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Category: Pollokshaws Living

First time buyer?

Are you looking to purchase your first home, but don’t understand how mortgages work? According to a Bank of Scotland study carried out last month, a quarter (25%) of young Scots aged 18 to 34 said a lack of financial knowledge is a key barrier to home ownership.

The study showed that 39% of young people in Scotland were unable to confidently outline the mortgage process and that the key barriers for home ownership was affordability (73%), saving for a deposit (62%) and finding a suitable home (34%).

Half of all 18 to 34-year-olds either rent from a private landlord, while 34% rent from a private landlord, 16% life with their parents and 21% live in a mortgaged home.

A quarter of those who live with their parents are doing so by choice whilst three quarters are only at home because they have no other option and cannot afford to move out. Some young people anticipate that inheritance will help them release their home ownership ambitions but 11% believe they will never be able to afford their own home.
Younger people who plan to purchase their own home believe they will achieve this by the time they are 31 – the average first time buyer in Scotland is 30 years old according to Halifax.

The research also found that young Scots aren’t financially confident when it comes to understanding how mortgages work, and this gap in their knowledge is causing them to delay their home ownership dreams.With that in mind, here’s a brief guide to give you some tips to help you secure a mortgage.

Finding a high loan to value mortgage

Although the pandemic meant that many lenders withdrew many mortgage products, we have seen the reintroduction of some great deals with low rates making home ownership much more affordable and accessible for first time buyers. There are plenty of 90 or even 95% mortgages available but it’s essential that you can afford the repayments. Talk to a mortgage broker who can search the whole of the market to find the best deal and to explain how the application process works. You could also discuss a guarantor mortgage whereby your parents or grandparents will secure your mortgage against their home or put their money into a fixed-term account.

Mortgage Guarantee Scheme

The mortgage guarantee scheme is a 95% loan to value (LTV) mortgage scheme to help buyers with a 5% deposit. Under the scheme, buyers can purchase a property priced up to £600,000 and it is open to everyone, not just those who are buying their first home and never had a mortgage before – as was the limitation for the Help to Buy Scheme.

New build

With house prices rising since the housing market reopened at the end of June at an unprecedented rate – due to the stamp duty holiday and a re-evaluation of buyers’ priorities – buying at a fixed price means you aren’t being priced out of the market. The price you see is the price you pay with no closing dates, offers over or paying over the odds due to high competition for the same property. In addition, there are often house builders incentives such as free fixtures and fittings, stamp duty bills and legal fees.

Ensure your credit rating is in order

It’s important that you have a good credit score so that you can obtain a good rate on your mortgage – the lower the score the lower risk you are considered to be by the lender, and the deals available to you will be limited. Check your credit score before you look to buy a property to give you time to improve this.

A larger deposit

If you can gather together a larger deposit to put towards the cost of your mortgage it will keep your outgoings down and open up betresr rate mortgages. Ideally you want to have 15% deposit to get the best possible deal.

New release Pollokshaws Living

The long awaited collection of high quality one and two-bedroom apartments starting from £160,995 will be released from Thursday 16th September. Our last release sold in a matter of days, and we anticipate high demand for these homes.

Pollokshaws Living is within an easy commute of Glasgow city centre and Pollokshaws West train station is very close to the development. The M77 motorway is within a five-minute drive, as is Silverburn Shopping Centre. The development is next to a range of amenities and Pollok Park, which provides the perfect escape from city life. Nearby Shawlands has a host of bars, restaurants, independent shops, boutiques and health and sports facilities.

Find out more. 

Buyers Continue to Search for More Space

For both first time buyers and those moving up the property ladder, the search for more space has been the theme of 2020 moving into 2021.
The spike in demand for houses was given a boost by the LBTT holiday earlier this year, with larger savings to be had on larger properties. It was further boosted by the surge in buyer demand for more internal and external space, with the series of lockdowns driving people to reassess their lifestyle and ultimately, their home environment.

At the same time, the trend for working from home has prompted people to leave city centres in favour of more rural locations, which are more likely to consist of houses rather than flats.

The demand for houses has more than doubled since the first lockdown back in March 2020, with family houses the most sought-after property type. In fact, buyers looking for houses has increased by 114% compared to the levels reported between 2017 and 2019.

According to the latest House Price Index from Zoopla, although the demand for all types of houses has doubled in the last year, demand for flats has risen by 34%. The result is that houses have risen in value by 7.3% over the last twelve months whilst the typical flat has risen by 1.4% and the price growth for houses has outstripped flats across all regions of the UK.

First time buyers

If you’re a first-time buyer and looking to buy a flat rather than a house, the good news is that the cost of this type of property has risen more slowly than houses right across the UK over the last year. Here in Scotland the price for this type of property has risen by 5.2%. If you’re considering buying a house, you could face stiff competition but will have an advantage if you have no property to sell and have your mortgage offer in place.

However, if you purchase a new property with a fixed price, you won’t pay an inflated price following an offers-over situation, so this may be a better option.
Remember, there are also ways to make buying your first home easier, including the Mortgage Guarantee Scheme.

Home movers

If you have a house to sell, you could find that you sell very quickly – especially as selling times in Scotland are the fastest in the UK. What’s more, you’ll have seen its value rise in the last twelve months. However, if you are looking to buy a house, you are likely to face stiff competition from other buyers and again, there are advantages of buying a fixed price new build – not just because of the price, but the speed of purchase, the ease of reserving and the price you see is the price you pay, allowing you to secure your mortgage options without fear of disappointment further down the line.

Scotland Leads the Way for Property Hotspots

The property hotspots for sellers in every region of Britain have been revealed following research from Rightmove.

Since June 2021 when the restrictions eased up and the property market opened, record numbers of people have looked to move home in the UK. The driving force behind this surge in home movers is a once-in-a-generation re-evaluation of people’s priorities. With long periods of working from home and home schooling, people have realised the importance of their environment and are seeking more space inside and out, to accommodate their new way of living. Although life is slowly going back to normal, many people are continuing to work from home either full or part time.

Rightmove has compared 13 million property listings, tracking the journey of a property going up for sale right through to being sold. The portal found that seven in ten sellers across Great Britain found a buyer between June 2020 and June 2021, which is the highest percentage recorded in a decade.

In addition, over half of properties up for sale successfully found a buyer between 2012 and early 2020, which highlights how exceptionally busy the market has been over the last twelve months.

According to Rightmove, Scotland is often where sellers are most likely to find a buyer, whilst London has the least. In fact, 89% of Scottish sellers have found a buyer for their properties whereas in London this figure was just 48%.

If you are considering purchasing a home in Scotland, take a look at our developments.

Looking for your first home?

Although last year saw a withdrawal of many high loan-to-value mortgages, these are now largely available once again making home ownership within many buyers’ reach once again.

At present there are plenty of 90% and 95% loan to value mortgage deals available, which means that you only need a 10% or 5% deposit in order to secure a mortgage.

Finding a high loan to value mortgage

Although most lenders withdrew their mortgage deals during the pandemic, many of them have reintroduced some fantastic deals with low rates making home ownership affordable for first time buyers. If affordability is still an issue, then you could consider a guarantor mortgage whereby your parents or grandparents will secure your mortgage against their home or put their money into a fixed-term account. Be aware that your family member’s cash, or property is at risk. Talk to a mortgage broker to find out what these deals involved and whether you are eligible.

Government schemes

There has been a high level of demand for homes since the property market re-opened last year due to pent up demand, the stamp duty holiday, low interest rates and a reassessment of buyer’s requirements. Last year buyers faced having to raise deposits of around 20% in order to secure a loan and this was against a backdrop of house prices increasing and, as a result, a substantial number of first time buyers have had to put their plans on hold. This scheme means that those with a small deposit can now realise their dream of getting onto the property ladder.

Although Help to Buy (Scotland) and the First Home Fund have now ended,  the government backed ‘Mortgage Guarantee Scheme’ came into effect from April this year. The scheme aims to help buyers with a 5% deposit. Under the scheme, buyers can purchase a property priced up to £600,000 and it is open to everyone, not just those who are buying their first home and never had a mortgage before – as was the limitation for the Help to Buy Scheme. This means that the scheme will help both first-time buyers as well as those looking to move up the property ladder.

Buyer incentives

House builders often have incentives such as free fixtures and fittings, stamp duty bills and legal fees.

Pool resources with friends or family

One of the most common ways to purchase a property is to pool resources with friends, a partner or family. The ‘bank of mum and dad’ is increasingly popular but whoever you are committing to buying a home with, you need to think about what will happen if one party wants to sell or if they are unable to meet their share of the mortgage repayments. If you borrow you as borrowers are ‘jointly and severally liable,’ the lender can chase either of you for missed payments.

Buy at a fixed price

With house prices rising since the housing market reopened at the end of June at an unprecedented rate – due to the stamp duty holiday and a re-evaluation of buyers’ priorities – buying at a fixed price means you aren’t being priced out of the market. The price you see is the price you pay with no closing dates, offers over or paying over the odds due to high competition for the same property.

Reassess your wish-list

Lenders are becoming increasingly tough on what they will lend, resulting in stricter criteria for calculating what you can borrow, based on your income and expenditure. Some lenders are offering 4.5 times your salary instead of 5.5 previously which impacts what you can afford to buy. With this in mind it may be worth reconsidering where you want to live and the sort of home you want to buy. Do you need to live near public transport and travel links, could you purchase a new build home to make it more cost efficient and do you need an extra bedroom?

Credit rating

It’s important that you have a good credit score in order to obtain a good rate on your mortgage – the lower the score the lower risk you are considered to be by the lender. Check your credit score before you look to buy a property to give you time to improve this.

A larger deposit

If you can cobble together a little more savings to put towards the cost of your mortgage it will keep your outgoings down and open up more mortgage options. Some lenders are offering 10% mortgages aimed at borrowers in the local area and for those in particular professions. Ideally you want to have 15% deposit to get the best possible deal.

Talk to us at Urban Union if you’re looking for your first home. Our properties can be reserved with a small reservation fee and are available at a fixed price in our Glasgow and Edinburgh developments.

A New Way of Living and Working

Following the pandemic there has been a shift in how people feel about their home, and this has had a profound effect on the property market in the UK.

The lockdowns we have all experienced since March 2020 and the subsequent changing restrictions has caused people to re-evaluate what they want (and need) from their homes. Features that people previously didn’t place importance on suddenly became a priority. Gardens, a balcony, roof terrace, proximity to green spaces and a place to work or study all became must-have features.

According to a survey by Zoopla, despite working from home being the e norm for most people last year, 20% weren’t happy with their working set up. In addition, only 23% of those we surveyed had a dedicated study or workspace, with 18% working in their living room and a further 14% working in their bedrooms.
Lack of space was the biggest issue for homeowners and renters, with nearly a fifth of respondents complaining about being forced to share their workspace with a spouse, family member or housemate and 8% felt the lack of privacy for calls and virtual meetings was impacting on their work.

Open plan living has always been a popular feature of a home as people return from an office or work space and want to feel that the space in their home is maximised and allows for more sociable living. Since the pandemic 30% of people said their views on open plan layouts had changed, with 11% saying they did not think they were practical and 33% believing it wasn’t a good idea in the first place.

However, 17% of those surveyed said they now preferred the idea of open plan living – this could be because they felt cut off not being in an office environment.
Houses have been in high demand from those looking to move leading to a rise in house prices for homes with 3+ bedrooms and outside space.

Going forward, recent research from Deloitte found that 60% of people who don’t normally work from home will be doing so more often going forward and the Bank of England Chief Economist predict that 50% of all office-based staff will be working from home full or part time, compared to 5% before the pandemic.

If you are looking for a property with space, light, access to communal areas or with a balcony or garden, take a look at our developments with properties available at affordable prices, in regenerated communities and close to city hubs.

  What Makes a Great Kitchen? The kitchen is the hub of the home – it’s the place in the home where we gather to cook, eat, socialise, entertain, relax and, since the pandemic, many of us have been using the kitchen as a place to work. When designed well, the kitch read more

Over the last year or so we have relied on a good broadband connection more than ever before. During the lockdown and subsequent restrictions we all relied on the Internet to work, socialise, get fit, learn new skills and teach our children whilst off school. Speedy internet access and a reliable broadband connection are essential especially as many of us also stream a large percentage of home entertainment. In fact, broadband has become such an important factor in people’s daily lives that it’s one of the top must-haves on most homebuyers’ wish lists and homes with a poor connection or coverage can be tricky to sell.

With fast broadband at the top of most buyers’ wish list, here’s what you need to consider when purchasing a property.

Broadband speed

It’s free and easy to check the broadband performance in a particular area. You can do this by asking any Internet Service Provider (ISP) such as Sky, TalkTalk, BT or Virgin to name just a few, to check the broadband coverage. You can do this either online or by calling the sales line. Make sure you speak to more than one provider to get the best speed.

Check the following:

Download speed: this is the speed at which information is transferred from the Internet to your device, for example music, films, TV, photos. The speed at which they download will be dependent on your speed.

Upload speed: this is the speed that information is uploaded from your device to the Internet, for example emailing or uploading files, photographs, home movies and music.

Response time: the response time is measured in milliseconds and it means the speed at which you get a response after you’ve sent a request.

You’ll usually find that upload speeds are slower than download speeds as providers prioritise the former.

Types of broadband

The nationwide average speed is 18.5Mbps with upload speeds of around 4.3Mbps and download speeds of around 46.2Pbps.

There are several types of broadband which will vary in price. Cable broadband is fibreoptic, mobile broadband uses 3G or 4G (and soon 5G) which don’t require a phone line, and ADLS broadband uses a telephone line. If you use ADLS you will also have to pay a line rental fee to BT but it tends to still be the cheapest connecting type.

There are, and you have three different kinds to choose from, all of which vary in price and each with their own pros and cons. There’s cable broadband (otherwise known as fibre optic), mobile broadband (which uses 3G or 4G mobile phone signal) and ADSL broadband (which requires a telephone line).

Because ADSL requires a home phone line, there is usually an additional monthly line rental fee to pay on top of your broadband package costs to BT. Despite this, ADSL remains the cheapest type of connection currently available. 3G and 4G can be costly because if you go over your allowance you will have to pay for the additional data making it quite limiting.

The fastest broadband tends to be fibre optic. It is usually a very reliable connection as it links directly to a BT cabinet nearby. Packages are more expensive, but you could notice your download speed double or even treble overnight. Fibre optic is ideal if you have family with several people using the Internet at the same time regularly streaming and gaming. Not all properties have this facility so check with the service providers to see if it’s available in your new or prospective property. If you live alone or with a partner and only use the Internet to browse online and stream one device at a time, ADSL should be sufficient.

If you’re moving into a new home, you should pre-arrange your broadband so that you’re up and running on the day of moving.

We are delighted to have handed over our first 8 properties at Pollokshaws Living.

New build family homes in Pollokshaws

The handovers mark a significant milestone for us at Urban Union – and our new residents.

The £25m project is the first development we have fully delivered and where all homes offered are for private sale. The site at Pollokshaws forms part of the wider Transforming Communities: Glasgow programme that aims to regenerate eight key neighbourhoods across the city.

Pollokshaws Living is set to complete in 2023 and will offer a variety of different house types suitable to first time buyers and growing families alike. In addition to one and two bedroom apartments, the new development will include two, three, four and five bedroom terraced homes.

Speaking of the achievement, Neil McKay, managing director, Urban Union said: “The first handover at Pollokshaws Living is undoubtedly a huge occasion for Urban Union as it is our very first self-delivered development. But more than that, we are delighted to welcome our first buyers to their new homes, which is a fundamental step in the continued regeneration of Pollokshaws and validation of our selection as private sector partner for the Transformation Regeneration Area.

“Having previously worked with local housing associations to deliver hundreds of homes across Glasgow, Edinburgh and Perth, this achievement represents a pivotal phase in Urban Union’s journey. We will continue to improve and expand the delivery of our regeneration projects, helping to meet the ever-growing demand for high quality, affordable homes.”

Councillor Kenny McLean, Chair of Transforming Communities: Glasgow, said: “It is pleasing to see people moving into these homes in Pollokshaws, marking a new stage in the lives of the new residents and in the regeneration of the area. The partnership has worked well to deliver these new homes, and we can look forward to more new and high-quality housing coming to Pollokshaws in the near future.”

One of the homeowners to receive their new property at Pollokshaws Living was Soraya Din.

Mrs Din said: “I’m moving into this home because it suits all of my needs as an active older person. I have been delighted with the support from Urban Union throughout the buying process, from my plot selection all the way through to receiving my keys. Urban Union have kept me updated throughout the whole process. I would definitely recommend Urban Union as your first choice home builder.”

Discover more: https://www.urbanunionltd.co.uk/pollokshaws-living/

 

Summer Competition

We are running a Summer Facebook and Instagram competition from Friday June 18th to Friday July 2nd at 5pm 2021.

Enter here.

Competition Terms & Conditions

Participants must comment on Facebook or Instagram to tell us their favourite plants and why. Posting an image is optional.

A winner will be chosen based on their answers by Urban Union, and they will receive a three month subscription to Bloom and Wilde.

The prize is non-transferable and no cash alternative will be offered.

Competition closes 5pm on July 2nd, 2021.

Competition is open to UK residents only.

This competition is not sponsored, endorsed or administered by Facebook or Instagram.

The competition is open to anyone aged 18 or over.

Competition excludes Urban Union and Robertson Group employees and their immediate family.

One entry per person.

The winner will be notified within seven working days of the competition ending via Facebook private message or Instagram direct message.

In the event that the winner does not respond to our message informing them they have won within five working days, we reserve the right to choose a new winner.

We reserve the right to cancel this promotion at any time.

Pollokshaws Living

Find out more about Pollokshaws Living, 

 

New release at Pollokshaws Living We are delighted to announce that we have released the latest selection of properties at our newest Glasgow development, Pollokshaws Living. House hunters in Glasgow have been quick to snap up property at the popular development with th read more