This week the Government issued advice to those thinking of moving or in the middle of a transaction, and it has urged buyers and sellers to adapt and be flexible.

It has been advised that if you are in the middle of a house move and a sale has been agreed, to continue with the sale – there’s no need to pull out. However it’s important that you follow guidance to stay at home to keep yourself and your loved ones safe.

The new advice on house moves from the Government moves states: “Given the situation in the UK with regard to the outbreak of coronavirus (COVID-19), we urge parties involved in home moving to adapt and be flexible to alter their usual processes.

“There is no need to pull out of transactions, but we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding. Prioritising the health of individuals and the public must be the priority.

“Where the property being moved into is vacant, then you can continue with this transaction although you should follow the guidance on home removals.

“Where the property is currently occupied, we encourage all parties to do all they can to amicably agree alternative dates to move, for a time when it is likely that stay-at-home measures against coronavirus (COVID-19) will no longer be in place.”

Therefore, it’s important that where possible you delay moving to a new property while the country fights Coronovirus. If you have already exchanged missives and the property is currently occupied then it’s important to agree a delay in order to resolve the situation or at least give yourselves enough time to have the property cleaned prior to moving in.

If moving is unavoidable and parties are unable to reach an agreement that allows flexibility then you must follow advice on staying away from others to minimise the spread of the virus.

Mortgage lenders are currently working to find ways to enable customers who’ve exchanged contracts to extend their mortgage offer for up to three months to enable them to move at a later date.

Given that there should be no visitors to your home at present, it’s important that you do not have viewings on your property – this is not to say that your agent can’t to conduct virtual viewings so speak to them about this as an alternative.

You can still accept an offer on your property but factor in that the process will take longer and you may find that the buyer changes their mind further down the line given the volatility of the situation across the UK. However, if the property you’re buying is unoccupied you can continue with the transaction.

Talk to us if you would like further advice on buying and selling property at this time.

We deal with many insurers here at The Mortgage Hub and would like to share the following general guidance on their policies in light of the current COVID-19 outbreak.

There is no exclusion on many Life Cover policies that apply to COVID-19 or other infections disease, which result in the death of the plan holder. Should you pass away as a result of COVID-19 or complications from the virus, you will receive the lump sum as set out in your plan.

If you have Serious Illness Cover (SIC) it may not be covered by Coronovirus. If the virus causes a long-term debilitating illness or condition covered by your policy, you would be eligible to claim.

With regards to Income Protection, you will be able to make a claim if you’re unable to work due to COVID-19 after the expiry of the deferred period as set out in your plan. This could include situations where quarantine is imposed by a GP and you are unable to carry out your work duties in your home environment.

Every plan and policy will differ so it’s essential that you get the correct advice. Talk to us at The Mortgage Hub and we will give you clear information and facts and look into your policy so that you know what you could be currently entitled to.

Arranging Insurance

We can arrange appropriate cover that suit your individual circumstances if required. Whether you are in an ‘at risk’ category i.e. you have an underlying health condition or are currently pregnant, we strongly advise that you get advice on the options available to you. Or perhaps COVID-19 has raised your awareness of protecting your income. We offer telephone appointments if you are currently in isolation and can talk you through the options.

At The Mortgage Hub we have been working on a contingency plan to assure our clients still receive the excellent service standards that we have always achieved.

We have full remote access to all our systems should any or all of us be required to self-isolate. We want to reassure our clients that it will be business as usual during this current (COVID-19) Coronavirus outbreak and we are working hard to make sure that happens.

During this period, we are available to conduct appointments via a phone call and or over email.  This will ensure that clients can still conduct any arrangements speedily and with ease.

For visitors to our branch, the health and wellbeing of our clients and employees is of utmost importance and we are following official guidance from the UK Government. For example, our branch will be an environment where we will not shake hands with clients, staff are educated on prevention and we have elevated our already high standards of hygiene.

We believe that even during these challenging times people in Scotland will continue with buying and selling property to take advantage of the recent rate changes, and we are on hand to ensure our clients get the best mortgage deal possible.

We will monitor the situation closely and navigate this period with the health and wellbeing of everyone in mind.

If you would like to make a telephone appointment, please don’t hesitate to contact our team who will be more than happy to help.

Thank you for your support.

According to the latest research from Sourced Capital, Scotland currently offers the best buy-to-let yields in the UK.

Buy-to-let yields here in Scotland are currently 5.8% with Glasgow hitting an average of 7.8% followed by West Dunbartonshire at 7.2% and Inverclyde at 7.1%.

Compare this to England, the average buy-to-let yield is just 4.1% with the Burnley hitting the highest average with 6.6%. Wales currently has the worst yields at 3.6%.

House prices in 2019 were generally stagnant in England, Wales and Northern Ireland with Scotland outperforming the rest of the UK. This was a result of Brexit uncertainty and also the slowdown in the run up to the General Election. Although the market seemed to stall somewhat, rental yields saw a boost due to a fall in property values coupled with high rental demand.

Late last year there was a flurry of activity with a strong market in January with both Zoopla and Rightmove reporting the highest ever activity from buyers. This also applied to investors looking to get a foot in the door and get a good deal before prices retain momentum and the returns tighten.

For those looking to invest, now is a great time to invest in property as the market is still finding its feet.

What’s more, it has been reported that the cost of buy-to-let mortgages has fallen year-on-year. This fall in the cost of borrowing is great news for landlords as they can move to more competitive fixed rate mortgages. The biggest drop has been for five-year fixed mortgages whereas falls for two-year fixed rate buy-to-let mortgage offers were more modest.

With the current record low rates on offer landlords should act fast as interest rates could rise back to more normal rates in the not too distant future.

The decision by the government four years ago to introduce a 3% surcharge on second homes caused a mini-boom as landlords rushed to buy properties to beat the deadline and many of these landlords are coming to the end of fixed-rate mortgages and will find that the market is more favourable.

If you are looking to invest in property, talk to us at The Mortgage Hub for the best possible deal for your circumstances.

The Scottish prime property market is outperforming the rest of the UK, resulting in a rise in cash-rich buyers seeking property to boost their investment portfolios.

The property market in England has been somewhat stagnant with properties taking much longer to sell than their counterparts in Scotland. Property has taken an average of 69 days to sell according to figures from Zoopla, whereas the average time to sell a property in Scotland has been just 32 days with homes in Glasgow and Edinburgh selling the fastest. In addition, Edinburgh property rose by 5.4% – the highest growth in the UK.

In Scotland, homes selling for more than £1 million went up by 21% in the year from June 2018. In Britain as a whole, this figure is just 5% according to Lloyds. What’s more, the postcodes dominating these million pound homes are in Glasgow and Edinburgh.

According to research from Knight Frank, since 2016 the top ten postcodes for million pound home sales are in Edinburgh’s New Town and Morningside and Glasgow’s West End. In addition, there are new hotspots such as Murrayfield in Edinburgh where £1 million property transactions have risen by an incredible 50%.

Why is this happening?

Transport links to Scotland are strong, with Glasgow and Edinburgh international airports having direct links to the US and the Middle East. In addition, the number of private jet departures from Edinburgh and Glasgow’s airports have been on the increase for the last five years.  Buyers can purchase property with stunning architecture and scenery whilst the locations are also highly accessible.

Apart from the long term gains that investors are seeing when investing in property in Scotland, there are many areas in which the long and short-term rental markets are performing well.

What’s more, buyers from the USA have been helped by the increase in the value of the dollar.

Great schools and a high quality of life area also a pull for families moving here from overseas, with high ranking state and private schools and world-class universities. There has also been an uplift in cash-rich buyers from south of the border for these very reasons.

House prices

Scotland is a great investment area for capital appreciation. Average house prices are predicted to rise by 14% over the next two years according to PwC. The average house price is still more than 30% lower than the rest of the UK.

Golfing locations

Scotland is the home of golf and the sport has been played here since the 15^th century and as such, short term lets are in high demand especially in areas such as St. Andrews. Property here featured in the top ten for number of £1 million sales as the draw for wealth Americans and Europeans remains strong. Many people who have previously rented here are choosing to buy a second home in the area.  An apartment with two bedrooms in St. Andrews will set you back around £1 million rising to £6 million plus for a four bedroom home with views over the Old Course.

Lord of the Manor

Investors from overseas are still looking towards purchasing hunting lodges, castles and vast estates. The value of property here in Scotland is high compared to England – with properties with over 100 acres setting investors back around £1.5 million according to Knight Frank. Alongside the historic properties, there has been a rise in demand for luxury conversions and penthouses in Edinburgh, boosting the £1 million plus sales.

Looking to invest?

If you are looking to invest in property our experts at The Mortgage Hub are here to help. Whether you’re looking to finance a second home or improve your investment portfolio, talk to us for the best deal for your circumstances.

According to the latest PwC Good Growth for Cities Index, Aberdeen and Edinburgh are two of the best cities in which to work and live in the UK and Glasgow is the most improved city.

The Index is based on a total of 11 indicators that demonstrate there’s more to life, work and wellbeing than GDP alone. It measures 42 cities across the UK in its national index in health, employment, income and skills, housing affordability, commuting times, environmental factors, income inequality, and the number of new business start-ups.

The Index uses statistics on income, jobs growth and skills development opportunities to assess how well a city is performing. Glasgow has increased in position from the last Index published due to its improvement led by a strong performance in the jobs metric where it was 11th out of 42 cities measured. In addition, Glasgow performed well with other factors including work-life balance, skills and income distribution. Recent statistics from Zoopla have also shown that not only is Glasgow one of the most affordable places to live in the UK with the strongest income to house price ratio, but is also the fastest moving property market alongside Edinburgh. 

The top city in the UK is Oxford followed by Reading but of the three Scottish cities that made the Index; Aberdeen, Glasgow and Edinburgh, Aberdeen scored above the national average in seven of the 11 indicators due to improvements in health, work-life balance, housing and affordability and income distribution. It was also top in the UK when measuring house prices compared to earnings.

Edinburgh saw increases in five indicators including jobs growth, income and work-life balance but house price increases leading to a further fall in owner occupation meant that the earnings, house price ratio was below the national average. In addition, transport was the worst performing variable.

If you are looking to buy a property in Scotland talk to The Mortgage Hub about securing a mortgage for either a residential property or an investment opportunity. We’ll be happy to help. 

The Scotland Mortgage Market saw notable increases in mortgage activity from April to June this year despite a dip across London, according to UK Finance. In fact, this quarterly mortgage activity increased by almost £600m in Scotland, Northern Ireland and Wales. Of this combined growth, Scotland accounted for over half at £373m when compared to the same period in 2018.

These increases were driven by higher transaction numbers across all buyers including second and third time buyers, first time buyers and those who were remortgaging. First time buyer numbers rose by 3.5% in Scotland to 9,160 which is the highest rise since 2017.

In addition, there was a 6.4% rise in those moving home with remortgaging up 15.3% in Scotland which were stronger figures than the Northern Ireland and Wales counterparts.

When looking at the UK property market as a whole, the figures have been dragged down by activity (or lack of it) in London. For example, compared to the 3.5% rise in Scotland, there was a 3% decrease in new home mortgages and compared to the 6.5% rise in remortgaging there was a 9.5% decrease in London.

This demonstrates the strength of the property market here in Scotland compared to London and indeed the rest of the UK. London impacts the national figures so it’s important to look at the figures in individual regions to get a true picture of what is going on in terms of mortgage activity. The housing market is slow in London, especially for home movers, but is still performing well in Scotland where prices are lower and affordability is much better.

Talk to us at The Mortgage Hub if you would like to independent, professional mortgage advice. We’re here to help.

The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.

According to the recent PwC Economic Outlook, the average house price in Scotland are expected to grow by 14% between 2018 and 2022 to hit £170,000 – if no deal Brexit is avoided. The research also found that Scotland is one of the most affordable places in the UK to privately rent a home.

Economic growth in Scotland is predicted to rise by 1.6% this year making it the second fastest growing region within the UK. However, it is predicted that this growth will drop back to 1.3% in line with the rest of the UK next year.

Based on the assumption of a No Deal Brexit, the average value of a home in Scotland will grow by 1.7% next year, 2.4% in 2020 and 4.7% in 2021 through to 2022.  This will result in the average house price in Scotland rising to £170,00 from today’s figure of £149,000.

The growth rate in Scotland at present is moderate with the average house price in the UK rising by 1.4% in value from April 2018 to April 2019.

The news that house price growth in Scotland remaining steady over the next four years is welcome news for homeowners looking to move and hoping to achieve a higher selling price to help to secure the best mortgage rate. However, this does pose a challenge for first time buyers looking to get onto the property ladder and whom are most likely saving for a deposit. That said, Scotland is still one of the most affordable parts of the UK in which to rent a property with an affordability ratio of gross income spent on rent standing between 15% and 22% for key positions. Conventionally, the benchmark is that renting should cost less than 30% of gross income to be considered affordable.

It is predicted that UK growth will be more balanced across the regions as we move into 2020 with London no longer growing significantly faster than the UK average. This is partly due to Brexit uncertainty and growing constraints on London in terms of housing affordability and transport capacity.

If you are considering purchasing your first home, contact us today at The Mortgag Hub – we’re here to help.

The Mortgage Hub is an independent mortgage advisor serving the greater Glasgow area. Whether you are planning to buy your very first home and need the right first time buyer mortgage, or are looking to re-mortgage due to a house move or to growing family – we understand your journey is so much more than a financial process, it’s a journey to achieve your dreams, improve your lifestyle and achieve your true potential.