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
Category: Pollokshaws Living
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
A brand new apartment in the heart of Glasgow’s Southside – Reserve for £99! 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. These can be reserved read more
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A Home for Christmas – For Just a £99 Reservation Fee! We have just six apartments left in this final release of properties for the current phase, at our newest Glasgow development, Pollokshaws Living. Until December 19th, these last remaining apartments ar read more
Energy Saving Tips – What Works and What Doesn’t
Over the last few weeks, we have seen reports of rising energy costs as energy companies pass on increases to consumers. Household energy bills look set to rise by hundreds of pounds next year and the energy price cap, which protects domestic consumers, could soar by £400 in the spring.
Energy regulator Ofgem said the price cap “will ensure that consumers don’t pay more than is absolutely necessary this winter” but if gas prices stay high, the price cap will rise.
A new home is extremely energy efficient and will reduce your energy costs drastically compared to an older property in need of replacement windows, insulation or roofing.
Many households already have become familiar with energy-saving hacks over the last month to lower monthly costs, but do you know which ones work and which ones don’t? With energy bills set to rise, now could be the time to make some simple changes and reduce your energy consumption.
What works:
Smart meter – Although a smart meter won’t save energy or reduce your energy bill, it can give you real time information on your energy usage and this allows you to nore effectively manage your usage and change your day-to-day behaviour.
Carpets – carpet offers great insulation especially in older homes where original floorboards have gaps which can let valuable heat escape. Carpet in combination with a high-quality underlay will result in less heat escaping – as will a thick rug.
Draft excluders – by putting draft excluders by your door or windows, you can stop valuable heat escaping. You could even put a sponge in the letterbox to prevent heat escaping outside.
Using appliances at night – firstly, check your energy tariff. Depending on which energy tariff you are on, it may that you are on an economy tariff which means energy is cheaper at night, in which case it makes sense to run your washing machine, dishwasher or tumble dryer at night.
Reflective panels – putting reflective panels behind the radiator is a popular energy saving hack, but this only works on external walls as it helps to prevent heat escaping outside – it won’t be effective if you live in a terraced house.
What doesn’t:
Painting radiators – another hack is to paint your radiators black but there is no evidence to suggest this works.
Turning off your hot water – this won’t save you money it’s better to insulate your boiler tank to prevent heat from escaping and if you’re on an Economy tariff turn your hot water on at night when it’s cheaper.
Leaving the heating on – some people believe it’s best to leave on your heating all day on a low setting, but it’s better to only heat your home when required. It’s also better to have a wireless system such as Nest or Hive so that you can ensure the heating is never left on as you’ll be able to turn it off and on when you aren’t at home.
Looking for a new energy saving home?
We are delighted to announce that we have released the long-awaited selection of one and two-bedroom apartments at our newest Glasgow development, Pollokshaws Living. Our previous release of properties in Glasgow’s southside were snapped up in just days and we anticipate a high level of demand for these apartments.
There are nine remaining one and two-bedroom apartments will soon be available to reserve with prices ranging from £160,995 to £179,995. Included in the release are:
- The Stewart a one-bedroom apartment priced from £160,995
- The Glen a two-bedroom apartment priced from £177,995, and
- The Monteith a two-bedroom apartment also priced from £177,995
These impressive properties offer flexible accommodation ideal for first-time-buyers, second steppers looking for an additional bedroom to accommodate home working, professionals relocating close to transport links and amenities, and property investors.
Contact Amanda to find out more and to make an appointment from Thursday 16th September on 07498 057112 or pollokshawsliving@urbanunionltd.co.uk
Property Investment – Growth Rates in Glasgow & Edinburgh According to research from Rettie & Co. released this month, the 5-year annual compound growth rates in Glasgow are now higher than in Edinburgh for the first time in this market cycle. Although Ed read more
Scotland’s Buy-to-Let Market For investors, one of the most popular investment strategies is to purchase a buy-to-let property and earn returns through rental yields over time, focusing this along with investing for the long term with capital gains. Rental yields can va read more
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.