Communities To Have More Input In The Planning Of Their Neighbourhood

In this month's edition, communities are to have more of an input in the planning of their neighbourhood and a recent report has found that there has been a 20% rise in the supply of properties.

Also this month, mortgage affordability has reached a ten year low and we share six top tips for a swift spring sale.

Communities To Have More Input In The Planning Of Their Neighbourhood

 

New government funding has been introduced to several communities throughout the country to give people the opportunity to have some input towards the development of their local area.

&23 million will be provided to help communities gain access to the expert advice from planning professionals along with guidance and financial support that will allow them to shape their neighbourhood.

This fund will give people a say on the location and design of many aspects of their local area such as homes, businesses and schools, helping develop the vision for their area.

Already off to a strong start, over 2,300 communities in England have begun the process of neighbourhood planning and 530 plans have already been approved in local referendums.

Previous similar Government support schemes have seen success, as 365 neighbourhood plans were finalised, meaning approximately 70% of communities saw progress due to Government support.

Originally, the maximum grant that was available to communities was &15,000. However, the latest fund has increased this to &17,000, giving them more access to resources that will further help the progress of the plans for their area.

Housing Minister Dominic Raab spoke about the recent announcement for the &23 million fund, highlighting the importance of communities having an input in their area and providing them with the support that is needed to do so.

Raab said; “Neighbourhood plans are a powerful tool to help communities shape their local area, making sure the right homes are built in the right places. It’s vital that communities have the right support and advice available to help deliver a plan that meets their own ambitious aspirations. That’s why I’m making &23M available that will help more groups to do this.”

Six Tips For A Swift Spring Sale

Spring is always a popular time to sell for homeowners. Your house will get the representation it deserves, thanks to the pleasant weather and sprouting plant life. However, it comes with the challenge of competing with all the other sellers. How can you help your home stand out amongst the crowd?

We run through our six top tips for selling your home in Spring.

Snag list
A snag list is a term from the property development sector that essentially compiles a list of things you’re not happy with. If there are scuffs on the walls, marks on the floor or broken fixtures, you should focus on getting these issues fixed. Buyers tend to notice these and may be put off.

Street appeal
It’s a simple fact of life. First impressions count! Spruce up the driveway and patio, make some improvements to the garden with potted plants, give the front door a fresh lick of paint, and varnish and polish your door furniture.

Let there be light
Ensure you clean the windows, inside and out, and keep the kids and dogs away from them! Dust the blinds and keep the curtains open at all times to allow as much natural light as possible into the living spaces.

De-clutter
That means the whole house. You have no idea how thorough a prospective buyer might be. De-cluttering your home gets you ready for the move, but also gives more room for your potential buyer’s imagination to soar.

The viewing itself
Go out. Take the kids, the pets and the car and get out from under the potential buyer’s feet. If we are your agent then let us conduct your viewings, let us do what we do best. Make yourself scarce and cause as little distraction as possible.

Talk to us
By speaking with us, we can help you market your home the right way by identifying what makes your home great. We’ve got plenty of top tips that can present your home in the best light possible and make sure that it gives you the best chance of a swift spring sale.

Mortgage Affordability At 10 Year Low

 

 

New research has found that mortgage payments account for less than a third of a homeowner’s disposable income, with mortgages reaching their most affordable level since 2007.

The recent research from Halifax has shown that during the fourth quarter of 2017, the average mortgage payments in the UK accounted for 29% of the owner’s disposable income.

When the same statistic was recorded in 2007, monthly mortgage payments took up 48% of disposable income, meaning there has been a 40% fall in mortgage affordability levels for home buyers since the peak seen in 2007.

According to Halifax, record low mortgage rates are responsible for the improving affordability levels as average rates dropped from 2.09% to 1.98% across last year.

Just under 75% of all the districts included in the study recorded an improvement in affordability of at least 15% over the last 10 years and 35 districts saw mortgage payments fall by at least 30% over the same period.

As a result of the considerable fall in house prices, Northern Ireland saw the greatest improvements in affordability, currently standing 44% lower than 2007.

Within the UK, the North West and Scotland had the most frequently listed areas in the top 10 most affordable places to live, with the South East and London dominating the other end of the table.

The research found that Brent and Haringey were the least affordable places to live, with mortgage payments taking up 61% of disposable income on average. At the other end of the spectrum, the findings showed a considerable difference when compared to such areas as Copeland, Cumbria, where only 15% of disposable income is used for mortgage repayments.

Mortgage Director at Halifax, Andy Bickers, commented on their findings, saying that whether you’re a first-time buyer or already a homeowner, these latest statistics are good news “This is a real boost for both those who already have a mortgage and those preparing to take their first step on to the property ladder. Improved mortgage affordability has been a key factor supporting housing demand and helping to stimulate the modest recovery that we are currently seeing.”

"In recent months we have seen the number of first-time buyers and homemovers purchasing a home with a mortgage bounce back towards 2007 levels, and mortgage payments becoming a much smaller proportion of disposable income across most of the country will also support a healthy market with more choice and opportunity for buyers/borrowers.”

20% Rise In Supply Of UK Homes

The property market has seen an increase in activity since the beginning of 2018, with new reports showing a 20% rise in sellers during the month of February.

Recent data from HouseSimple.com detailed the total number of new estate agent listings and recorded a rise from 56,041 in January to 67,182 in February. Supply was up 40% in January 2018, which is an increase of 2.5% when compared to the same period last year.

The study found that 93% of towns and cities saw growth in the number of sellers coming to the market, with the city of Dundee recording a substantial 82.2% rise in new listings. Similar activity was seen throughout Scotland, as Edinburgh and Glasgow saw a jump of 75.9% and 53.3% respectively.

Other areas in the UK also saw a considerable increase in new listings, such as Hereford with 80.3%, Bath with 70.9%, along with the town of Rotherham showing growth of 67.1% in new sellers.

In the capital, new listings were up from 24,004 to 27,573 in February, a 14.9% increase, which is just short of the UK average, but still a positive sign for the city of London.

There were some cities and towns that recorded a fall from month-to-month, with Rugby seeing the largest fall (16.4%), along with Stevenage (14.5%) and Oldham (12.2%).

CEO of HouseSimple.com – Sam Mitchell – offered his comments on the findings of their data, stating; “It’s encouraging to see that a healthy January in terms of replenishing stock levels has been followed by a strong February. However, before we crack open the champagne, we do need to put this increase into perspective. The number of new sellers marketing last month was actually only 2.5% higher than the corresponding month in 2017. This suggests that rather than a sudden rush of sellers, that we have simply seen normal seller numbers in January and February after an extremely slow December. The cold hard facts are that the property market is still in dire need of more stock, but at least stock levels are going in the right direction and sellers should hopefully be encouraged by signs that buyers are showing more intent to make offers. The next couple of months, as we enter the Spring period, will be crucial to maintain momentum, and especially this year as Brexit rhetoric ramps up. The market has proved robust enough to deflect Brexit concerns so far, but a slow Spring could leave the market vulnerable if the UK economy begins to stutter.”