Caesar Howie News

Mortgage Rates Continue to Fall

Tue, 05 Aug 08 00:00:00 +0100

The better news for housebuyers continued this week when more lenders announced rate cuts. Following the lead of the Halifax and others HSBC and the Bank of Ireland announced rate cuts across a range of products. This means now that all the major players in the mortgage market have reduced rates in the last week. Some have also reduced costs associated with their products as well. On top of that the general tightening up of criteria for obtaining finance seems to have stopped. Sandy MacFarlane, an experienced mortgage advisor with Caesar and Howie is confident the market is starting to return to some form of normality. "Generally it seems now that lenders are requiring 10% deposit as a minimum but if you have a good job and minimal other debt most people can now get the funds they need to buy. The 10% deposit rule is a bit of a return to the old day when I started in the business! Many borrowers can come up with these sorts of sums and we find first time buyers are often getting help from relatives."

As well as easier finance buyers are also finding properties easier to find due to the large volumes on the market and also that sellers are no longer holding out for premium prices. Kirsty Jack, senior sales controller at Caesar and Howie confirms this. "Not many closing dates are being fixed these days, and there are lots of houses now available at quite affordable fixed prices, so buyers can pick and choose. I suspect that when the market comes back to normal a lot of the prices now available to buyers will be seen to be real bargains"

Better News on the Home Front.

Fri, 01 Aug 08 00:00:00 +0100

After many months of pretty depressing news in respect of house values, mortgage costs and falling sales, householders suddenly received three bits of good news in as little as 48 hours.

The first piece of news did not make many headlines - but possibly was actually the most encouraging of all. Not many homeowners will ever have had much to do with the LIBOR interest rate. This is the rate on which loans between banks are costed - and for the first time for many months this rate reduced significantly last week. This will make inter bank lending that bit cheaper and it has been the banks unwillingness to lend to each other which has been a main cause of the tightening of credit for the consumer.

Secondly and following hard on the heels of the news the LIBOR reduction - mortgage rates started to drop of the consumer. First the Halifax, then a group of lenders including the Bank of Scotland and the Newcastle Building society all announced rate cuts on a range of products. Other lenders are expected to follow suit - prompting some observers to suggest that the "credit crunch" has at least peaked and a gradual return to more normal conditions has already started.

Thirdly the National Housing Federation has just predicted a massive increase of 25% in house prices in England and Wales by 2013. The Federation bases its predictions on an increasing demand for households caused by social trends such as longevity, coupled with limited supply.

All and all this information can only encourage householders, who have been a beleaguered species recently. David Borrowman Caesar and Howie managing partner comments "We have little doubt that housing assets will go up in value over the medium term. All the data we have, increased longevity, immigration, different family groupings point to increasing demand over time for houses. Perversely the current slow down in building units will simply fuel higher price rises in the future, once the current difficult market conditions start to improve"

Think Tank calls for Legalisation of Cannabis

Thu, 12 Jun 08 00:00:00 +0100

The Scottish Futures Forum a social policy think tank has called for consideration to be given to legalisation of Cannabis.

The forum claims evidence from the Netherlands and the USA suggests that when cannabis is legalised (as in the Netherlands) there is a reduced probability of users moving on to harder drugs. The Forum claims most legal cannabis sellers in the Netherlands have no connection with harder drugs whilst in America where cannabis sale is illegal more than half drug sellers seek to sell cannabis and harder drugs.

The suggestion is floated by the forum as a contribution to the continuing drugs debate in Scotland where addiction rates are moving inexorably upwards. Several politicians immediately came out against the idea, with the exception of Patrick Harvie MSP of the Green Party who congratulated the Forum on the report.

Figures favour Scottish market

Thu, 12 Jun 08 00:00:00 +0100

The release of figures from the Government confirms the resilience of the Scottish house market. The Communities and Local Government department have issued its house price index for the year to April 2008 and they show annual house price growth at 7.7% in Scotland to be the highest for any region in the UK. However this does also show a price growth rate slower for Scotland than in the precious year which had been 9.3%. Within the UK figures as a whole there is shown to be a drop in the prices of flats of 0.3 per cent.

John Renton senior valuer at Caesar and Howie confirmed the figures reflected local experience in the Central belt. �I think in most of Central Scotland prices are more affordable in terms of their relationship with incomes than in other parts of the UK. That�s what keeps the Scottish market from big ups and downs in my view. On the other hand �continued John �I think the data is a little out of date and I think prices are pretty static at the moment. Sellers need to price sensibly and be patient to get their houses away�

The 100% Mortgage is back!

Fri, 30 May 08 00:00:00 +0100

Slightly better news for hard pressed buyers is the return of that endangered and maybe even thought to be extinct animal - the 100% mortgage. The Bank of Ireland have stepped back into the market with a 100% loan product. Sandy McFarlane - long time mortgage advisor at Caesar and Howie, cautiously welcomes the news. "It is encouraging to see some better news for buyers. However - folk shouldn't get carried away just yet. This is a niche product with fairly strict requirements including having a guarantor. So the product will have a limited market I think - but it will still get some first time buyers back in buying mode. And who knows - once one lender comes back in maybe others will follow."

If you wish to know details of this or any other mortgage product currently available - call Sandy on 01506 815900.

The Market For Homes An Alternative View

Tue, 27 May 08 00:00:00 +0100

Never has the "House Market" been more in the news than it is now. But so far all the articles I have seen are about houses as a financial investment and whether prices will go up or down. Generally the slant on these articles seems to be it is bad news for prices to go down and good news for them to go up. Certainly there are many in the market to make money one way or another but perhaps many commentators miss the fact that this is a market mostly for homes for families and individuals. This is not a straightforward commodity market. It therefore seems to me that most buyers want a suitable home first and foremost with the secondary hope that it might appreciate in value somewhat over their lifetimes. Long term social trends in this country with smaller, different and more regularly changing family units would tend to suggest a move over time towards more households. Similarly increasing longevity and immigration would seem logically to add through time to housing need. So my feeling is that subject to fluctuations here and there the probable long view is that houses should appreciate in value.

If that is right buyers and sellers alike should not lose confidence in the market but respond sensibly to what seems to be happening in the short term. Currently in the short term the house market looks to be becoming a little smaller with fewer transactions taking place - and to have changed from the rampant sellers market of the last few years to a buyers one - where what pressure there is on prices is downwards.

In this scenario if you start looking at the market from the "home" perspective things look a bit different and more encouraging than perhaps most current commentators are saying. For example newcomers to the market will gain should prices fall. Again if someone owns a property and wants a bigger one - things get better if prices drop. Say prices drop 5% and your were intending selling at say £150 k and buying at about £250k your sale price drops by £7500 but your purchase price drops by £12500 - so you gain - and the higher up the scale you are the more you gain. Usually people trading up are doing so to accommodate the arrival of new member of the family - they are not moving just to make money. Losers in a market where prices are falling would be people trading down - but these tend to be older people who have been in their house a long time and whose mortgages are paid off. So the loss here is generally a paper one anyway as opposed to an actual loss of cash.

Possibly the only real losers may be those who buy with a large mortgage and have to move or sell at a time outwith their control when prices are falling. They may have just bought - then lost their job or have to move job forcing them to sell. This group would suffer on a price fall - but how many homeowners come into this category - probably not very many.

My feeling is that long term prospects remain good in this market, but care must be taken because of the short term buyers market we are in. The short term difficulties are causing delayed sales and creating English like chains where deals are not finalised till the last minute. For sellers that mean selling before you buy and even being prepared to take temporary accommodation before completing your purchase. It also means being patient in the sales process and completely sensible on prices. For buyers it means not paying too much now and also not buying in the hope that a quick sale on can deliver a profit in no time - that will not happen. It means leaving a little spare in the budget to cope with mortgage costs maybe rising. Finally It also means being prepared to see your new property as first a suitable home for you and your family now and only over time a financial investment.

D H Borrowman, Managing Partner, Caesar and Howie.

First-time buyers 'should not fear repossessions'

Mon, 12 May 08 00:00:00 +0100

Scottish first-time buyers looking to buy a house in Scotland may be pleased to hear that they may be immune to the rise in repossessions experienced throughout the UK.

According to Firstrung, people stepping onto the housing ladder for the first time may be able to weather the storm of repossessions currently being experienced in the UK.

Not only have many first-time buyers taken out an average mortgage of £115,000, but it is often shared between two people, making it easier to manage, Paul Holmes, operations director of Firstrung explained.

Mr Holmes stated that family homes, such as those with mortgages in excess of £250,000 may be more at risk, yet the circumstances for people only just getting into the housing market should remain stable.

"First-time buyers are the least likely group to be repossessed full stop, because it is their home, they have recently bought it and they can generally afford it," he said.

It was recently recorded that a rise of 16 per cent has been experienced in the number of possession claims during the first quarter of 2008 by the Ministry of Justice.

Edinburgh 'top for million pound properties'

Mon, 12 May 08 00:00:00 +0100

For those hoping to buy a house in Edinburgh, new statistics from Halifax may be welcome news.

According to the Halifax Estate Agents Million Pound Property Report, Edinburgh witnessed the largest number of million pound property sales in the northern regions of the UK in 2007.

The bank states that 148 such properties were sold in that time, which was 86 per cent higher than Macclesfield which had the second highest number. Over all, million pound property sales increased by 36 per cent in the UK.

However, as Gordon Edwards, managing director at Halifax Estate Agents, explains, there was even more success south of the border.

"Although there has been a marked increase in the number of million pound property sales over the past decade, a small number of local authority areas in London continue to account for the significant majority of £1 million sales," he said.

Over the past year, the biggest house price increases have been experienced in Scotland, which may be of interest to those looking to buy a house in Scotland, with an increase of 5.3 per cent, the Halifax House Price Index recently revealed.

Scottish property market 'gives economy a boost'

Mon, 12 May 08 00:00:00 +0100

The Scottish economy is being buoyed by the housing market, it has been claimed.

According to a forecast released today (May 12th) by the Bank of Scotland, the economy will see an upturn in growth next year, the Scotsman reports.

Factors contributing to Scotland's economic growth include consumer confidence, good car sales and a healthy housing market, the news source states.

Martin Ellis, chief economist at the Bank of Scotland, explained that the historically low interest rates "continue to fuel strong demand for new housing".

This was indicated recently in the Bank of Scotland House Price Index, which showed that the average Scottish property price had increased by 20 per cent to £82,000 during the past six months, while Edinburgh was found to be the most expensive place to buy a house in Scotland.

Furthermore, Edinburgh was found to have sold the most million pound properties in the northern regions of the UK in a recent Halifax study.

More rate cuts 'encouraged'

Fri, 09 May 08 00:00:00 +0100

People hoping to buy a house in Scotland may be interested to know that one industry body has called for more interest rate cuts from the Bank of England.

Convex.net, a company of online property conveyancers, has claimed that the Bank of England should take further measures to bolster the housing market.

Duncan Samuel, managing director of the organisation, commented that the lack of activity of lenders is having an adverse effect on the market.

"It is clear that very soon the Bank of England will need to do something to bring the Libor rate down to free up mortgage funds," he said.

This follows the Bank's decision yesterday (May 8th) to maintain the base interest rate at five per cent.

The decision met with disappointment among several industry bodies, including the Royal Institute of Chartered Surveyors, which stated that the fact that housing transactions have recently collapsed and that consumer confidence has reached new lows needs to be remedied.

BoE interest rate decision 'meets with disapproval'

Thu, 08 May 08 00:00:00 +0100

Housing market experts have today (May 8th) expressed their disappointment over the Bank of England's (BoE) interest rate decision.

In news that may be of interest to those looking to buy a house in Scotland, the BoE's Monetary Policy Committee has decided to maintain the official bank rate paid on commercial bank reserves at five per cent.

According to the Royal Institution of Chartered Surveyors (Rics), this may not be good enough to rectify the current economic chaos.

"The Rics is disappointed that the MPC chose to leave the base rate on hold today," says Simon Rubinsohn, chief economist at Rics.

"Housing transactions have collapsed, consumer confidence has sunk to its lowest level since 1992, the service sector appears close to stagnation … and the retail sector is under immense pressure," he added.

Furthermore, SmartNewHomes.com has commented that the UK is in need of another base rate cut, going on to claim that lenders should take up the BoE liquidity scheme in order to boost UK lending.

First-time buyers 'should avoid unsecured debt'

Thu, 08 May 08 00:00:00 +0100

Those hoping to buy a house in Scotland may be interested in the advice offered by a housing industry expert over buying with unsecured loans.

Iammoving.com has advised homebuyers against using unsecured loans to buy property in the current market.

Peter Beckett, business development director, said that this is particularly relevant for people stepping onto the housing ladder for the first time, which may be significant to Scottish first-time buyers.

He said: "The whole housing market is at quite a turning point I think, whereby the prices are coming down and first-time buyers are looking for ways to be able to manage to get on to the ladder."

Mr Beckett went on to say that unsecured debt is a "dangerous" option unless the house-buyer is "extremely confident" about their job security.

Gross lending in the UK slowed by eight per cent in the first quarter of 2008, according to the Council of Mortgage Lenders.

Scottish buyers 'may still be affected by crunch'

Thu, 08 May 08 00:00:00 +0100

The Scottish housing market is still feeling the impact of the slump in house prices throughout the rest of the UK, it has been claimed.

In a report that may be of interest to househunters hoping to buy a house in Scotland, Teresa Hunter, writing for Scotland on Sunday pointed out that Scottish buyers still have to "borrow from the same pool of mortgages".

She stated that although Abbey and the Bank of Scotland have 'trimmed' their deals recently, prices remain high and may do for some time.

"Undeniably the market is slowing, and I'm not convinced Scotland can remain immune, although it may sidestep the excessive price corrections already evident in some overcooked hotspots in the south," she said.

However, the figures appear to disagree, with the March Halifax House Price Index indicating that over the last ten years Scotland has experienced a 271 per cent increase in house prices.

Work has begun on the Sidings

Wed, 07 May 08 00:00:00 +0100

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.

Lloyds TSB predicts 10 % house price fall

Wed, 07 May 08 00:00:00 +0100

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.

Scottish property market starting to feel the pinch?

Tue, 06 May 08 00:00:00 +0100

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.

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

Tue, 06 May 08 00:00:00 +0100

Perthshire development 'offers a taste of country life'

Fri, 02 May 08 00:00:00 +0100

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.

Sustainable housing 'should be implemented nationwide'

Fri, 02 May 08 00:00:00 +0100

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.

Scotland 'at the top of the market'

Thu, 01 May 08 00:00:00 +0100

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".

Nationwide stats 'show further market weakness'

Wed, 30 Apr 08 00:00:00 +0100

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.

Children encouraged to build on enthusiasm

Wed, 30 Apr 08 00:00:00 +0100

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.

Possible house price drop of 30%

Wed, 30 Apr 08 00:00:00 +0100

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.

Dumfries and Galloway distillery to be revitalised

Wed, 30 Apr 08 00:00:00 +0100

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.

Scottish housing increases forecast compared to rest of UK

Tue, 29 Apr 08 00:00:00 +0100

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.

BoE stats show dip in lending

Tue, 29 Apr 08 00:00:00 +0100

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.

Abbey 'taking advantage of credit crunch'

Tue, 29 Apr 08 00:00:00 +0100

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.

New development launched in Fife

Mon, 28 Apr 08 00:00:00 +0100

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.

Negative equity 'present in some areas'

Mon, 28 Apr 08 00:00:00 +0100

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.

CML: Commission 'should shelve White Paper plans'

Mon, 28 Apr 08 00:00:00 +0100

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.

Buy-to-let property-hunters 'should aim for big centres'

Fri, 25 Apr 08 00:00:00 +0100

Househunters looking for Scottish property to let out may choose to follow the advice of one property website and aim for a larger town or city.

The BuyAssociation has advised buyers to gravitate to the larger centres in the UK for better investment potential.

Paul Collins, property editor of the company, explained that suburbs and areas outside of a major town or city are more popular among people looking to buy a house rather than rent.

"It's somewhere they'd like to buy, settle and spend a significant amount of time. They would probably be looking to buy, rather than rent," Mr Collins said.

Family homes may be a popular renting opportunity instead of smaller commuter-based properties, he added, something which may be of interest to those hoping to buy a house in Edinburgh.

Elsewhere in Scotland, the Vale of Glamorgan was recently rated amongst the top ten places in the UK for the best quality of life.

'All options should be considered' when buying first home

Fri, 25 Apr 08 00:00:00 +0100

Scottish first-time buyers should be sure to assess all their options when looking to buy their first property, if one mortgage advice firm is to be believed.

Alexander Hall, a UK mortgage broker company, has stated that first-time buyers should be sure to assess several factors when looking into a new property.

For example, the way in which house price changes could affect the decision in the long-term should be considered, as well as their own personal circumstances, Andy Pratt, a spokesperson for the organisation said.

How long the buyer intends to remain in the property should also be a consideration, he added.

"The one really, really important thing that first-time buyers need to understand is that they should look at the options," Mr Pratt commented.

It has been estimated that house prices will fall a further 15 per cent in the next two years in a report from Morgan Stanley.

New homes in Scotland increase in value

Fri, 25 Apr 08 00:00:00 +0100

People looking to buy a house in Scotland may be happy to learn that the price of new homes has increased, according to one index.

The SmartNewHomes New Homes and Migration Monitor has revealed that house prices in the region have increased by five per cent over the past month.

Meanwhile, a rise of 8.2 per cent has been experienced since the same time last year, showing that Scotland is still strong, the report attests.

In terms of migration, Scotland has seen a 3.5 per cent increase in people moving there.

"Scotland is outperforming the rest of the UK, pulling up average prices," the report said.

Elsewhere, the price of a new home has increased in the West Midlands and south-west of the UK, while greater London has seen a decrease of 4.2 per cent over the last month.

The Halifax House Price Index for March showed that Scottish property values increased by 5.3 per cent.

Valuation 'necessary in loaning deposits'

Thu, 24 Apr 08 00:00:00 +0100

Homeowners looking to sell a house in Scotland should be sure to lend on the basis of the true value of their property if they choose to pay the deposit for the buyer, it has been advised.

The Council of Mortgage Lenders (CML) commented on the process of property sellers lending money to buyers to ensure a quick sale, stating that as well as ensuring that they are loaning money based on what the property is worth, discounts need to be negotiated.

Any discounts that are discussed should be captured in the valuation process, Bernard Clarke, spokesperson for the CML, said.

Mr Clarke continued that this is particularly necessary in the current housing market.

"We need to be clear that there's a distinction between what might be presented as a loan and is in fact a discount," he commented.

According to the CML, February this year saw first-time buyers' share in the market reach 37 per cent.

Charles Church 'puts something back'

Thu, 24 Apr 08 00:00:00 +0100

People looking to buy a house in Scotland may be interested to hear of a Charles Church incentive to 'put something back' into the community.

The housebuilder recently donated £200 to the Tranent Brownie activity camp to Lochgolihead, where 13 girls spent three days abseiling, rock climbing, bell boating and practicing archery.

The company is currently developing the Tranent area and claims that it aims to be socially responsible.

Lorraine Clelland, sales and marketing director for Charles Church Scotland, said: "Charles Church is always looking for opportunities to give something back to the community in which is it developing.

"When the opportunity to help out the fourth Tranent Brownies came up, we jumped at the chance and we are glad they had such a great time."

The De Quincey Court development houses an exclusive range of detached four-bedroom houses on the outskirts of Tranent.

Charles Church celebrated its 40th anniversary in 2005 and states that it has established itself as one of the country's foremost housebuilding brands, something that may be significant to people hoping to buy a house in Scotland.

New show homes available to view in South Lanarkshire

Thu, 24 Apr 08 00:00:00 +0100

Two show homes are now available for viewing at phase two of George Wimpey's Orchard Grove development in South Lanarkshire.

Situated in the village of Blackwood, the development consists of homes in two different styles: three-bedroom semi detached Lewis and Tiree properties.

Each style is represented in one of the show homes, meaning that visitors can get a feel for what could potentially be their new home.

Both are said to be practical family homes and are based in a countryside setting, with a short commute to Glasgow.

"Lying in the valley of the River Nethan, the village of Blackwood offers a gentle pace of life and means that rural-living within easy reach of busy city-life can be achievable for today's busy family," a company statement said.

Elsewhere in Scotland, a new village in Dundee's Western Gateway has recently been approved by the city's council.

'Wait and see attitude adopted by first-time buyers'

Wed, 23 Apr 08 00:00:00 +0100

Househunters who want to buy a house in Scotland may be interested in the latest statement from the National Association of Estate Agents (NAEA).

The organisation has claimed that first-time buyers in the UK are finding the current property climate "difficult", since the market share for this demographic decreased in March.

However, Scottish first-time buyers may not have the same level of difficulty since the Scottish housing market remains robust in the face of the credit crunch.

This is according to the most recent Halifax House Price Index, which indicated that Scotland's property value had increased by 5.3 per cent compared to the previous year.

Property availability increased throughout March, the NAEA claimed, meaning that more choice is available to househunters, including people looking to buy a house in Scotland.

Stewart Lilly, president of the NAEA, said: "There are indications that first-time buyers have dropped their market share once again showing a 'wait and see' attitude has been adopted.

"Over the next few months it is imperative that the shackles are released on the mortgage market so consumer confidence can be rebuilt, allowing the market to stabilise."

Dundee village plans approved

Wed, 23 Apr 08 00:00:00 +0100

Plans for a village of 230 new homes in Dundee's Western Gateway have been approved recently by the city's council, it has been revealed, news that may be of interest to those planning to buy a house in Scotland.

The proposals for South Gray Village were put forward by Gladedale housebuilders, which has welcomed the decision.

Work on the site is expected to begin in the early months of next year, with 194 three, four and five-bedroom detached houses, with garages and parking space, as well as terraced houses and flats.

A village green will be created and a local shop will also be placed in situ.

"We believe this is an exciting development which will bring a variety of much needed housing to the west of Dundee," says Jason Wallace, managing director at Gladedale North East Scotland.

"We believe that this will be a flagship development for Gladedale over the next few years," he added.

Elsewhere in Scotland, Raploch is undergoing a new phase of development, which may be welcome news to househunters looking for new Scottish property.

BoE plans "welcome for home buyers"

Tue, 22 Apr 08 00:00:00 +0100

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.

A property 'should be seen as a home not an asset'

Tue, 22 Apr 08 00:00:00 +0100

Househunters looking to buy a house in Scotland should be sure to purchase a new home based on their lifestyle needs, according to recent expert advice.

Mouseprice, a UK property market information website, has advised homebuyers to assess their personal needs when purchasing a property instead of concentrating on the investment potential.

Jonathan Upton, business development director at the company, explained that the credit crunch is affecting the market in such a way that people may find that lending conditions make it difficult for them to take out a mortgage.

This is especially the case when a deposit is lacking, Mr Upton added.

"As a general rule, the British obsession with properties and investment is often counter-productive and people really should buy based on their lifestyle needs," he said.

"If they fall in love with a property and it's within their price range then they should buy it, it shouldn't be seen primarily as an asset, it's first and foremost a home."

Those looking for Scottish property may be interested to learn that between September and December 2007, the number of house sales dipped to 90,880, compared to 117,301 the previous year.

Self-build green homes 'may change face of UK property'

Tue, 22 Apr 08 00:00:00 +0100

People who want to buy a house in Scotland as well as being environmentally-friendly may like to choose a self-build green home.

The benefits of such properties have recently been highlighted by Julian Brooks, managing director of Greenmoves, specialists in the eco property market.

Mr Brooks commented that the aesthetics of green homes may begin to change the face of the UK's buildings, with the addition of solar panels and other energy saving devices.

He added, however, that many changes will occur on the interior structure of the buildings, meaning that they will not be seen.

"To future proof for climate change there's quite a lot of talk about external shutters," he said.

"It's something that you might think is more common in the south of France but you might start to see it here. That's purely to keep the buildings cool in hot summers, especially if they're super-insulated buildings, which they will be in order to meet the carbon standards."

Some 92 per cent of people surveyed in the Sponge Sustainability Network report for 2007 said that they wanted to see environmentally-friendly features added to new homes - a sentiment that may be echoed by some people looking to buy a house in Scotland.

Emotions 'sway house-buying choices'

Mon, 21 Apr 08 00:00:00 +0100

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.

South Kessock development plans 'to be unveiled'

Fri, 18 Apr 08 00:00:00 +0100

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.

Quartermile penthouse to have £2m price tag

Fri, 18 Apr 08 00:00:00 +0100

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.

Scotland house prices 'staying strong'

Thu, 17 Apr 08 00:00:00 +0100

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.

Scottish housebuyers 'could be swayed by Neighbourhood Watch scheme'

Thu, 17 Apr 08 00:00:00 +0100

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.

'Now is the time' to buy a new house

Wed, 16 Apr 08 00:00:00 +0100

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.

Making enquiries is 'fundamental to property investment'

Wed, 16 Apr 08 00:00:00 +0100

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.

First-time buyers 'need house price correction'

Tue, 15 Apr 08 00:00:00 +0100

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.

Detached properties 'popular in the UK'

Tue, 15 Apr 08 00:00:00 +0100

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.

New development 'may appeal to Edinburgh's first-time buyers'

Mon, 14 Apr 08 00:00:00 +0100

Scottish first-time buyers looking to buy a house in Edinburgh may be interested to learn of a new development close to the city.

Redrow, a housebuilding firm, has highlighted the fact that Scottish first-time buyers need not put their plans on hold as a result of the ongoing economic slowdown, due to its range of two-bedroom apartments.

The company has offered to pay the five per cent deposit required, as well as stamp duty and legal costs for its Optima development off Ferry Road.

Diana Newton, sales director for Redrow Homes' Scottish property division, said: "According to … Abbey, two-thirds of would-be first-time buyers have put their plans on hold this year because of financial uncertainty, but that doesn't have to be the case.

"Redrow can help to ease the burden at what can be a very expensive time, with this fantastic package."

The Halifax House Price Index recently revealed that the Scottish market remained strong, with a 5.3 per cent increase compared to 2007, which may be welcome news to those wishing to buy a house in Edinburgh.

Scottish renovators 'account for fewer DIY disasters'

Mon, 14 Apr 08 00:00:00 +0100

Househunters hoping to buy a house in Scotland may be interested to learn that Scottish homeowners cause the least amount of damage to their neighbour's property through DIY attempts in the UK.

New research undertaken by HBOS has found that nearly 600,000 Britons have their property damaged as a result of a neighbour's renovation projects, with an average cost of £291.

In comparison, Scottish property owners have mounted up an average of £817 in repair costs, however the country accounts for only 11 per cent of recorded incidents, meaning that proportionally Scots do less damage.

Home improvement disasters have led to burst pipes, knocked down walls and broken ornaments, the company records.

David Rochester, head of underwriting at Halifax Home Insurance, commented: "A number of errant DIYers are not just damaging their properties, but their neighbours' homes too.

"But … so many victims handle the situation with typically British aplomb. Indeed, over two-thirds of them chose to pay towards the cost of repairing their home - rather than create a fuss."

UK homes are vulnerable to the weather as well as DIY misdemeanours, Halifax has claimed, stating that over 1.5 million British homes were damaged by high winds in 2007.

Lenders 'passing on' price hikes to consumers

Mon, 14 Apr 08 00:00:00 +0100

It has been claimed by one expert that the reason mortgage lenders are not reducing their interest rates in line with the recent Bank of England decision is because of the rising funding costs.

Capital Economics economist Paul Dales has explained that although lenders' decision to maintain current interest rates may be interpreted as an attempt to maximise profits, it is in fact a result of mounting pressure.

The ongoing credit crunch was cited by Mr Dale as a reason for higher costs in funding from the wholesale market, which in turn, has led to organisations 'passing on' the hikes.

In a statement that may be of interest to those looking to buy a house in Scotland, Mr Dale said: "I have been quite surprised at how marked the rises in mortgage lenders' rates have been, how widespread it has been and how many lenders have had to pull different mortgages."

The Daily Mail recently reported that some mortgage lenders that have not reduced their interest rates have received criticism from some commentators following the Bank of England's decision to reduce the base rate to five per cent.

Bank of Scotland buys share in Scottish property group

Fri, 11 Apr 08 00:00:00 +0100

People looking to buy a house in Scotland may be interested to learn that the Bank of Scotland has announced the acquisition of a £27.5 million stake in a homebuilding firm.

The Bank of Scotland has purchased 40 per cent of the shares in Tulloch Homes, an Inverness-based company established in 1925.

With a view to invest in a region in the UK where the housing market is expected to outperform the national average, the bank decided to establish a partnership with the organisation, which it says has "a good track record and reputation in the Scottish housing market".

Gordon More, head of joint ventures transactions at the bank, commented on the acquisition, stating: "The deal … fits perfectly with our ambition to invest in the north of Scotland housing market, which we see as having strong growth potential over the coming years."

The Halifax House Price Index revealed this week that Scottish property prices remained strong, with an increase of 5.3 per cent in the past year.

George Wimpey: Transform homes into expressions of personality

Fri, 11 Apr 08 00:00:00 +0100

Housebuilding company George Wimpey has teamed up with an interior design specialist in order to provide tips on putting a stamp of individuality on new homes.

In advice that may be of interest to people hoping to buy a house in Scotland, the Connections In Design firm has stated that creating a personalised look in the home is easier than might be expected.

Pat Nightingale, of Connections In Design, suggested viewing a new home like a blank canvas; ideas for design and style can be inspired by taking cuttings from magazines and acquiring samples of fabric.

This will enable homeowners to pick a colour scheme that they can work throughout the house, Ms Nightingale said, adding that minimalism is a popular and cost effective format.

Marie Wilkinson, regional sales and marketing director for George Wimpey North West, said: "Buying a brand new home is perfect for people who enjoy transforming their living space into an expression of their own personality."

George Wimpey housing developments can be found throughout the UK, from Cornwall in the south west of England to Aberdeen in Scotland.

Interest rate cut: Is now the right time to buy a house in Edinburgh?

Thu, 10 Apr 08 00:00:00 +0100

People looking to buy a house in Edinburgh may welcome today's (April 10th) monetary policy committee's decision to cut the interest rate, it has been suggested.

The cost of borrowing has now been reduced to five per cent, meaning that househunters who buy a house in Edinburgh may find it easier to meet their mortgage costs, according to the Building Societies Association (BSA).

Commenting on the Bank of England's decision, Adrian Coles, director general of the BSA, said: "The cut will be particularly welcomed by those taking out a new mortgage and those coming off a fixed-rate product.

"With activity in the housing market cooling, this rate cut should make it easier for borrowers to meet their mortgage costs."

Earlier this week, the Halifax House Price Index revealed that despite a downturn in the UK's house prices, the Scottish market remains strong, having experienced a 5.3 per cent increase in the past year - meaning that this could be the perfect time to buy a house in Edinburgh.

First-time buyers 'pooling finances' to buy homes

Thu, 10 Apr 08 00:00:00 +0100

Scottish first-time buyers may be clubbing together with a partner or a friend in order to take out a mortgage, according to new research.

The Home Sale Network has revealed that the number of first-time buyers in the UK has fallen; however, people deciding to pool funds are on the increase, Manning Stainton has pointed out.

According to Home Sale Network figures, over the past five years over half of the association's estate agent members have noticed an increase in this practice.

Some 81 per cent of first-time buyers on the organisation's books were found to be sharing the cost of buying their first property.

Commenting on these results, David Pank, a spokesperson for Manning Stainton, said: "Buyers are having to find new ways to get the necessary funds together to get on the to property ladder, whether that's buying with their partner, a group of friends or a family member."

According to the Council of Mortgage Lenders, the average first-time buyer mortgage - including those for Scottish property - for February this year stood at £114,000.

Energy efficiency 'needn't cost the earth'

Thu, 10 Apr 08 00:00:00 +0100

Scottish property owners looking to be more environmentally-friendly can do so at very little cost, it has been claimed.

The Energy Saving Trust (EST) has stated that homeowners can reduce their energy output, but not at a price.

Zoltan Zovody, strategy manager at the EST, explained that taking measures such as adding insulation to a property, turning down the thermostat by as little as one degree and using energy efficient lightbulbs - actions that could save Scottish property owners some £250 a year.

"There are a range of things people can do in their home that can be no cost such as switching appliances off standby and turning the lights off as you leave a room," Mr Zoltan Zovody.

The National Insulation Association has stated that 40 per cent of the heat lost in the average house is through the loft space and the walls.

Lenders 'may be less inclined to give to graduates'

Wed, 09 Apr 08 00:00:00 +0100

Scottish first-time buyers that have recently left university may find it difficult to get onto the housing ladder, it has been claimed.

UNAID, a charity that aims to assist students with financial concerns, has suggested that mortgage lenders may be less inclined to offer home loans to university leavers.

Alistair Lomax, executive director of the charity, explained that this may be a result of the fact that students tend to leave university with debt, coupled with increasingly stringent lending due to the credit crunch.

"If lenders are [now] more risk-averse … and the cost of property is so huge, then it's going to be very difficult," he said.

In this light, graduate Scottish first-time buyers may be unable to make it onto the bottom rung of the property ladder, he added.

The Council of Mortgage Lenders recently announced that total mortgage lending fell by 3.5 per cent in February, compared to the previous month, amounting to some £25 billion.

Scottish house prices rise despite UK slump

Wed, 09 Apr 08 00:00:00 +0100

People looking to buy a house in Scotland may be happy to hear that house prices remain strong despite a downturn in housing trends in the rest of the UK last month.

The Halifax House Price Index released yesterday (April 8th) has revealed that over the past year, Scotland has experienced a 5.3 per cent house price increase, while the past ten years has witnessed a 146 per cent rise.

This comes despite the fall in the UK market of 2.5 per cent overall and warnings over further dips.

Halifax's chief economist Martin Ellis, posited that this should be taken within context, however.

"Overall, we expect there to be a modest fall in UK house prices this year.

"Any declines, however, should be viewed in the context of the significant price rises over recent years. The average UK price has risen by £120,860 during the past decade from £70,696 to £191,556; an increase of 171 per cent.

The Halifax House Price Index for February showed a 0.3 per cent decrease.

Buyers urged to be careful when renovating homes

Tue, 08 Apr 08 00:00:00 +0100

Anyone who might buy a house in Scotland with the idea of renovating parts of it has been issued a warning by a leading do-it-yourself firm.

Retailer B&Q has highlighted a number of mistakes that DIY enthusiast could make when getting big ideas about how to adopt their home once they have decided to buy a house in Scotland.

"Don't rip out period features such as fireplaces, use textured plaster or woodchip to cover uneven walls, create windowless rooms, put [in] double glazing that doesn't open or economise by living with dated wallpaper or furnishings," a spokesperson for B&Q said.

The retailer added that insulating lofts or wall cavities, increasing natural light or replacing an outdated bathroom suite are all ways to add value to a home, tips that could be useful for anyone who looks to sell a house in Scotland in the future.

The annual Halifax Home Improvement Survey revealed in 2007 that some 58 per cent of the population had undertaken home improvement work in the previous 12 months.

Scottish housebuilders 'need to look at quadruple glazing to save energy'

Tue, 08 Apr 08 00:00:00 +0100

The managing director of a Scottish housebuilder has said that firms would need to look into ways of improving the energy efficiency of certain aspects of housebuilding in order to construct homes that require no heating.

According to an article in the Evening Times, Nina Baker, councillor for Anderson/City, has called for all houses in Glasgow to be built to a standard where no heating is needed, something that may interest those looking to buy a house in Scotland.

However, Regency Homes' managing director, John Heath, has said for that to become a possibility firms would have to enhance materials already used.

"We need glass to make a home as light as possible, but we would need to look at enhancing the thermal properties of triple or quadruple glazing," Mr Heath said, according to the newspaper.

He added that firms would have to look at buildings to "make sure body heat and heat from cooking is retained in the house", which could bring down energy bills for anyone looking to buy a house in Scotland.

Glasgow-based Regency Homes was formed in 1997 and became part of the Regency group in 2005, according to the firm's website.

Luxury development 'attracts buyers'

Tue, 08 Apr 08 00:00:00 +0100

A development of luxury houses has encouraged those looking to buy a house in Scotland to queue overnight in order to secure one of 13 properties, according to reports.

The Helensburgh Advertiser said that the Victoria Crescent luxury homes at the Royal Northern and Clyde Yacht Club, launched by Savills Property Agent, attracted a number of buyers who were willing to stand in the bad weather overnight to secure one.

Eight high-end apartments and five luxury houses make up the development and the fact that work has not yet begun on the properties did not put off certain househunters who were looking to buy a house in Scotland.

"People are showing a lot of interest in Victoria Crescent and seem keen to buy," said Andrew Perratt, an estate agent from the firm, according to the newspaper.

"Most people have come for the apartments. There seems to be an acute shortage of high end flats in Helensburgh."

Two-bedroom apartments start at £270,000 and a four-bedroom house £590,000, with the properties expected to be completed this time next year.

Savills has more than 200 offices and associates across the world, according to the firm's website.

MPC 'expected to cut interest rates'

Mon, 07 Apr 08 00:00:00 +0100

A majority of financial experts are predicting that the Bank of England's monetary policy committee (MPC) will cut the base rate of interest when they meet this week.

Following March's decision to hold the interest rate at 5.25 per cent, experts from the likes of Capital Economics, Barclays Capital, Nationwide and Global Insight are among those expecting the rate to be cut, potentially good news for those looking to buy a house in Scotland.

Furthermore, Nationwide believes that by the end of 2008, the interest rate could be below five per cent for the first time since October 2006.

"In the future we are anticipating that there will be two further rate cuts for the rest of 2008 and we're expecting interest rates to come in at around 4.75 per cent by the end of the year," the building society said.

Lloyds TSB and HSBC are among those expecting a repeat of the March announcement of no change, with those looking to buy a house in Scotland no doubt hoping the minority are incorrect.

The Bank's MPC will announce their decision on Thursday.

More people 'to enter Scotland's buy-to-let market'

Mon, 07 Apr 08 00:00:00 +0100

A growing number of people are expected to enter the buy-to-let market north of the border, according to comments from a company representing residential landlords.

David Kendall, regional representative for Scotland for the National Landlords Association (NLA), said that due to the health of the Scottish market, investors are coming from other areas of the UK and Ireland to buy a house in Scotland.

However, Mr Kendall expressed the view that while the number of those looking to buy a house in Scotland will grow, this will not solely be down to people from elsewhere entering the market.

"There will be more and more investors moving there - and also people within Scotland, where they can, will continue to buy," Mr Kendall said.

He pointed to areas such as the south-east of England and Ireland as places where house prices "have obviously gone up", encouraging residents of these places to look to the more stable Scottish market.

The NLA has more than 13,000 members and aims to protect the interests of private rented sector landlords.

Credit crunch boosts buy-to-let in Scotland

Fri, 04 Apr 08 00:00:00 +0100

The Scottish property on the buy-to-let market has been augmented by the recent economic downturn, it has been claimed.

Some Scottish first-time buyers have been priced out of the market owing to the ongoing economic slowdown, which has resulted in a "long overdue increase" in rental demand, according to Rettie & Co.

People looking to buy a property in Scotland, particularly investors and landlords, will welcome the shift in the market, Diarmid MacKenzie Smith, lettings manager for Rettie & Co, explained.

"With the effects of the so-called 'credit crunch', first-time buyers will now come back into the rental sector which will explain the increase in rental demand and signs of rental increases that have recently been experienced," he said.

The last quarter of 2007 saw Scottish property inflation reach 13.1 per cent, compared the UK average of 5.2 per cent, according to the Bank of Scotland's Scottish House Price Index.

Scotland 'most resilient market in UK'

Fri, 04 Apr 08 00:00:00 +0100

People looking to buy a house in Scotland may be glad to know that the Scottish property market is the strongest in the UK.

This is according to Nationwide's most recent House Price Index, which showed that house price growth has slowed throughout the UK, bringing the average rate down to less than a third of the rate seen at the end of last year.

The average house price is now £179,363, representing a quarterly decrease of 1.7 per cent. However, Scottish property is now 6.3 per cent higher than this time last year.

Fionnuala Earley, Nationwide's chief economist, said: "Scotland has outperformed England and Wales since 2003 and remains the strongest part of the UK in terms of house price growth.

"The annual pace of growth in Scotland has been slowing quarter by quarter for a year, but is still almost three times faster that in England."

Belfast saw the biggest increase of 14 per cent in terms of city-based figures, although Aberdeen came second and Edinburgh fifth, with a 13 per cent and eight per cetn increase respectively.

Five-year housing plan for Scottish Borders

Fri, 04 Apr 08 00:00:00 +0100

Househunters looking to buy a Scottish property may be interested to learn that the Scottish Borders council is to implement a new five-year housing plan.

In order to cope with projected population changes, the council has assessed housing pressure points across the region, according to the BBC.

This may result in development of housing in areas previously ruled out for expansion, as towns such as Galashiels already have too few houses to cater to demand.

Brian Frater, head of planning, commented that this was not the beginning of the process; instead the planning will be continually assessed, while more land will have to be sourced for new developments.

He said: "Whilst we have just adopted this plan we are already in the process of having to review that against the latest population and household projections."

Those looking to buy a house in Scotland may be interested to learn that Scotland was recently deemed the most resilient housing market in the UK by Nationwide's House Price Index.

RBS 'expecting rate cut'

Thu, 03 Apr 08 00:00:00 +0100

The Royal Bank of Scotland (RBS) has given some hope to those looking to buy a house in Scotland by indicating that the base rate of interest could be cut to 4.5 per cent in the first quarter of next year.

Ross Walker, RBS' global economist, suggested that over the next year the bank is expecting a total of three quarter-per cent interest cuts by the Bank of England's monetary policy committee (MPC).

This could be good news for anyone considering whether to buy a house in Scotland, as it would lower the cost of borrowing.

After what RBS expects to be a 0.25 per cent cut at this month's MPC meeting, Mr Walker outlined how he sees the next 12 months shaping up.

"We expect a further quarter-point cut to follow in the summer ... before the expected peak in CPI inflation this autumn induces a hiatus ahead of a final 25bp [basis point] reduction to 4.5 per cent in Q1 2009," he said.

The next MPC decision will be announced on April 10th.

Eco-village near Inverness held up as example

Thu, 03 Apr 08 00:00:00 +0100

Anyone looking to buy a house in Scotland and is concerned about the impact their home may have on the environment may want to look at the eco-village at Findhorn, near Inverness.

The purpose-built homes in the area each have sections of ecological design, according to 24dash.com, with 40 of the several hundred homes in the Findhorn development being classed as eco-houses.

Craig Gibsone runs the UN accredited eco-village training scheme at Findhorn and has called on the government to carefully consider its move to build greener homes.

The new builds cannot be "just a group of houses facing south, with a few solar panels on them", Mr Gibsone said, according to 24dash.com.

Eco-friendly measures used in some of the houses in Findhorn that those looking to buy a house in Scotland may wish to use themselves inlcude fast-growing bamboo for making sustainable floors and whole buildings made of recycled whisky barrels.

In March Findhorn hosted the Positive Energy - Creative Community Responses to Peak Oil and Climate Change conference.

Local market 'responds positively' to Blackridge development

Wed, 02 Apr 08 00:00:00 +0100

George Wimpey's new Blackridge development has seen a positive reaction from those looking to buy a house in West Lothian, the housebuilder has said.

A total of 29 properties are available in the new development, three and four-bedroom family homes under the name of Ailsa Gardens.

"We've seen a very positive response from the local property market to the range, style and quality of homes available," said Michelle Logie, sales and marketing director for George Wimpey West Scotland.

She added that the Ailsa Gardens development is located close to the M8 for travel to the east or west, meaning a "relatively short commute" in either direction, something that could prove tempting for those looking to buy a house in West Lothian.

Finally, Ms Logie highlighted the "stunning" views that a number of the properties in the development have of Lanark, Airdrie and the Lothians.

Both semi-detached and detached properties are included in the luxury development, according to the George Wimpey website.

Scotland's buy-to-let market 'looking strong'

Wed, 02 Apr 08 00:00:00 +0100

Now could be a good time to buy a house in Scotland if it is intended to be rented out, following comments from the National Landlords Association (NLA).

David Kendall, the NLA's regional representative for Scotland, said that the outlook for the buy-to-let market north of the border is good.

"From a rental point of view the outlook is excellent. Yields are increasing and rental void's decreasing, which is good news," Mr Kendall said.

He also suggested that anyone looking to buy a house in Scotland would be entering into a generally "stable" market, steering clear of some of the pitfalls that can be found in the south of Great Britain.

Mr Kendall pointed to the south-east of England, which has what he describes as a "boom and bust cycle".

According to the Bank of Scotland's Scottish House Price Index for the fourth quarter of 2007, the average price of a property was £144,897, 26 per cent less than the UK average of £197,071.

Could now be the right time to buy a house in central Scotland?

Tue, 01 Apr 08 00:00:00 +0100

People looking to buy a house in central Scotland may be interested to learn that East Dunbartonshire has made it into a list of the top 50 in the Quality of Life Ratings.

The county ranked 15th in the survey conducted by Halifax, which assessed where the highest standards of living are in the UK, judging them on factors such as the labour market, housing, environment, education and health.

In terms of house prices, Martin Ellis, chief economist at Halifax, commented: "Half the top 30 counties have average house prices that are below the regional average.

"These counties provide the potential for good value with a combination of relatively low prices and high quality of life."

Meanwhile, East Lothian, East Renfrewshire, Moray and the Scottish Borders also appeared in the top 50.

Elsewhere in Scotland, it was noted that the lowest traffic flows were found to be in the Highlands, the Scottish borders and the Western Isles, where the lowest burglary rate was also found.

In West Lothian, 98 per cent of homes have central heating - the most in any British county, while Midlothian has one of the highest employment rates of 81 per cent.

Scottish homeowners pay less stamp duty than people south of the border, according to SmartNewHomes.com, which may be good news for those looking for a house in central Scotland.

Bank of Scotland drops mortgage products

Tue, 01 Apr 08 00:00:00 +0100

People looking to buy a house in Scotland may be interested to learn that the Bank of Scotland has announced that it is to withdraw some of its buy-to-let mortgages.

Five of the bank's current range of buy-to-let products are to be dropped on Wednesday as a result of mounting pressure from the extra business generated by other lenders dropping out of the market.

Ten of the Bank of Scotland's self-certifying mortgages will also be withdrawn.

Heather Scott, head of press relations for HBOS mortgages, explained that the number of lenders in the specialist sector has been significantly reduced, which made business difficult for the bank.

"Our focus is on getting the right proportion of business. We can't handle the level of business from those lenders who have left the sector," she said.

According to Moneyfacts.co.uk, the last month has seen the number of mortgages for both buy-to-let and residential properties decline by some 2,026 products.