Demand from first-time buyers remains strong

24/05/2012

in Cambridgeshire

THE number of first-time buyers seeking mortgages remained strong in April 2012 despite the end of the Stamp Duty holiday in March, according to local estate agency Connells.

Indeed, Connells recorded a 14.5 per cent increase in mortgage sales to first-time buyers in April this year compared to April 2011.

“Despite reports and commentary that first-time buyers have dropped off the map since Stamp Duty was reinstated for properties over £125,000, we are still seeing higher numbers than we did last year,” said Melanie Martin, Mortgage Services Consultant for Connells.

“The race to beat Stamp Duty exemption certainly helped boost first-time buyer numbers in the first quarter of the year but this should not be overstated as the only reason we saw more activity from this group,” Melanie continued.

“Our figures show there are still many first-time buyers out there who want to buy a home even though they now have to pay Stamp Duty.”

In the first four months of 2012, Connells also recorded a 21.7 per cent increase in mortgage sales to those selling their property and moving home compared to the same period last year.

Its mortgage sales to all buyers, including first-time buyers, home movers, those remortgaging and buy-to-let investors has increased by almost a third when compared to the first four months in 2011.

If you are a first-time buyer or home mover and would like to discuss your mortgage requirements with Connells’ dedicated Mortgage Services Consultant, please call the branch on 01954 714900 or e-mail: Cambourne@connells.co.uk

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Prices reduced at Chrysalis Park in Stevenage

24/05/2012

in Hertfordshire

Chrysalis Park in Stevenage

Explore Living has reduced the price of properties at the Admiral collection at Chrysalis Park by 16 per cent in its spring sale.

Prices now start from just £198,995 for a two-bedroom house and £218,995 for a three-bedroom house, making them ideal for first-time buyers and young families.

John Inglis, Sales and Marketing Director of Explore Living said: “Since launching the Admiral collection in August 2011, enquiries have mainly been from couples, first-time buyers and young families.

“Buyers were being priced out of houses in the area and so we decided to reduce the prices accordingly. This makes it much easier to help people get on the ladder and of course, increase sales.”

Explore Living recently launched Route 85 at the development, which allows buyers to own 100 per cent of the property for just 85 per cent of the price. The other 15 per cent is an interest free loan which is deferred for 10 years.

John continued: “With first-time buyers struggling to get on the property ladder, we want to do all we can to help them out and incentives like these give a ‘helping hand’ to those buying their first home.

“Our first purchaser at Chrysalis Park is a young first-time buyer couple and they are delighted with their new home.”

For more information, telephone sales on 01992 526753, email gill.austin@lanesproperty.co.uk or you can visit the website at www.exploreliving.co.uk

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New Green Deal Is A Great Deal For Private Landlords

24/05/2012

in East London,London,North London,South London,West London

UK buildings have long been inefficient – in 2009 they were responsible for 43% of the country’s total emissions with an estimated 4.1 million households expected to be in ‘fuel poverty’ this year. Homeowners and tenants the length and breadth of Britain are struggling to pay energy bills and with the rising cost of living and ever present threat of recession, landlords who can offer an attractive energy efficient deal when renting a private property are much in demand.

A new Green Deal scheme designed by theUKgovernment will come into effect in October of this year. Intended to make the nation’s commercial and residential buildings more energy efficient, a recent survey by the National Landlords Association (NLA)  found that around half of landlords with one or multiple properties are already considering signing up for the scheme. The government says that the Green Deal is an excellent way to cut carbon emissions and meet fuel poverty targets. For tenants and landlords, it also provides an easy route to energy savings, creating warmer properties that are cheaper to heat and live in.

How will the Green Deal work?

The Green Deal is an easy option for landlords who want to advertise a property safe in the knowledge that it is attractive to tenants. They will simply approach an accredited Green Deal supplier and ask for a Green Deal package to be installed in the property. An assessment will be carried out by an energy specialist and a series of appropriate measures recommended. The landlord chooses which improvements they would like to be made and can then leave the rest of the details to the Green Deal supplier. The supplier will arrange for the works to be carried out and will pay for the improvements to be made upfront.

When the works have been completed, the cost of making the energy saving improvements will be appended to the property energy utility bill, under a new heading entitled ‘Green Deal Charge’. The tenant responsible for paying the energy bill will then become responsible for paying the Green Deal Charge as well. This approach means that the occupier of the property pays for the works they are benefiting from.

To ensure that properties using the Green Deal scheme remain attractive to tenants, a Golden Rule of the Green Deal has also been created. This specifies that even when paying the energy bill with the Green Deal Charge included, the total cost of the bill must be less than if the Green Deal had not been taken out.

What are the benefits for landlords wanting to rent a property?   

 The Green Deal is set to be incredibly beneficial to private landlords. There are numerous advantages to the scheme, not least of which is the fact that no costs are incurred by the landlord to make the property more energy efficient.

With energy improvements comes the prospect of a much more attractive property, making for an easier time of it when it comes to advertising a property for rent – energy efficiency equals lower energy bills and more affordable household running costs, something many tenants will be very enthusiastic about.

Providing warm, economical and modern housing also increases the likely tenant periods and can lead to longer relationships with clients, reducing the need to constantly find new tenants at the end of each lease and minimising dips in rental yields through properties lying vacant.

Any changes made to improve energy efficiency will likely also reduce other property maintenance costs by reducing the likelihood of mould, damp and condensation. This provides tangible cost savings in the long term.

Green Deal Charges are flexible. They are not tied to a particular utility company making it possible to switch for a better deal. The Green Deal Charge simply moves to the new energy provider for total flexibility.

Looking further ahead, implementing Green Deal measures now protects the landlord against the 2018 ruling that will prohibit the properties in energy efficiency bands F and G from being rented out.

I Am The Agent

Rebecca Appleton

rebecca@dakotadigital.co.uk

Tel: 01623 428996

http://www.iamtheagent.com

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Persimmon Homes to raise funds for Lowestoft’s lifeboat station.

22/05/2012

in General Property,Norfolk

Written by Caroline Culot.

Local house builder Persimmon is hoping to raise vital funds for the RNLI Lowestoft Lifeboat station after selecting it as the company’s chosen charity for the year.

Persimmon Homes Anglia, which builds properties acrossNorfolkandSuffolk, will hold fundraising activities throughout the year to help support the charity’s lifeboat and volunteer crew, as they respond to all types of incidents.

Recently, these have ranged from fishing boats in distress, a yacht with its sails blown out at the height of a thunderstorm and people in the water.

The ‘Spirit of Lowestoft’ Tyne class offshore lifeboat carries a crew of five-seven volunteers and is moored afloat adjacent to the South Pier at one of the oldest lifeboat stations in theBritish Isles, established in 1801.

Local fundraising chairman Josie Moore said: “We are delighted to be the chosen charity for Persimmon Homes Anglia region. I am sure it will be a fantastic year with both sides benefitting from this partnership.

“Without support like this, our dedicated crews could not be trained to the highest standards to do the job they do. They often go to sea when everyone else has moored up in safe havens because of bad weather.

“The lifeboat is so named as local people raised most of the money to pay for it. The other money came from legacies.”

Persimmon Homes’ managing director Andrew Fuller added: “The lifeboat is a service that is expertly run and the unpaid volunteers on call 24/7 to help people who are in need of emergency assistance.

“It is important to us as a local business to help raise funds as the charity receives no government funding.

“The Persimmon team in the region is looking forward to hosting lots of fun events and taking part in many fundraising activities to support the Lowestoft Lifeboat.

“We place a huge emphasis on serving the community and in giving something back.”

Since the RNLI was founded in 1824, its lifeboat crews and lifeguards have saved over 139,000 lives.

Persimmon Homes Anglia region operates new homes developments from its regional headquarters inLowestoft.

 For more information visit www.persimmonhomes.com

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VAT change will reduce listed building repairs

21/05/2012

in Suffolk

By James Pearson of Strutt & Parker

The withdrawal of VAT relief on alterations to listed buildings will dampen enthusiasm for restoration projects. Chancellor of the Exchequer George Osborne announced in the Budget that VAT relief on alterations to existing buildings would be withdrawn from October 1, 2012.

Repairs have always been subject to the full VAT rate but if work carried out falls under the definition of alteration rather than repairs or maintenance it has previously qualified for zero-rate VAT.

The changes to VAT on listed building alterations will mean the costs of renovating some of the UK’s finest buildings will soar. It is already difficult enough to modernise listed buildings, even after planning consent has been obtained, which can be a challenge in itself. Expensive restoration projects are often labours of love and now this will penalise those who are arguably doing the right thing for our heritage.

This would have been an excellent opportunity for the government to encourage the repair of our listed buildings by reducing the VAT rate on repairs to listed structures where Listed Building Consent wasn’t required.

Instead, they have chosen to increase the VAT rate and make it more expensive for the custodians of listed structures to repair and improve them.

He missed an opportunity to reduce the VAT for repair work when it would have been much fairer to equalise the VAT rates to alterations and repairs on listed buildings at the lower VAT rate of 5%.

This will affect not only owners of individual listed homes but farmers and landowners who have traditional residential portfolios, of which many buildings are often listed and frequently in need of modernisation.

This means they may be less likely to carry out maintenance work, which will eventually reduce rural housing stock.

If a homeowner spends £500,000 on improving a listed house, they will have to pay an extra £100,000 in VAT as a result of the changes when they come into effect in October. Homeowners hoping to renovate their listed house may hesitate to carry out any planned improvements and put up with things as they are with a ‘make do and mend’ attitude.

Additionally, the VAT changes will in some cases be a factor in whether a purchaser buys a listed property, particularly if it is in need of work.

It will not be an overriding issue in itself but it is likely to have a bearing on what a buyer is willing to take on and, in some cases, it may be the straw that breaks the camel’s back. Some people can spend years renovating a listed house and if you consider the extra costs that this will soon involve, it will become an even bigger undertaking.

Rather than raising more money for the Treasury, the new regulations may actually result in more listed buildings falling into disrepair as owners are deterred from taking action. The additional tax burden will also disrupt the continual programme of works to churches, historic houses and monuments.

 

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Harrison Murray are top draw in Cambridgeshire

21/05/2012

in Cambridgeshire

In March, customers James and Townsend, Dawn Carter and Andrew and Maureen Pugh collected their vouchers

HOMEOWNERS in Cambridgeshire are celebrating an extra perk after instructing independent estate agents and valuers Harrison Murray to sell their home.

For the past two months, the company’s branches in Chatteris, March and Wisbech have been helping to put a spring in the step of sellers and local businesses, thanks to a free prize draw.

Sellers instructing Harrison Murray as sole agent during March and April 2012 had the chance to win up to £150 in vouchers to spend in local shops.

And many of the winners, all selected at random, have visited their local branch to receive their prizes – which totalled £900 across Harrison Murray’s three Cambridgeshire offices.

These included three sellers from Chatteris, who collected their shopping vouchers from branch partner Teresa Foreman. They were Nigel and Susan Few, Roger and Stella Peacock and Brian and Irene Fairy.

At the Wisbech office, customer John Cox received his £150 worth of vouchers from branch valuer Matthew Clark.

Whilst at the March branch, customers James and Wendy Townsend, Dawn Carter and Andrew and Maureen Pugh collected their vouchers.

Harrison Murray area director, Charlie Green, who is based at the Wisbech office said: “We know that Spring is traditionally a time when people think about putting their house on the market, and we thought this free prize draw would capture the interest of people who are serious about selling.

“It certainly did that and we were delighted to present some of the winners with their prize in person at the branches.

“As a long-established estate agent with an enviable reputation in the area, our commitment is very much to the local communities, and we saw this as an expression of our support for businesses in and around Chatteris, March and Wisbech as well as something extra to offer our customers.”

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Comparing Cambridge with London

21/05/2012

in Cambridgeshire

Stuart Harris, partner and head of residential at Carter Jonas in Cambridge, is feeling competitive ahead of London 2012 as he takes us by the hand and leads us through the streets of Cambridge.

The influence of London on the Cambridge property market cannot be denied and, in all likelihood, it’s an influence that will continue to strengthening.

Stuart Harris oif Carter Jonas

But I recently heard that a local estate agent, in describing a property on Mill Road in the city to a potential buyer who was more familiar with London than with Cambridge, called this area of our city the equivalent of London’s ‘Notting Hill’.

For those unfamiliar with our historic university city, to describe its residential areas in terms of their London equivalents is probably not a bad strategy.

So in taking this creative approach, I’d probably agree with the Notting Hill analogy but wouldn’t apply it to all of Mill Road and the surrounding area.  It’s certainly more bohemian than most other areas of the city and is the most diverse area of Cambridge in terms of cultural, retail and leisure offering. 

Yet, not far away and moving through streets towards Hills Road, we find much bigger houses which resemble those smart, family residences found south of the River Thames in and around Clapham South.

The Clapham Common property style and wider vibe is echoed in The Kite area, especially those properties towards Parkside and Parker’s Piece and Christ’s Pieces.

Newnham is most definitely our Highgate or Kensington equivalent in terms of residential desirability and price range if not property style or extensive retail facilities.

With the addition of hill and a heath and Great Shelford is a certain match for Hampstead, relatively speaking, and very much combines has the village and community feel and good transport links that Londoners are prepared to pay a premium for in Hampstead.

Moving out to Cherry Hinton and then out of the city towards Teversham and Fulbourn, I’d say they were the Tooting and Streatham equivalents – a mix of houses and flat conversions that are popular with families, couples and young professionals in small flats or large, shared houses.

It’s often said that London is really a collection of villages as opposed to having one, homogenous identity because it is so vast, diverse and heavily populated which is why its residents are so protective of their limited parks, commons and green spaces.

In Cambridge city we are so fortunate to be surrounded by proper villages and proper countryside. While I enjoy travelling to London, there’s nothing quite like the feeling of, after a long day in meetings, getting on that train at King’s Cross or Liverpool Street and thinking that in under an hour from London’s West End or an hour and a half from the City of London you’ll be back in Cambridge.

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