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Deal could see fast broadband for new homes in UK
A fast internet connection is one of the top must haves for home buyers in the UK and is set to become a standard for new homes, it has been announced. A new agreement between provider Openreach and the Home Builders Federation (HBF) aims to deliver superfast broadband connectivity to new build properties in the UK. The new deal will see fibre based broadband offered to all new developments either for free or as part of a co-funded initiative. It is estimated that more than half of all new build properties can be connected to fibre broadband free of charge to developers. As part of the agreement, Openreach is introducing an online planning tool for home builders. This will tell them whether properties in a given development can be connected to fibre for free, or if a contribution is needed from the developer to jointly fund the deployment of the local fibre network. The housing industry will have access to a ‘rate card’ from Openreach which details the fixed cost contributions required by home builders in those cases where joint funding is required. Openreach will make a significant contribution itself before seeking any funds from developers. HBF said that it will promote and support uptake of the co-funding offer amongst their members, and emphasise the need to plan for connectivity early in the development. ‘Broadband connectivity is just one thing that home buyers now expect when buying a new build, so this industry-led push to make superfast, or indeed ultrafast, broadband speeds available by default in new homes represents a very important step in meeting the UK’s digital needs,’ said Digital Economy Minister Ed Vaizey. Clive Selley, chief executive officer of Openreach, said it is an important step towards bringing fibre broadband to as many new build properties as possible. ‘We recognise that high speed broadband connectivity is a major factor for home owners when deciding to buy a house. That’s why we’re offering to deliver fibre to all new build developments either for free or as a co-funded model,’ he explained. ‘With the support of the HBF we’ve delivered a series of measures to give developers greater clarity, choice and more funding. This underlines Openreach’s commitment to further extend its fibre network, which reaches more than 24 million premises, to benefit even more communities across the country,’ he added. According to Stewart Baseley, executive chairman of the HBF, said it will help meet home buyers expectations. ‘House builders are constantly striving to deliver on and surpass the expectations of customers as we continue to see housing supply grow,’ he pointed out. ‘Broadband speeds are an increasingly important factor in the home buying process and this offer to developers will see more new build purchasers benefit from the very best connectivity to go alongside the many other advantages of purchasing a brand new home,’ he added. Continue reading
Help to Buy deposit saving financial product proving popular in UK
The UK Government’s new Help to Buy ISAs savings scheme for first time buyers is proving popular with a quarter of a million opening one of the financial products since it was launched in December 2015. Some 250,000 first time buyers, more than half of whom are aged 30 and under, have opened a Help to Buy ISA which helps them to save for a deposit for their first home. The first home buyers have also claimed their Help to Buy government bonus this week, which means the new Help to Buy ISA is already helping first time buyers onto the housing ladder. Chancellor of the Exchequer, George Osborne, said he was pleased with the figures. ‘It is all part of our plan to back working people who are doing the right thing and saving for their first home,’ he said. The scheme gives first time buyers the opportunity to save up to £200 a month in a dedicated ISA that the government will top up by 25%, up to a maximum of £3,000. First time buyers eager to make the most of the scheme can also open their account with a one-off lump sum of up to £1,000 in addition to the monthly maximum. And couples buying together will be able to combine their bonuses, meaning a potential boost of up to £6,000 towards a deposit for a first home. The government’s other schemes, the Help to Buy mortgage guarantee and Help to Buy equity loan, have also been popular with over 100,000 buyers involved. A special Help to Buy scheme has also been launched for first time buyers in London who face paying far more for a home than elsewhere in the country. It gives first time buyers and second steppers the opportunity to own a new build home in the city with a deposit backed by a 40% equity loan from the government that is interest free for the first five years. Rohan Sivajoti, advisory services director at eVestor, believes that the Help to Buy ISA is vital for those struggling to get a foot on the housing ladder. ‘The upcoming increase in Stamp Duty on second home purchases signals another small victory for those looking to buy their first home, but it is important to take a step back and access how much impact these schemes will actually have,’ he said. ‘With an annual increase of 9% on average house prices across the UK, the worry is that not enough is being done. It's a simple supply and demand market and supply needs to increase significantly to stop first time buyers being priced out of the market,’ he added. Continue reading
Valuation activity in UK property market increased in first month of 2016
The UK housing market has started 2016 on a positive note as overall valuation activity in January increased by more than half on an annual basis, according to the latest research. In total, the number of housing valuations carried out in January climbed 52% compared to January 2015, the fastest annual uptick in total valuation activity since July 2015 when volumes rose by 57% on July 2014. The data from Connells Survey & Valuation also shows that on a monthly basis, valuation activity across all housing sectors grew by 13% between December 2015 and January 2016. John Bagshaw, corporate services director of Connells Survey & Valuation, believes that the recent announcement from the Bank of England that interest rates will be kept at rock bottom levels for the foreseeable future will boost the market further. The firm’s report show that the buy to let and remortgaging sectors were the key drivers behind the strong growth of overall housing activity in January. The number of valuations for buy-to-let purposes grew by 51% between January 2015 and January 2016, while the remortgaging sector soared by 97% over the same twelve-month period. Both sectors experienced steadier performances on a monthly basis, with the number of valuations carried out for buy to let investors in January up 11% on the previous month. Meanwhile, January’s remortgaging activity represented a 12% dip on December 2015. ‘Buy to let investors and remortgagors have enjoyed a busy start to the New Year. It might come as a surprise that there are still so many home owners who are paying higher rates, and so are opting to remortgage, when rates have been so low for so long. But ultimately it’s a shrewd move and one that is likely to remain popular with home owners so long as the Bank of England keeps rates at or anywhere near 0.5%,’ said Bagshaw. He explained that while many buy to let investors are hurrying to expand their portfolios before the Stamp Duty changes in April, others are newcomers to the sector, who simply see buy to let as a good investment opportunity regardless of the tax hikes. ‘We can expect the buy to let sector to reach a height of activity over the coming months, as some concerned landlords look to counter the effects of any measure that could hit their profit margins,’ he added. Annual valuation activity among home owners looking to move grew by 27% in January, while between December 2015 and January 2016 there was a 15% uptick in the number of valuations for home movers. Meanwhile, first time buyers saw slightly more modest progress. Valuation volumes among those taking their first step onto the ladder in January grew 22% on an annual basis and 5% on a monthly basis. ‘First time buyers are also getting ever more confident. The volume of affordable homes being built is gradually increasing. This means the hunt for that ideal first home has become less daunting… Continue reading
