Archive for January, 2008
Thursday, January 31st, 2008
January saw house prices fall by 0.1 per cent, according to new figures from financial services provider Nationwide.
In news that may interest those consumers looking to sell or buy a house in Scotland, the annual rate of house price inflation also dropped, lowering from 4.8 per cent to 4.2 per cent.
Commenting on the data, senior economist at Nationwide Martin Gahbauer said: "Although house prices have now fallen for three consecutive months, the price of a typical property is still 4.2 per cent higher than a year ago."
He added that this reflects the lowest rate of annual house price inflation since December 2005.
Concluding, Mr Gahbauer explained that the average price of a typical property stood at £180,473 in January, a rise of £7,249 over the past year.
In other news that may be of interest to people looking to buy or sell a house in Scotland, the Royal Institution of Chartered Surveyors recently stated that the cost of becoming a homeowner in the UK has worsened by 351 per cent since 1996.
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Wednesday, January 30th, 2008
The cost of becoming a home purchaser in Great Britain has worsened by a total of 351 per cent since the most accessible point in 1996, according to the Royal Institution of Chartered Surveyors (Rics).
In news that may be of interest to consumers looking to buy a house in Scotland, a first-time buyer couple who are both on lower quartile earnings of £26,595 after taxes must now save up to the equivalent of 104 per cent of their pay to cover up-front costs.
Such outgoings would include stamp duty, fees and deposits.
David Stubbs, Rics senior economist, comments: "At the start of 2008, first-time buyers are finding it even harder to get a foothold on the housing ladder and the signs are that conditions are unlikely to get better in the short term."
In other news that may be of interest to those looking to buy or sell a house in Scotland, the Council of Mortgage Lenders recently stated that 2007 was the stongest ever year for gross mortgage lending.
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Monday, January 28th, 2008
The kitchen is the area of the house in which most time, cash and effort is spent, according to housebuilder Redrow.
In news that may interest those looking to buy or sell a house in Scotland, a study by the firm suggests that three of the top ten optional extras for its homes focused on upgrades to the kitchen.
Simon Bennett, marketing director for the company, explained: "It’s true to say that the kitchen is the nucleus of most family homes, a place where families come together not only to eat but to talk and socialise."
The number one choice was integrated appliances, followed by an upgrade to a luxury kitchen, while the installation of down-lighters was in fourth place.
Other popular options included luxury bathroom fittings, additional fitted wardrobes and fully-tiled bathrooms.
In other news that may be of interest to those looking to sell a house in Scotland, the Federation of Master Builders recently stated that a modern kitchen is a strong selling point when placing a property on the market.
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Thursday, January 24th, 2008
The proposed planning and energy bill will prevent the delivery of new housing, resulting in fewer environmentally-friendly properties being created, according to the Home Builders Federation (HBF).
Director of external affairs at the organisation John Slaughter stated in recent days that while the HBF supported the introduction of the policy planning statements (PPS) and their moves to encourage more environmentally-friendly house building, the bill is of concern.
He noted that the bill goes further than the PPS and it is of concern to them that it risks making the situation more difficult for developers due to more stringent controls, which may in turn affect those looking to buy a house in Scotland.
"Our point of view is that it prevents the delivery of new housing and in the process will result in fewer environmentally-friendly houses rather than more. That’s why we’re rather puzzled by the proposals," he concluded.
In other news that may interest those looking to buy a house in Scotland, the Federation of Master Builders recently stated that a modern kitchen and bathroom are two important selling points to consider when putting a house on the market.
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Wednesday, January 23rd, 2008
A modern bathroom and kitchen are important features when putting a house on the market, according to the Federation of Master Builders (FMB).
In news that may interest those looking to sell a house in Scotland, director of external affairs at the FMB Brian Berry stated that consumers can expect to make their money back on a modern kitchen.
He added: "If you spend about £5,000 – £7,000 you will get more than your money back because a lot of people that are buying in a falling housing market will not want to be investing more money."
Mr Berry noted that more elaborate renovations may not provide consumers with their money back but noted that up-to-date kitchens and bathrooms are solid selling points.
In other news that may prove interesting to those planning to buy or sell a house in Scotland, the Council of Mortgage Lenders recently noted that 2007 was the strongest ever for gross mortgage lending, with figures reaching £362 billion during the 12-month period.
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Tuesday, January 22nd, 2008
The last 12 months have been the strongest ever for gross mortgage lending, according to figures from the Council of Mortgage Lenders (CML).
A study by the organisation indicates that it reached an estimated £362 billion, a rise of five per cent from £345 billion during 2006, in news which may be of interest to those looking to buy a house in Scotland.
Commenting on the data, director general of the CML Michael Coogan comments that the potential for further reductions in the base rates during the next 12 months should provide the market with some help.
"Overall, despite the funding constraints caused by global conditions, the UK mortgage marketplace remains highly competitive and there will continue to be a range of good deals available to better-risk borrowers," he concludes.
Responding to the figures, senior economist at the Royal Institution of Chartered Surveyors Simon Rubinsohn stated that the tougher lending environment is likely to cause problems for first-time purchasers, in news that may interest those looking to buy a house in Scotland.
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Monday, January 21st, 2008
Homes north of the border experienced the biggest house price rises during the course of 2007, according to findings from Halifax.
The financial services provider’s latest house price index suggests that Scotland recorded a house price increase of 13.1 per cent – the only double-digit increase of any region in the UK.
In news that may interest those looking to buy a house in Scotland, the data also indicates that Scottish properties continue to be the most affordable in the UK.
With an average house price of £144,897, the region’s properties are more than a quarter (26 per cent) cheaper than the UK average of £197,071.
"House prices for the UK as a whole are predicted to be flat during 2008 but there are likely to be regional variations. Small price rises are expected in the south and Scotland," comments Halifax chief economist Martin Ellis.
In other news that may interest those looking to buy or sell a house in Scotland, a recent study by Co-operative Bank Mortgages suggested that Britons plan to spend £13.7 billion on green home improvements.
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Thursday, January 17th, 2008
In news which may be of interest to those who are about to buy a house in Scotland, the latest housing market survey by the Royal Institutions of Chartered Surveyors (Rics) shows that the house price balance dropped to its lowest level since November 1992.
According to Rics’ figures, 49.1 per cent more chartered surveyors reported a fall than a rise in house prices in December, compared with 40.6 in November 2007.
Surveyors reported price falls across all regions in England and Wales. Only in Scotland have assessors told of price rises, which is likely to be welcomed by those about to sell a house in Scotland.
Rics spokesman Ian Perry said: "The housing market is clearly feeling the pinch from the credit crunch and the round of interest rate hikes in 2007.
"While sentiment seems to have reached its lowest ebb, the underlying economic conditions are vastly different to what the country experienced in the early 1990s."
The survey also shows that four per cent more surveyors registered a rise than a fall in new instructions to sell property, compared with seven per cent in November.
According to Knight Frank, the country house market fell by a slight 0.04 per cent in the final quarter of 2007, although Scotland saw price rises of one per cent.
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Wednesday, January 16th, 2008
Those looking to buy a house in Scotland may well get a greener property than they expect, research by Co-operative Bank Mortgages suggests.
A study by the financial services provider indicates that Britons plan to spend £13.7 billion on reducing their carbon footprint.
More than two-thirds of Scottish respondents stated that they have already taken steps to make their homes kinder to the environment over the past 12 months.
Among the most popular green improvements made to properties include draught-proofing a home, investing in cavity wall insulation and adding loft insulation.
John Barker, head of mortgages at the firm, comments: "This research clearly shows that people are really starting to sit up and take notice of green issues in relation to their homes."
Meanwhile, in other news that may be of interest to those looking to buy or sell a house in Scotland, it was recently reported by Halifax that housing stock in the country reached a total of £247 billion during 2007.
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Tuesday, January 15th, 2008
Country house prices in Scotland rose in the last three months of 2007, in contrast to the UK average, new research suggests.
According to Knight Frank, country houses in the region saw an increase of one per cent between October and December last year.
In comparison, the average price for the rest of the UK fell by 0.04 per cent, in news that may be of interest to those looking to buy or sell a house in Scotland.
As a whole, 2007 saw overall prices for country properties rise by 7.9 per cent.
Head of residential research at the firm Liam Bailey stated: "The uncertain economic conditions in late autumn undoubtedly caused potential buyers to reconsider their purchasing options, resulting in the country house market become noticeably less buoyant at the end of the year."
In other news that may be of interest to those looking to sell or buy a house in Scotland, it was recently reported by Halifax that the value of housing stock north of the border reached £247 billion over the course of 2007.
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