The UK government’s autumn finance statement made today (Tuesday 29 November) by Chancellor George Osborne impacts on the property sector in a number of ways and has so far had a mixed reaction. For buyers it is not good news with property professionals pointing out that failing to extend the stamp duty holiday for first time buyers will have an impact. The temporary temporary first time buyer stamp duty concession will now end on 24 March 2012 as planned. Council of Mortgage Lenders director general Paul Smee said he was disappointed by the decision. ‘While the concession may not … [Read more...]
Half of first-time buyers given up hope
August 20, 2011 By Leave a Comment
More than 50pc of would-be first-time buyers have given up hope of being able to afford property. Fifty three per cent of would-be home buyers believe that they won’t ever be able to afford to buy a home. According to the Post Office, half of prospective home owners said that in order to save enough money for a deposit, they would need to either get a better-paid job with a higher salary, or receive a lump sum from a relative. The average age of a first-time buyer is 35 today compared with just 23 in the 1960s. The Post Office blamed rising house … [Read more...]
National Asset Management Agency reveals billions of pounds of property it controls in the UK.
July 29, 2011 By Leave a Comment
Nama controls a number of property developments, some complete and others unfinished The Irish government agency created to manage the toxic property loans of its banks has revealed details of the billions of pounds of property it controls in the UK. The National Asset Management Agency (Nama) listed 847 properties in the UK and Irish Republic linked to developers it has forced out of business. The agency said there would be no fire sale of cheap properties. Nama took charge of the bad property debt from Irish banks in 2009. Property mix From a cinema in Leicester Square to … [Read more...]
Mortgage deal is perfect medicine for Glasgow’s nurses
July 27, 2011 By Leave a Comment
Nurses are being given a helping hand to get onto the property ladder and move closer to a new £842 million superhospital in Glasgow. The scheme – the first of its kind in Scotland – allows firsttime buyers who work within NHS Greater Glasgow and Clyde to apply for up to a 90% mortgage and secure the funds for an interest-free deposit on a property. The health board say it will allow staff to move closer to the new South Glasgow Hospital, in Govan, which is scheduled to open in 2015. Six nurses have already bought homes thanks to the scheme which is a partnership between NHSGGC, … [Read more...]
How to save enough for your first home deposit in five years
July 20, 2011 By Leave a Comment
Getting on the first rung of the property ladder has become something of a pipe dream for many young people. First-time buyer mortgages are notoriously tricky to get, and can be very expensive. Despite the doom and gloom though, independent financial advice website Unbiased.co.uk reported that 40 percent of it's searches for mortgage advice last month were from first-time buyers. So if you're one of those on the lookout, how can you scrape together enough of a deposit to give yourself the best chance of success? How much do you need? The unnerving prospect of saving 20 percent of the … [Read more...]
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