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Buyers rush to beat Brexit: mortgage approvals increase

Research from chartered surveyor e.surv has shown that mortgage approvals reached a peak of 66,390 in December of last year, which amounts to a 7.8% annual increase. This seasonal rise has led to claims that there is a pre-Brexit rush to purchase property, and that the political uncertainty arising from the imminent break with Europe is actually fuelling current demand in the property market.

Commenting on the figures, Richard Pike, sales and marketing director for Phoebus Software, said:

“It is hard to talk about anything at the moment without mentioning the ‘Brexit’ word: it is all-consuming and there is little doubt that it continues to affect the housing market.

“The fact that house purchase approvals were up in December suggests that people are planning ahead and making their move before the March deadline. Interestingly the number of remortgage approvals took a dip compared to the same month in 2017, which bucks the trend throughout the rest of the year.”

“Nonetheless, I would expect it to be the remortgage sector that will be keeping the mortgage market going in the coming months, as we wait to see how our exit from the EU pans out.”

Throughout the year, types of mortgage being approved also reflected the influx of first-time buyers in the property market, with mortgage products offering loans at 95% of a property’s value increasing in popularity.

Data showed that over a quarter of mortgages approved in December were taken out by borrowers with a small deposit (less than 20%), and this was also the case in November. A key step-change in property has been the introduction of government schemes in order to alleviate the headache of saving for a deposit, and these statistics show that this is having some success in the marketplace.

Tony Sutton, managing director of mortgage brokerage group Specialist Financial Services, said lenders have become more competitive as they seek to protect their market share.

Mr Sutton said: “There is a wider choice of products available, serving a broader range of people with more sensible underwriting decisions.

“Lenders are trying to maintain market share and have increased the terms they are willing to offer.”

Such an increase in mortgage offerings has clearly made the process of gaining a mortgage easier than ever before – with some lenders even offering 100% mortgages on properties in an effort to maintain their place in the marketplace. With more options available offering more flexibility, it is no wonder that mortgage approvals have increased, which bodes well for the year ahead for property.

Fife Properties Group Office Owner, Jim Parker said, “It is a highly competitive market out there and to stay ahead of the game it is always best to get a specialist to help get the best deal. Often it far outweighs the fee for arranging the mortgage itself”

If you want to book a FREE initial consultation with out specialists please tap the link to contact any of our local offices or book online https://www.fifeproperties.co.uk/contact/

Home ownership rates for young families rise

After a three-decade-long hiatus during which it became even harder for young families to purchase their own property, official statistics from the Resolution Foundation thinktank have shown that ownership rates amongst this group are now on the rise.

According to the thinktank statistics, 190,000 more young families became homeowners over the course of the past two years with the biggest increases observed in Yorkshire and the Humber, Scotland and the North West, where the proportion of young families who are homeowners has risen by between 4.6% and 8.4%. The thinktank calculated the figures from government surveys dating back to 1961.

The last 30 years have seen a downward trend in ownership rates among young families, due to a variety of factors, including changes in the property market and fiscal instabilities. During the 1980s, homeownership peaked at 51% in 1989; however, this figure had halved to only 25% by 2016, being the lowest level since at least 1961 (the earliest government survey). By the end of 2018, the downward trend was finally bucked, with rates of homeownership increasing to 28%, with the numbers also trending upwards as we move into 2019.

Resolution suggested that the changes in trend are down to differences in mortgage offerings over the past two years, with lower-deposit and more flexible offerings now available as well as the availability of larger mortgages. In addition to changes in lending habits, there is the relative slowdown in house price growth and stamp duty relief for first-time buyers, which have also aided those looking to join the property market.

Daniel Tomlinson, a research and policy analyst at Resolution, said: “Recent conditions in the housing market as we move away from the immediate aftermath of the financial crisis are finally helping more young families to buy a home of their own, but the long-term drivers of lower ownership rates are here to stay.”

For many young families, the opportunities now available to them to help them join the property market are now being made the most of, and therefore we are seeing the upward trend in ownership rates. A willingness to be more flexible in terms of their finances, as well as a willingness to move away from the bigger cities and in to more affordable areas, are helping this group to purchase a family home, however the Institute for Fiscal Studies commented this year that average house prices had risen around seven times faster than the average income in the last 20 years, showing that property ownership is still no mean feat.

Fife Properties Group Office Owner, Jim Parker commented, “It is always great news to hear young families are now beginning to get on the property ladder after so long. Our biggest challenge is getting more houses to sell to accommodate them.” If you are looking to sell in 2019 then please feel free to book your FREE initial consultation by clicking on the following link: https://www.fifeproperties.co.uk/property-valuation/

Five Top Tips for your Kitchen

Whilst the living room is usually considered ‘the heart of any home’ in most UK households, the kitchen plays a much more central role in day-to-day family life. Follow these simple guidelines to achieve kitchen bliss!

 

Make the most of your space
Finding suitable storage units to house all your pots and pans can be tricky – especially if you are working with a particularly small kitchen. Utensils, appliances, and accessories can certainly clutter up your worktops. Either tuck these items away in cabinets or display them in open shelving to add a decorative and homely feel.

If you are renovating your kitchen from scratch, choose cabinets that have pull-out baskets and drawers for maximum storage space. A recent trend for kitchen redesigns is to contrast worktop colours or textures and to change traditional handles for stylised ones. Although this look is popular right now, that may change by next year, and counters can be costly to modify. Finding a balance between trendy and timeless ensures that your kitchen never seems dated.

 

Go bold
Even if you’re not renovating your kitchen, there is no rule to say that you’re stuck with your old counters or the ones that a previous owner left behind. Sand and paint the counters yourself, and save having to buy and fit out a completely new kitchen every time you redecorate.

Whilst patterned tiles can make bold statements, don’t overwhelm your kitchen by tiling it from floor to ceiling. When going for bold, try to keep it simple. That may seem contradictory, but having too many bold prints, colours, or patterns in one room will make your kitchen look messy. Tie your room together with colour gradients and make complex patterns look a little subtler.

 

Lights, candles, atmosphere
Everyone appreciates privacy in their own homes, but rather than choosing to hang heavy curtains, look instead towards using a lighter fabric or blind to highlight any natural light in your kitchen. Likewise, a lighter colour will emphasise the openness of your window whereas a darker material may make the room seem much gloomier.

For the areas of your kitchen where natural light does not reach, put lamps or candles into position for ambience during the evenings. Spotlights or ‘downlights’ attached to the bottom of your cabinets are also an affordable way to improve lighting in your kitchen. These additions will make your room seem bigger, more open, and yet more intimate.

 

Opt for quirky and personal
Don’t be afraid to style your kitchen according to your own specific tastes, no matter how quirky they may be! By all means, consider hiding your knick-knacks when your property is on the market – as this will encourage potential buyers to envision buying your property – but whilst you are living there, live there! Whether you are a minimalist or a hoarder, showcase your treasures and memories for all to see.

 

Plants here, there, and everywhere
Having potted plants or herbs in your kitchen will give the room a healthy and natural look. Plant pots can be bought from a wide range of suppliers and you can even paint these for a different and unique finishing touch.

Your kitchen design ‘musts’ should be; appropriate use of space, maximum lighting options (both natural and artificial!) and suitable storing. Once you get these things right, they require very little attention. Unlike colour scheme and accessories, which can have a very dramatic impact and completely revitalise a room in need of some TLC.

Fife Properties Group Office Owner, Jim Parker commented, “Some of these top tips can be done at an inexpensive price which can completely revitalise your kitchen so it’s often worth doing when selling to enhance the buyer experience as it often translates to a higher offer” Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book please click the following link: https://www.fifeproperties.co.uk/property-valuation/

The 2018 Budget and its impact on the property market

The recent Budget has ramifications for all of us – with the Chancellor setting out levels at which we pay income tax, fuel duty prices and the all-important “sin taxes” around cigarettes and alcohol. What, therefore, does the Budget 2018 mean for property?

Stamp Duty

Stamp duty has been abolished for all first-time buyers of shared ownership homes (whereby the buyer purchases a share of a home, with the local council or housing association owning the remainder) up to a value of £500,000. The policy will be retrospectively applied from the 2017 budget meaning those who already bought a shared ownership property within the past year will also benefit from the change. Further to this, first-time buyers do not pay any stamp duty on homes below £300,000.

Stamp duty rates in Scotland are now as follows:

  • First £145,000: 0% (£175,000 for First Time Buyers)
  • £145,001 to £250,000: 2%
  • £250,001 to £325,000: 5%
  • £325,001 to £750,000: 10%
  • £750,000+ : 12%

Help To Buy Scheme

There are a few changes being made to the Help to Buy scheme, one of the key points being that the term has been extended to 2023. Further to this extension, the new iteration of the scheme from 2021 to 2023 will only be available to first-time buyers rather than to all, as is the case with the current scheme.

Overseas Investors

A new tax will be introduced for overseas investors, the revenue from which will be used to tackle homelessness across the country. Overseas investors will face an extra charge of 1% to 3% when they buy a UK property, in addition to current stamp duty charges. As well as using the revenue to tackle the increasing problem of homelessness, the intended effect is to dissuade some of the rife competition from the London market which is making purchasing increasingly difficult in the capital.

New Homes

Although the Help to Buy scheme is being extended by two years, there are fears that the cessation of the scheme will slow down new-build homes as there will be fewer buyers able to purchase. The government is intending to give an extra £500 million to councils through the Housing Infrastructure Fund in order to promote the building of new homes and avoid any slowdown in the production of new properties.

Transformed High Streets

As part of a billion-pound boost to the UK’s struggling high streets, the Chancellor has announced a £675 million fund to help councils support their retail zones through this difficult period. An unexpected result of this could be the redesigning of empty retail units into homes – with the chief executive of the Federation of Master Builders, Brian Berry, estimating that as many as 400,000 new homes could be created by making use of empty space above shops on high streets.

Group Office Owner Jim Parker said: “Stamp duty is one of the biggest cons in the government’s history. Raising taxes on what is a necessity while not actually adding any value to the transaction at all or putting anything back into the system. Plus the 3% extra duty on 2nd homes has not solved the initial problem at all, which was to stop overseas buyers.”

Tips for selling your home at Christmas

There are some things that the British public simply cannot believe at this time of year; how cold it is, how dark it is and, above all, that it’s nearly Christmas. Nevertheless, Christmas is indeed upon us and if you are selling your home, or thinking of selling your home, you may be under the impression that it’s not the optimum time to bag a sale. Our top tips to sell your home at Christmas will show you that not only is it possible to sell your home during the festive season, it is a doddle.

Picture perfect

The average time that a buyer takes to look at a picture on a property advert is three seconds, so having the perfect image is essential in your quest to sell your home – especially at Christmas. When having your home photographed, it is important to think about the staging; ask yourself whether the clutter around your home has been put away, can you remove some of your personal items in order to create more space or give everything one last polish? Once you’ve ticked off those basics, think about the Christmas factor – do not include heavily decorated rooms in your photographs as they will detract from the space and may age your property if your home remains on the market into January.

Keep the pine in line

Of course, at this time of year the Christmas tree has taken its place in our living rooms and other communal spaces, but make sure that the tree isn’t dwarfing the space it is in. We can all get carried away with the festivities, but this may not be the year to get the 7-foot Nordic spruce of your dreams – in the same way that cramming a king-size bed in to a single room will make the room appear cramped, an over-sized tree will also make your room seem smaller than it is. Buyers like to imagine their own furniture in potential new homes, so allow them the space to do so.

Serious offers only

Although some may suggest that Christmas is a difficult time to attract buyers to your home, what the period does provide is serious buyers. You can make the most of the serious buyers in December by ensuring that you see each property viewing as the optimum chance to sell – making sure that your home is in pristine shape and you are welcome and positive about the property and the area. Potential buyers can glean an image of what it may be like to live in the area from their interactions with you as the homeowner, so ensure that you are up-to-date about local schools and solely positive when they ask you any questions. Similarly, being flexible may bag your buyer as an accommodating vendor, who allows for viewings at irregular hours, for example, could help clinch that crucial sale.

Preparation is key

Being organised could be the key to securing your Christmas sale. Make sure that your fixture and fittings list is put together, you have the legally required energy performance certificate and, if you have had work completed on the house, make sure you have the relevant consents. Solicitors can be the make-and-break in a sale scenario, with a slow solicitor frustrating both buyer and seller, so take recommendations from your estate agent and have an efficient solicitor all lined up, ready for a sale.

Being in a new home by the New Year can seem to be an impossible task, however by showing restraint with your festive decorations, and taking the appropriate steps to be prepared and organised you can certainly sell your home this Christmas and start your 2019 with the perfect gift – a new home.

Group Office Owner Jim Parker said, “You’re as busy or as quiet as you want to be. The overall demand for buying a property is still evident. It, however, takes a longer time to sell due to restrictions on viewers availability as it gets darker quicker and not everyone can view during the day, so it has to be weekends. Therefore, we feel it is so important that we still provide this valuable service to our customers to ensure we do viewings when needed and not your typical viewing person that has no prior experience and can only suggest that you call the office on Monday to get the answer to your important questions.”

To book an initial consultation on selling your home with one of our specialist agents please tap the link:

https://www.fifeproperties.co.uk/property-valuation/

How much of an impact can a street name have on a home?

When considering the purchase of a property there are a number of variables to consider; how many bedrooms you need, if there are good schools in the catchment area and what the local amenities are to name but a few. However, it seems that there is one aspect which should also now be taken in to account – street name. Recent studies have shown that the name of the road which you live on can have an impact upon the value of your property – so the old adage of “location, location, location” may be even more accurate than ever previously considered when buying a home.

The regal touch

Streets with regal names such as Royal, Palace, Lord and Bishop can boost the value of your home – showing that royal prestige extends well beyond Buckingham Palace. Nearly 10% of house-hunters surveyed are willing to pay more for a property with a regal suffix, with 8% prepared to pay up to an enormous £30,000 more. This perception of prestige clearly has an impact on the price of a home and the overall appeal to buyers – so think carefully when browsing through all those homes for sale and don’t just consider their curb -appeal, but also their catalogue blurb-appeal.

The house on the hill

Aside from the prestige of the monarchy, it seems that certain road names also exert a hypnotic appeal upon buyers with properties on “Hills” and “Lanes” worth 50% more than the national average. Naturally, when you consider a hill or a lane there is the image of peace and tranquillity, which could be a contributing factor in their popularity amongst buyers. On the other hand, properties with “Street” or “Terrace” in their address are amongst the least expensive in the UK, perhaps because of the frequency of these names and as such, a perceived lack of exclusivity.

Bishop’s Hill or High Street?

Property buyers are a discerning bunch, with never-ending lists of requirements, and it would seem that a new addition to this list is an “exclusive” sounding address with many prepared to pay a premium for a premium-sounding address. This preparedness to pay for the privilege of living on “Royal Way” or “Hill Lane” however is split regionally – with those in London 24% more likely to pay extra for an address when compared to those in the North East. Perhaps, then, it is the high prices of the capital city and the greater level of investment it takes to buy in London which can woo buyers into spending just that little bit more – a premium-sounding address to reflect the premium cash outlay required to buy their property.

Fife Properties Managing Director, Jim Parker commented: ‘It is amazing how a simple a thing such as a street name can make a fundamental difference but in the past, we have had “Lovers Lane”, “Witches Wynd” which have all attracted more than their fair share of interest.’

Getting the Most Out of The Wasted Space in Your Home

The majority of homeowners are guilty of not getting the most out of the available space in their home. Get the most out of your house we have put together some ideas for getting the most out of your home.

Create a micro office in your home

Depending on the size of your home, sometimes taking over a room to create an office just isn’t feasible. Why not create a micro office? A small desk or a sturdy shelf can be installed in a small area of wasted space to create the perfect working area.

Build in a multi-tasking bench

Some homes feature a huge landing and wide windows which go completely to waste! A multi-tasking bench, with storage capabilities, colourful pillows to brighten up the corridor is the perfect way to make use of the some of the space that traditionally goes to waste in most homes.

Put up some shelves

Shelves are more than just a solution to storage, it’s also a great way to decorate the wasted space in your home. Colour code your books to add a splash of colour to your rooms.

Reading nook

Unused spaces in the corner of the room or in a window alcove can be perfect for creating a reading nook. A comfy chair, a table for your drink and a pile of books is all you need to create a comfortable place for getting to know a new book.

Ceiling shelves

Most shelving units only make use of a small portion of the available space. Placing shelves on top of other units, such as the kitchen counter, or in nooks and corners with built-in cabinets, and ensuring the shelves measure up to the ceiling making usage of all the available space.

How Much Are Buyers Willing to Spend on the Perfect Home?

When it comes to buying a home we’d all love to find that hidden gem that’s perfect for our needs and within budget. The reality of buying a home isn’t always that easy and you can guarantee that if you find your perfect home, it won’t come cheap.

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