Archive for April, 2008
Tuesday, April 22nd, 2008
The Bank of England (BoE) has created a £50 billion plan to prevent damage to the UK’s banking system, something that may come as a relief to people looking to buy a house in Scotland.
Revealed yesterday, the plans will see potentially ‘risky’ mortgage debts being swapped for government bonds, the BBC reports.
Chancellor Alistair Darling backed the proposals, stating that they would help resolve difficulties in the credit market.
The move has received a positive response from some market commentators, including the Home Builders Federation (HBF).
Stewart Baseley, executive chairman of the HBF, commented: "The Bank of England is to be applauded for taking action.
"At a time of market uncertainty measures such as this are extremely welcome for home buyers."
Househunters looking to buy a Scottish property may be happy to hear that the Council of Mortgage Lenders is meeting with Mr Darling today (April 22nd) to discuss ways of helping borrowers further.
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Monday, April 21st, 2008
People hoping to buy a house in Scotland may be swayed by their emotional attachment to a property when they decide to purchase it, according to one expert.
Rightmove.co.uk has assessed the reasons for which people will choose a certain property, with factors such as price, location, transport links and schools being the main motivators for picking a certain house.
However, some househunters may become emotionally attached to a property and end up buying something completely different to what they intended.
Miles Shipside, commercial director at Rightmove.co.uk, explained: “Whilst there are basic rules about house buying, emotion comes into it an awful lot when people are emotionally attached to a property and it creates a good impression on them when they go and look at it.
“Quite often people say: ‘I want to live in this location and I want a four bed detached’ and they end up buying a three-bed bungalow somewhere completely different.”
Some 54 per cent of people stepping onto the housing ladder, potentially including Scottish first-time buyers, claimed that they would pay more for a property that has a strong sense of community.
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Friday, April 18th, 2008
Those looking to buy a house in Edinburgh may be interested in one of the latest properties to go on the market in the city.
The latest part of the Quartermile development is a three-storey penthouse, valued at a price of £2 million, according to the Edinburgh Evening News.
Among Edinburgh’s newest projects, the property is not yet finished, but is sited on the location of the former Edinburgh Royal Infirmary and will feature four bedrooms.
Aisling Dunphy, sales and marketing director for Quartermile developer Gladedale Capital, told the newspaper: “The location and the view is what stuns people. The view up there is unrivalled.”
Air conditioning, a surround sound TV and hi-fi system and solid oak flooring are among the features expected to tempt people looking to buy a house in Edinburgh.
Latest releases in the Quartermile development include a ground floor, one-bedroom apartment for £230,000 and a three-bedroom property on the second floor for £935,000, according to the development’s website.
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Friday, April 18th, 2008
A new waterfront housing development in South Kessock is to be unveiled next week, a site that could include some attractive properties for those looking to buy a house in Scotland.
According to the Inverness Courier, developer Caledonian Property Partnership will put on a day-long exhibition of the proposals, with locals invited to declare their views on the planned development.
“It would be something new for South Kessock although waterfront developments are not new in other areas and have worked well in other regeneration areas such as Leith, Glasgow and Liverpool,” said Inverness Central councillor Peter Corbett, according to the newspaper.
A spokesperson for Caledonian Property Partnership claimed that the plans were “very exciting”, something that may whet the appetite of anyone looking to buy a house in Scotland.
The plans will reportedly result in construction on a disused industrial area in South Kessock.
The official Inverness City website claims Inverness has one of the lowest unemployment rates in the country, as well as the lowest pollution levels of any British city.
Tags: Buy a house in Scotland
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Thursday, April 17th, 2008
People looking to buy a house in Scotland could be tempted into choosing a property based on factors such as a low crime rate or the existence of a neighbourhood watch scheme, according to an expert.
Miles Shipman, commercial director at UK property website Rightmove, said that an area’s crime rate normally has a big influence on people’s feelings about a property.
“Crime is an important factor. Areas with a neighbourhood watch and areas with a better track record on crime are also one of the key factors [that people look for],” Mr Shipman said.
He also suggested that people looking to buy a house in Scotland that would mean they move away from friends and family will probably be interested in how close a property is to transport links, which will enable them to visit loved ones.
Yorkshire Bank’s house buyers’ survey, which was published last month, revealed that 74 per cent of people value a Neighbourhood Watch scheme.
Tags: Buy a house in Scotland
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Thursday, April 17th, 2008
Those looking to sell a house in Scotland could be buoyed by the recent research suggesting that homes in the region are bucking the overall UK trend.
According to a report in the Glasgow Evening Times, the Royal Institution of Chartered Surveyors (Rics) has noted that whereas house prices in other areas of the UK were in record low territory, 90 per cent of Rics members reported Scottish house prices were the same or higher than previously.
“Scotland is in a unique position with house prices continuing to increase, albeit not at a booming’ rate. The general feeling within the industry is that the Scottish market is currently holding up well,” said Rics Scotland director Graeme Hartley, according to the paper.
This may come as good news to those looking to sell a house in Scotland, as it means their home will be worth more than in certain other places in the UK.
According to the Rics UK Housing Market Survey for March 2008, Scotland is the only UK region with the “net balance of surveyors” noting a rise in house prices.
Tags: Buy a house in Scotland, House Prices, Scotland
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Wednesday, April 16th, 2008
People thinking of buying a house in Scotland should be sure to research local amenities, according to one expert.
The ‘solid fundamentals’ of investing in any property include good amenities such as shops, schools, transport links and major employers, YourPropertyClub.com has claimed.
Brett Wood, the property investment advice website, claimed that people unwilling to make such enquiries would "get burned", since it is vital to look at the long-term potential of the area.
Those looking to buy a house in Scotland may be encouraged to hear that northern properties have good prospects, according to Mr Wood.
"Up north there are some good opportunities, as long as you watch what you’re buying; get a good evaluation and do your research," he said.
Some 78.5 per cent of chartered surveyors recorded a fall in house prices in the Royal Institution of Chartered Surveyors’ March survey.
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Wednesday, April 16th, 2008
It has been claimed that now is an ideal time to purchase a new property, which may be good news for househunters looking to buy a house in Scotland.
Despite concerns in the housing market over increasingly stringent lending, Persimmon housebuilding group has argued that potential buyers can use this to their advantage.
Bob Neil, director at Mortgage Bureau, has been cited by the firm in his explanation of this claim. He said: "Contrary to reports, there are still attractive mortgage deals available however you do need to move quickly to get them.
"This news, coupled with the fact that the Bank of England has reduced the interest rate by 0.25 per cent to five per cent, should come as a sigh of relief for anyone considering buying for the first time or those looking to make the next move up the property ladder."
Anita Williams, Persimmon’s sales and marketing director, agreed with this statement, adding that it is a buyer’s market since properties are priced competitively.
A Royal Institute of Chartered Surveyors survey carried out last month revealed that house prices reached a historical low in March, something that may have impacted on Scottish property prices.
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Tuesday, April 15th, 2008
Househunters looking to buy a house in Scotland may be interested to learn that detached properties make up a fifth of houses bought in the UK.
Houses without adjoining neighbours make up 22 per cent of the house purchases in the UK, according to new figures from Nationwide.
Detached houses have also seen a price increase of some 41 per cent over the past five years, which may be good news for people hoping to buy such a Scottish property.
The report stated: "Detached houses are, on average, bigger than other property types and, with an average floor area of around 1,542 sq ft (143m²), a third bigger than a typical semi and twice as big as a typical terraced property."
Nationwide recently released statistics which suggested that the UK’s house prices had slowed to their lowest level in 12 years.
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Tuesday, April 15th, 2008
Scottish first-time buyers, as well as those elsewhere in the UK, are in need of a correction in house prices, it has been claimed.
A house price correction programme would be of much more use to people looking to step onto the housing ladder, compared with other government initiatives such as the Open Market HomeBuy scheme, Firstrung has stated.
Paul Holmes, chief executive officer at Firstrung, commented that these measures may still result in the over pricing of new homes.
Targeting first-time buyers is the only way in which the government will be able to achieve their housing targets in the next five years, Mr Holmes surmised.
"But I’ll tell you what first-time buyers need more than anything," he said.
"A moderate or a significant correction in house prices of about 20 per cent. That’s the best gift that a first-time buyer can have."
Rightmove’s House Price Index for March this year suggested that there had been a 0.8 per cent increase in the UK’s house prices despite the ongoing economic slowdown.
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