First time buyers have saved a collective £319 million since the stamp duty holiday came into effect in March 2010, new analysis claims.
Santander estimates that around 170,000 first time property purchasers have benefitted from the exemption and is urging people to take advantage of it before it ends next month.
After the deal ends, home buyers will be required to pay a one per cent tax on property purchases over £125,000, a three per cent tax over £250,000 and four per cent over £500,000.
Phil Cliff, director of Santander Mortgages, said: "The end of the stamp duty tax holiday is looming so we're urging new buyers who are in the process of purchasing a home or even those hoping to do so in the immediate future to act fast.”
He added that if you are in that position you should let the seller and your solicitor aware of the situation as soon as possible.
First Time Buyer News
Wednesday, 22 February 2012
Tuesday, 21 February 2012
Gross mortgage lending 10% stronger than a year ago
Gross mortgage lending declined to an estimated £10.5 billion in January. Lending fell by 14% from £12.2 billion in December but was 10% higher than the total of £9.5 billion in January 2011, according to the Council of Mortgage Lenders.
Although a seasonal decline is expected, January was the sixth month in a row of higher year-on-year lending.In today’s CML market commentary, CML chief economist Bob Pannell comments:
“Housing and mortgage market sentiment has improved a little over recent weeks.
“The increase in lending compared to January last year helps support our view that housing and mortgage market activity may be boosted by first-time buyers seeking to complete deals before the stamp duty concession ends in March.
“Should inflationary pressures continue to fall back, the squeeze on household finances should ease progressively and help support stronger economic recovery going into the second half of the year. This can only be good news for the housing market further down the track.”
Although a seasonal decline is expected, January was the sixth month in a row of higher year-on-year lending.In today’s CML market commentary, CML chief economist Bob Pannell comments:
“Housing and mortgage market sentiment has improved a little over recent weeks.
“The increase in lending compared to January last year helps support our view that housing and mortgage market activity may be boosted by first-time buyers seeking to complete deals before the stamp duty concession ends in March.
“Should inflationary pressures continue to fall back, the squeeze on household finances should ease progressively and help support stronger economic recovery going into the second half of the year. This can only be good news for the housing market further down the track.”
Thursday, 2 February 2012
UK Property Markets Vary Across Localised Micro Market
Two thirds of consumers surveyed said property prices will be the same or higher in 12 months’ time, up from 62% a year ago. Just 13% believed it was a sellers’ market.
However Rightmove said deeper analysis showed that both findings masked significant regional and local variations which provided further evidence of an acute north-south divide and a property market pock-marked with localised micro-markets.
Miles Shipside, director of Rightmove, said: “Our survey shows that sellers in the south should have more reason to be confident than those in the north, though even within regions there is evidence of variations in confidence in localised micro-markets.
“In these micro-markets, the combined impact of demographics, employment and mix of stock go a long way to determining the local market confidence and, in turn, market performance.
“On the surface it looks as though potential homemovers are feeling a bit more positive about the outlook for property prices.”
However Rightmove said deeper analysis showed that both findings masked significant regional and local variations which provided further evidence of an acute north-south divide and a property market pock-marked with localised micro-markets.
Miles Shipside, director of Rightmove, said: “Our survey shows that sellers in the south should have more reason to be confident than those in the north, though even within regions there is evidence of variations in confidence in localised micro-markets.
“In these micro-markets, the combined impact of demographics, employment and mix of stock go a long way to determining the local market confidence and, in turn, market performance.
“On the surface it looks as though potential homemovers are feeling a bit more positive about the outlook for property prices.”
Friday, 6 January 2012
2012 Could see the Accidental landlord Sell up as House Prices Rise
The new year could bring the kind of market that many accidental landlords have been waiting for.
With home values estimated to rise further in 2012, Alan Ward, chairman at the Residential Landlords Association (RLA), believes that the time to sell up as originally planned will have finally come.
An accidental landlord is someone who has opted to rent out their existing home when looking to move because trying to sell it would hold back their journey up the property ladder (officially termed let-to-buy in the mortgage industry).
"There is a sector of the market that is likely to come to sell as property values begin to increase - these are the accidental landlords who have been forced to rent because they can't sell for whatever reason," he said."Some people say there are 100,000 properties in that sector and, if that comes back on the market, then that is quite a big change."
The Association of Residential Lettings Agents recently advised anyone considering a move into the rental market to consider the benefits of using a professional letting agent.
Landlord and Tenant News
With home values estimated to rise further in 2012, Alan Ward, chairman at the Residential Landlords Association (RLA), believes that the time to sell up as originally planned will have finally come.
An accidental landlord is someone who has opted to rent out their existing home when looking to move because trying to sell it would hold back their journey up the property ladder (officially termed let-to-buy in the mortgage industry).
"There is a sector of the market that is likely to come to sell as property values begin to increase - these are the accidental landlords who have been forced to rent because they can't sell for whatever reason," he said."Some people say there are 100,000 properties in that sector and, if that comes back on the market, then that is quite a big change."
The Association of Residential Lettings Agents recently advised anyone considering a move into the rental market to consider the benefits of using a professional letting agent.
Landlord and Tenant News
Friday, 16 December 2011
UK House Prices Remain Stable
There was no movement for house prices in the UK in November, according to the latest England & Wales House Price Index from LSL Property Services/Acadametrics.
However, just because house prices have remained static, people should not assume that they are not becoming more affordable.
David Brown, commercial director at the firm, said that zero growth means that in real terms houses are becoming more affordable.
"With inflation running at five per cent the real cost of property is getting smaller and smaller, which is good news for buyers and mortgage borrowers alike," he added.
The data showed that the average house price in the UK now stands at £220,043.
Mr Brown said that while over the past year house prices have dropped 0.7 per cent, low mortgage rates, the stamp duty holiday and the government's FirstBuy scheme have prevented larger falls.
Recent data from Halifax showed that 2011 has so far seen five months of price falls and the same number of rises, with one month of no change.
Mortgage Rate & Home Loan News
However, just because house prices have remained static, people should not assume that they are not becoming more affordable.
David Brown, commercial director at the firm, said that zero growth means that in real terms houses are becoming more affordable.
"With inflation running at five per cent the real cost of property is getting smaller and smaller, which is good news for buyers and mortgage borrowers alike," he added.
The data showed that the average house price in the UK now stands at £220,043.
Mr Brown said that while over the past year house prices have dropped 0.7 per cent, low mortgage rates, the stamp duty holiday and the government's FirstBuy scheme have prevented larger falls.
Recent data from Halifax showed that 2011 has so far seen five months of price falls and the same number of rises, with one month of no change.
Mortgage Rate & Home Loan News
Friday, 25 November 2011
Landlords Should Maintain Good Personal Relationsh...
Barnes Flats & Houses For Sale & Rent: Landlords Should Maintain Good Personal Relationsh...: The best way to get the most out of your rental property is to ensure you have a solid personal relationship with your tenant, claims one s...
Tuesday, 22 November 2011
Long Term Renters May Exceed Homeowner Numbers
The number of people renting property could exceed the number of homeowners by 2026, says a survey by private landlords Grainger.
Some 67 per cent of respondents said that they felt long-term rental was becoming the common choice for most people, while 54 per cent added they expected there to be more renters than owners in 15 years time.
In addition, 49 per cent said that they do not feel any pressure or rush to purchase a property and 40 per cent stated that some time in a rented home was an important step in them deciding on how they would move forward on the property ladder.
Nick Jopling, executive property director at Grainger, said: "There is a new housing reality dawning on Britain: the financial crisis has tightened mortgage lending; house prices continue to be uncertain; and frankly there are simply too few homes for the demand."
Despite this the National Association of Estate Agents (NAEA) reported last month that the number of properties purchased by first-timers rose by two per cent in August this year.
First Time Property Buyers News
Some 67 per cent of respondents said that they felt long-term rental was becoming the common choice for most people, while 54 per cent added they expected there to be more renters than owners in 15 years time.
In addition, 49 per cent said that they do not feel any pressure or rush to purchase a property and 40 per cent stated that some time in a rented home was an important step in them deciding on how they would move forward on the property ladder.
Nick Jopling, executive property director at Grainger, said: "There is a new housing reality dawning on Britain: the financial crisis has tightened mortgage lending; house prices continue to be uncertain; and frankly there are simply too few homes for the demand."
Despite this the National Association of Estate Agents (NAEA) reported last month that the number of properties purchased by first-timers rose by two per cent in August this year.
First Time Property Buyers News
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