Property News – All The Latest Updates
Hi guys and welcome to another edition of our property news round-up. Today we look at a variety of stories from last week’s Autumn Statement to looking at Brits who struggle with property terminology. In our last property news blog post we asked you how much did the dilapidated shed in Peckham sell for… we can reveal that it was sold for £920,000!
A Brief Insight Into The Autumn Statement 2015
Last week the government announced to spend nearly 7 billion on building 400,000 affordable (debatable) homes.
A Starter Homes Initiative was mentioned on the day, the announcement will see an extra £2.3bn earmarked for these homes, with direct funding being given to developers to get the process moving. (Which, November 2015).
The initiative caters for households who earn less than £80,000 outside of London and £90,000 for those who live in the city.
Shared ownership allows buyers to buy a stake between 5% and 75% of a home and pay rent on the remainder, this scheme is popular with buyers who will be stepping onto the property ladder for the first time.
Another issue that was raised on the day was the increase in stamp duty for buy-to-let properties. From April next year buy-to-let landlords and people who are planning on buying second homes will have to pay a 3% surcharge. Frazer last week blogged about the budget and how it may affect buy-to-let and property crowdfunding and what the ramifications would mean for the likes of buy-to-let landlords.
In addition, another topic mentioned that was linked to property was specialist homes and reduced rent. There has been a lot of talk about specialist homes particularly for the elderly and those with disabilities.
It was revealed that a £200 million fund will be spent on 10,000 reduced-rent homes that tenants can live in for five years whilst saving for a deposit. Once a tenant has saved up their deposit they are entitled to have the first right to buy the property.
Image source : The Spectator
Bed Under The Stairs In A Shared Flat In Manchester Is Advertised For £380 A Month
The claustrophobic looking single bed as pictured on the right hand side is located in the Gorton area of Manchester and has grabbed many people’s attention when it was spotted on spareroom.com for £380.
The rental price, which is in addition to a £100 deposit, the prospective tenant will have to share a bathroom, a kitchen, living room space and a garden.
The monthly rent includes all bills plus broadband, while the room claims to be furnished the tenant will have to find their own parking space if they wish to bring a car as there is no available garage or parking facility to park outside of the Gorton property.
Luckily, at The House Crowd you won’t find any beds under the stairs in our Manchester properties! If you would like more info on Manchester properties and other investments that won’t make you feel claustrophobic click here.
Image source : Daily Mail
18 Areas In the UK With New Home Development Opportunities
A report from Knight Frank has indicated 18 areas in the UK where economic fundamentals are good opportunities for developers.
The areas that were mentioned in the report were :- Leeds, Manchester, York, Durham, Birmingham, Nottingham, Warwick, Leicester, Brentwood, South Cambridgeshire, Bristol, Bath and North East Somerset, Exeter, Cherwell, South Oxfordshire, Guildford, Reigate and Banstead and Tunbridge Wells.
Factors that were taken into consideration included economic and employment growth, affordability, and liveability.
In the north, Manchester and Leeds are expected to see the strongest rates of household growth in the next decade, York also scores well, particularly on liveability rankings.
One In Three Property Buyers Influenced By Mobile Phone Coverage
One in three property buyers or renters look for areas that have good mobile telephone coverage as part of their decision making.
Root Metrics (who provide independent mobile phone analytics) conducted a survey on mobile phone coverage and property buyer and found that 34 per cent of buyers and renters regard good phone coverage as vital.
One of the main factors that people are concerned about their signal strength is that 83 per cent stated they have experienced poor mobile phone coverage and 54 per cent mentioned that they have experience some kind of difficulty with their mobile internet.
The survey also revealed that had they known about problems with their mobile phone coverage before moving, nearly a third of participants said it would have discouraged them from buying or renting the property.
Are you currently looking for a property investment that’s in an area with good mobile phone coverage? If so we can help, feel free to contact us here.
Two-Thirds Of Adults Do Not Know What Stamp Duty Means
Nearly a half of Brits have claimed that they do no not understand property or to be more specific, home buying terminology.
A survey which was conducted by First Direct found that most people lack even a basic understanding of key terms. 66% of first-time buyers don’t know what stamp duty means and one in four (25%) don’t know who pays the stamp duty. 5% of Brits think stamp duty is a sales tax based on the square footage of the property. (Financial Reporter, November 2015).
In addition, almost 70% of adults can’t give the correct defintion of an offset mortgage, while 67% of Brits do not know what the acronym ERC stands for (if you don’t know already it stands for Early Repayment Charge).
If you would like to improve your knowledge and understanding on property and investment we recommend watching our latest videos, click here.
What Are Your Thoughts?
Which of our chosen property stories has interested you the most? We would love to hear from you, feel free to leave us a comment on our Facebook and Google Plus pages. If you prefer to tweet us, tweet @TheHouseCrowd.
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