

Scotland, Edinburgh

War veterans will be among those to benefit from extra cash for schemes aimed at helping first-time buyers, the Scottish government has said. It is injecting a further £13m into shared equity schemes designed for people who would not otherwise be able to afford to buy their first home. Priority groups eligible to apply for cash include members of the armed forces and veterans. Partners of service personnel killed in action can also apply. The schemes, which are part of the Scottish government's Low-cost Initiative for First Time Buyers (Lift), are open as well to people who rent a … [Read more...]

Edinburgh experiences a fall in million pound property sales.

Barnton Avenue, Edinburgh, Showhome

Million pound property sales have fallen to their lowest level since 2009, according to research by Bank of Scotland. There were 132 property sales worth at least one million pounds in Scotland in 2011, a fall of 11% from 148 in 2010. This is the lowest number of sales since 2009 and more than double the percentage decline across the UK as a whole. In total, there are now an estimated 3,0001 homes in Scotland worth at least one million pounds. Million pound property sales underperform the rest of the market The 11% fall in million pound property sales in 2011 was almost double the … [Read more...]

Online property ‘watchers’ show certain reluctance to register with estate agents

first-time-buyers-can-benefit-from-shared-equ.198

HAMPTONS International have noticed a recent behaviour in potential buyers which they are calling the “Ebay effect”. This is where buyers watch properties online on the major property websites such as Right Move and Prime Location but fail to register their requirements with the estate agent. These “buyers” quietly sit in the background comparing various properties, reading the online brochures and floorplans, often waiting for the price to drop before they make an enquiry. When they do contact the agent to seek more information or to arrange a viewing they are often reluctant to … [Read more...]

The coming of the Chinese lairds to Scotland

Chinese Lairds Scottish Property

SCOTLAND is on the verge of having its first Chinese laird. Wealthy Chinese investors are said to be scouring the property market to find a Scottish castle to call home. Leading property agents are reporting a rise in interest from rich Chinese and Taiwanese buyers, who have made their fortunes in the Far East boom. Wealthy Russians are also snapping up prime properties in Edinburgh for the first time. At least three country castles on sale for more than £2 million have been sold or are under offer after buyers sought to avoid the end of the stamp duty holiday in last month’s … [Read more...]

Decline of prime property prices in Scotland coming to an end

Barnton Avenue, Edinburgh, £1m properties for sale.

The price of prime properties in Scotland fell by 0.4% in the first quarter of 2012, slightly lower than the 1.3£ decline seen in the last three months of 2011, according to new figures published today (Monday 09 April). The Knight Frank Prime Scottish Property Index also shows that prices are down 3.6% year on year but prices in the Scottish Borders are bucking the trend, up by 0.4% in the first three months of the year. Prices in Edinburgh are holding, remaining unchanged in the first quarter, ending three consecutive quarterly falls. ‘Prime Scottish property prices outside Edinburgh … [Read more...]

Housebuilder Mac & Mic to build £45m of new homes

Williamwood

CONSTRUCTION firm Mactaggart & Mickel is unveiling a £45 million expansion across the Central Belt after snapping up land from failed housebuilder Applecross. The luxury-apartment maker collapsed at the height of the property crash in 2009, prompting administrators from accountancy firm PwC to call in Mactaggart & Mickel to finish constructing its flats at Williamwood in Glasgow. Now Glasgow-based Mactaggart & Mickel has bought the remaining land at the site, with planning permission for 23 houses and apartments. Applecross, which was founded in 1979 by Colin Cumberland … [Read more...]

Housing market showing signs of steady improvement

How to value your home.

The UK housing market showed signs of continued improvement during March according to the latest figures from the Agency Express Property Activity Index. Month-on-month data for March 2012 shows that nationwide residential property sales increased by 5.2%, whilst new ‘for sale’ listings also rose by 10.5% compared to February. Despite this, data for both categories shows that there is some catching up to do against March 2011, with sold properties still down by 8% and new listings down by 7.8%. Of the 12 UK regions covered within the Index, some of the more buoyant and consistent … [Read more...]

Lenders not playing ball with Government’s 95% mortgages, homes chief warns

Edinburgh property values have risen by 509 per cent.

A letter written by Home Builders Federation (HBF) executive chairman Stewart Baseley has revealed that banks are not playing ball with the Government's 95% mortgage offer to kick-start the housing market. The letter dated 27 March - leaked to the Daily Telegraph - informed housebuilders that lenders have not "embraced the scheme as first envisaged" and that efforts were under way to "impress upon them to implement NewBuy as a matter of priority." The scheme, which was launched this month, was meant to be rolled out rapidly following the launch with lenders engaging builders about the … [Read more...]

UK property year on year growth turns negative for first time in six months

renting

The price of a typical UK residential property fell by 1% in March and prices are now averaging £163,327, some 0.9% lower than a year ago, according to the latest figures from the Nationwide Building Society published today (Thursday 20 March. It means that the year on year rate of house price growth is now in negative territory for the first time in six months. But on a quarterly basis just over half of the 13 UK regions recorded annual price growth in the first quarter of 2012. The North saw the strongest quarterly growth rate, with prices up 0.6%. This pushed the annual rate of price … [Read more...]

Stamp duty hikes ‘to hit London’

London-Skyline

Property chains are showing signs of crumbling due to the stamp duty hikes, estate agents have warned, and the rises will mostly affect buyers in London, an area which has been key in supporting the market by recording consistent price growth due to strong overseas buyer interest. London homes have been vital in keeping average prices up, with the capital often viewed as the most "healthy" and stable area at a time when the housing market generally remains weak and patchy. Its asking prices have reached a high of £455,159, up 7.3% year-on-year, Rightmove found this week, while the … [Read more...]

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