Archive for April, 2008
Wednesday, April 30th, 2008
People looking to buy a house in Scotland may be interested to know that whiskey production in Dumfries and Galloway is to be revived.
The Annandale Distillery Company has accepted a Regional Selective Assistance (RSA) grant of £150,000 to revamp the distillery that has not been used in 90 years, enterprise minister Jim Mather announced.
In a venture that is expected to yield significant economic growth, the revival of the distillery will create many jobs in the area, which may be good news for those looking for Scottish property.
“This represents a significant private business investment in Scotland which, coupled with an indication of £350,000 from Historic Scotland and the offer of RSA from the Scottish government, will deliver real economic benefits and create new Scottish jobs,” said project director David Thompson.
Elsewhere in Scotland, a new housing development has been launched in Fife by housebuilding firm George Wimpey.
Posted in Estate Agency | No Comments »
Wednesday, April 30th, 2008
UK house prices could fall by some 30 per cent, it has been warned – news that may be of interest to those looking to buy a house in Scotland.
David Blanchflower, a member of the Monetary Policy Committee, has claimed that if interest rates are not cut by the Bank of England, house prices could fall by a third.
Mr Blanchflower also cautioned that the UK faces “real risk” of falling into a recession, the International Herald reports.
Speaking to the Royal Society in Edinburgh, Mr Blanchflower commented: “In my view a correction of approximately one-third in house prices does not seem implausible in the UK over a period of two or three years.”
Urgent action is required if the UK is not to follow the US, he added, going on to continue that the quicker the Bank of England acts, the less cuts it will have to make.
The news comes as the Bank of England reported a sharp fall in the number of new mortgages taken out in March.
Posted in Estate Agency | 1 Comment »
Wednesday, April 30th, 2008
Househunters looking to buy a house in Scotland may be interested to hear that one property developer has been boosting students’ interest in the construction industry.
Persimmon, which claims to be the UK’s largest house builder, has been encouraging students of Forth Valley College in Falkirk who are interested in a housebuilding career.
By allowing the college-goers to experience the process first hand at its Kinnaird-based site, the company aimed to demonstrate the type of work involved and the benefits of working in the industry.
Site manager Bobby Haston showed the group of 12 around the site and presented detailed information about the different job opportunities within the sector.
"Experiencing the housebuilding sector first hand with a practical talk by one of Scotland’s leading homebuilders has been of great benefit to the students who are demonstrating an interest in the careers available in construction," said Julie Hyslop, lecturer at the college.
"I hope the day has inspired them to take the next step in fulfilling their career goals."
Nearby, a similar scheme has been adopted by Peebles High School, which has been provided with a timber shell from construction firm Muir Homes, in which skilled trades will be taught to pupils.
Posted in Estate Agency | No Comments »
Wednesday, April 30th, 2008
Further weakness in the UK’s housing market has been exposed by statistics revealed by Nationwide, something that may be of interest to people looking to buy a house in Scotland.
The building society’s recorded house price figures show that they decreased by 1.1 per cent, representing a fall of one per cent over the past year.
Fionnuala Earley, Nationwide’s chief economist, commented that this follows the trend that has occurred over the last six months and “reflects the weakening sentiment in the market brought about by poor affordability and tighter financial market conditions”.
Ms Earley went on to say that a lack of demand from people stepping onto the housing ladder – potentially including Scottish first-time buyers – higher mortgage rates and tighter lending criteria have resulted in a record low in terms of house purchases.
However, it was claimed yesterday (April 29th) by property consultancy Knight Frank that the Scottish market was “remarkably robust” compared to the rest of the UK, which may be welcome news to those hoping to buy a house in Scotland.
Tags: credit crunch, House Prices, housing market
Posted in Estate Agency | No Comments »
Tuesday, April 29th, 2008
Abbey has taken advantage of the worsening housing market conditions as it sees its rivals retreat from the market, it has been revealed.
The bank’s market share reached 15.9 per cent in the first quarter of 2008, according to a Reuters report, something which may be of significance to people who want to buy a house in Scotland.
Net mortgaging for the company was £2.9 billion, representing an increase of almost double the figure from the previous year.
The bank, owned by Spanish company Santander, stated that most of its signings were for customers hoping to remortgage old loans and few were for new mortgages.
"Our market share is more than 15 percent which is more than our natural share because of the market conditions," said Santander chief executive officer Alfredo Saenz.
According to Reuters, HBOS recently predicted that UK house prices are to fall by "mid single digits" in 2008.
Posted in Estate Agency | No Comments »
Tuesday, April 29th, 2008
In news that may be of interest to people looking to sell a house in Scotland, the Bank of England (BoE) has today (April 29th) released statistics that show a dip in net lending to individuals.
Throughout March, new lending amounted to £8.2 billion; however, this was below the increase experienced in February.
Meanwhile, the 12-month growth rate slowed to 8.7 per cent. There were some 64,000 loans approved for a house, with an additional 98,000 for remortgaging, the bank reveals.
Commenting on the results, the Council of Mortgage Lenders’ director general Michael Coogan said: "It comes as no surprise that approvals for house purchase have continued to decline.
"This will result in a substantially lower level of housing transactions in 2008 than we saw last year."
However, people hoping to sell a house in Scotland may be relieved to hear that the Scottish housing market has been described as "remarkably robust" by property consultancy Knight Frank.
Posted in Estate Agency | No Comments »
Tuesday, April 29th, 2008
Househunters looking to buy a house in Scotland may be happy to learn that one property consultancy views the country’s housing market as “remarkably robust”.
According to Knight Frank figures, in 2007, the Scottish housing market outperformed all other UK regions and recorded a capital growth rate of 13 per cent. Meanwhile, a 19.9 per cent increase was experienced for new Scottish property.
Compared the rest of the UK, the firm has forecast that Scotland will witness a house price growth of one per cent, whereas other regions are expected to see a reduction of three per cent.
Liam Bailey, head of residential research at Knight Frank, said: “Scotland’s housing market is proving remarkably robust in the face of the turbulent market conditions affecting the wider UK market.”
The Halifax House Price Index recently recorded that over the last ten years, Scottish property prices have seen an overall growth of 271 per cent.
Posted in Estate Agency | No Comments »
Monday, April 28th, 2008
Plans to integrate European Union housing markets should be shelved, according to one industry body.
In news that may be of interest to those looking to buy or sell a house in Scotland, the Council of Mortgage Lenders (CML) has called upon the European Commission to postpone its proposals put forward in a White Paper in December.
According to the CML, housing market conditions have changed so much in recent months that "it would make no sense" to proceed.
"Proposals to further the integration of markets are unlikely to produce net benefits in the present climate," said Andrew Heywood, deputy head of policy at the CML.
Based on the research of expert groups, the commission published its White Paper that detailed issues of mortgage funding and consumer protection, with a view to providing a balanced series of measures to improve the competitiveness of housing markets.
Posted in Estate Agency | No Comments »
Monday, April 28th, 2008
Househunters looking to buy a house in Scotland should be aware that the possibility of negative equity is present in some areas.
This comes from Mouseprice, which has pointed to an Experian survey that suggests negative equity may "crop up" in some UK regions in the next few years, news that may be especially pertinent to Scottish first-time buyers.
Jonathan Upton, business development director at the company highlighted that fact that this depends on the profile of the housing market in each respective area, which may be good news for Scottish property buyers since the Halifax House Price Index for March revealed that the Scottish market was still strong.
The house price dip experienced in some areas may be beneficial for first-time buyers, however.
"For people who aren’t on the housing market yet, falling house prices put them in a stronger position in regards to negotiations," Mr Upton commented.
Some 23 per cent of 24 to 34-year-olds are concerned about incurring negative equity on their property, according to Fool.co.uk.
Posted in Estate Agency | No Comments »
Monday, April 28th, 2008
People hoping to buy a house in Scotland may be interested in new range of properties in Fife.
The housebuilder George Wimpey invited celebrity chef Nick Nairn to the launch event in Dunfermline at the weekend. Nairn demonstrated the use of a showhouse kitchen by cooking up a variety of meals that could be used by the visitors to impress their guests.
Masterton Lea, the name of the property development, includes some 101 family homes, with two and three-bedroom terraced properties and three and four-bedroom townhouses.
Detached homes with up to five bedrooms are also available, meaning that people hoping to buy a house in Scotland have a wide variety of choice.
Karen Armstrong, sales and marketing director at George Wimpey East Scotland, said: "Masterton Lea commands a stunning position at the top of Lapwing Drive, with stunning views overlooking the Forth estuary and the Forth Bridges.
"Combine this location and that view, with two great looking showhomes and it’s clear why customers are quite simply blown-away when they visit this development."
The housebuilder recently advised househunters to view their new home like a blank canvas when putting their personal stamp on the property.
Posted in Estate Agency | No Comments »
