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

March 31, 2012 By Leave a Comment
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...]

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Bank of Scotland Helps First Time Buyers To Foot Stamp Duty Bill

March 21, 2012 By Leave a Comment
renting

The product is designed to ease the burden for buyers taking their first steps on the property ladder as the first-time buyer stamp duty exemption comes to an end on 24 March. It comprises a 5.99% mortgage fixed until the end of May 2014, available between 85-90% LTV, and no product fee. On completion 0.50% of the property price will be paid to the solicitor. This means that if a customer is buying a house for £150,000, Bank of Scotland will pay £750 towards their stamp duty bill, up to a maximum of £1,250 for those purchasing a £250,000 home. The product is available to all … [Read more...]

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Beatles childhood homes in Liverpool listed

March 6, 2012 By Leave a Comment
Beatles Childhoos Homes

The childhood homes of Paul McCartney and John Lennon in Liverpool, where the Beatles composed and rehearsed many of their early hits, have been listed at Grade II. Can homeowners living in the area hope to see the value of their homes rise, and more generally, should aspiring homeowners buy near celebrity homes (if they can afford it)? The two houses, which are both managed by the National Trust, were listed by the tourism and heritage minister, John Penrose, on the advice of English Heritage last week. This means that they cannot be knocked down or altered without special permission from … [Read more...]

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First-time buyers need ‘first-time sellers’

February 6, 2012 By Leave a Comment
renting

Rightmove’s latest First-Time Buyer Report forecasts a marginal rise in prospective first-time buyer levels for the year ahead, but also finds evidence of a new hurdle on the path to home-ownership as a lack of choice increases the difficulty in finding a suitable property to buy. The proportion of buyers who intend to purchase their first home over the next year has edged up to 24.3%, up 1.4% on last quarter and 1.5% year-on-year. However, analysis by Rightmove, which advertises around 90% of homes currently for sale in the UK market, also finds that the number of new properties … [Read more...]

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Housebuilder Barratt Homes is hailing the return of 95 per cent mortgages for buyers of new homes

January 4, 2012 By Leave a Comment
Barratt Homes

LONDON, UNITED KINGDOM, Jan 03, 2012 (MARKETWIRE via COMTEX) -- 2012 will see creditworthy homebuyers in and across the country offered the best chance since the start of the credit crunch to buy a new home without a hefty deposit. Leading housebuilder Barratt Homes is hailing the return of 95 per cent mortgages for buyers of new homes - which was announced by David Cameron and Nick Clegg as part of the Government's national Housing Strategy - as a real boost for the local housing market and local economy. "The key thing about the return of 95 per cent mortgages on new build homes is that … [Read more...]

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First time buyers need 17 to stash away enough cash to get on the property ladder

December 18, 2011 By Leave a Comment
renting

SCOTTISH first-time housebuyers are too impatient to wait more than ten years to save up for a deposit– but studies show they will need 17 to stash away enough cash to get on the property ladder. Research from website InvestorBee has revealed that the people who are saving for a property, 27 per cent of them state that they want to buy within 12 months, and 29 per cent want to purchase property in one to two years. No one was willing to wait more than ten years, which experts said shows a large disparity between first-time buyers’ expectations and reality. According to the data, … [Read more...]

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Bovis Homes completes first FirstBuy

December 9, 2011 By Leave a Comment
renting

Bovis Homes has completed its first mortgage using the government-backed FirstBuy scheme. Bristol couple Michael and Maryl Steyn placed a 5% deposit and got a 75% loan to value mortgage using a 20% equity loan from the government and Bovis Homes. FirstBuy is designed to get first-time buyers or those re-entering the market onto the property ladder. The buyer has 25 years to pay back the equity loan of which the first five years are interest-free. Michael Steyn said: “FirstBuy represented an affordable way for us to get onto the property ladder. “Saving a deposit up to a … [Read more...]

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Pick up in first time buyer demand detected in UK property market

December 9, 2011 By Leave a Comment
first-time-buyers-can-benefit-from-shared-equ.198

Resilient first time buyer demand drove a monthly increase in mortgage market activity in November, according to the latest UK Housing Market Activity Report from Connells Survey and Valuation. The total number of valuations conducted during the month grew by 3% in comparison to October, following a slight monthly dip in the previous month. However, the total number of valuations conducted by Connells Survey and Valuation in November represented an annual rise of 73%. The pick up in first time buyer activity was a key factor in the increased level of mortgage activity in November. In … [Read more...]

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First rung of property ladder most affordable for 4 years

December 1, 2011 By Leave a Comment

Homes in Scotland are more affordable for first-time buyers than at any point for almost four years, according to research published today. A combination of lower house prices and gradually improving mortgage availability has boosted the chances of securing a foothold on the property ladder in Scotland, Findaproperty.com has revealed. First-time buyers north of the Border still need to stump up deposits averaging £20,568, but that figure marks a fall of £3,979 in the past two months, according to the property website. The typical first-time buyer home in Scotland sold for £109,723 … [Read more...]

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Housing Market Has Lost Direction

December 1, 2011 By Leave a Comment

The housing market at the current time is showing a general ‘lack of direction’ according to some experts. According to the Halifax house price rose in October 2011 for the first time in 3 months after mortgage costs fell to record lows. House prices increased by 1.2%, but the lender warned that it was a highly mixed picture as prices fell by 0.3% over the less volatile 3 month average. Halifax economist, Martin Ellis said “record low interest rates are likely to support the market in the face of a very difficult economic climate”. The chief executive of Taylor Wimpey has … [Read more...]

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