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Estate agent Leeds
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NEWS
Property
News from MORFITT SHAW Estate & Letting Agents
First-time
buyers must act quickly to avoid Stamp Duty
With only
three months of the Stamp Duty "tax holiday" remaining, first-time
buyers must act quickly to avoid paying Stamp Duty Land Tax on their home
purchase. Once the Government ends the tax exemption, FTBs will face a tax of
3% on all home purchases over £250,000.
With many
first-time buyers trying to purchase their first home before the tax exemption
deadline, our members will be working closely with those first-time buyers who
are able to purchase before March 2012 to guide them through a difficult and
challenging market place.
Buying
beats renting property in 94% of British towns
High rental
demand, due to the difficulties would-be buyers face in getting financing,
coupled with low mortgage rates has made buying property in Britain more
attractive today than it has ever been in comparison to renting.
Buying now
beats renting in 47 of the 50 largest towns across the country, according to
the latest statistics from property website Zoopla.co.uk.
The figures
show a significant increase on this time last year, when it was better to buy
than rent in only 40 out of the same 50 towns. The continued mortgage drought
and the rising demand for rental properties has led to renting now costing 15%
more on average than buying, up from only 10% more this time last year.
First-time
buyers: Property ladder is a step too far
Data from
saving and investing website, www.InvestorBee.com, which analyses saving
habits from over one million people in the
UK
, has revealed that 100% of prospective first-time buyers aren’t prepared to
wait more than 10 years to buy a property, despite the average Brit needing at
least 15 years to save for a 20% deposit.
Of the people
who are saving for a property, 27% of them state that they want to buy
something within the next 12 months, and 29% want to purchase property in one
to two years.
No one was
willing to wait more than 10 years, even though no region, on average, can
afford to buy before then.
Flatshare
market to hit 2.96m in 2012
An economic
downturn and rising rents will force an additional 105,000 renters into
cheaper flatsharing accommodation in 2012 according to flatshare website
Easyroommate.co.uk.
In 2011, the
flatsharing population reached 2,851,000. Based on the current trends, an even
greater number will rely on shared rental accommodation in 2012, and the
flatsharing population will hit 2,956,000.
Mortgage
approvals hit highest level since December '09
Loans for
home purchases reached their highest number since December 2009 in November
thanks to the loosest mortgage lending conditions seen since the Lehman
collapse, according to the latest Mortgage Monitor from e.surv chartered
surveyors.
Purchase
approvals rose from 52,743 in October to 54,658 in November on a
seasonally-adjusted basis, an increase of 4%, and 15% higher than November
2010.
The increase
was triggered by the loosest lending conditions since October 2007, as the
average deposit fell back to 38% in November, down from 40% in October. By way
of contrast, it was 42% in November 2010. Furthermore, there were more loans
to borrowers with small deposits. Loans to borrowers with a deposit of 15% or
under accounted for 13% of all lending in November, up from 10% in October,
and the highest since October 2008. The
average deposit on typical first time buyer property fell to 31%, the lowest
since August 2008, and down from 33% in October.
Rental
yields rise for landlords
The latest
RICS Residential Lettings Survey reports rising yields on rental properties as
a result of increased tenant demand and rising rents.
In the three
months to October, 15% more chartered surveyors reported rental yields rose
rather than fell.
This is the
seventh consecutive quarter that yields have increased and reflects the
imbalance between rental demand and supply which is continuing to push rents
higher.
Turning to
rental prices, 19% more surveyors reported rents rose rather than fell, but
the pace of growth was more moderate than earlier in the year. Respondents
note that a lack of mortgage finance is the main reason for the large numbers
turning to the rental market. However, fears over the economy are also playing
a part, with renting seen as a safer option than purchasing a property in the
current turbulent economic climate.
Property
‘safe as houses’ for 2012 say two-thirds of home-movers
Rightmove’s
latest Consumer Price Forecast reveals that the majority of prospective
home-movers do not expect house prices to be lower by the end of 2012, despite
the on-going economic gloom at home and abroad.
The survey,
which polled more than 25,000 respondents, finds that nearly two-thirds (63%)
expect house prices to be the same or higher 12 months from now, with less
than a third (31%) expecting prices to be lower.
Miles
Shipside, director of Rightmove comments: “The public’s belief in the
value of bricks and mortar seems to defy the deteriorating economic situation.
This is a clear message that the majority of consumers view the property asset
class to be as ‘safe as houses’ in these times of economic uncertainty”.
Independent Estate Agent and Letting Agent Leeds Morfitt
Shaw
Manning Stainton
Alan Cooke
Linley & Simpson
Hendys
Jump Estate Agent
Dacres
Dacres Son & Hartley
Castlehill
David Moor
Walker Smale
Street Lane properties
Park Lane properties
Shaftesbury Avenue properties
Devonshire Avenue properties
Roundhay properties
Selectahome
Streets Ahead

80 Street Lane, Roundhay, Leeds, LS8 2AL
Tel: 0113 393 0113 Fax: 0870 220 3169
info@morfittshaw.co.uk
Estate agent covering North Leeds, Shadwell,
Scarcroft, Harewood, Thorner and other
villages around Leeds. If you are looking for a home in Leeds, you can search our
Leeds property database to find the house you want. You can also register on
our Leeds mailing list to receive instant email alerts of houses that meet your
specifications. We also provide letting services for
landlords and tenants throughout the Leeds area. Manning Stainton Alan
Cooke Linley & Simpson Hendys
Jump Estate Agent Dacres Dacre Son & Hartley Castlehill
David Moor Walker Smale Street Lane
properties Park Lane properties Shaftesbury Avenue properties Devonshire
Avenue properties Roundhay properties Selectahome
Streets Ahead.
As one of the largest estate agencies in Leeds, we aim to offer a level of service and
value beyond that offered by our competitors.
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