First time buyer transactions rose by 28% in May to 16,170 following a sharp decline in April in the wake of the return of stamp duty for first time purchases, the latest figures from LSL Property Services.
The average price of a first time buyer property has also risen by 4.3% to £127,493 and the average LTV fell from 81.1% to 79.7%.
Wealthier buyers pushed up first time buyer prices in May and the affordability of both deposits and mortgage repayments improved on a monthly basis. Buyers had to pay less for properties in May than their counterparts in February and March who were pushed to
Mortgage rates in the UK are unlikely to rise too drastically in the coming months, it has been claimed.
Catherine Hearnden, director at MyMortgageDirect - which is an organisation run by independent financial advisers at Hearnden Associates - said she does not expect the levels too escalate too markedly because many standard variable rates (SVRs) are linked to the base rate.
Her comments come in response to new findings from the Bank of England, which found providers experienced a significant increase in demand for prime lending for house purchase in 2012's second quarter.
Sales of top-end homes plunged by 40% as the Chancellor introduced a stamp duty hike on properties worth more than £2 million, new data by Land Registry revealed today.
The number of houses sold for more than £2million in March dropped to 124 from 205 the previous year, and a 7% stamp duty rate imposed on homes in this bracket towards the end of March, has caused estate agents to warn that some property chains would crumble as a result.
But George Osborne defended the move and said it was ‘fair when money is tight, and so many families could do with help, that those buying the most expensive
A 260-acre island sitting just 350 yards from the coast of west Scotland, has gone on the market for a mere £3Million!
As well as the four-bedroom house, the island off Loch Craignish comes with a helicopter pad, a boat house, and an observatory for gazing at the Northern Lights.
While King's Island may be the ideal hideaway for a James Bond villain, its abundance of wildlife makes it a perfect purchase for a nature lover. It is frequently visited by a population of deer that swim over from the mainland and the sheltered waters also attract dolphins, otters, sea eagles and ospreys. There is an
According to the Council of Mortgage Lenders (CML), the number of loans lent on properties costing between £125,000 and £250,000 fell by 70 per cent in April compared to the previous month.
Economists said that the fall demonstrates just how precarious the property market is and predicted that house prices will fall this year.
The Government had exempted properties priced between £125,000 and £250,000 from the 1 per cent sales tax in an effort to boost sales at the bottom end of the housing market. The stamp duty holiday, which ran from 2010 to March 31 this year, saved the average buyer
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The Scottish Property Federation (SPF) has cautiously welcomed Holyrood proposals to reform stamp duty in a move that could see an end to the distortive ‘slab’ approach from 2015.
The changes, announced by John Swinney as part of the Land & Buildings Transactions Tax during a parliamentary debate last week, also recognise the inevitable differences between the commercial and residential property markets, especially at the higher rates of tax.
The transfer of control over stamp duty from Westminster was a key part of the Scotland Bill which was heralded as the largest transfer of power north
House prices recorded a modest rise in May according to a lender’s index, echoing results from a similar survey last week.
The Halifax House Price index showed a 0.5 per cent rise in May from April, broadly in line with a reading from the Nationwide House Price index showing a 0.3 per cent rise for the month.
Martin Ellis, chief economist at Halifax, noted that despite the recent rise, prices are almost the same as a year ago and at the start of this year. “We expect this situation to continue with prices likely to still be around today’s levels at the end of 2012, as the tough economic
The last six months have seen an increasing number of people turning to short-term lets as they search for accommodation suited to their needs, according to new research from Easyroommate, which showed this amount escalated by 2% over this period.
Landlords considering their buy-to-let options may therefore wish to take note of any shifts in preference among people looking at the most suitable properties to rent.
Jonathan Moore, director of the website, stated: "A short-term let is a great way for homeowners to boost their income without the long-term commitment usually associated with the
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