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General Election Jitters, Rents Rising, First Time Buyers ISA announced.

As the country heads into the full swing of election fever, businesses across the country are noticing a slowing down of trade due to the uncertainty an election brings. Recent sales activity from Granger & Oaks however suggests that not everybody is following that pattern.
Sales activity in March has been strong with vendor enquiries at an all-time high, and this is being justified with properties being snapped-up within days of being listed.
‘This month we sold one house in two days, for the asking price, and we’ve also had a number of enquiries from new potential landlords for leasehold flats that we currently have on the market – this is especially pleasing as it was leasehold flats that took the brunt of price decreases following on from the credit crunch in 2008’ commented Phil Wardle, Sales Manager at Granger & Oaks.

Association of Residential Letting Agents (ARLA) Report Rents Rising

Figures from the monthly ARLA Private Rented Sector members survey provide good news for landlords with rents rising and tenancy lengths averaging 17 months. The monthly report for February showed that nationally, 31% of agents reported rents rising from January to February, whilst at the same time the number of applicants per office increased. See the full report here http://www.arla.co.uk/media/1042632/arla-prs-report-february-final.pdf
First Time Buyers – Help to Buy ISA means if you save £8000 and you could be in a position to purchase a home worth up to £200,000!
The size of the deposit required is possible because of a combination of the lucrative bonus from the new Isa and existing Help to Buy scheme that offers interest-free loans. With the Help To Buy Isa, the Government rewards savings of £200 a month with a £50 bonus. First-time buyers can also snap up a new-build home with just a 5 per cent deposit by using the Help To Buy scheme. With this, the Government offers a 20 per cent interest-free loan for five years. This means the buyer needs to borrow only 75 per cent of the property value as a mortgage.

Help to Buy Isa's

Help to Buy Isa’s are expected to be rolled out by lenders in the autumn, and there is expected to be fast uptake as tenants consider making the jump onto the property ladder. The maximum bonus from the Government is £3,000 on savings of £12,000, and the minimum is £400, meaning you have to save at least £1,600 to benefit.
The launch of the Help to Buy ISA announced in last week’s budget means that some first-time buyers need to save only £8,000 to get a mortgage for a £200,000 home.

First time Buyers are going to be required to open their accounts with an initial payment of £1,000, and then make monthly contributions of up to £200. Accounts are limited to one per person — not one per house — so couples buying together could get a £6,000 bonus.

Granger & Oaks sell, let & manage property across Nottinghamshire. The company is independent & in 2013 celebrated our 10 year anniversary. We are licensed by ARLA & the NAEA, and offer a high quality service that is competitively priced.