Laurieston Living Archives - Page 3 of 16 - Urban Union Ltd

The property market last year

According to the latest figures from Halifax, the number of first-time buyers went up by 35% between 2020 and 2021. The average age of a first time buyer last year was 32, with a £53,935 deposit and purchasing a home costing £264,140. There was a rise in the number of first-time buyers in every region of the UK last year with the smallest increase seen here in Scotland at 24%. The average first-time buyer deposit fell 6%.

House price growth has outstripped the rise in income with the average price to earnings ratio standing at 6.9.

The rise in the number of first-time buyers is due to the reassessment of our priorities during lockdown and a greater availability of homes suitable for first time buyers as the stamp duty holiday meant many people took the opportunity to move up the property ladder.

Interest rates

Interest rates remained historically low in 2021, so there was only one way for rates them to go in 2022 and that was up.  The recent base rate move only added a small amount to monthly payments for those who already have a mortgage, and was much lower than previously predicted. It could be the first of several rate rises in 2022 as the economy recovers from the pandemic. This means that variable rate and fixed interest rates offered by lenders will go up but often this is offset by lower arrangement fees making lending still cheap in historical terms.

First-time buyers have seen opportunities improve over the last year. At the start of 2021, lenders were only tentatively offering 10% mortgages and in January 2021, only 160 deals were available for these buyers compared 779 pre-pandemic. Those with a 5% deposit were unable to find deals available.

The good news is that mortgage availability and rates have improved. According to Moneyfacts data (December 2021) the typical rate on a two-year fix for someone with a 10 per cent deposit is now 2.51%, which is much than the 3.79% rate at the same time in 2020, and lower even than pre-pandemic.

Affordability rules

As we have highlighted in our previous blog, affordability rules are changing and this could have a huge impact on purchasing your first home. Read more.

Mortgage options

Green mortgages

Several lenders have launched mortgages that are favourable if you are purchasing a home that is more energy efficient, usually requiring a Energy Performance Certificate (EPC) rating of A, B or C making it an option for those purchasing a newly built property. These mortgage options look set to increase this year with a growing number of green products coming to the market.

Net Zero is a focus for the government following the successful COP26 event in Scotland last year, and lenders are keen to support current and potential homeowners in choosing energy efficient homes. These lenders are often offering a high loan-to-income ratio or cashback rather than lower rates.

Guarantor Mortgages

A guarantor mortgage is for buyers with a poor credit rating or those who cannot raise the deposit required to obtain a mortgage. There are still several guarantor mortgages currently available in the market. If you’re interested in a guarantor mortgage you will need a close relative to be willing to be liable for the entire mortgage should you default on your repayments. Your guarantor will be required to put up collateral by way of savings or their own home as part of ‘springboard’ deals. It’s worth noting that guarantor mortgages are usually a higher rate than a standard residential mortgage. Due to the small number of deals available it’s advisable to talk to an independent mortgage advisor.

Shared equity or ownership

Shared ownership enables you to buy a share of a home instead of having to fund its entire cost. You can buy a 25%, 50% or 75% share of a home with the remaining share is owned by a housing association. Because the housing association owns a share of your home you don’t own it outright but will pay an Occupancy Charge to the housing association.

If you cannot afford the full price of a home for sale in the open market you might be able to get help through the Open Market Share Equity (OMSE) scheme. This is available across Scotland to first-time buyers and priority groups including those over 60, social renters, disabled people, members of the armed forces, veterans and widows or widowers of those who have served.

You’ll pay for the biggest share which is usually between 60% and 90% of the home’s cost. The Scottish Government will hold the remaining share under a shared equity agreement which it will enter into with you. You’ll have complete title and hold the deeds but the mortgage will have a security on the home to protect the Government’s share. If you sell the home, the Scottish Government will get a share of the money.

It is important to consult with an Independent Financial Adviser before applying to the scheme as they can help you to decide which is the most appropriate scheme for your circumstances.

Mortgage guarantee scheme

The Mortgage Guarantee Scheme can help first-time buyers to realise their dream of buying a first home – this is caused a huge spike in the number of lenders offering 95% mortgages out-with the scheme, which is great news for first time buyers.  Find out more about this scheme. 

Urban Union

If you are looking for your first home, we have a range of suitable properties for sale at Pollokshaws Living, Pennywell Living and Laurieston Living and at present, you can reserve for just £99 until the end of February. Find out more.

Pennywell Living
Pennywell Road, Edinburgh, EH4 4NL
T. 07940 992182
E. pennywellliving@urbanunionltd.co.uk

Pollokshaws Living
Pollokshaws, Glasgow
G43 1LY
T. 07498 057112
E. pollokshawsliving@urbanunionltd.co.uk

Our Marketing Suite is open Thursday to Monday 11am to 4pm.

Laurieston Living
Off Bedford Street, Glasgow, G5 9LQ
T. 07498 057114
E. lauriestonliving@urbanunionltd.co.uk

The Benefits of an Urban Union Home

When you buy an Urban Union home you aren’t just buying a property. You’ll be buying into a lifestyle, establishing your place in a vibrant community, and you’ll be buying a well-built future-proofed home.

We work with architects who have an ongoing commitment to creating high quality, crafted architecture, public realm and landscape that is embedded and connected to its local and wider context. We ensure that our regeneration projects benefit the local landscape and community, so our sites feature green spaces and a mix of accommodation, with potential for commercial opportunities and retail outlets.

Energy efficiency

A newly built home is much more energy efficient than older properties making them a lot cheaper to run. With inflation and utilities bills on the rise and the price cap on energy set to go up over the coming months, this is high on buyers’ agendas.

Following COP26 last year, climate change is at the forefront of our minds. Home energy efficiency is a huge part of how we need to deal with this collectively but the good news is that new homes are built with energy efficiency in mind and are constructed to a higher standard than in previous years. They must adhere to minimum standards when it comes to energy efficiency, leading to lower household carbon footprints and lower energy bills. Urban Union homes are built with materials that are highly energy efficient including the windows, insulation, doors and appliances.

At Pollokshaws Living, our high quality one and two bedroom apartments that are currently available for sale are equipped with all the features for a great quality of life and enable you to keep your energy bills to a minimum. Unlike with the purchase of an existing property, windows and doors won’t need to be replaced for many years and you can rest assured that the property is incredibly well insulated. Your new home will have a building warranty, which will safeguard you against large repair payments which are typical of older properties.

High quality fixtures and fittings

In addition, you’ll be able to have a say in the interiors, fixtures and fittings when making an early bird reservation.

At Laurieston Living, Pollokshaws Living and Pennwyell Living, our high quality one, two, three, four and five-bedroom properties are located within a thriving community and benefit from our trademark features of high ceilings, long windows and great storage. What’s more, every home comes equipped with all the features necessary for modern life, including well-finished, fully integrated kitchens, plenty of storage space and airy living areas, suitable for a wide range of buyers. But what are the other benefits of a newly built home?

Your new home will also have the most up-to-date standards on safety and security incorporated. Materials must be fire-resistant with detectors fitted for you. In addition, the overall designs are also built with fire safety and evacuation in mind. Security is often standard too, giving both peace of mind as well as helping to bring down home, building and contents insurance fees.

Community engagement

Community engagement is at the heart of our plans and our aim is to build relationships with the local communities to ensure the homes we build are to the benefit of the people of the cities in which we have developments.

Various jobs are created during the construction phase of the project, with Urban Union committed to providing employment opportunities for local people. We have successfully delivered hundreds of homes at our developments and are putting that award-winning experience to good use as we support ongoing regeneration.

Pollokshaws Living

We currently have four remaining one-bedroom homes at Pollokshaws Living available to reserve for just £99 and have just launched a range of 2-bedroom apartments. This latest release of 24 two-bedroom apartments available are priced from £178,995. Find out more about our latest release of 2-bedroom apartments.

We have just four one-bedroom apartments left in this final release of properties for the current phase, at our newest Glasgow development, Pollokshaws Living.

The following apartments are currently available:

Plot 25: The Stewart a one-bedroom ground floor apartment priced at £160,995
Plot 28: The Stewart a one-bedroom first floor apartment priced at £161,995
Plot 31: The Stewart a one-bedroom second floor apartment priced at £162,995
Plot 34: The Stewart a one-bedroom third floor apartment priced at £163,995

Find out more. 

House Prices in 2022 Since the pandemic started in March 2020, we have seen some unprecedented developments within the housing market. When the market re-opened in June of the same year, the property market over the last 18 months has been described as ‘frenzied’ by Rig read more

New Year New Home

Is 2022 the year that you want to realise your dream of purchasing your own home? If so, you may have been looking at both new and existing properties to compare the spec and price. But what are the reasons why buying new is the best choice over buying an existing property?

Why buy new?

A newly built property is your chance for a fresh start – a home that is clean, bright, fresh and untouched by any other owners. There’s no dodgy DIY to fix, no one’s taste to put up with and a blank canvas for you to put your own stamp.

Being new, your home will be highly energy efficient and cheaper to run than an existing property – this is especially important with the recent rise in energy prices. Your new home will have been built to the latest environmental standards and so your carbon footprint will be lower compared to an older property. You’ll have a brand new, efficient heating system, insulation, double glazing and often the sale includes integrated highly efficient appliances.

Price is a very attractive factor – you won’t be in an ‘offers over’ situation and paying possibly more than it is worth – the price is fixed and fair, and often new build homes are competitively priced in order for them to sell swiftly. In 2021 the property market was unprecedented with demand outweighing supply, and the result was properties going for up to 20% over the asking price. Buying new prevents you from paying over the odds and struggling to get finance on a home you’ve set your heart on.

Another reason to buy new is the range of generous incentives available – from additional fixtures and fittings to low reservation fees, you can also have your say on the fixtures and finishes if you reserve early enough.

When buying a newly built home, you aren’t in a purchasing chain. You pay a reservation fee and it’s yours – making the process much less stressful. What’s more, you can move in as soon as you’re ready without having to take into consideration a seller’s plans – so from the start there is no uncertainty.

You will not only have a point of contact with your sales representative and excellent customer care but you’ll also have a 10 Year Home Warranty for peace of mind.

You’ll be spoilt for choice with a range of property styles, sizes and locations to choose from and whatever you choose, it could be the best investment you can ever make especially if you’re using the Mortgage Guarantee Scheme.

Discover our range of properties. 

Laurieston Living Happy Buyers When Kayleigh Lewis’ partner Danny popped the question, they began looking for their first home together. The newly-engaged couple knew they weren’t ready to take on a house and were originally considering buying a tenement flat in the Sha read more

My Sustainable Home Competition

To celebrate the opening of COP26 House, we’re inviting primary school pupils to design their own sustainable home using recycled materials.

Taking inspiration from COP26 House, we want to see a model of what your sustainable home could look like and hear what makes your design both special and environmentally friendly.

To create a model of your sustainable home, you could use materials such as:

  • Used cardboard packaging
  • Empty cans
  • Toothpicks
  • Corks
  • Egg cartons
  • Bottle caps

To be in with the chance of winning £100 worth of Smyths vouchers, please ask a parent or guardian to send the following to info@urbanunionltd.co.uk

  • Full name
  • Name of primary school
  • Class / Name of teacher
  • Photograph of your sculpture along with a short description of your design
  • Please note, you must also attach a consent form signed by a parent or guardian. This can be downloaded below:

Urban Union Consent

The most creative entry will be selected by a panel of judges from Urban Union & Beyond Zero Homes.

To bring this to life, the digital construction team at Robertson will transform the winning design into a rendered 3D digital model.

The competition closes on 22nd November.

Good Luck!

 

COMPETITION TERMS & CONDITIONS

  • The parent or guardian of the entrant must apply by email as stated above
  • A winner will be chosen by Urban Union and representatives from Beyond Zero Homes
  • The winner will receive £100 voucher for Smyths
  • The prize is non-transferable and no cash alternative will be offered.
  • The competition closes at 5pm on 22nd November
  • The competition is open to primary school pupils in Scotland only.
  • This competition is not sponsored, endorsed or administered by Facebook or Instagram.
  • The competition excludes Urban Union and Robertson Group employees and their immediate family.
  • Entries are limited to one per person
  • The winner will be notified within fifteen working days of the competition closing via the email
  • 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.

Why This Could be the Best Time to Buy Your First Home

The property market is starting to cool down, offering a renewed opportunity for people to get their foot onto the property ladder. Recent research has revealed that 40% of first-time buyers plan to purchase their first home between September and November 2021.

Property demand over the last 18 months has been unprecedented – for several reasons. Interest rates are low, there is an increase in the availability of high LTV mortgages, the stamp duty/LBTT holiday gave the market a boost, there has been a re-evaluation of what we want from our homes, and demand continues to outweigh supply which has meant homeowners have moved forward plans to capitalise on their gains.

These factors have led to a steep rise in house prices which has priced many buyers out of the market. However, now could be the time where that’s all about to change. Prices are levelling off or falling in some places and there is now support in place for first-time buyers making a home purchase more affordable.

In Scotland the LBTT holiday ended in March and across England and Wales, the stamp duty holiday came to an end in June and this has fuelled interest in first-time buyers looking to buy a home. In order to make informed decisions around where, how and what to buy, technology is also providing a helping hand to many first time buyers that need professional advice and assistance.

Recent research has shown that understanding mortgages and property jargon is a barrier to home ownership to many young people, however there is a lot of information online about everything from mortgages to legal advice, in addition, new technology has helped to make the home buying experience into one user-friendly process. Not only does it save first time buyers time and money by helping to find them the right home, in the right area, at the right budget, but it can also provide much needed information on the process of buying a home.

Even though the pandemic meant that prices went up at record-breaking rates, it’s believed that the market will calm down and cool off which will give first-time buyers a chance to look past the uncertainty of the pandemic and provide an opportunity to buy their first home.

As prices start to level off in the next 3-6 months there is an opportunity for first-time buyers who managed to save a deposit could purchase a property before the market is predicted to pick up in the second half of 2022.

Buying a home at a fixed price could be an ideal scenario as there are no offers over or closing dates to content with.

At Urban Union we aim to make the process of finding your first home less stressful and time-consuming with a simple reservation process – take a look at our handy guides. 

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. 

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.