Lets Move Conveyancing

First Time Buyers – Average Property Prices in Leeds

IEOTdXvY7U — Mon, 27 Jan 2020 11:05:18 +0000

Research published by Halifax has shown that the average UK first time buyer’s purchase price has risen by 9% to £231455.00 I 2019. The average deposit increased by 7% to £46187.00. The biggest growth was in the North West and Yorkshire which means higher prices for First Time Buyers in Leeds. The average property price in Leeds and Yorkshire for last year was £156,242.00 with an average deposit of around £27,598.00.

The number of first-time buyers has remained similar to previous years with first-time buyers making up half of all homes purchased in the UK. This is giving confidence to the property market and the number of first-time buyers purchasing their first property remains stable. First-time Buyers continue to have the benefit of incentives such as Help to Buy Schemes, receiving a gifted deposit from family members and continued low-interest rates.

Lets Move Conveyancing are specialists in dealing with Property Transactions not just in Leeds but throughout the whole of England Wales and can offer advice to First-Time buyers looking to make their first move onto the property ladder.

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UK Property Prices Increase

IEOTdXvY7U — Mon, 27 Jan 2020 11:01:18 +0000

The UK property market has seen a record increase of 2.3% month on month increase. The information was published by Rightmove and they predict signs of a post-election bounce in consumer and business confidence. This is good news for property owners in Leeds.

In addition one of the major high street mortgage lenders the Halifax has reported strong housing market activity since the election on 12^th December 2019.

The increase is the biggest increase since Rightmove started collecting information in 2002 with prices up by 2.7% compared with the same period the previous year. It is suggested that the unrest in the political future of the UK resulted in homeowners being reluctant to move. This recent increase is the strongest growth since July 2018.

The housing market in Britain has been slow since the Brexit referendum in 2016 although there were some signs of this picking up just before the election.

Official data for November showed a 2.2% rise in house prices across Britain, the largest increase in a year. This news will give confidence to homeowners in Leeds and the surrounding areas who are are looking to put their properties on the market.

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First Time Buyers – Saving for your Deposit

IEOTdXvY7U — Mon, 25 Nov 2019 11:18:56 +0000

Recent research carried out by Post Office Money has found that it is taking an average of 3.6 years to save for a deposit to purchase a property. On average this means that they would have to save around £834.00 per month. This is less than last year when the average time to save a deposit was 3.8 years.

The research shows that the decease is down to First Time Buyers receiving assistance from family members who are providing contributions towards the deposit required. Around 29% received no additional financial support with the rest receiving some kind of help from a loved one.

Around 15% obtain a loan from the “Bank of Mum and Dad” while many worked extra hours or second jobs to bring in the extra income needed.

Here at Lets Move Conveyancing in Leeds, our team are experts in dealing with transactions where you are receiving a gift to assist with the purchase of your property. You need to make sure you provide all the information to your mortgage lender or mortgage broker as they will need to provide their consent to the gift you are receiving.

If you are looking to purchase a property then please contact one of our team who will be happy to provide you with any additional information you require.

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Is Your Property at Risk of Flooding?

IEOTdXvY7U — Mon, 25 Nov 2019 11:08:47 +0000

Research carried out in a YouGov survey shows that 6 out of 10 people are not checking the flood risks of their homes.
With increased flooding across the country, it is vital that as a buyer of a property that you are aware of the potential flood risk to the property you are buying.
We have seen in November 2019 over 100 flood alerts issued in Yorkshire and Humber with a months’ worth of rain falling in a few hours across the country.
The survey also found that people would not have a plan or know how to deal with a flood alert if it affected their property. Most people believe that their property is not located in an area that is considered “at-risk” of flooding. The Environment Agency suggests over 5 million properties are at risk of flooding with 2.4 million properties at risk from seas or rivers and 2.8 million properties are at risk from surface water flooding.

Lets Move Conveyancing in Leeds are specialist residential property lawyers and offer a full search package which provides details on the risk of flooding of the property you are buying. Our search package provides information on the risk of river, coastal, surface water and groundwater flooding together with historic flood events. The results of the search will give detailed information which will assist with your decision to purchase the property and to ensure you can obtain buildings insurance on normal terms before you proceed.
If you are buying a property a member of our specialist team would be happy to discuss the search options available to you.

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Home Reservation Agreements

IEOTdXvY7U — Thu, 07 Nov 2019 09:31:05 +0000

The Government are looking to trial a new Home Reservation Agreement in the New Year. The Agreement would be between the buyer and seller of a property and entered into when an offer is agreed between the two parties. This will apply to all properties in England and Wales so if you are looking to buy a property in and around Leeds in the New Year this may be something you have to consider.

Early indications suggest that a reservation fee of £1000.00 would be agreed which could be used as compensation if either the buyer or seller pulls out of the deal without a valid reason. The Government anticipate that this would reduce gazumping where a seller accepts one offer and then receives a higher offer from a third party. The costs involved by both parties early on in a sale or purchase are high and leave all parties suffering losses if either party decides not to proceed.

There are a number of reasons why a buyer or seller may not proceed with an agreed property transaction which could be due to changes in their personal or financial situation. The new Home Reservation Agreement would mean that a buyer or seller could not just change their mind without facing financial consequences. It is believed this would increase the commitment of everyone involved. Currently, around one in three transactions do not proceed after a formal offer has been agreed between the seller and buyer.

We already have a similar scheme which is used when purchasing a property from a home builder or developer. Often a buyer will have to pay a deposit to the builder to ensure that they are committed to proceeding and are a genuine buyer. Lets Move Conveyancing have a specialised Newbuild Team who are experts in dealing with these type of transactions in and around the Leeds area and are familiar with the reservation agreement process already in place.

The Scheme will involve ensuring that the seller provides full information regarding the property to the buyer before an offer is made which would include details of any alterations to the property, a list of fittings and contents to be included and general information as to whether the seller has had any disputes regarding the property.

Various types of agreements will be tested to find the most practical way of dealing with such an agreement and how the funds will be held before the scheme comes into place.

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