In a bid to further assist first time buyers to get their foot onto that first all important rung of the property ladder, the Scottish Government has expanded a scheme which means that buyers will pay from 60 per cent to 80 per cent of the value of the property which will be subsidised by an interest free equity stake

Traditionally, first time buyers have needed all the help they can get so this scheme will help them as well as assisting people having difficulties selling their home due to the present economic climate.

The new scheme, which is worth 60 million, has been drastically increased from the original 24 million set aside to fund it. It is hoped that it will help more than 1,500 people buy their first property in Scotland.

The buyer can pay the Scottish Government a proportion of the selling price either before or during the sale and will not be responsible for paying any charges on the equity stake- a real bonus for first time buyers whose finances will likely be stretched enough as it is.

The Scottish Government would take back its proportion of the money when the property is sold on – or earlier if the buyer wishes.

The open market shared equity pilot scheme had been in place in ten council areas, but is now being expanded to all of Scotland.

The expansion of the scheme was backed by the Council of Mortgage Lenders Scotland and Homes for Scotland – the body which represents the house building industry. The Royal Bank of Scotland is also supporting the scheme.

The rollout began last year following a move from the Housing Minister for Scotland to introduce shared equity schemes with housing associations and also the extension of the mortgage to rent scheme to help people find their feet in getting on to the Scottish property market.

Scottish Housing Minister Alex Neill said, This scheme will help first-time buyers across Scotland to access the housing market.

It will also help people who are struggling to sell their homes in the current climate by stimulating sales of properties in local housing markets.

It will provide a small, but much-needed boost to house sales in a number of areas across Scotland, added Mr Neill.

Kennedy Foster, of the Council of Mortgage Lenders Scotland, said, Where there is demand for it, these schemes provide low to moderate income borrowers with housing choice and opportunity.

In England, the Council of Mortgage Lenders (CML) has called for greater funding from Aprils budget to go towards expanding shared equity schemes, including HomeBuy Direct.

HomeBuy Direct is a scheme that aims to help first-time buyers who are struggling to get a deposit together to take out a 100 per cent mortgage for a new-build property.

The scheme was launched in September 2008, and enables borrowers to take a loan of 70 per cent of a propertys value from a mainstream lender, and make up the remaining 30 per cent with a loan from the Government and a property developer.

Housing developer Barratt says it has received 20,000 applications since the scheme began six months ago.

News submitted by Dan Johnson, The Move Channel

Post from: Overseas Property Blog

Shared Equity Scheme Helps Scottish First Time Buyers

Brits are increasingly turning to camping and caravanning holidays in an attempt to combat the credit crisis. However, swapping homes is another type of holiday that has increased hugely in popularity since the global economy went pear shaped.

In order to have a successful house swapping experience which literally entails handing over your home to a stranger for a few weeks whilst you stay in theirs you must be able to get past the stranger phobia and trust them.

If the thought of leaving your home, your possessions and your car in the hands of a total stranger strikes the fear of God into you, then this phenomenon of house swapping is probably best left untapped.

For those that do fancy it, it can be a fabulous experience. You get to enjoy a new town or country in a way that you never would if you were following the tourist trail and staying in a sterile hotel. In effect, you get to experience life as a resident rather than a visitor and the close overlap between house swapping and emigration shows it can be a great way to road-test life in a chosen country before committing to a permanent move.

Aside from these attractions, the recession has shone a spotlight onto this free method of booking a holiday. House swapping totally wipes out the cost of accommodation and car hire and if you wanted to rent a holiday property of the same standard as your own home, it would cost a fortune.

UKHolidaySwapShop.co.uk, the website that puts people in touch to swap their UK property for holidays and short breaks, said, Adversity, in this case economic, can bring people together, says Dave Wiltshire, who founded the site with his wife Jackie.

Over the last year there has been a surge in swapping sites, where people try to save money by exchanging goods and services.

Not only does this make financial sense, it is giving rise to a new culture of co-operation and community.

Most people, and especially most families, view at least one annual holiday as essential, and will continue to do so however tight the money gets.

If you swap your home, accommodation is free. You get the luxury of a home from home, the couple added.

The number of properties in the UK being added to the site over the last few months has shot up as people look for new ways to holiday within their means. UKHolidaySwapShop.co.uk has town houses by the coast in Brighton and remote Cumbrian farmhouses up for swapping.

Its not just bricks and mortar that are up for exchange. Houseboats, yachts and deluxe camper-vans are also on offer on various home swapping sites, including Home Base Holidays.

News submitted by Dan Johnson, The Move Channel

Post from: Overseas Property Blog

Families Turn To House Swapping For Holidays

If your elderly parent has just died and you are dithering about what to do with their house, or you have moved out of your home and are trying to sell it during the current recession dont delay too long. New legislation from the UK Government has announced that anyone who leaves their house empty for six months or more could have it removed by the state and rented to tenants

As the numbers of new houses being built has slowed dramatically since the credit crunch hit, this forcible removal of empty properties in the UK could become an even more common phenomenon.

There are currently nearly 300,000 privately-owned homes that have been empty for six months or more and many of them are a blight on neighbourhoods, with some attracting squatters.

The Government is now asking local councils to pressure homeowners to sell up or rent out properties where no one is living, in order to limit the number of homes sitting empty and provide much needed accommodation.

Those owners who fail to get a house occupied before the deadline risk having it seized by their local authority and used to house council tenants.

Empty Home Dwelling Orders were first introduced three years ago by John Prescott and so far have been used only 20 times. They allow local councils to take over the management, but not the ownership, of a property.

Now that the need for homes is higher than ever, Housing Minister Margaret Beckett said, I believe that with an increased focus and more consistent approach, we can bring even more homes back into use.

With house building slowing in the current challenging economic climate, that is more important than ever, she added.

Properties that are used as holiday homes or those owned by people who are now living in care homes or by a member of the armed forces, cannot be seized under the new rules.

But if an owner has no legally-approved excuse for keeping a home empty, councils can demand it be put on the market or filled with tenants. Otherwise they can take control and let it out to their own council tenants.

The rent from the forced seizure will be given to the owner of the property after the council has deducted a share to cover their costs.

News submitted by Dan Johnson, The Move Channel

Post from: Overseas Property Blog

New Gov Legislation Targets UK’s Empty Houses

Anti-social behaviour orders (ASBOs) are most associated with teenage hoodies making a menace of themselves on our streets. But now, they have been extended to estate agents in the form of retail ASBOs, to try and curtail those who plaster areas with for sale signs on UK properties.

Most of us are so used to seeing For Sale boards scattered around our neighbourhoods that we dont even notice them anymore – they are as much a part of the scenery as road signs and house numbers – but some councils have had enough of the rash of boards posted all over their boroughs and are taking action of the most modern kind ASBOs

Whilst genuine for sale boards are acceptable, some agents are pushing the boundaries and putting up these boards outside properties that they are not even selling, in a bid to attract publicity and interest.

Harrow and Islington councils are eager to hand out warnings to these agents and will make use of the Responsible Retailer Agreement to do so.

The RR agreement, which was intended to prevent shops blocking the pavements with rubbish or products they are trying to sell, will now also be used to help stop these fake for sale signs.

Many local residents in the Harrow and Islington areas are constantly phoning the council to come and remove the signs and are getting tired of the way some agents are using the signs as billboard advertising on a product they have had nothing to do with.

Harrow Councils Deputy Leader and Portfolio Holder for environment and community safety, Susan Hall, said, With a depressed housing market, estate agents signs are hanging around on street corners in greater numbers and for longer than ever.

However, a slump in housing sales is not a licence for dodgy estate agents to take a hammer and nails to any piece of the street they like for free advertising.

If they do not obey the law, they will find us, and not new buyers, moving in, Ms Hall added.

Already, a handful of Harrow based estate agents have agreed to sign up to the Responsible Retailers Agreement, which lasts for one year. They will be in line for a penalty or legal action against them if they put up a for sale board on a road sign or the side of a wall without permission, or if they put one onto private property.

Buy your own ASBO pack

Last year, house hunters were given the chance to buy 100 ‘ASBO’ packs that revealed the amount of anti-social behaviour in their prospective area.

The report gave their prospective address an ‘ASBO’ rating, which include data on how many local youths are under curfew, information on youth and gang related nuisance, vandalism and damage to property, drug nuisance and dealing, prostitution and kerb crawling, dog and animal nuisance, harassment and intimidation, and litter, rubbish and fly tipping.

News submitted by Jon Moore, The Move Channel

Post from: Overseas Property Blog

UK Property ASBO’s

From the Hollywood Hills to Notting Hill one landlord knew his luck was in when A-listers Reese Witherspoon and Jake Gyllenhaal turned up to rent his Victorian terraced home for a whopping 4,000 a week but dont let this sky high price fool you, as new research has found that renting is still cheaper than buying for many of us

4,000 a week to rent a terraced property is no tall order if you are Hollywood A-listers, raking in millions each year. The three bedroom Victorian terrace just off Westbourne Grove is for sale for 2.795 million through agents Bective Lesley Marsh and is currently being rented out to some famous faces.

Actors Reese Witherspoon (Walk the Line, Legally Blonde) and Jake Gyllenhaal (Brokeback Mountain, Donnie Darko) are taking advantage of the current strength of the dollar against the pound and splashing out 4,000 a week on the home.

Agents Bective Leslie Marsh said, The owner couldnt believe his luck when they turned up.

Back to reality

Despite house prices falling over the last year by as much as 16 per cent, it remains cheaper for first time buyers (FTBs) to rent a home rather than buy one.

According to a new study by propertyfinder.com, despite prices being at their lowest level for five years relative to income, the high mortgage rates are still pricing FTBs out of the market.

The irony is, if excellent lending deals were readily available to all first time buyers, it would be cheaper for them to buy a UK property rather than rent in 95 per cent of the UK.

Nicholas Leeming, Director of propertyfinder.com, said, The strong deals are restricted to those who have a large deposit, something which the majority of first time buyers dont have.

There are now just three mortgage lenders offering home loans to people with only a five per cent deposit, and they charge rates of about seven per cent.

By contrast, the best deal available on the market for someone borrowing 80 per cent of their home’s value is less than half of this, at 3.39 per cent, while most top rates demand a deposit of 40 per cent.

Mr Leeming said, First-time buyers are the bedrock of the housing market.

Lenders are squeezing the life out of the housing market with the extortionate mortgage rates they are demanding from those wanting to get on the ladder.

Thousands are champing at the bit to take advantage of lower house prices, but simply can’t get a mortgage. Its no wonder first-time buyers are now an endangered species, he added.

News submitted by Jon Moore, The Move Channel

Post from: Overseas Property Blog

Attractively Priced Nottinghill Property Rentals

Beautiful Devon in the West Country has been voted Englands best county, scoring the highest marks in Country Life Magazines survey for green policy, landscape, wildlife, heritage, local food and pubs

So those who own a property in Devon will be pleased to know that Devon is officially the best place to live in the country. I cant say Im all that surprised I went to university down there and fell in love with the countryside.

Country Life Magazine assessed each county in a number of areas including the quality of its health services, schools, social fabric, sunshine hours, the number of village greens, the quality of light and tranquillity, and the number of residents.

Englands third largest county, Devon stands alone in offering unbelievable variety in its 2,589 square miles. It is also the only county to have two separate coastlines. As well as two National Parks and two World Heritage Sites, Devon can also lay claim to 3,500 miles of footpaths, 150 miles of the National Cycle Network, thousands of ancient monuments and listed buildings, sandy beaches and some of the most popular sailing and surfing waters in Britain.

Hugely popular with holidaymakers, many Brits venture to Devon each summer in search of that beach and outdoor adventure holiday.

Each county was assessed on quantifiable information gathered direct from a variety of authoritative sources, such as the CPRE, the Met Office, Defra and Natural England and some of the categories included Health, Flood Risk, Light Pollution, Local Food and Village Greens.

The Landscape category includes broadleaved forest and green-belt acreage, as well as national parks, and the Heritage category counts Landmark Trust buildings and historic houses mentioned in Simon Jenkins Englands Thousand Best Houses, as well as National Trust properties.

The survey also considered the rates of recycling and composting on a county-by-county basis in order to find the Greenest County.

Devon County Council Leader Brian Greenslade said, Were pleased and proud to receive such glowing recognition. This is confirmation of what everyone in Devon has known for a long time and it’s why were so proud to fly our Devon flag.

What is very welcome is that the rest of the country gets to hear what is so good about our beautiful county, and that is particularly important in the current economic climate.

Were delighted that Devon is getting the praise it rightfully deserves and that the County Council’s efforts to make Devon even greener are recognised.

Were more than happy to share it with visitors to allow them to experience what were lucky enough to appreciate here every day, he added.

Mark Hedges, Editor of Country Life, said, Few counties can match the variety that Devon manages to pack inside its borders – scoring top for the beauty of its landscape, heritage, pubs and local food, with a huge range of farm shops, meat producers and local butchers.

It is also the greenest county, with the highest rates for recycling and composting. Devon has always had a special place in many people’s hearts as a favourite place for family holidays, to escape city life and to retire.

Our Country Life survey shows that Devon really does deliver the dream, he added.

Devon triumphed above Hampshire, which took second place and Kent, which took third.

News submitted by Jon Moore, The Move Channel

Post from: Overseas Property Blog

Country Life Magazine Votes Devon Englands Best County

What is it that makes these luxury homes some of the most desirable properties on the UK market?

Despite the fact that we are now amidst the feared recession, there still remains high-end properties on the market which are shining bright as property prospects. With a significant proportion of properties around the 1 million plus mark still selling even during the credit crunch, especially in sought-after locations, it is those with added unusual extras that are truly placing themselves ahead of the game.

From the functional to the fantastic, high-end properties with added wow-factors are on the market and interest is looking hot. Quite apart from the traditional swimming pools and tennis courts of old, it is now the more unusual features that are catching the shrewd buyer’s eye – and it is the current owners selling them who are prospering. Oliver Clarke, Sales Manager of award-winning Surrey estate agency Barton Wyatt, says that for them it is those properties that offer something extra that are selling fastest,

“We have found that, although the credit crunch has taken hold, high end properties are still selling and we have noticed a growing trend that the properties securing buyers the quickest are those that have added extras. With people working longer and longer hours, many more are looking for a property that is both a functional home but can also fulfil some of their leisure-time pursuits.”

Whether it is to indulge hobbies or to enjoy home entertainment, the fashion is for added extras to make your property really stand out. If entertaining is your thing and your priority is to use your home for socialising, there are a number of additional features that could help. You may like to consider a property with a wine store, such as York Gate in Ascot on the market at 1,500,000. Here, you will never run dry for both planned and those unexpected guests! Or you may wish to buy a home with an extended kitchen, large enough to host sizeable dinner parties should you choose and 8 Pinecote Drive, Sunningdale’s 40-foot kitchen is an example of a property with just that. Not only is it of enormous proportions but everything has been thought of – with a near-industrial sized oven and fridge, a microwave that both grills and roasts and a tap through which comes instant boiling water, making a kettle obsolete. Current owner Jane Bicker recognises the benefits of having such a large kitchen that she personally helped design,

“I entertain a lot… I am currently arranging a party for 160 with a marquee on the terrace but with this kitchen that just isn’t a problem… It is the most incredible kitchen I have ever had.” 8 Pinecote Drive is on the market for 1,550,000.

However, if entertaining isn’t for you and you are more keen on exercise and active pursuits – as a stress reliever, to improve your fitness or simply just to stay healthy – then perhaps a property with added fitness features is more for you. With expensive gyms, warm with the perfume of perspiration often a real turn-off, why not invest in a property with an at-home gymnasium. With the ability to select equipment that will best suit your needs but also the chance to choose a property with a room most suitable for exercise, a home with a good aspect is a firm choice. Barton Wyatt has a property on Gerrards Cross’ exclusive Top Park Estate for sale that perfectly fits the bill. Not only is the property set within large attractive gardens, but it backs onto the 300 acre Bulstrode Park to the rear and the top floor gym with wall mirrors takes full advantage of the stunning views. The property is available at 3,795,000.

If the great outdoors is more of a draw when it comes to exercising, Rutherwyck House can truly indulge your dreams of riding off into the sunset on a trusty steed. The property, located in Lyne and on the market for 1,395,000, boasts loose box stables with a hayloft above – and with the ability to convert the block into a habitable dwelling (subject to planning permission), this feature certainly adds extra value to the five bedroom house.

The added extras that a property offers can however be more subtle and according to Forbes’ latest report on ‘How the luxury consumer will spend in 2009′ the trend is more about ‘discerning consumption’, with consumers more aware of “craftsmanship than ever before, with the ability to discern between the cheap and not-so-cheap, looking for quality materials, handwork and on-trend styling”.

With the move therefore towards a more distinct choice, the added extras one looks for in a property are becoming more subtle – for example technology within the home that makes the owner’s life easier and more comfortable. Copperings House on the famous Wentworth Estate (3,250,000), for example, not only reputably has a 100,000 Mowlem kitchen by specialist designers, but also has an inbuilt entertainment system that includes wiring by ‘High-End’ for in-house sound and a television in the kitchen that emerges from the wall via a remote control and angles towards the breakfast bar so that cornflakes can be eaten with morning television for easy company.

Taking the appeal of technology in the home further still, cinema rooms are becoming more and more popular, with a dedicated space to watch the latest blockbusters and avant garde cinematic classics. Falling just below the million pound mark at 995,000 but with impressive features that would suit even the most discerning buyer, Barton Wyatt has a property in St Ann’s Park, Virginia Water that not only has access to more traditional shared facilities of a swimming pool, hot tub and tennis court but also has a fifth bedroom on the top floor set up as a cinema room, complete with waterbed and projector and screen included in the sale – adding a whole new dimension to the unusual!

With such an array of exciting and unusual properties available, now is perhaps the time to act on Forbes’ notions and to be more discerning about what it is you want from your property, as Oliver Clarke concludes,

“With the credit crunch biting and negative feeling abounding, there is a sense in the market that now is an opportunity to choose a property that really does go that extra mile and offers something on top of what you would normally expect from a house. I think people are beginning to realise that it is these added touches that can really make the house of your dreams the home of your dreams.”

News submitted by Charlotte Ashton, Barton Wyatt

Post from: Overseas Property Blog

Luxury UK Homes Designed To Entertain You

Whilst many foreigners cant wait to try out London living, London locals have had enough of the big smoke and are moving out in droves. Last year, the capital lost the largest number of people through internal migration of any area in the UK and that looks set to be repeated in 2009What a seething metropolis London is. Theres something new to do on every street corner and you could eat in a different restaurant every night of the year if you so wished. Theres culture, art, street theatre, history, shopping, drinking and sightseeing galore, all caught up in a blaze of big city living.

The downside is there are also endless crowds, attitude problems, crime, litter, sky high prices and hours of travel to get from one end to another. And that is why I would like to move out of London.

Now, I feel a bit young to be making the classic city to country move plus I dont have any of the pre-requisites a healthy bank balance and a couple of kids, but Im over city living. Im tired of living in a box listening to the person in the box above snoring. Im tired of calling a (dead) window box a garden and doing food shopping in Londis.

Im ready to movegaspout of the city and Im not alone. New research from the Bank of Scotland has revealed that between 1998 and 2007, two million people moved out of London to set up home in other parts of Britain.

The report, which was based on data sourced from the 2008 Population Trends published by the Office for National Statistics, found that, whilst those two million were busy heading out of town, 1.8 million foreigners were busy choosing their UK property in London.

So, despite losing a large number of residents and being the only region of the UK to experience a net population loss last year, Londons overall population was boosted over the 10 years to 2007 thanks to international immigration.

London experienced by far the biggest level of net international migration, with almost 1.8 million more people moving to London from abroad than have moved from the capital to live outside the UK.

The South East of England was the most popular region for people to move to from elsewhere in the UK, leading to a net increase of 550,889.

Martin Ellis, Bank of Scotland Chief Economist, said, There have been significant population movements across the UK over the past ten years.

Regions in southern England saw the largest gain from internal migration with the South East proving the most popular region for people to move to from elsewhere in the UK, he added.

Northern Ireland also gained 10,681 residents through internal migration.

News submitted by Jon Moore, The Move Channel

Post from: Overseas Property Blog

London City Migration

Thank You Darling

The change in CGT should be great news for buy-to-let investors and owners of a second non-residential investment property as they will see a significant reduction in tax and therefore an increase in profit, should they decide to sell their assets.

Investors pay CGT on the difference between the price they paid for the property and the price they sell it for.

The new, simplified, system means that the length of time a property has been owned will be irrelevant; so someone who has kept a second home for one year will be taxed at the same rate as someone who has had it in their possession for 20 years.

Tapered Off

However, its not all good news for property owners. The Budgets tax reform also included the abolition of taper relief and indexation allowance, which would have given some home-owners, who had bought their properties more than 25 years ago, a better tax relief than they will receive under the new rule.

April Rule

Fledgling investors, feeling the stress of the recent higher borrowing costs, stand to benefit from the new tax laws which began in April. Usually less equipped to cope against a downturn in the housing market, this could now be the perfect opportunity for them to sell up and increase their cash flow, without the fear of heavy taxation.

Alternatively, with the rise in demand for rental homes, and rent rates on the up, some seasoned investors are being tempted to hold onto their investment properties for a far longer period.

Dan Johnson, Managing Director, comments So, long term or short, the change in CGT rate is good news for home-owners and if the property market gains momentum, some investors will make a nice little earner by selling. But even if they decide to ride out the markets uncertainty, the opportunity to maximise and profit from their rental yields leaves landlords in a win-win situation.

News submitted by Jon Moore, The Move Channel

Post from: Overseas Property Blog

UK Buy-to-let Investors Benefit From New 18% Capital Gains Tax Rate

Today our prediction here at Nubricks.com about Rightmove and it’s Web 2.0 competition rings true with news from Comscore, an internet audience measurement tool showing that its competitors in UK online property search (Findaproperty.com, Nestoria.co.uk and Zoopla.co.uk are gaining ground and if its not careful Rightmove.co.uk may soon be playing real estate catch-up in the world of online property search.

Comscore’s figures for August show that The Digital Property Group made up of four distinct property portals: www.findaproperty.com, www.primelocation.com, www.findanewhome.com, www.homesandproperty.co.uk continues to gain ground on Rightmove, and is weathering the credit crunch much better than its competitors.

Despite showing year-on-year declining traffic figures, TDPG has narrowed the gap between itself and Rightmove now standing at just 355k unique users, which is the smallest it has been to date and the decline is much healthier than its competitors. In August 2007 the gap was 1.09 million unique users. In May of this year it was 728k.

Rightmove has seen a 7.9% decline month-on-month and 29.5% decline year-on-year

Propertyfinder has seen a 6.3% decline month-on-month and a 23.5% decline year-on-year

Think Property has seen a fall of 37.6% month-on-month and 44.5% year-on-year.

The biggest winner in terms of gaining ground within the UK online property search market is Nestoria.co.uk with whom Nubricks podcasted earlier this year and whose Web 2.0 approach to UK and spanish property search is clearly proving popular with a gain in year-on-year traffic of 159.9% the biggest gain out of all the UK’s real estate web properties. Congratulations to Ed Freyfogle and the team at Nestoria who clearly demonstrate that there is always room for new competition in the real estate market place especially if you bring new innovation and push the boundries of online property search.

Post from: Overseas Property Blog

Rightmove Loses Ground In UK Online Property Search