The Changing Property Market When the pandemic hit the UK, the property market effectively shut down for three months – along with everything else apart from the most essential services. Never had our homes been more important. We were confined to our homes for w read more
Category: Pennywell Living
What Next for House Prices? According to recent reports, the property market looks set to slow down in the latter half of this year. The market over the last two months has been frenzied, with rising house prices underpinned by a lack of supply and increased dema read more
A New Apartment in Glasgow When you purchase a new home from Urban Union, it provides a blank canvas from which to create your own comfortable, stylish space. Whether you’re opting for a one or two-bedroom apartment or a 3,4 or 5 bedroom townhouse, your property c read more
RESERVE A TWO-BEDROOM HOME AT PENNYWELL LIVING, EDINBURGH We have just two remaining two-bedroom mid terraced houses available at Pennywell Living. Priced at £230,000 these homes are built to exacting standards. Our latest release provides a modern, attractive home that read more
The Benefits of a Newly Built Home
Older homes can be characterful and attractive and are often the preferred choice for many buyers. However, there’s a lot to be championed when it comes to new-build homes. Not only are they more energy efficient and cheaper to run they are also highly customisable and convenient from the very start.
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?
Warranty
A newly built home will be structurally sound and less likely to need any repairs. With an older property, you could find that it will experience ongoing problems simply through wear and tear and so it’s important to set aside a budget for decorating and minor repairs with any home you buy. After several years you may need to replace the windows and manage an established garden. You could find that here in Scotland we have weather related problems such as leaky roofs and dampness.
A new property will have a building warranty, which will safeguard you against large repair payments which are typical of older properties.
Energy efficiency
The fuel price cap is going up on April 1st and many families are worried about the rising cost of their utility bills. In addition to this, we are placing more importance on eco friendly behaviours and helping the UK to reach net zero. Home energy efficiency is a huge part of how we need to deal with this collectively. 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. When buying a new build home you won’t be wasting money on heat that is escaping via poor insulation or old windows.
Safety and security
Newly built properties 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.
Find out more about our developments and register to find our more about our next releases.
RESERVE A NEW HOME AT PENNYWELL LIVING, EDINBURGH Our latest release of 24 one and two-bedroom apartments, and two, three and four-bedroom houses are now available to reserve at Pennywell Living, Edinburgh, priced from £160,000 for a one-bedroom apartment and £230,000 f read more
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
House prices in Edinburgh 2021 and 2022 predictions Property in Edinburgh has always been in high demand, and never more so than in the last few years. House prices in 2021 The latest research from Bank of Scotland shows that house prices across Scotland went up by 8.8% read more
Ross & Anna – Their First Home First time buyers Ross Hughes and Anna Solovjova, like so many couples, had a dream of owning their first home together. The young couple craved their own space and place to put their own stamp on, which was understandable read more
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