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Your Move Property Blog

Thoughts, Opinions & Analysis of the UK Property Market

January 2014 Scottish House Price Index

March 20, 2014 11:13 by YOUR MOVE

Scottish house prices show no negative response to Independence debate
- House prices up £1,680 in January – largest monthly increase for 50 months
- Average Scottish prices rise by £6,073 – largest annual increase since September 2010

Commentary on the Index

Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services, comments: “The enthusiasm of property investors suggests the Independence debate is having no impact on confidence within the Scottish housing market. Scottish prices are up £1,680 in January. Five consecutive months of rising prices indicate the market has bounced back fast as it gathers the fruits of the wider economic recovery. Whether or not the possibility of Scottish Independence throws up all sorts of question marks, such as the economic cost of a separate monetary system for Scotland, currency risks, changes to stamp duty and land tax, the property market seems currently unaffected."

Market Overview

Donald adds: “2014 recorded the highest volume of sales in a January since 2008. Increased lending and mortgage availability are reaching heights not seen since before the recession as first-time buyers return to the market en masse. Mortgage finance – for those who can access it – is at its cheapest for some time. This is sustaining activity in all sections of the market, specifically buy-to-let investors and homeowners looking to upgrade. The spring market in Scotland will see more lending to first-time buyers thanks to cheaper rates, a boost in high loan-to-value mortgages and the support of Help to Buy. The lack of supply in properties in Scotland is boosting competition between new and previous buyers, propping up prices.

Read the full Index




January 2014 Scottish House Price Index

March 20, 2014 11:04 by YOUR MOVE

Scottish house prices show no negative response to Independence debate
- House prices up £1,680 in January – largest monthly increase for 50 months
- Average Scottish prices rise by £6,073 – largest annual increase since September 2010

Commentary on the Index

Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services, comments: “The enthusiasm of property investors suggests the Independence debate is having no impact on confidence within the Scottish housing market. Scottish prices are up £1,680 in January. Five consecutive months of rising prices indicate the market has bounced back fast as it gathers the fruits of the wider economic recovery. Whether or not the possibility of Scottish Independence throws up all sorts of question marks, such as the economic cost of a separate monetary system for Scotland, currency risks, changes to stamp duty and land tax, the property market seems currently unaffected."

Market Overview

Donald adds: “2014 recorded the highest volume of sales in a January since 2008. Increased lending and mortgage availability are reaching heights not seen since before the recession as first-time buyers return to the market en masse. Mortgage finance – for those who can access it – is at its cheapest for some time. This is sustaining activity in all sections of the market, specifically buy-to-let investors and homeowners looking to upgrade. The spring market in Scotland will see more lending to first-time buyers thanks to cheaper rates, a boost in high loan-to-value mortgages and the support of Help to Buy. The lack of supply in properties in Scotland is boosting competition between new and previous buyers, propping up prices. The




Stamp Duty Paid for First Time Buyers

March 12, 2014 11:21 by YOUR MOVE

The Halifax has announced that it will offer to pay the full stamp duty bill for first time buyers purchasing properties up to £250,000. This lender will pay the stamp duty on purchases between £125,001 and £250,000, plus buyers of properties under £125,000 will get £250 cashback.

Recent research by the TSB reveals that nearly one in four (22%) of first time buyers do not consider the cost of stamp duty before they make an offer on a property.^

  • You have to pay stamp duty land tax if you buy a property in the UK over a certain price. Currently, on residential properties with a purchase price of under £125,000 there is no stamp duty to pay.
  • However residential properties being purchased between £125,001 and £250,000 carry a stamp duty of 1%. If the purchase price of the property is between £250,001 and £500,000 then the stamp duty rises to 3%.
  • Click here for more information on Stamp Duty  

Your Move’s parent company, LSL Property Services’, latest First Time Buyer Tracker  is reporting an average first time buyer purchase price of £155,832. Therefore it is likely that first time buyers will need to find the money to cover stamp duty as well as all the other costs associated with buying their first home.

Here at Your Move a mortgage advisor will be able to talk to first time buyers about all the costs associated with their first home purchase, and will advise on a comprehensive range of mortgages from across the market, including those from the Halifax.

 Your Move Toolbox for First Time Buyers

First Time Buyer Guide How Much Can I borrow?
Help to Buy Budget Planner
Viewing Tips Guide to Buying

 Arrange your first mortgage appointment+ today >>

 

^ TSB March 2014

+For mortgage advice our initial consultation is free, however we do charge a fee for administering your mortgage application. The precise amount will depend upon your circumstances however we estimate that it will be £399.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

03/14 EAF 4995

 

 



February 2014 - First Time Buyer Tracker

March 6, 2014 13:38 by YOUR MOVE


- Average first-time buyer purchase price hits new high of £155,832 – up £5,000 in a month
- But high loan to value lending is on the up, average LTV for new buyers rises to 82.3%
- First-time buyer numbers up by a third year-on-year
- However repayments increase as a proportion of income, as real wages stay stagnant

First Time Buyer Overview

The average first-time buyer purchase price climbed 16% over the year to January 2014, hitting a record high of £155,832. It represented a 3.3% monthly increase in purchase price, equivalent to a jump of £5,000. This increase in purchase price has driven a rise in deposit size. The average first-time buyer deposit rose to £27,519 in January 2014 – from £26,963 twelve months before. And for the first time in seven months, deposits are growing as a proportion of income. The average deposit represented 75.1% of a first-time buyer’s income in January 2014, up from 74.7% in December 2013.

Regional snapshop

The average first-time buyer purchase price climbed 16% over the year to January 2014, hitting a record high of £155,832, according to the latest First Time Buyer Tracker from LSL Property Services. It represented a 3.3% monthly increase in purchase price, equivalent to a jump of £5,000. This increase in purchase price has driven a rise in deposit size. The average first-time buyer deposit rose to £27,519 in January 2014 – from £26,963 twelve months before. And for the first time in seven months, deposits are growing as a proportion of income. The average deposit represented 75.1% of a first-time buyer’s income in January 2014, up from 74.7% in December 2013.

 

Read the full First Time Buyer Tracker




Pros and Cons of Becoming a Landlord

March 3, 2014 09:07 by Your Move Chris Stonock

Blog: Pros and Cons of Becoming a Landlord - Your Move 

Becoming a landlord is an increasingly popular option for homeowners looking to generate an income from their property.  Many people buy to let as an investment, and it can be a sound investment if done well. However, there are several things that potential landlords need to be aware of before they buy.

Income…

There are many benefits to being a landlord, which is why a lot of people buy to let in the first place.  It sounds quite simple really, but generating income on your property is probably the biggest benefit overall and it’s possible to make substantial amounts over time that can be used to pay your mortgage.

Tax Deductions…

Although buy to let mortgages often have higher mortgage rates, you can apply for tax deductions on the income generated by your property that is used for maintenance, e.g. repainting, furniture replacement costs, etc. Landlords can also apply for deductions on insurance and accounting fees. 

Long-term security…

Renting a property can provide an ongoing income which can be saved as a pension, or for a 'rainy day', plus - if your living situation changes - it's also possible for you to use the property yourself (so long as you uphold any contracts signed with tenants).

Although being a landlord has plus points, there are some disadvantages you will need to be aware of before you consider becoming a landlord yourself. 

Time…

Being a landlord can be a time-consuming job. In addition to time spent sorting contracts, undertaking maintenance, sorting any disputes and dealing with taxes, you'll need to spend quality time vetting prospective tenants. 

Financial Extras…

It's not enough to simply have a house to let; being a landlord can incur many further expenses, not all of which are tax deductible. Some common costs include, tax on rental income, tenancy deposit scheme, gas safety certificate, energy efficiency certificate, repairs and maintenance, landlord insurance, etc.                                                                                                                                   

We offer 3 clear levels of service for landlords from a basic tenant finder service up to a fully comprehensive lettings service which includes financial management, property maintenance, and tenant handling.  For advice on becoming a landlord, or for more information about our lettings services, please call your local branch!

by Your Move, Chris Stonock




YOUR MOVE Blog

YOUR MOVE is a multi-award winning estate and letting agent with branches across England and Scotland

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