First Time Buyer Supermarket.co.uk

Gross mortgage lending up 7% in May

2010-06-21T10:15:00.001+01:00

Gross mortgage lending totalled an estimated £11.3 billion in May, a 7% increase from £10.5 billion in April and up 10% from £10.2 billion in May 2009, according to new data from the Council of Mortgage Lenders.

The market remains subdued and, while more buoyant than a year ago, turnover is a little below that seen towards the end of 2009. Gross lending may marginally undershoot the existing CML forecast of £150 billion for 2010.

CML economist Paul Samter commented:

“The ground has been cleared for next week's Budget to be the start of an austerity drive to get the public finances onto a more sustainable footing. We do not expect it to include housing and mortgage specific direct tax measures. But the market will inevitably be affected by how policy impacts on the wider economy - particularly on household finances and confidence.

“Financial sector regulation is a further source of uncertainty. The Chancellor has announced that the Bank of England is to take on regulatory responsibility for the banking system. As well as regulating individual firms, the Bank will have "macro prudential" powers and be accountable for the stability of the system as a whole. But it is not yet clear what levers it will have at its disposal to do so.”

Stuart Law, of Assetz said:

"As expected, the latest figures from the CML show that gross mortgage lending increased again in May, following a pre-election dip in April, suggesting that consumer confidence has increased now that the Lib-Con government is in place.

"The latest data from the Assetz House Price Watch, an amalgamation of the five major UK indices – CLG, Nationwide, Halifax, Acadametrics and Rightmove, shows that average house prices are now less than 7% below the peak recorded in 2007 and they have climbed by over 3% for the year to date, rubbishing fears of an imminent second dip in the housing market.

“All signs suggest that the property market continues to prosper and we are now in the throes of a consistent housing market recovery, despite the potential tax increases which are likely to be announced in the budget next week.”

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House price growth remains robust

2010-06-21T10:13:00.001+01:00

Latest figures show that average house prices were 7.8% higher in May than at the same time in 2009.

The Assetz House Price Watch compiles monthly average figures taken from five of the major house price indices to offer a more accurate picture of house price trends.

The average house price in May was £200,347, representing annual growth of 7.8% from May 2009 – falling back from the high rate of annual growth recorded in April (9.1%). Despite the reduced rate of annual growth, average prices continued the steady rise seen over the last 12 months, remaining at the highest level recorded in nearly two years (July 2008).

The six month rolling average continues to indicate a period of market stability, with figures maintained at a sustainable level, fluctuating only 1-2%, for the year to date. This is in stark contrast to data recorded during 2009 when the market began its correction.

Stuart Law, Chief Executive of Assetz, said:

“Since the start of 2010, the annualised House Price Watch data has been pointing towards a more stable outlook for the market and this is now being reflected in the monthly figures recorded across the indices.

"As expected the rate of UK house price growth slowed in May. However, it still remains at a robust level with the average house price climbing for the fourteenth consecutive month, barring a very minor fall during the usual slowdown in December.

“Average house prices are now less than 7% below the peak recorded in 2007 and they have climbed by over 3% for the year to date. All signs suggest that this figure will continue to edge up slowly to reach my prediction of 5% growth for 2010 as a whole.”

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House prices move closer to 2007 peak

2010-06-03T15:20:00.001+01:00

The price of a typical UK property rose by a seasonally adjusted 0.5% month-on-month (m/m) in May, following a 1.1% increase in April, reveals the latest Housing Market Review from Nationwide.

Commenting on the figures Martin Gahbauer, Nationwide's Chief Economist, said:

"The smoother 3 month on 3 month rate of increase rose from 1.1% in April to 1.7%, as February's fall in house prices dropped out of the most recent three month average. The annual rate of house price inflation dropped from 10.5% to 9.8%, which reflects the weaker pace of increase in May 2010 relative to May 2009.

"Since reaching a trough in February 2009 – following a drop of 19.3% from their October 2007 peak – house prices have risen by 12.2% and are now just 9.5% below the October 2007 peak.

“Housing market conditions remain characterised by thin transaction volumes and a relative scarcity of properties for sale, despite a slow return of more sellers in recent months. The current supply-demand balance on the market is still consistent with relatively stable to modestly upward trending prices.”

Impact of capital gains tax changes on house prices depends on timing of implementation

"The coalition agreement between the Conservatives and Liberal Democrats contains plans to increase the rate of capital gains tax (CGT) charged on the disposal of non-business assets, potentially including second homes and buy-to-let investment properties.

"Currently the CGT rate on such assets is 18%, and the coalition plans are to raise the rate to a level "similar or close to those applied to income. Precise details, however, will not be known until the Emergency Budget announcement on 22 June.

"With regard to what the short-term impact will be on the housing market and house prices, the key question is around the timing and implementation of any CGT increase.

"If there is a significant time lag between the announcement of the increase and its actual implementation, then some second home owners and buy-to-let landlords may decide to sell in advance of the higher rate being introduced.

"Such a development could lead the supply-demand balance to shift more in favour of buyers and relieve the current upward pressure on house prices. However, it is difficult to know with any precision how many people would bring forward a decision to sell.

"The incentive to try to beat the higher tax rate is most pressing for those who have owned their properties for a relatively long period of time and therefore have relatively large unrealised gains.

"Conversely, those who bought their second homes or investment property within the last five years have little incentive to sell early in order to beat the tax change. House prices have only risen back to their mid-2006 level and the first £10,100 of capital gains is currently tax free.

"If the new rate comes into effect immediately on 22 June, then supply conditions are unlikely to be affected materially as any potential sellers would not have time to react.

"There are some examples of where tax changes have had a significant short-term impact on the housing market. Most prominent was the March 1988 announcement to end double Mortgage Interest Relief At Source (MIRAS) for cohabiting couples.

"The implementation of the tax change was postponed until August of that year, which prompted a rush of buyers to try to beat the deadline. The result was a temporary surge in property values, with house prices increasing by 18% between Q1 1988 and Q3 1988 alone.

"However, the most recent change in CGT rates announced in the 2007 Pre-Budget Report did not have any discernable impact on the supply of property on the market. At the time, the existing CGT rates of 24-40% - depending on taper relief and income status - were cut to a flat rate of 18%.

"New instructions to sell property remained very low even after the tax changes were introduced, although this may also have been due to the very weak market conditions prevailing at the time."

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House purchase lending continues momentum during march

2010-05-18T09:44:00.001+01:00

House purchase lending increased by 45% year on year in March, making it the ninth consecutive month of year-on-year growth, according to figures released today by the Council of Mortgage Lenders.

Remortgaging, however, was 29% down year on year, the 23rd consecutive annual fall. This plainly shows the continuing trend of recovering house purchase activity but a moribund remortgage market.

The 45,000 loans for house purchase in March (worth £6.3 billion), were up 25% in volume (24% in value) from February and the 28,000 loans for remortgage (worth £3.5 billion) were up 23% in volume (21% in value).

For the first quarter as a whole, there were 112,000 loans for house purchase (worth £16.1 billion), down from 171,000 (worth £23.3 billion) in the last quarter of 2009 and 74,000 remortgage loans (worth £9.3 billion) down from 89,000 (worth £11.1 billion) in the last three months of 2009. No trend can be inferred from this though, given the distortion caused by the end of the stamp duty holiday in December.

First-time buyer activity is now rebounding faster than home-mover activity with 17,300 loans to first-time buyers (worth £2 billion) in March, up 27% on February and 42% on March 2009. The 27,500 home-mover loans (worth £4.3 billion) was a 24% rise in volume (23% in value) on February and a 49% rise in volume (65% in value) on March last year.

March also saw first-time buyers borrow an average of 76% of the property price for the second month running. This is the first time average deposits for first-time buyers have been lower than 25% for more than one month since January 2009. Only time will tell if this genuinely reflects a tentative sign of easing, but for the time being deposit constraints remain tight in all areas of lending.

For those with the deposits needed, low rates have made home loans initially very affordable. Home movers in March needed less than 10% of gross income to cover their mortgage interest payments. This is unchanged from February and is the lowest amount since the CML started recording this data in 1974.

First-time buyers have not seen quite as much benefit reflecting the fact that the best priced deals are available only to those with larger deposits. But even so, in the first three months of 2010, they needed just 13.3% of their income to cover their interest payments, the lowest since 2004.

In terms of product choice, only 46% of new loans were fixed-rate deals in March. This has remained broadly unchanged for the first three months of 2010, but is down from 60% in the last quarter of 2009 and a peak of 80% last July. Tracker rates accounted for 37% of new mortgage lending, again broadly unchanged, but up from last July's low of 12%.

Commenting on today's figures, Michael Coogan, director general of the CML, said:

"Today's figures indicate there is currently some momentum to house purchase lending, but for the sake of the future health of the housing and mortgage markets, the new government will need to focus on the critical issue of funding and how to address the issues arising from the repayment of the emergency support provided during the financial crisis. The UK is at risk of a chronic under-supply of credit – and the rationing of mortgages for customers – for years to come.

“The mortgage market appears to be stirring after 18 months of deep sleep but it will be a while before it awakens fully and returns to some semblance of normality” says Nigel Lewis, property analyst at Findaproperty.com

“Agents in some parts of London and the South East are still seeing cash buyers make up 50% of their customers at the moment. So it’s clear the mortgage market is still in a weak position. But lenders are beginning to show signs of relaxing their lending criteria and first-time buyers and those with small deposits are finding more financing options open to them. Rumours are that there will be more new lenders joining the market over the next six months which will increase competition and open up more affordable mortgages for those looking to buy. It’s still early days, but the signs to recovery are pointing in the right direction.”

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Don't get left behind

2010-05-17T09:45:00.001+01:00

The UK property market has continued its recovery in May despite fears the election would deter buyers and sellers from entering the market.

The average UK asking price has risen for the fourth consecutive month and now stands 0.6% higher than April at £219,748 (compared to £218,475). On an annual basis, average prices in the UK are 1.8% higher than May 2009 (£215,761).

The number of properties for sale in the UK jumped 8% in May – the fourth consecutive month of rising stock levels in 2010 after rises of 4.2% in April, 5.6% in March and 3.6% in January.

There is now almost as much stock available as in April 2009. This can largely be attributed to sellers’ expectation of a hung parliament. Changes to property legislation will be low on the priority list for a coalition government and sellers have felt little need to sit on their hands and wait for the election result.

These latest figures support the FindaProperty.com survey conducted at the beginning of the election which showed house hunters would not let the election affect their decision to continue searching for a property. Eight in ten (83%) people searching for a property stated that they will continue their search despite the election and three quarters (74%) said that the election result would not stop them buying a property.

This steady demand has controlled prices as more stock has hit the market.

The regional picture for the housing market is positive in May with all regions except Scotland recording stable or rising prices. The largest rise was in the East of England (+1.1%) with average prices now standing at £217,774.

Nigel Lewis, property analyst at FindaProperty.com, comments:

“The election has done little to temper people’s appetite to enter the property market. We’ve seen another rise in the number of properties for sale, so sellers haven’t felt the need to wait until after the election. And prices continue to rise suggesting that strong demand is propping up prices despite the influx of new stock.

"Many have speculated that a hung parliament will be bad for the housing market, which tends to pick up after elections whatever the outcome. The new Con-Lib government has now confirmed that they will be scrapping HIPs in favour of a standalone EPC, but other than that, so far none of the other announced policies include major changes to the home buying and selling process, so there's no reason we should expect the coalition government to cause a property crash."
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Property prices continue to grow in April

2010-05-11T15:27:00.001+01:00

The April Nationwide property index returned another mild shock with yet another monthly rise of one per cent. Back in February, a dip was followed by a one per cent rise in March, so despite all the doom mongering, the market keeps on outperforming all expectations.

Growth this year to April is in double figures for the first time since June 2007. This is no mean feat considering the lack of mortgage financing and shock to the economy and property market we’ve just had.

And it seems a stability of a sort is working itself out as more and more sellers commit to sales reversing the trend and producing a more buyer-friendly market.

The commentators insist price rises are out of kilter with economic fundamentals and we have learnt to expect the unexpected. But one result of the property boom is that the property fanaticism homeowners stoked ever higher has cooled to a calm certainty in property. An Englishman’s home has always been his castle, but we seem to believe it more, not less despite the shock of the property crash.

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IS NOW A GOOD TIME FOR FIRST TIME BUYERS?

2010-05-11T13:19:00.002+01:00

Now is a great time to buy!
Is now a good time for first-time buyers to buy?
If you’re a first time buyer asking yourself that question then you’re in a very fortunate position. Alistair Darling has dangled a very juicy carrot in front of first-time buyers with the new Stamp Duty regulations and this will tempt a lot more in to the market. Despite these changes to Stamp Duty there will still be many people who considered themselves first-time buyer material two or three years ago who now find themselves only able to rent. The mortgages that would have enabled them to buy a property in the past are no longer available and we’re unlikely to see the same levels of laissez-faire lending ever again.

But the biggest issue for first-time buyers stepping onto the housing ladder is finding the deposit – in our latest survey half of the respondents confirmed that. Happily, there are signs that lenders are beginning to relent as property prices have settled down and this has led to a slight fall in the deposit first time buyers need to scrape together. It’s now easier for them to buy their first home than at any point since the start of the credit crunch.
But the window of opportunity may be small. House prices at the entry-level end of the market are showing the first signs of moving upwards again and this could make homes more expensive over the coming months. Although more properties are coming onto the market, there are still 12% fewer entry-level homes available compared to the same time last year so it would take a large injection of new stock to level out prices once more.

We have deposit paid or deposit matching schemes available. Visit our web site and get informed

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Pressure to raise interest rates increases

2010-05-10T10:27:00.001+01:00

"The British election has been a shambles" according to Douglas McWilliams Chief Executive of the centre for economics and business research.

In his latest release Mr McWilliams goes on to write:

"Queues of people unable to vote because the local authorities had failed to put in enough staff to run an election (even though the turnout was only 65%) and a result that virtually guarantees weak government, a Prime Minister who despite a decisive rejection from the voters seems determined at time of writing to hang on in Downing Street (Mugabe style!?!)….emerging economies who invite British monitors to oversee their elections are likely to have a wry laugh at our expense.

"The only coalition that could command a decisive majority in theHouse of Commons is a Lib Dem Conservative pact. This appears unlikely because the Lib Dems until now have insisted that they want an electoral reform that would keep them permanently in power as a condition for joining a government. The Conservatives would be unlikely toconcede this, though the election results do indicate that the current first past the post system leaves much to be desired. A Conservative minority government looks most likely but with the parties from Northern Ireland, Wales and Scotland holding the balance they would presumably insist on maintaining high levels of public spending in their countries as the price of supporting the government. And cebr research has already shown that spending in these regions is high in relation to GDP.

"The pound has fallen by 5 cents in the past three days; the £euro rate is being held up only by the weakness of the euro as the Greek situation unravels. If the slide continues, the MPC will almost certainly have to raise base rates to hit their inflation target.

"Financial markets are extremely nervous as a result of the rioting in Greece and the fear that the euro might break up and will not look kindly on a UK electorate that has proved surprisingly indecisive. Unless over the coming weeks it becomes clear that a UK government can be formed that will deal with the country’s economic problems, the bond market and the forexmarket will give a thumbs down to the UK.

"Another election within 18 months seems certain.

"Meanwhile, our analysis of a hung Parliament –that it would lead to higher interest rates and a weaker currency is looking prescient. The bond markets gave the UK a stay of execution until the election.With no one having won sufficient votes to form a decisive majority to deal with the country’s economic problems, these markets are now likely to react badly.

"If the Lib Dems decided to support a Conservative budget to deal with the UK’s deficit, the situation would change. But it is difficult to see why they would do this."

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House prices and sales continue on upwards

2010-05-06T08:13:00.003+01:00

The March data from Land Registry's House Price Index shows an annual price increase of 7.5 per cent which takes the average property value in England and Wales to £164,288. The monthly change from February to March is a decrease of 0.6 per cent.

All regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 13 per cent. The region with the lowest annual price rise is Wales with a movement of 1.1 per cent.

London and the North East experienced the greatest monthly rises with movements of 1.6 per cent. The East Midlands is the region with the most significant monthly price fall with a movement of -2.1 per cent.

The most up-to-date figures available show that during January 2010, the number of completed house sales in England and Wales rose by 30 per cent to 34,171 from 26,208 in January 2009.

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House prices set for new property boom

2010-05-06T08:08:00.001+01:00

The Centre for Economic and Business Research has published its latest forecast for the country’s housing sales market and predicts a 5% rise in residential property prices before the end of the year.

A combination of factors, low interest rates, cheap mortgages and a shortage of supply are set to fuel a “significant” new property boom with prices rising by almost 20% over the next 3 years.

Its predictions for 2010 are slightly more cautious than they were before, as the Centre had previously predicted a 6% increase in values. Its specialists altered their predictions due to the fact that the recent poor weather and concerns over rising taxation may have limited enthusiasm for the property market.

The Centre predicted a typical three-bedroom semi would rise from the predicted 2010 year-end price of £172,500 to £203,200 by the end of 2013 if the surge – from the beginning of this year – materialises.

Chief executive Douglas McWilliams said: “House prices will be notably higher in three years than they are today.”

Stuart Law, chief executive of Assetz, said: “These latest figures confirm that the UK housing market is well advanced on its path to recovery. Post-election we would expect to see house prices continue to firm up as a result of renewed consumer confidence in the market, with a Conservative majority encouraging the highest levels of growth.”

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New Government must make housing a property

2010-04-29T15:21:00.001+01:00

Housing professionals have set out their priorities for the next Government against the background of affordable housing shortages and continued high demand in a new survey.

The UK Housing Panel, made up of a cross-section of Chartered Institute of Housing (CIH) members, set out its priorities for the next Government, with sustained investment in new affordable housing the number one priority, followed by funding to ‘green’ the existing housing stock and reform to the Housing Benefit system.

Many other respondents called for stability – whether it was economic stability, stability of funding the Supported People programme or continued support for the current regulatory regime.

The report from the first quarterly UK Housing Panel survey examines the work of housing professionals to prevent homelessness, provide an affordable and safe place to live and meet tenants’ care and support needs. At the same time, the shortage of affordable housing, long waiting times, high demand and the challenge of improving existing homes have been compounded by the recession and the prospect of public spending cuts. Over half (57 per cent) of respondents are planning to make budget cuts within their organisations in 2011.

The challenge faced by housing professionals in meeting housing need is underlined by the length of waiting times for social housing. According to the majority of UK Housing Panel members who were able to put a figure on it, average waiting times for social housing range were between 6 months and three years for 2-bedroom properties in their most popular areas. However, one in five of those who were able to report on waiting times said that people could wait over five years for a house.

CIH is urging the next government to make housing a central plank of its social and economic policy and commit to increasing the supply of social homes, address the problem of housing affordability and set out clear plans to improve the worst of the private rented sector.

Sarah Webb, CIH Chief Executive, said:

"With the prospect of a new UK Government and the inevitable public spending cuts, housing is in for a period of uncertainty. Our UK Housing Panel is overwhelmingly telling us that continued investment in new affordable housing is vital to make sure we meet the demand for homes and to continue to support vulnerable and low-income households in need of stability and a decent place to live. CIH and housing professionals are ready to work with the next Government and the housing community to meet the challenges and maximise the opportunities that the new decade brings for the future of housing and communities

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More green shoots in the housing market

2010-04-21T11:12:00.001+01:00

Data from moneysupermarket.com has revealed that activity in the mortgage market is steadily increasing across a variety of borrower profiles, meaning the spring homebuying season has kicked off strongly and looks set to continue.
In the previous month, the number of homeowners visiting moneysupermarket.com's mortgage channel looking to remortgage has soared by 29 per cent, while the number of people who are looking for a mortgage to move home has increased by 13 per cent. The Chancellor's decision to abolish stamp duty on properties under £250,000 for first time buyers seems to have kick started the FTB market, with the number of searches up 17 per cent.

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No pre-election jitters as April house prices rise

2010-04-20T12:10:00.001+01:00

The latest Rightmove House Price Index suggest Spring sellers are ignoring pre-election concerns and increase average asking prices by 2.6% (£5,898) in April.

This robust increase contrasts sharply with the 0.1% rise the month before, reflecting a very patchy housing market that is struggling to find a consistent and cohesive direction this spring.

Stock shortages that have underpinned prices are easing slightly, with the current run-rate of properties coming to market now recovering to levels last seen before the Lehman Brothers collapse in September 2008.

Estate agents report wide variances in supply-and-demand dynamics between neighbouring patches, and also within property types in the same area. The affluence of purchasers seeking to buy in a particular location remains the decisive factor.

Miles Shipside, commercial director of Rightmove comments: “Rarer property types in desirable locations are achieving record prices. For ‘location, location, location’ you can also read ‘cash, cash, cash’. Conversely, in areas where buyers have less access to cash or mortgage finance, or there is an over-supply of a certain property type, then sellers are having to price much more aggressively to secure a sale. There is increasing divergence between these different markets, with agents reporting some pockets where a couple of viewings find a cash-rich buyer, whereas a few miles down the road it’s taking over 20 viewings to achieve a sale”.

This month’s index measures the asking prices of 129,898 properties that estate agents have put on the market, meaning the weekly average has now been over 25,000 for the last two months. This is the longest period that supply has been sustained above 25,000 properties per week since August 2008. If buyer demand was keeping pace, Rightmove expect this to result in a fall in average unsold estate agency stock. However, at present unsold stock is still increasing, with a month on month rise from 65 to 68. This is the highest level of choice enjoyed by prospective buyers since October of last year. The market is approaching a pivotal point in terms of supply and demand.

There is nearly always a time-lag in spring as the number of properties for sale initially increases as fresh stock comes to market, and then falls back again as sales pick up. Lack of property for sale and the consequent restriction in choice, especially in popular areas, have been supporting prices during the recession and the early stages of the recovery. Wherever over-supply occurs, this market will be especially prone to downward price pressure. This increased choice for potential buyers, combined with the impact of the inevitable post-election austerity measures on personal finances, could lead to some of the price gains seen so far being whittled away by price falls later in the year in all but the most popular areas. Currently average national asking prices are still 6% higher than a year ago.

Miles Shipside comments: “With weather disruptions out of the way, more sellers are coming to market and they appear to be ignoring the uncertainties facing potential buyers. Prices are up, but so is choice, and the two are not happy bedfellows in the longer term. This year more than ever the traditional spring seller window is a price sensitive one, if asking prices continue to rise, all but the most popular locations are building themselves up for some of the gains to be lost later in the year”.

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Property market sees spring bounce

2010-04-19T10:00:00.001+01:00

The number of people trying to buy or sell homes has picked up in the past month, according to estate agents.

The number of potential sellers rose in March to its highest level for six months, the National Association of Estate Agents (NAEA) said.

And the number of prospective buyers went up by 7% last month.

The NAEA said spring had brought its usual increase in activity, and suggested sales would improve in the coming months.

"Spring has finally arrived and brought with it a much needed boost to the housing market, particularly among sellers," said Gary Smith of the NAEA.

"This figure has been low in recent months and this is a welcome indication that reflects a growing confidence that the recovery is well underway."

Encouraging signs

Earlier this week, a survey by the the Royal Institution of Chartered Surveyors (Rics), some of whose members also work as estate agents, reported that the number of people trying to sell their homes last month had reached its highest level since May 2007.

With the bad weather now behind us buyers and sellers alike are returning to the market with a renewed vigour

National Association of Estate Agents

According to the NAEA's survey, the average number of homes for sale at each of its member's branches rose from 56 in February to 60 in March.

At the same time, the number of house hunters registered with each branch went up by 7% last month, to 274 per branch.

Sales have also risen, the NAEA said, from an average of 6.8 per branch in February to eight last month.

The NAEA said all this was encouraging, especially with more sellers around.

"This month's figures reveal an increase in the levels of housing stock with more properties available for sale per branch - the highest value recorded over the last six months," the NAEA said.

"More house-hunters also registered their interest. With the bad weather now behind us buyers and sellers alike are returning to the market with a renewed vigour," it added.

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Election slows house price rises

2010-04-14T12:36:00.001+01:00

Growth in house prices has slowed, after sellers eager to sell their properties ahead of the general election rushed to the market. According to the Royal Institution of Chartered Surveyors (RICS), vendor activity last month reached its highest level since May 2007, prior to the introduction of home information packs (HIPs). For the third month in a row, the number of new sellers outstripped the number of enquiries from new buyers, and while house prices continued to rise, the rate was slower than that seen in February. "With the general election approaching and uncertainty growing over the political direction of the country, many vendors who were previously inclined to sit on the sidelines now appear eager to put their properties on the market," said RICS spokesperson, Ian Perry.

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Poll suggests improved property market under Tories

2010-04-13T09:42:00.001+01:00

Almost forty per cent of house hunters believe the property market will improve if the Conservatives win the General Election, a survey from FindaProperty.com has revealed.

FindaProperty.com, one of the UK’s leading property portals, surveyed 14,800 of its users on whether they felt the property market would improve, remain unchanged, or deteriorate given three different election outcomes.

If the Conservatives were to emerge victorious, 39% of house hunters say the market will improve, while a further 39% believe it will remain unchanged. Just one fifth (22%) think the market will deteriorate under a Conservative government.

In contrast, 14% of house hunters believe the market will improve following a Labour victory, with almost half (48%) saying it will remain unchanged and 38% feeling it will deteriorate.

A hung parliament is the most worrying scenario for house hunters. Less than one in ten (9%) feel the market will improve if no party wins an outright majority, with 43% believing it will deteriorate.

Despite the uncertainty around the outcome of the election, house hunters are not letting the impending election affect their decision to continue searching for a property. Eight in ten (83%) people searching for a property stated that they will continue their search despite the upcoming election and three quarters (74%) said that the election result would not stop them buying a property.

Nigel Lewis at FindaProperty.com, says:

“We’ve found that the election is unlikely to put people off their property search, but many home buyers have an opinion on what will happen to the market after the election.

“It seems the majority of house hunters believe the best thing for the property market would be a Conservative victory. Their policies on the deregulation of the market and ensuring only millionaires pay inheritance tax have really struck a chord with the voting public.

“Many polls are pointing towards a hung parliament though and that is worrying. House-hunters feel this would be the worst scenario for the property market as the parties battle it out to form a coalition, putting policies on hold while compromises are made

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Liverpool housing prices to improve: LATEST NEWS FOR THE REMODEL OF THE SEFTON PARK APARTMENTS WORK STARTS IN MAY RESERVE YOURS NOW

2010-04-08T14:56:00.003+01:00

LIVERPOOL'S residential market will see a price rise due to a shortage of supply.

That is the view of Neil Chegwidden, a partner at the London office of property specialist King Sturge, who will be one of the main speakers at an "investors day" at One Park West this Friday.

National statistics data suggests the city's population could swell from 450,000 to 473,000 by 2029, but with few new residential developments in the pipeline experts say demand will soon outstrip supply, pushing up prices. Speaking prior to the seminar, Mr Chegwidden said: "This is a positive indicator for potential buyers who could see good capital growth from their property if they invest in Liverpool's current residential offering."

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Property prices rose 1.1% in March

2010-04-08T12:12:00.002+01:00

The price of the average UK home rose 1.1 per cent In March partly pulling back the 1.6 per cent fall in February.

This was the eighth rise in the last nine months, according to the Halifax index, and the March rises pushed prices up 9.1 per cent since hitting their lowest point in April 2009.

Martin Ellis, housing economist, said the rate of growth was still slowing overall after the return of the GBP 125,000 Stamp Duty threshold and poor weather at the start of the year.

He said: “There are signs that an increase in the number of properties available for sale is beginning to reduce the imbalance between supply and demand. This should help to contain the upward pressure on house prices."

The average house price is now GBP 168,521. Despite the recovery, however, the sales activity level is only half the level in the second half of 2007.

In addition, Bank of England industry-wide figures show that the number of mortgages approved to finance house purchase – a leading indicator of completed house sales – fell by a seasonally adjusted two per cent between January and February following a much larger decline of 17 per cent in the previous month.

However, the temporary increase in the lowest stamp duty threshold announced in last month's Budget will mean that most first-time buyers do not pay the tax.

At GBP 250,000, more than nine in ten first-time buyers would have been exempt from paying stamp duty in 2009 compared with just over one in two if the lowest threshold had been GBP 125,000. The southern
regions of England will benefit most. Around three-quarters of first-time buyers in Greater London and the South East will be removed from the stamp duty tax net as a result of increasing the threshold from GBP 125,000 to GBP 250,000.

http://firsttimebuyersupermarket.co.uk/

Property valuations up by 25%

2010-04-07T11:47:00.001+01:00

The recovery of the housing market continued to pick up in March, with the number of valuations on residential housing jumping 25 per cent against the February figures, according to the latest research by Connells Survey and Valuation.

After two consecutive month-on-month rises, the number of valuations conducted in the first quarter of 2010 was also 15 per cent higher than in the previous quarter.

Ross Bowen, managing director of Connells Survey and Valuation said: “The surge in valuation activity is great to see and reinforces evidence of the continuing recovery of the housing market. Despite uncertainty with the economy and post election impact on the housing market, we are seeing more buyers hitting the streets looking for homes. We have also yet to see the impact of doubling the threshold of the Stamp Duty tax for first-time buyers – however I expect the positive trend in the valuations market to continue in the longer term.”

First-time buyers have been driving the first quarter activity said Connells, despite the end of the GBP 175,000 stamp duty holiday on 31 December and the GBP 250k threshold for first time buyers only starting on 25 March. In the first three months of 2010, 10 per cent more first time buyers requested valuations than the last quarter of 2009, with a 12 per cent month-on-month rise in March.

There was also a 14 per cent quarter-on-quarter rise in valuations conducted for home owners looking to move. Remortgaging and buy to let activity also increased – valuations for buy to let investors rose by 19 per cent, while remortgaging business increased by 38 per cent compared to the levels in the last three months of 2009. However, this was from a low base. With mortgage finance not as readily available as before the credit crunch, remortgaging valuations were still less than one third their level in March 2008. Buy-to-let was just five per cent lower than 2008 levels.

Ross Bowen said: “Mortgage finance still remains a challenge for many buyers and remortgagers, but there are signs that lenders are beginning to offer a wider range of products and relax their criteria – several are now offering 90 per cent LTV products. The thaw in the mortgage market and the stamp duty tax-break for first-time buyers will help activity levels moving forward.”

http://firsttimebuyersupermarket.co.uk/

Trick times not over yet for landlords

2010-04-07T10:58:00.001+01:00

Despite low interest rates and signs of stability in the housing market the remainder of 2010 will continue to pose some challenges for private landlords, says Landlord Assist.

Many commentators have suggested that life for landlords is finally getting easier with rental figures marginally increasing over the last few months as more and more people have turned to rented accommodation during the financial crisis.

But the company says that whilst there are signs of optimism in the market, private landlords still face growing rent arrears caused by continued unemployment rates and the ongoing failure of the Local Housing Allowance system - whereby rent paid to cover housing costs is paid to the tenant, in the hope that they pass it on, instead of directly to the landlord.

In addition to facing rent arrears, landlords also continue to operate against a raft of administration and legislation in order to keep their properties let and the rents coming in.

Graham Kinnear, MD says: "Whilst the future looks much brighter for landlords in terms of demand for rented accommodation and marginal increases in rent, landlords continue to battle against rent arrears and increasing red tape. As a result, the following few months will remain tricky for landlords even though there finally appears to be grounds for optimism.

“Landlords are unable to sustain non paying tenants and must take precautionary measures at the start the of tenancy agreement, such as reference checks, to minimise the risk of being exposed to rent arrears.”

Further struggles facing landlords include the difficulty with which they are able to secure funding for additional purchases and remortgages of existing stock as well as funds for renovation, repair and refurbishment work. All of these factors are impacting the quantity of private rented accommodation available.

http://firsttimebuyersupermarket.co.uk/

90 per cent mortgage pledge from the 'Peoples Bank'

2010-04-06T13:50:00.001+01:00

The Business Secretary Lord Mandelson has announced a major expansion of financial services offered by The Post Office including a new mortgage product with a 90% loan-to-value ratio aimed at first-time buyers.
In a drive to put banking back into the heart of communities and making the Post Office network of 11,500 branches more sustainable he also announced £180m of new funding for the Post Office.
The Post Office which some are now calling the 'Peoples Bank', will also increase its lending substantially, aiming to double the value of its mortgage book in the financial year 2010/11.
Publishing the Government’s response to its consultation on Post Office banking, Lord Mandelson said:
“Since the global banking crisis we have set about reinventing the financial services industry piece-by-piece, building a system that is fairer, trusted and more responsible.
“Today is the next step in that process. The Post Office is a well-loved community institution and this move will bring more banking services back to the heart of those communities.”

http://firsttimebuyersupermarket.co.uk/

The first-time buyer has come out of hibernation

2010-04-06T12:54:00.001+01:00

There are early signs that the stamp duty break has increased interest.

By Justin Harper
Published: 10:02PM BST 05 Apr 2010

Photo: BLOOMBERG NEWS

Spring is traditionally the start of the house-buying season and the new stamp duty breaks could make it one of the busiest in recent years.
In the Chancellor's Budget last month he raised the stamp duty threshold for first-time buyers from £125,000 to £250,000 before you have to pay the 1 per cent rate.

This exemption lasts for two years and is expected to encourage a raft of young home-buyers into action. Moneysupermaket.com, a financial comparison website, has seen a 15 per cent rise in first-time buyers logging on to look at mortgage deals.
Hannah-Mercedes Skenfield, at moneysupermarket.com, said: "There has been much debate over the past week as to what impact Darling's measures will have on the housing market, and while the jury's still out on that one, it's clear that those most affected have welcomed it if numbers to our site are anything to go by.
"Having just had one of the busiest weekends of the year for house-hunting, the first-time buyer could well be back out after months of hibernation."
This was backed up by Melanie Bien, director of mortgage broker Savills Private Finance, who said: "Easter is traditionally the busiest time of year for the housing market and the Chancellor's stamp duty exemption for first-time buyers has provided a further boost.
"We have seen a pick up in inquiries from first-time buyers keen to take advantage of the tax break and buoyed at the prospect of saving up to £2,500."
Already lifted by the stamp duty holiday, the housing market could also be tipping towards buyers again, having staunchly been a seller's market last year. With house prices in the doldrums since the credit crisis began, sellers have been reluctant to put homes up for sale.
This lack of supply helped those who did put their home on the market get a better price, and keep the balance tipped in their favour. But as house prices have slowly been edging up, more sellers are dipping their toes in the water again.
The latest house price survey for March, produced by Nationwide Building Society, shows that property values crept up by 0.7 per cent last month. While this is a small increase it does mean that house prices are up 9 per cent on the same period last year. The average property price now stands at £164,519 across the country.
Martin Gahbauer, chief economist at Nationwide, said: "While it is not a buyer's market yet, the balance is definitely shifting. We have some indication that more property is coming on to the market. But cheap mortgage deals are still encouraging some sellers to stay put.
"These deals were available before the credit crisis and mean mortgage payments are very cheap for many. This leaves little incentive to move or sell. This low interest rate environment will continue to restrict supply."
Nationwide says house prices are still about 10 per cent lower than their 2007 peak when many feared the property market would collapse.
Talking about whether the stamp duty holiday for first-time buyers would make a difference, Mr Gabhauer added: "It's too early to see a pick-up yet. What we've found with past stamp duty holidays is that there is a lot of activity towards the end of the exemption period as people realise it's about to disappear."
Cheap mortgages are also attracting more buyers to the market place, especially for those who only have a small deposit. Deals with just a 10 per cent deposit have been slowly increasing and this is expected to continue with the announcement that a new player wants to be the saviour of first-time buyers.
The Post Office revealed last week that it will start offering loans to first-time buyers who can only afford a 10 per cent deposit. This is part of a radical overhaul of the Post Office network into a "People's Bank" to rival its High Street rivals.
The Post Office is already a key player in the mortgage market thanks to its tie-in with the Bank of Ireland, but these deals are only available for those with a minimum 20 per cent deposit.
Just before the credit crisis broke, in August 2007, there were more than 800 home loans that required a deposit of just 10 per cent. This suddenly dropped to about 100 as lenders became much stricter about whom they lend money to.
David Hollingworth, at fee-free mortgage broker London & Country, said: "The Post Office announcement was good news for first-time buyers and I expect others to enter the market, although these deals are still pretty thin on the ground. But although there may be more deals for first-time buyers you still need to meet the criteria."
Lenders still require a very high credit score from first-time buyers as they have not built up a track record in home ownership.
Making sure you are on the electoral register is an easy step to improve your rating, along with checking your credit score with one of the three agencies – Experian, Equifax and CallCredit. If you spot any mistakes, query them with the credit reference agency before applying for a mortgage.
A small error on your credit file is all it takes to be declined on a mortgage, given how strict lenders are. But even if you do get that first-time-buyer mortgage expect to pay a much higher rate than an existing home-buyer, especially if you only have a 10 per cent deposit.
For example, HSBC has a market-leading deal for those who put down at least a 30 per cent deposit, typically remortgagers. The two-year fixed rate is 2.99 per cent and comes with a £999 arrangement fee. But if you can only put down a 10 per cent deposit, the rate shoots up 5.99 per cent.
David Hollingworth added: "The deposit is king. There is an argument for holding off as long as you can to build up the biggest deposit possible. Every extra 5 per cent you can put down will make a difference."

http://firsttimebuyersupermarket.co.uk/

Housing benefit failures criticised for wasting public millions

2010-04-06T10:48:00.001+01:00

The government has faced new criticism over failures in the housing benefit system which is costing the public purse millions in rents paid to vulnerable tenants not being passed on to landlords.

The failures are highlighted in report by the Parliamentary Select Committee for the Department for Work and Pensions (DWP). It says that Local Housing Allowance (LHA) “is falling short of its original intentions and is in need of urgent review”.

Property groups have warned that many landlords will remove properties from the system, upping the pressure on hard-pressed councils to find homes for those receiving housing benefit.

Ministers have systematically refused to act on concerns raised by the British Property Federation (BPF) and bodies such as Shelter, which has called for greater choice for tenants to be able to decide whether to have their LHA paid directly to landlords or to themselves. There is strong evidence that many recipients of LHA wish it to be paid directly to their landlord, and not to them as is the way now.

The committee’s report adds: “We acknowledge that the policy of direct payments to the tenant will only be working well when practical problems are addressed, safeguard procedures for vulnerable tenants strengthened and landlord confidence in the system is improved.”

However, the committee says the system should be maintained as is because paying LHA directly to tenants is an important element of ‘’work readiness’. The Conservatives have said that “the current system helps no-one”.

The report also dismisses proposals by the DWP that payments should only be made to homes meeting specific energy efficiency standards, which many feared would undermine the objectives of LHA.

Ian Fletcher, director of policy at the British Property Federation, said:

“Despite continual objection from landlords and tenants, the Government continues to be wedded to a principle that is failing in practice. In an environment where ever pound of public spending matters, it is scandalous to maintain a policy that wastes millions of pounds of public money simply because the government wants to try out the philosophical principle of ‘empowering people’.

While there are many positive recommendations in this report, they are too insignificant to reverse the fundamental mistrust landlords have in the system. Landlords should expect to get paid for what they provide, no ‘ifs’ or ‘buts’. Benefit tenants also have an uphill task to compete for housing in many areas, we should be making their task easier.”

“We are glad to see that the committee’s criticism of linking energy efficiency with direct payment and hopefully, with a good cross section of MPs now also panning the idea, that will be the end of it.”

http://firsttimebuyersupermarket.co.uk/

OVER 20 PROPERTIES JUST LISTED WITH NO DEPOSIT REQUIRED FROM YOU

2010-04-02T11:35:00.009+01:00

http://www.firsttimebuyersupermarket.co.uk/listing-deposit-paid---studio-flat-4.html

http://www.firsttimebuyersupermarket.co.uk/listing-deposit-paid-four-bed-terrace-property--5.html

http://www.firsttimebuyersupermarket.co.uk/listing-deposit-paid---three-bed-semi-detached-house--7.html

http://www.firsttimebuyersupermarket.co.uk/listing-deposit-paid-----two-bed-end-of-terrace-property--8.html

http://www.firsttimebuyersupermarket.co.uk/listing-deposit-paid--three-bed-mid-terrace-property--9.html

http://www.firsttimebuyersupermarket.co.uk/listing-desposit-paid--three-bed-mid-terrace-property---10.html

http://www.firsttimebuyersupermarket.co.uk/listing-deposit-paid--three-bed-mid-terrace-property--11.html

These are just a sample of what we have more added all the time so please visit us now.

http://firsttimebuyersupermarket.co.uk/

Birmingham Midshires

2010-04-01T11:44:00.001+01:00

Has anybody fallen foul of Birmingham Midshires latest tactics, whereby they will approve your buy to let mortgage on a rental income basis and then after the survey has been done they will treat the case as a full status case whereby they require P60's payslips for employed people or SA302's if the clients are self employed. A cynical person would view this as a way of Birmingham Midshires obtaining their £250 admin fee per case as "a nice little earner" for themselves whilst their investor clients are losing properties through a last minute change in criteria. ( could this be the lloyds group influence??). What they seem to have forgotton is that most investors that are serious about property investing have to move quick on properties otherwise they lose them, but as BM are collecting £250 a time do they care??. They need to realise that they should be in the market seriously or just pull the shuttters down and leave it to the professional BTL lenders when they return to the market.Last we heard over 1500 cases were cancelled by BM after survey was done you do the maths

http://firsttimebuyersupermarket.co.uk/

Rentals cannot take the strain of the UK housing shortage

2010-03-30T12:40:00.001+01:00

The UK is in “dire need” of good quality rental accommodation, according to a survey at this year’s annual conference for the lettings industry.

The Association of Residential Letting Agents (ARLA) conducted the poll to assess the state of the Private Rented Sector (PRS).

More than half (58%) of respondents at the 2010 ARLA annual conference highlighted the issue of insufficient supply of rental stock as the biggest issue facing the sector.

Ian Potter, operations manager at ARLA, said: “This is a very serious issue. At the end of last year we highlighted that a lack of properties will be a defining factor in the housing market in 2010 and our member agents across the country have confirmed this opinion as fact.

“The UK is in dire need of good quality rental accommodation to counter the lack of broader housing supply across the country and the PRS needs tangible Government support to help achieve this. This should be in the shape of incentives for improvements on older properties, assistance for landlords in gaining mortgage finance, and regulation to drive unethical letting agents out of the industry.

“2010 has already brought a number of Government proposals for the PRS but few firm decisions. Significant policy decisions will be set out in the coming months of the election and it is imperative that all the parties factor the PRS into their strategies on the national housing supply.”

http://firsttimebuyersupermarket.co.uk/

90% mortgage pledge from the 'Peoples Bank'

2010-03-30T12:32:00.001+01:00

The Business Secretary Lord Mandelson has announced a major expansion of financial services offered by The Post Office including a new mortgage product with a 90% loan-to-value ratio aimed at first-time buyers.

In a drive to put banking back into the heart of communities and making the Post Office network of 11,500 branches more sustainable he also announced £180m of new funding for the Post Office.

The Post Office which some are now calling the 'Peoples Bank', will also increase its lending substantially, aiming to double the value of its mortgage book in the financial year 2010/11.

Publishing the Government’s response to its consultation on Post Office banking, Lord Mandelson said:

“Since the global banking crisis we have set about reinventing the financial services industry piece-by-piece, building a system that is fairer, trusted and more responsible.

“Today is the next step in that process. The Post Office is a well-loved community institution and this move will bring more banking services back to the heart of those communities.”

http://firsttimebuyersupermarket.co.uk/

March house prices reverse February's dip

2010-03-30T12:23:00.001+01:00

The price of a typical UK property rose by a seasonally adjusted 0.7 per cent month-on-month in March, largely reversing the 0.8 per cent fall measured in February.

The smoothed three month on three month rate of inflation edged down further from 1.8 per cent in February to 1.6 per cent in March. At GBP 164,519, the average price of a typical property is nine per cent higher than a year earlier.

Martin Gahbauer, Nationwide's chief economist, said: “The last two months are consistent with a relatively flat profile for house prices, and in line with the recent drops seen in buyer enquiries and house sales. Preliminary figures show that the number of loans taken out for house purchases failed to recover from January’s large dip, suggesting that weakness in house sales at the start of the year may
have been due to more than just the snowy weather.”

Nationwide said the budget announcement on Stamp Duty that for the next two years, the nil Stamp Duty threshold will be raised from GBP 125,000 to GBP 250,000 for first-time buyers is likely to save GBP 1,368 for the average new buyer.

At a national level, the vast majority of first-time buyers should benefit from the holiday, though with the average London house price at GBP 243,163 for first-time purchasers, a significant number of new buyers in the capital will miss out on the savings, said Nationwide.

However, the mutual said the positive effect of the last Stamp Duty holiday on the housing market is still not clear cut. Other factors like low interest rates played a part, said Gahbauer, and the only exception to this was the last month of the holiday, when buyers standing to benefit from the exemption rushed to complete their purchase before the end of the year.

David Smith, senior partner, property consultancy Carter Jonas, said the volatility in the property market is likely to continue and agreed the Stamp Duty changes will have little impact.

"Over the past month, buyer enquiries have fallen and stock levels have risen and so next month we may well see another fall in house prices, once again reinforcing the volatility in the market at present.

"Whatever the statistics may say, what is very clear is that good properties that are sensibly priced continue to sell very quickly."

http://firsttimebuyersupermarket.co.uk/

Houses prices positive four months in a row

2010-03-29T11:13:00.001+01:00

Nine regions in England and Wales experienced increases in their average property values over the last 12 months. The region with the highest annual price change is London with an increase of 11.9 per cent. The region with the most significant annual price fall was the North East with a movement of -2.3 per cent.

The North West experienced the greatest monthly rise with a movement of 3.6 per cent. Wales was the region with the most significant monthly price fall with a movement of -2.4 per cent.

The most up-to-date figures available show that during December 2009, the number of completed house sales in England and Wales rose by 89 per cent to 73,889 from 39,138 in December 2008. These figures will be distorted due to the stamp duty threshold coming back into force on the 1st of January 2010.

If you are holding back from buying you may need to rethink your strategy, even if some "experts" are still riding on the doom and gloom train.

http://firsttimebuyersupermarket.co.uk/

Official figures show February rise in house sales

2010-03-26T14:33:00.003Z

UK house sales rose in February, according to HM Revenue & Customs.
The month saw 58,000 transactions completed on properties worth over £40,000, up 14% from January.
The total fell well below December’s tally of 103,000, when sales activity clustered as the end of the stamp duty holiday loomed, but showed a significant improvement on February 2009 (43,000).
This week’s Budget ushered in a new stamp duty reprieve, but for first-time buyers only.
Those new to property ownership are being spared the tax on properties worth up to £250,000 for the next two years and the concession may perk up the housing market more than expected, despite eligibility being restricted to first-time buyers.
The earlier holiday, which ended in January, benefited all homebuyers paying up to £175,000 but had little impact in London and the South East, where average house prices were well above the temporary threshold.
According to the Royal Institution of Chartered Surveyors, the impact of the holiday was also limited in the North of England but in this case because the average price of a home was already below £125,000 before the threshold was adjusted up to £175,000.

http://firsttimebuyersupermarket.co.uk/

STAMP DUTY

2010-03-26T13:35:00.001Z

The Stamp Duty holiday for first-time buyers handed out like a big bag of sweets early on in the budget speech on Wednesday will make some people very happy.

It is a shame the two-year holiday hasn’t been extended to all property buyers. But nine out of ten first-timers will avoid paying out up to £2,500 and the pro-first-time buyer lobby finally has something to cheer. The government explained the move would be funded in Robin Hood fashion – taking from the rich to give to the poor - by a five per cent Stamp Duty levy targeting those buying million pound houses.

So, doing some very simple maths, buyers are set to pay Stamp Duty worth £50,005 on a GBP one million property. Or put another way, 20 or more first-time buyers will be funded - with gritted teeth no doubt - by every million pound property owner (do we care).

“The many not the few” as Nick Robinson BBC News political editor said in his first words after the speech was over.

The Stamp Duty rear guard action started the second the BBC broke the story in the morning. Critics are calling the move a political stunt, saying it doesn’t go far enough and also questioning the funding plans.

It’s true that first-time buyers started benefiting from midnight on Wednesday but the extra five per cent Stamp Duty layer is payable in over a year’s time from April 2011. Other problems remain and a world of shenanigans will result from property prices bunching around the thresholds and people desperately and creatively trying to avoid the £250,000 and £1,000,000 property price thresholds.

But you can look at this a different way too. This may be a missed opportunity in some ways, but this is also the first Stamp Duty reform for a long time. The boost this could give to business will hopefully demonstrate that wielded correctly and sensibly, Stamp Duty could be a powerful force for good in the property sector.

The door for more reform is no also open. The industry needs to campaign hard to keep this first-time buyer support in place for all-time, not just two years and keep banging the same old drum on reform of the slab tax in the meantime.

The Association for Mortgage Intermediaries (AMI) Robert Sinclair called the Stamp Duty move political opportunism. He could be right. First-time buyers still have to save up many more thousands of pounds for their deposit to have any chance of getting a mortgage and helping first-time buyers always has a nice electioneering ring to it.

But why should first-time buyers care. A GBP 2,500 hand out will be eagerly snatched up from any political party. It’s GBP 2,500 less to save or borrow - or GBP 2,500 to pay the solicitor or buy furniture with instead of eating dinner from a set of garden chairs for a year because that’s all you can afford.

http://firsttimebuyersupermarket.co.uk/

Surveyors predict summer property buying spike

2010-03-26T13:28:00.002Z

A RICS survey showed 56 per cent of surveyors expect the raised Stamp Duty threshold to GBP250,000 to stir up buyers over the spring and summer period.

This announcement comes fast on the heels of the previous SDLT holiday for purchases of GBP 175,000, which ended on 31 December. From 6 April 2011, all homes purchased for in excess of GBP 1 million will attract a five per cent SDLT levy - up from the current four per cent payable.

Head of Residential Agency, Andrew Turner said: “The five per cent levy on properties over GBP one million may create a short term stimulus in the market as those thinking of buying and selling will move quickly to avoid the hike from four per cent. This will filter down through the market and hopefully create more activity at the middle and lower ends as well.”

Purchases under shared ownership transactions and alternative finance arrangements may qualify for the relief in certain circumstances, he added.

Ian Baker, group managing director for Housebuilding at Galliford Try Homes, said it is mortgage lenders who now have to add their weight to the affordability crisis. “Lenders should now look again at their high borrowing criteria and make constructive moves of their own to help this group of willing and able buyers on to the property ladder. It has been left to house builders to offer schemes like our own shared equity Easystart option or the Government backed HomeBuy Direct equity loan initiative to stimulate the market for buyers with limited deposits.

“While first-time buyers will undoubtedly benefit from these savings, unless they can secure mortgages with realistic loan to values at competitive interest rates with reasonable arrangement fees, the stimulus could have limited impact.”

GOOD NEWS

2010-03-24T16:52:00.002Z

Today the chancellor confirmed that for First Time Buyers properties up to value of £250,000 would be exempt from stamp duty. Put this together with our deposit matching scheme buying your first home could now become a reality

http://firsttimebuyersupermarket.co.uk/

BBC News - LIVE: Budget 2010

2010-03-24T12:53:00.002Z

BBC News - LIVE: Budget 2010

http://firsttimebuyersupermarket.co.uk/

MORTGAGES

2010-03-21T14:34:00.003Z

The number of mortgage products on offer has increased by 70% since hitting a low last April say financial information service Moneyfacts.
According to The Bank of England's latest Trends in Lending report, this increasing competition between lenders is putting a downward pressure on mortgage pricing.
If you are a first time buyer or have limited equity you may be pleased to hear that many of these new products offer a higher loan to value (LTV). Moneyfacts say the number of deals with an 85% LTV has increased to 345, up from 186 last April.
For buyers with a 5% deposit there are 13 products to choose from and interest rates may be higher.
Whether you are looking to buy your first home or trying to re-mortgage, if you need help go to our website and ask for a call back of press live chat and even press the Mortgage button for independent advice.

http://firsttimebuyersupermarket.co.uk/

2010-03-19T12:16:00.004Z

http://firsttimebuyersupermarket.co.uk/

First-time buyers still need a £50k deposit

2010-03-19T12:04:00.004Z

The crawl towards easier mortgage lending means first-time buyers are more likely to be able to buy than at any time since the credit crunch hit, according to a new report

But the average deposit needed remains above £50,000, locking many potential new homeowners out of the market,
The average asking price of first-time buyer properties on the property listing website has stayed broadly stable at about £155,000 over the past year, while the gap between what a new buyer could borrow and the deposit they need to raise has narrowed.
The report measures the so-called affordability gap – the sum first-time buyers need to find once they have raised the maximum mortgage based on their household income in order to buy the average first-time buyer home.
This has narrowed from £70,300 in December 2008 to £51,700 in March, however, 50% of those surveyed by the report said raising a deposit was their biggest barrier to home ownership.
Robin Cottrill of Firsttimebuyersupermarket.co.uk said: 'This month, however, with lenders being more generous and property prices largely stable, the effective deposit is a bit smaller, making it easier for first-time buyers than since the start of the credit crunch.

We have a Deposit Matching Scheme, the First Time Buyer finds 10% and we will match it to a Maximum of another 10%

'The cloud on the horizon is that prices are starting to show signs of upward pressure which could make homes more expensive over the coming months, if there remains a shortage of stock. More properties are coming onto the market, but there are still 12% fewer entry-level homes available than a year ago.'

http://firsttimebuyersupermarket.co.uk/

Lending rise points to signs of improving economy

2010-03-19T11:29:00.003Z

Gross mortgage lending in February increased to an estimated £9.2 billion, a 6% rise from £8.7 billion in January, according to new data published by the Council of Mortgage Lenders.
An increase in lending in the shortest month is unusual but unsurprising this year, given that the end of the stamp duty holiday distorted lending figures considerably in both December and January.
Lending in February was down 6% on £9.7 billion a year earlier, but the first two months of this year are broadly in line with our forecast for lending of £150 billion for 2010 as a whole.
In today’s market commentary, CML economist Paul Samter commented:
"As we look forward, we expect emerging signs of improvement as confidence in the economy grows and we move past the election. However, the need for the authorities to address fiscal deficit will inevitably slow the economy. At the same time the funding markets, while certainly better than a year ago, remain difficult and will likely limit the flow of available housing finance.
"Given the short-term weakness and distortions in the housing market, in addition to signs of more properties coming onto the market, it was perhaps unsurprising to see falls in some of the monthly house price indices in February. With activity unlikely to pick up much in the short term, we would expect to see further modest volatility in the coming months."
Stuart Law, Chief Executive of Assetz, said:
"As expected, the latest figures from the CML show that gross mortgage lending increased in February. This follows a brief pause for breath at the start of the year that can be largely attributed to the end of the Government’s stamp duty holiday.
“The latest data from the Assetz House Price Watch, an amalgamation of the five major UK indices – CLG, Nationwide, Halifax, Acadametrics and Rightmove, shows an annual house price increase of 7.6%, rubbishing suggestions of an imminent second dip in the housing market. Supply has been severely suppressed over the past year or so and there is little chance of the market being flooded with enough property to exceed the current level of pent up demand. While the rate of growth will slow over the course of the year, I still believe that 2010 will end with modest positive annual growth.”
Nigel Lewis, property expert at FindaProperty.com, said:

“The latest lending figures suggest that the housing market is back up on its feet after the lending lull that followed the end of the stamp duty holiday. But anyone expecting a return to limitless lending should note that the mortgage market is still very subdued and will remain so for some time to come. Nevertheless, home buyers are re-emerging slowly and this is set to continue given the strong demand seen on our site.

http://firsttimebuyersupermarket.co.uk/

FIRST TIME BUYER ALERT. SEFTON PARK LIVERPOOL

2010-03-18T10:19:00.003Z

Belem Tower will be completed to high standards by the developer who has extensive experience for quality redevelopment.

Belem Tower is situated in an affluent area of Liverpool and surrounded by parkland. Just minutes from the city centre, Belem Towers is located near Liverpool University.

Liverpool’s Sefton Park is possibly the best known and loved green area. Dating back to the 1590’s this magnificent 200 acre park appears as natural landscape rather the man made. In spring, the sight of thousands of golden daffodils around the lake draws residents from across the city. A carpet of bluebells allows the visitor a glimpse of rural permanence. Sefton Park enjoys a multitude of pathways and walkways. Beech and many other indigenous British trees welcome the visitor throughout the expanse. The boating lake is a major draw for the park as are statues of Eros and Peter Pan! Sefton Park also welcomes the visitor with a glorious Palm House; a glass panelled building dating back to 1896 which has been recently restored to its former glory. Belem Towers is a neighbour to Sefton Park.

Belem Tower is also located in a vibrate part of the city frequented by young professionals. Due to Belem Towers’ vicinity to Liverpool University, there is a high volume of students within the area.

A number of major employers are located within the area which Belem Towers may provide convenient residence for employees

On Sefton park Liverpool we have a deposit matching scheme.
Buying your first home, have up to 10% deposit, but need more?
We can match it! With Deposit Match we will give you an
additional amount to a maximum of 10% to match your deposit.

visit our website for full details, we have live chat or a call back system.

http://firsttimebuyersupermarket.co.uk/

House prices higher

2010-03-17T10:08:00.000Z

Annual house prices rose in all UK countries except Northern Ireland in the year to January 2010. Annual house price growth was 6.6 per cent in England, 1.3 per cent in Wales and 7.1 per cent in Scotland in January whereas in Northern Ireland house prices fell by 13.7 per cent on average in the year to January.

The key points from the release are:

- UK house prices were 6.2 per cent higher than in January 2009 and 2.2 per cent higher than in December 2009 (seasonally adjusted).

- The mix-adjusted average house price in the UK stood at £207,159 in January 2010 (not seasonally adjusted).

- UK house prices rose by 4.8 per cent in the quarter ending January 2010. This compares with a smaller rise of 2.3 per cent for the quarter ending October 2009 (seasonally adjusted).

- Annual average house prices rose in England (6.6 per cent), Scotland (7.1 per cent) and Wales (1.3 per cent), but fell in Northern Ireland (-13.7 per cent).

- Annual average house prices paid by first time buyers in January 2010 were 8.9 per cent higher than a year ago. Average house prices paid by former owner occupiers were 5.2 per cent higher.

- Annual average house prices paid for new properties in January 2010 were 2.1 per cent lower than a year ago. Average house prices paid on pre-owned dwellings were 6.8 per cent higher.

Commenting on the statistics, Nigel Lewis, property expert at FindaProperty.com, said:

"These figures give more weight to the fact that the market is improving and house prices really are on the up. But caution should be the watchword. In many areas this growth is being driven largely by a lack of houses for sale. This is particularly acute at the top end of the market where home movers with large deposits are embroiled in bidding wars to secure the few properties available to them."

First time buying made easy

2010-03-16T16:10:00.001Z

Here at First time buyer supermarket we aim to make the purchase of your home as smooth a transaction as possible.

We work with a specific mortgage broker who has been in the industry for many years and has survived the current climate and continue to give advice to their clients when they need it most. Many of their clients were First time buyers themselves who have continued to do business with them because of their top levels of advice and service. You can find them at http://www.fpml4mortgages.co.uk/

We also work with a chosen solicitor who are Home solicitors.Home Solicitors LLP is a new law firm, quickly establishing itself as a market leader, not just in Greater Manchester (our office is in Swinton, Salford) but also nationwide with many transactions no longer requiring an office visit..

The Partners of the firm have a simple vision: "To give you, the client, an excellent high quality legal service at the lowest possilbe price".

Although our teams of solicitors are based in Swinton (Salford, Manchester) Home Solicitors LLP are able to act on your behalf no matter where you live in England and Wales. In addition we are able to do this without the cost you may have become accustomed to. Home Solicitors offer the most competitive prices across England and Wales.

In virtually all areas of law, we offer a low fixed fees or no-win-no-fee arrangement. We also offer free initial consultations as standard and encourage you to call to speak to one of our lawyers in confidence.

The Solicitors and Lawyers at Home Solicitors have decided to take the best practices from traditional law firms and mix them with modern systems and excellent customer service – many of our clients now delighted to say "There’s No Place Like Home"

You can access Home Solicitors from our website.
Like I said at he beginning of this blog " We aim to make the purchase of your first home as smooth as possible"

www.firsttimebuyersupermarket.co.uk

LIVE CHAT.

2010-03-14T18:59:00.002Z

We have added live chat to our web site, so if you want to you can now connect with one of our team in an instant. They can help you with any questions or problems you may have. What a good idea

www.firsttimebuyersupermarket.co.uk

NEW, THE DEPOSIT MATCHING SCHEME.

2010-03-14T18:43:00.001Z

On Sefton park Liverpool we have a deposit matching scheme.
Buying your first home, have up to 10% deposit, but need more?
We can match it! With Deposit Match we will give you an
additional amount to a maximum of 10% to match your deposit

So now what is stopping you

www.firsttimebuyersupermarket.co.uk

EXCLUSIVE TO FIRST TIME BUYER SUPERMARKET SEFTON PARK LIVERPOOL

2010-03-12T12:58:00.001Z

A very special deal for the first time buyer who wants to get on the property ladder for the first time and dream of owning an apartment with stunning views overlooking a 200 acre park. Well dream no more, Sefton Park in Liverpool has it all, a short distance to the city and yet as you stand on your balcony drinking your morning coffee and just looking out on to a view so beautiful you would be forgiven for thinking that you were very lucky to have found such place.

Exclusive to www.firsttimebuyersupermarket.co.uk

studio 1,2 bedroom Apartments with balconies from £80000.00 net.

DEPOSIT MATCHING SCHEME UPTO 10%
On Sefton park Liverpool we have a deposit matching scheme.
Buying your first home, have up to 10% deposit, but need more?
We can match it! With Deposit Match we will give you an
additional amount to a maximum of 10% to match your deposit

0161 727 7003 speak to Ron or Craig now.

EXCLUSIVE Sefton Park Liverpool, Apartments with balconies from £80000.00 this is a once in a life time dream location overlooking 200 acres of Sefton Park in Liverpool.

15 minutes from Liverpool City Centre.
Urban-rural location 200 acre park.
5 minutes from Liverpool University.
Area of outstanding rural beauty, in the city.
Cash positive rental income.
0% Stamp Duty or Stamp Duty paid.Backed by RICS valuations.
10 year Zurich Guarantee.
First Time offered to market.
Ideally located for transport, shopping and City Centre.
Competitive mortgages available upon request.
Proximity to Liverpool University equals huge
High quality build by established North West developer. local demand for rental property.
studio 1,2 bedroom Apartments
visit our website for details and ask for a call back NOW

Chat live to one of our team online now

or

phone 0161 727 7003 and talk to Ron or Craig

pdf link for Belem Tower,Sefton Park, Liverpool.
http://firsttimebuyersupermarket.co.uk/pdfs/belem_hbf.pdf

www.firsttimebuyersupermarket.co.uk

2010-03-10T12:37:00.005Z

FIRST TIME BUYER INVESTMENT SEFTON PARK LIVERPOOL

2010-03-09T15:10:00.001Z

0161 727 7003 speak to Ron or Craig now.

FIRST TIME BUYER DREAM PROPERTY SEFTON PARK LIVERPOOL

2010-03-08T18:50:00.003Z

A LITTLE GEM

2010-03-08T13:46:00.004Z

This property has just been totally refurbished by our team and is ready for sale. The views from the back and front of this mid terrace are nothing short of breathtaking if you want a 3 bedroom home for your first venture onto the property ladder then this is for you. Located in West Yorkshire. Pump row on penistone road in Huddersfield. On the market to sell fast at £174950.00.
contact us at info@firsttimebuyersupermarket.co.uk for more information