Urban Union Archives - Page 9 of 13 - Urban Union Ltd

Category: Urban Union

 

Stamp Duty (LBTT) Threshold Raised

The threshold at which Land and Buildings Transaction Tax (LBTT) is paid was increased from £145,000 to £250,000 on Wednesday 15th July as the Government stepped up efforts to support homebuyers and help the economy recover from the impact of the COVID-19 pandemic.

The announcement was made by finance secretary Kate Forbes. It means that 80% of buyers in Scotland will be exempt from the charge, excluding the Additional Dwelling Supplement.

The announcement followed Chancellor Rishi Sunak’s Summer Statement in which he announced that in England and Northern Ireland, Stamp Duty would not be payable for properties with a purchase price of £500,000 or less.

For those moving into a home costing more than £250,000, they will save £2,1000.

Finance Secretary Kate Forbes said: “I am delighted that we are able to implement this measure quickly and remove uncertainty from the market.

“The UK Government had weeks to prepare for its decision this week to raise the threshold at which Stamp Duty Land Tax is paid on house purchases in England and Northern Ireland, yet we were given no advance notice.

“We responded yesterday to clarify our policy intentions and by introducing the change so rapidly, we are providing certainty to people in the process of purchasing a home. Overall, increasing the LBTT threshold will help increase housing market activity, boost the construction sector and stimulate our economy.

“Alongside this distinctive Scottish approach to raising the starting threshold for LBTT, I am also targeting further support in other areas. For example, we are injecting £50m into our First Home Fund, which provides first time buyers with up to £25,000 to buy a property. This will help an estimated 2,000 first time purchases.

“To mitigate the immediate adverse impact on the housing market in Scotland as a result of the Chancellor’s announcement, we are now working at pace on the necessary legislation and to ensure Revenue Scotland is ready to collect and manage the tax.”

If you would like to take advantage of this threshold rise, talk to us at Urban Union. We have several properties for sale at present that are available to reserve – take a look at our current property availability in Perth, Glasgow and Edinburgh. 

Perth’s Hidden Gems Things to do in Perth Picturesque royal-favourite Perth, also known as the ‘Fair City’ was once the capital of Scotland. Today we are surrounded by incredible scenery, historic architecture and an intriguing history that inspires locals and traveller read more

  Last Remaining Apartments We have just four apartments remaining at our Muirton Living development in Perth. Priced at £105,000 this would make an excellent starter property – and by using Help to Buy or the First Home Fund an apartment could be yours with read more

 

First Home Fund

Finance secretary Kate Forbes has announced that an extra £50 million will be added to the First Home Fund, a shared equity scheme providing first time buyers with up to £25,000 to purchase a property. The Government says that this move will support an estimated 2,000 first time buyers and increase the total funding to £200 million.

The Government will also be investing £100 million in targeted employment support and training – with further details to be announced.

The First Home Fund is a Government initiative to help first-time home buyers purchase a property. Up to £25,000 is available to all first-time buyers towards the purchase of both new build and existing properties.

In order to qualify for the scheme, you will be required to provide a minimum deposit of 5% of the purchase price (subject to individual lender requirements) and your mortgage must be at least 25% of the purchase price. Although the Government will have an equity share in the property, you will own the property outright. There are no monthly payments to be made towards the Scottish Government and no interest will be charged.

You will normally repay the Scottish Government’s percentage equity share when you sell your home.

The scheme is open to first-time buyers who are taking out a mortgage. You cannot apply if you are a cash buyer or if you have previously owned a property in the UK or abroad at any time (as either a sole or a joint owner).

The maximum contribution from the Government is £25,000 or 49% of the property valuation figure or the purchase price (whichever is lower). If you purchase a property for less than the valuation figure, the maximum Scottish Government contribution is £25,000 or 49% of the purchase price.

Read more.

 

Rise in Demand for New Build Properties

As the market reboots here in Scotland, it has been reported that there has been a spike in applications for new build homes.

Newly released figures show that that suppressed demand caused by lockdown restrictions on the property market has triggered a rise in demand for newly built homes.

The latest research from Knight Frank shows that the number of new applicants registering their interest for new developments between the 1st and 14th of June is already 4% higher than the same two week period last year, with interest expected to rise further following the reopening of the property market in Scotland on Monday.

Figures also show that May 2020 was exceptionally strong, with the number of new applicants registering their interest was higher than any month last year. In addition, viewing numbers have increased over the last two weeks with sales and marketing suites reopening with viewing figures just 6% lower than the five-year weekly average.

This indicates that the new build market has held up extremely well over this period, with the benefits of newly built home further boosting their appeal, in particular the ease of reservation, warranty, lack of chain and price negotiations to contend with, and Help to Buy. They are also extremely popular with investors given the low level of maintenance required.

What’s more, recent reports have shown that newly built homes rise in value three-fold compared to existing homes.

If you are considering buying a newly built home, Urban Union Ltd has a range of 1, 2, 3, 4 and 5 bedroom apartments and villas in our developments in Perth, Glasgow city, Glasgow Southside and Edinburgh. See our developments and contact us if you would like to find out more. 

 

 

New Build Values Outperform Existing Homes

Research from StripeHomes looked at price premiums, affordability, and house price growth for new build properties compared to existing homes.

For those looking to invest then sell the property on, the research looks at the appreciation in property values. In the last year, the average UK new-build property has increased by 7.3%, compared to just 1.5% for existing homes.

According to the report, new-build house price growth increased by 6-8% in every UK region over the last 12 months. Meanwhile, the market for existing property has only shown 3% growth over the last year in the top performing areas.

There are many benefits of a newly built home – not only is it a chain-free, simple purchasing process but you can move in as soon as the financials are in place. There are also incentives available for first time buyers and the Help to Buy scheme. Newly built homes are often better quality, more energy efficient and require very little maintenance for many years.

The real benefit of a new home is the appreciation of its value. Despite tough market conditions since Brexit and now the pandemic, new-build values have continued to go from strength to strength, far outperforming growth seen in the existing sector.

Glasgow has the UK’s strongest rental yield

For new-build investors looking to let their property in the near future, a recent study by Sourced Capital has shown that Glasgow currently has the highest rental yield in the UK.

Although buy-to-let rental yields on average have remained largely flat, up just 0.1% year on year, this  masks some very significant regional variations. Although Glasgow has had a very marginal decline on an annual basis, the current average rental yield of 7.87% remains the strongest in the UK buy-to-let sector.

Take a look at our current properties available to let. 

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Activities in Edinburgh

Although we are in lockdown, many of us are already planning things to do once the restrictions are lifted. We may change the way we travel, work and spend our leisure time – taking more care to do things that are outside and away from too many people. Here are some ideas for some things to do in Edinburgh this summer that enable you to practice social distancing.

Port Edgar Marina

This is a vibrant hub for visitors who want to take part in water sports or simply enjoy the view of the three iconic Forth bridges. Located on the Firth of Forth, this is the perfect place from which to explore spectacular scenery, historic harbours and fascinating islands.

It’s a year-round destination for sailing enthusiasts and is just 30 minutes from Edinburgh city centre.

Further information

Watersports http://www.portedgarmarina.co.uk/watersports.php

Boat Tours http://www.portedgarmarina.co.uk/tours.php

Down the Hatch Cafe Bistro https://www.facebook.com/downthehatchportedgarsouthqueensferry/?fref=ts

Scotts Bar & Restaurant scotts-southqueensferry.co.uk

Tweed Guide Fly Fishing

If you fancy getting outdoors and fishing for trout or salmon, this company was established in 1998 and enables you to enjoy fishing in Edinburgh and the surrounding countryside. It’s just an hour away from Edinburgh city centre.

Further information

Contact: 00 44 7962401770 or tweedguiding@gmail.com

Water of Leith Visitor Centre

This free river exhibition enables you to experience the drama of river life. Enjoy trying to  stop the giant water wheel or create your own ebb and flow and find out more about river wildlife at the information point, where you can also enjoy refreshments. Run by the Water of Leith Conservation Trust, there’s an education programme to find out more about their work to conserve and enhance the Water of Leith as a haven for

Further information

http://www.waterofleith.org.uk

Edinburgh Zoo

World-famous for being home to over 1,000 rare and beautiful animals from every corner of the globe. It’s also where you’ll see the UK’s only giant panda and koalas. It is packed with fun things to do and much of it is outdoors so you can keep a safe distance from other visitors. There are daily talks and activities and its set in over 82 acres of beautiful parkland.

It is part of RZSS, one of Scotland’s leading conservation charities.

Further information

https://www.edinburghzoo.org.uk

On your bike!

Exploring the city by bike is a great way to social distance, get fit and get some fresh air! It’s simple and affordable and you’ll discover parts of Edinburgh you didn’t know existed.

There is a network of cycle hire locations across Edinburgh city centre which is being continually expanded. The fleet of bikes on Edinburgh’s streets has already grown from 200 to over 400. Simply download the app by searching ‘Just Eat Cycles’, sign up with your mobile phone number, input your payment card details or voucher code and click unlock bike – the app will tell you which bike is yours!

Further information

Visit www.edinburghcyclehire.com

Mellany Garden

A National Trust for Scotland garden, Mellany Garden is renowned for its peaceful atmosphere and a destination for quiet contemplation in beautiful surroundings. Once you enter through the decorated wrought-iron gate you’ll discover the Four Evangelists – giant 400-year-old clipped yew trees – and Victorian greenhouses and heritage rose plantings beyond.

The garden is an ideal place for relaxation and connecting with nature, and the surrounding woodland is full of wildlife.

Further information

https://www.nts.org.uk/visit/places/malleny-garden

Barnbougle Castle

Looking for a private venue for a ‘bubble’ of your close friends following lockdown? This hidden gem is just seven miles from the heart of Edinburgh and only opened in spring 2019. This truly magical venue has never before been open to the public.

Barnbougle Castle has distinctive crow-stepped gables, high turrets. sweeping views, grand reception rooms and even a beach with private access. It’s the perfect setting for the most memorable of events.

Whether you are planning to raise a glass with a few close friends in the Scottish Library, to host a lavish dinner for up to 120 guests in our magnificent barrel-vaulted Banqueting Hall or to raise the roof in a marquee for parties of up to 450 on the Castle lawn, Barnbougle promises you and your guests a special occasion to remember.

Further information

https://roseberyvenues.co.uk

Palace of Holyroodhouse

The Palace of Holyroodhouse is Her Majesty The Queen’s official residence in Scotland. Standing at the end of Edinburgh’s historic Royal Mile, this really is a fine palace and wonderful place to visit. You can see the 14 magnificent historic and State Apartments, the romantic ruins of the 12th-century Holyrood Abbey and remarkable royal gardens. You can also enjoy a complimentary multimedia tour and see the changing exhibitions from the Royal Collection.

Further information

https://www.rct.uk/visit/palace-of-holyroodhouse

Stand Up Paddle Board Scotland

Paddle Board is one of the world’s fastest growing water sports! It’s fun for all ages and abilities and Stand Up Paddle Board Scotland offers sessions and trips in and around Edinburgh for all ages and abilities.

Stand Up Paddle Board Scotland is based in some of the best locations around Edinburgh. You’ll see some incredibly scenic waterways and the beautiful coastline.

Further information

info@standuppaddleboardscotland.com

Interested in living in Edinburgh? We have just released thirty one and two bedroom apartments as part of phase three of Pennywell Living in Edinburgh. Prices start from just £140,000. Find out more. 

 

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