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Archive for May, 2008

Lloyds TSB predicts 10% house price fall

Wednesday, May 7th, 2008

High street bank Lloyds TSB has predicted that there will be a ten per cent drop in house prices over the next two years, it has emerged.

According to the Telegraph, acting finance director Tim Tookey has forecast a further market downturn for 2008-2009.

In a statement that may be of interest to people looking to buy a house in Scotland, Mr Tookey claimed that the extent of the strains on the housing market have yet to be made clear.

However, he commented that the existing stringent lending conditions have enabled the bank to increase its share of the market and its profit margins.

“Our flow of new mortgages in the first few months of the year has been significantly higher than our stock position of 8.5 per cent,” he said.

Meanwhile, Scotland’s housing market appears to be defying the credit crunch, according to the Times, since it continues to outperform the rest of the UK, which may be good news for those who want to buy a house in Scotland.

Work has begun on the Sidings

Wednesday, May 7th, 2008

Househunters looking to buy a house in Scotland may be interested in a new Barratt development in Baillieston.

The Sidings, Barratt West Scotland’s most recent development, is situated on a former railway sidings and will consist of apartments and two and three bedroom houses.

According to David Balmer, Barratt West sales and marketing manager, the Sidings is located in an ideal spot for commuting to both Edinburgh and Glasgow, since it is close to the M8 and the North Electric rail system.

“With the M8 motorway just minutes away, commuting to Glasgow, Edinburgh and the North and the Clyde Coast couldn’t be easier,” he said.

The Laurels, another Barratt development in Rutherglen, may be of interest to Scottish first-time buyers, as the company is offering a Head Start package for people stepping onto the housing ladder.

First-time buyers ‘should look before they leap onto the housing ladder’

Tuesday, May 6th, 2008

Scottish first-time buyers may be left in a negative equity position if they try and rush onto the housing ladder, if one organisation is to be believed.

Iammoving.com has claimed that first-time buyers should adopt a ‘wait and see’ approach to house buying, in that they should gauge the developments in the market before they make a purchase.

Peter Beckett, business development director of the company, said: “If you rush into something now, you could find yourself in a negative equity position, having borrowed in order to be able to afford to secure the property in the first place.”

Mr Beckett suggested taking out a loan within the family, using savings or inheritance as advisable ways of funding a first property. In addition, he suggested making the commitment in conjunction with someone else in order to ease the burden.

Meanwhile, research from Iammoving.com has revealed that one in three first-time buyers are gambling on their house purchases by taking out unsecured loans and using credit cards for deposits.

Scottish property market starting to feel the pinch?

Tuesday, May 6th, 2008

Scottish first-time buyers may be left in a negative equity position if they try and rush onto the housing ladder, if one organisation is to be believed.

Iammoving.com has claimed that first-time buyers should adopt a ‘wait and see’ approach to house buying, in that they should gauge the developments in the market before they make a purchase.

Peter Beckett, business development director of the company, said: “If you rush into something now, you could find yourself in a negative equity position, having borrowed in order to be able to afford to secure the property in the first place.”

Mr Beckett suggested taking out a loan within the family, using savings or inheritance as advisable ways of funding a first property. In addition, he suggested making the commitment in conjunction with someone else in order to ease the burden.

Meanwhile, research from Iammoving.com has revealed that one in three first-time buyers are gambling on their house purchases by taking out unsecured loans and using credit cards for deposits.

Sustainable housing ‘should be implemented nationwide’

Friday, May 2nd, 2008

In news that may be pertinent to environmentally-friendly househunters looking to buy a house in Scotland, the Federation of Master Builders (FMB) has advised against the creation of eco-towns.

Brian Berry, director of external affairs at the FMB, has claimed that, rather than investing in new eco-communities, a reform of the planning system should be adopted to supply higher environmental standards to existing houses.

“What we want is high quality housing in every village and town and that is much more sustainable than building new settlements that are deemed to be eco-towns,” he said.

Mr Berry argued that sustainable standards are required nationwide and not just in new settlements; however, he acknowledged that there is a need in the UK to create more housing solutions.

Zero-carbon homes will cost more to purchase than standard properties, according to 42 per cent of builders questioned by the National House-Building Council.

Perthshire development ‘offers a taste of country life’

Friday, May 2nd, 2008

A new development in Perthshire offers the taste of upmarket rural life, according to Redrow.

The housebuilding firm has announced the launch of its new show home in the Graemeslea development in Aberuthven, which may be of interest to people hoping to buy a house in Scotland.

On May 10th, the show home will be unveiled, allowing visitors to experience the countryside surroundings, as well as have a go at archery and witness a falconry display.

Specialist chef John Quigley will be making an appearance at the event in order to cook up some Scottish cuisine in the show home’s kitchen.

Diana Newton, sales director for Redrow Homes, said: “Graemeslea is a beautiful development of stunning luxury homes, perfectly set among the breathtaking scenery of the Perthshire countryside.”

The development is a 15-minute drive from Perth and just over an hour away from Glasgow and Edinburgh, according to the company.

Another development that may be of interest to people looking to buy a house in Scotland is the luxury apartments at the Laurels, a Barrat Homes development in Rutherglen near Glasgow.

Scotland ‘at the top of the market’

Thursday, May 1st, 2008

House prices are only continuing to do well in Scotland and at the top end of the UK market, it has been claimed.

Research conducted by the Centre for Economics and Business Research (CEBR) for Chesterton estate agents, has highlighted a negative house price growth throughout England, Wales and Northern Ireland during April.

However, people looking to buy a house in Scotland may be pleased to hear that the country is still doing well.

Douglas McWilliams, chief executive of the CEBR, commented: “Price falls are now happening across the country. Mortgage lenders, estate agents and surveyors – in fact, all areas of the market – are now telling the same story of decline.

“Prices are only holding up in Scotland and at the very top of the market, which is propped up by international demand helped by falls in sterling.”

Elsewhere, the largest house price fall was experienced in Northern Ireland with a 4.6 per cent dip. Also, the value of property at the bottom end of the market fell by 0.2 per cent.

The CEBR’s sentiments were echoed elsewhere this week as Knight Frank proclaimed Scotland’s housing market to be “remarkably robust”.