3D Printing a Full Sized House!

Believe it or not 3D printing of a full sized house is currently being worked on by Architects in Amsterdam taking property construction to another level! Could this be the next step to creating an Eco-friendly home? 

The material used is a plastic containing plant oil which contributes to 75% of the mixture. The structure itself is printed in sections inside a shipping container, one room can require six to ten blocks. Once all the pieces are ready they will be fitted together to form a detached house with an estimated construction time of 3 years. A company in China is also putting the idea into practice taking it a step further by using recycled materials to build each structure, they claim to print bungalows for less than £3000.

So if we look at this realistically this is not a project that will make any changes in the way property is built but if you want a space which you can claim to be Eco-friendly then this is for you. After all it is important to take care of our planet and recycling is an important contribution. Creative people out there have already assembled or are creating their own Eco-living space from converting shipping containers to making the most of used vehicle tires, the possibilities are endless! We would all love to have our own little space to escape.

Beth Alexandra Property Specialists 

Mortgage Rule Changes and Decrease in Lending

As released last week mortgage rules have changed, making it tougher for buyers to secure a mortgage. Lenders now take into account all outgoings of each applicant from how much you spend on a regular food shop to asking if you gamble. The interviews carried out by the lenders such as Santander, Nationwide, Natwest, Halifax, Yorkshire Building Society and Lloyds Bank, can range between one and a half to two and a half hours long. You may say this is a step too far but 1 in 5 first-time buyers regret not purchasing a cheaper property because they underestimated the costs involved in owning a property on top of all other spends. 

Prices are increasing throughout the UK, some areas more rapidly than others but now mortgage lenders have become more stringent, means it is less likely the hiking property prices will create a bubble and the system is more controlled. 

In the last 2 months mortgage approvals have fallen by 11.9%, it is too soon to say whether this is because of the new rules but it will certainly in the near future make an impact. Other factors could be the absence in property on the market so people are resistant to move. Howard Archer, the chief UK economist at IHS Global Insight has said ''it is likely that the further easing back in mortgage activity in March from January's peak level reflected some banks raising their mortgage lending standards before the new regulations''.
Whatever the reason may be it is a measurement we could be thanking in time to come.

Beth Alexandra Property Specialists

How the Help-to-Buy Scheme Has Helped

By the end of January 2014 there had been 17,395 property sales completed through the Help to Buy Scheme since its launch in April 2013. 82% of the equity loans went to first-time buyers and 85% to buyers outside of London and the South East.

The scheme had mixed reactions in the beginning and concerns it would create a housing bubble but as I mentioned in last weeks blog figures show that mortgage lending activity still remains lower than the previous record. The Help to Buy was designed to allow first-time buyers to get on the property ladder resulting in movement along the chain which is exactly what the market needed.

It has been released that Santander and NatWest are the first lenders to increase the interest rates on their Help to Buy mortgages, the increases ranging from 0.1% to 0.4%. Vince Cable, the Business Secretary has stated that interest rates should be raised to avoid a situation where house prices are out of control. 

If you are unsure how the Help to Buy Scheme works here is an outline for you.

• It helps you to get onto the property ladder or move up it, to purchase new builds or existing homes up to the value of £600,000
• You will need to contribute at least 5% of the property price for the deposit.
• The Government will give you a loan for up to 20% of the price, the loan is interest free for the first 5 years.
• You will need a mortgage of up to 75% to cover the rest of the property price.
• Following the purchase you can choose at any time to make voluntary part repayments of the equity loan. The minimum voluntary repayment is 10% of the market value at the time of repayment. 

Who can't utilise the Help to Buy Scheme?

• The property purchase must be your only residence. Help to Buy is not available to assist buy-to-let investors or those who will own any property other than their Help to Buy property after completing their purchase. 
• You cannot rent out your existing home and buy a second homes through Help to Buy. 

What happens when you decide to sell?

• The equity loan is re-payed upon completion of the property sale unless you have already chosen to repay the Agency's equity loan prior to selling.
• If you sell your property for more than the prevailing market value then the amount dye to the Agency under the equity loan will be their percentage value of the actual sale price.
• The Agency will not agree to release its charge over the property for sales less than market value.

The scheme has now been extended until 2020 to continue to make a difference and keep our property market moving.

Beth Alexandra Property Specialists

UK Property Prices Continue to Rise

So, my blog last week I discussed the price divide between the North and South property markets but let us have a quick look about the UK as a whole. As official figures are released from the Office for National Statistics prices across the UK rose by 9.1% in the year to February 2014, this is 3.6% higher than the last property boom in 2008.

The Nations individually grew by the following amounts;
England   9.7%
Northern Ireland   2.8%
Scotland   2.4%
Wales   5.3%

But is the property 'bubble' being exaggerated? Lets face it, property prices can easily increase but will the sales keep up with the pace. Property prices in London alone have increased by 17.7% in the last year to February 2014 but is 75% of the turnover in property sales in the UK. 

Mortgage lending activity still remains lower than previous record but the Help to Buy scheme has been a huge success and contribution to moving the market forward. By the end of January 2014 the Help to Buy scheme sales had reached 17,395 and may this continue as the equity loan was last month extended to run to 2020.

Next week I will go into more detail about the Help to Buy scheme, after all it has really helped!

Beth Alexandra Property Specialists

Online Estate Agents Survey Results - Be Part Of It!

What is a theory without the facts? After carrying out my own survey to analyse the trends on how you search for property and what choices you would make when selling your home reveals the online estate agency model is the way forward. After all there are a few big names in business who realise the change and making huge investments in the online property industry.
Sir Stelios Haji-Ioannou of EasyJet
Steve Smith of Poundland
Paul Pindar former Capita chairman
James Caan the Ex-Dragon

If you are still unsure on the concept or future of online estate agents, these results should help you.

1. When searching for property do you start by looking online?
Yes   100%
No    0%


2. When searching for property do you;
Go to estate agents websites individually   5.56%
Go to property portals such as Zoopla & Rightmove   94.44%


3. When searching for property do you visit the estate agents shop?
Yes   11.11%
No    88.89%


4. When arranging a viewing at a property, what are you most likely to do?
Call the agent   66.67%
Email the agent   33.33%
Visit the agents shop   0%


5. Online estate agents are known for offering lower fees so when selling your property would you use an online agent or high street agent at a higher fee?
Online agent   76.47%
High street agent   23.53%


6. When selling your property which payment method would you prefer?
Pay a low upfront fee and no fee on completion   52.94%
Pay no upfront fee and be charged a percentage of your sale price on completion   47.06%

Do you see the pattern emerge? 

From a business model point of view for Beth Alexandra Property I not only save you money by offering Flexi-Fees (pay upfront or pay percentage on completion) but provide a high quality service, continue to change the face of estate agency and deliver what you want!

7. Would you be more likely to use an estate agent on recommendation?
Yes   94.44%
No    5.56%

8. Please rate your previous experience with estate agents;
Poor   33.33%
Fair    16.67%
Average   33.33%
Good   16.67%
Excellent   0%

If you would like to take part in this survey please click the link
https://www.surveymonkey.com/s/95HL32P

Property Price Divide Between North & South

Well, after a successful blog last week about Gazumping which got me on a BBC Radio Breakfast Show! I'm going to branch out from this topic and discuss the property price divide between North & South. As the property market continues to move forward all over the country it causes property prices to increase but there is still a major difference in the increases and the pace of the market across the country.

Property prices are increasing all over the UK but some areas at higher rates than others, an average home in the South is 74% more expensive than in the North before we even start! Southern regions have risen by 6.1% year on year whereas this figure only reaches 3.1% in the North of the country.

Once a property hits the open market in the Capital it already has at least 25 buyers inline ready to purchase it whereas in comparison to the rest of the country only having 12.

There will always be a divide between the North & South property market but it is good to see that is it the whole of the UK to is benefiting in some way from the move in the market. This advance will not stop here, especially since the help to buy scheme was made available to new or existing homes up to £600,000 at the beginning of the year, 2014 is said to be the ‘Big Year’ and showing no signs of cooling down.

Are you looking to sell or rent your home? Look no further than Beth Alexandra Property Specialists

Gazumping!

Gazumping is when the property vendor, after accepting your offer then accepts a higher offer from another buyer. 

After hearing a story yesterday about an lady unfortunately experiencing this, now is the time to make you aware that gazumping is rearing its ugly head again! As the property marketed continues to move onwards and upwards you must be extra vigilant. It was rife in the nineties and early noughties when the property market was at its height but since the crash in 2008 it became a less common occurrence. 

How do you avoid it happening to you?

• Insist the property is withdrawn from the market once your offer has been accepted. 
• Offer a non-refundable deposit to show your commitment.
• Make sure you have your mortgage in principle and all your finances are in place.
• Instruct the property survey asap.
• Speed up the sale, the less time the property is on the open market the better.

From an agents point of view we are obliged to inform our vendors of any offers so it is unfair to hold an agent responsible but I do believe in the event of a higher offer situation it should be dealt with fairly and professionally.

Do you want an honest and trusted agent? Beth Alexandra Property Specialists is who you need to contact!