January Newsletter - Local first-time buyers set for 30% discount

Say hello to the New Year! We've got plenty for you to get your teeth into in this first newsletter of 2020, including news of a new discount for first-time buyers and a set of design trends to help transform your home a modern masterpiece.

Elsewhere, you'll find a selection of local events alongside a look at why it can take as little as 8 minutes for buyers to decide on a home (and what you can do to encourage them) and we explore how the concept of shared ownership could assist younger buyers.

It takes just 8 minutes to decide on a home

As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.

In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not and six in ten adults will also choose not to buy a property based on the condition of the exterior of the property, without even needing to view the inside.

In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.

This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert.

75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.

The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.

For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.

Some viewers take issue with a sellers lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.

Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture or issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room which preventing the buyer’s imagination from running wild led to over a third of buyers to back out of a purchase.

The list showcases the importance of sprucing up your home, both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property, so ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.

Local first-time buyers set for 30% discount

In the Queen’s speech, it has been announced that the Government has pledged to provide more support to first-time buyers to get onto the property ladder. They have announced that a scheme, named First Homes, will be created to provide local people who are yet to buy a home, a whopping 30% discount off purchasing their first property. This significant reduction could result in new local buyers saving tens of thousands of pounds.

In her speech, the Queen said, “my Government will take steps to support homeownership, including making homes available at a discount for local first-time buyers”. The motivation behind the scheme is to enable local people a fairer chance at owning property in the increasingly competitive market; with current competition from overseas buyers and investors steadily invading the market. This will drastically improve the affordability of homes for the average working person which provides a glimmer of hope for their homeownership pursuit.

According to the Monevator, “over the past 30 years, house prices have risen nationally by 428%; with London house prices rising by an average by 559%”. Whilst this does not take inflation into consideration, it is easy to interpret that wages have not risen at the same accelerated rate during this time making it difficult for the average working person to save a large enough deposit to buy a home. Considering this, it is fair to say that the introduction of a 30% discount scheme would be welcomed by all and will enable a stronger sense of community. This is because the scheme names ‘key workers’ as part of those that it will target; recognising and offering support to those who contribute to their community.

This scheme seems to be a replacement for the recently closed to new applicants Help to Buy ISA, with further focus on helping first-time buyers. To enable the First Homes scheme to function, councils will be able to use contributions from housing developers to facilitate the discounts.

The First Homes scheme should not be viewed as taking away from these other areas, as the Government has also pledged to rejuvenate the Affordable Homes Programme and Shared Ownership Programme so that they can also deliver on their promises. An overhaul of the rental system to make it fit for contemporary society and will strengthen the rights of tenants has also been discussed.

The Queen's speech has delivered some promising news to start 2020, but the success of the First Homes scheme will be truly measured by its detailed workings in practice. At present, the specifics of who counts as ‘local’ to qualify for the scheme is unclear (such as does someone have to live, where do they have to work, and how long for?). Despite the lack of detail, it is safe to say is that the Government clearly want to give back to the community to continue its growth and prevent homes being left empty in this time of growing demand.

Lichfield Detective Day - a murder mystery across the city!

Think you have what it takes to catch a killer? CluedUpp is the exciting outdoor detective game taking place in Lichfield on February 1st.

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Stroke Comedy Club @ The George Hotel, Thursday 6th Feb

Steve Bugeja and Jo Caulfield are among the stars featured in February's Stroke Comedy Club at The George Hotel, Lichfield.

Click here to read Stroke Comedy Club @ The George Hotel, Thursday 6th Feb.

Design trends to keep an eye out for in 2020

We’re moving into a new decade, and so the last thing that you want is for your home to look dated. Throughout 2019 we have seen some extreme trends in interior design; from the embracing of industrial elements to the resurgence of entirely neutral spaces. We have taken a look at what to expect this year and how to get ahead with your design aesthetic, whatever your budget.

1. Colour makes a comeback
One of the key trends this decade has been that of neutral spaces with a few accent pieces to liven up the décor, however this year one of the main inclinations in design will be towards colour; bolder, brighter and braver! Rebecca Breslin, Wayfair Professional design manager, is calling for an end of “Greige, grey and all neutral everything without texture or visual interest” and therefore if you are looking for a change this year then start by adding colour into your home – burnt oranges and deep blues are set to be en vogue throughout the whole year.

2. Paper set to tear up the market
A feature wall has been the mainstay of every makeover show and glossy magazine before-and-after shoot since the early naughties, however 2020 is set to end this fad. Rather than a singular wall that is adorned with wallpaper, we are going to see all four walls covered with paper – in line with the brighter aesthetic of 2020. Wallpaper has seen something of a renaissance over the past decade, with designs from Gucci and Dior all the way through to stick-and-peel examples flooding the marketplace, and this isn’t set to end this year. If you want to experiment, then start with smaller spaces such as studies, toilets and guest bedrooms where patterns will seem less overwhelming.

3. Cabinet shake-up
The crisp, white kitchens that have been an enduring design staple over the last decade are set to move into retirement in 2020, with colour making its way back into the heart of the home. Kitchen cabinets, more specifically, are to become a real focus in kitchen design – therefore if you are looking to stay on-trend then think about rejuvenating your cabinets. Navy blue matte cabinets with vintage gold handles will transform your aesthetic immediately and mixes the traditional and vintage visuals that are set to be all the rage this year.

4. Give art a start
In these modern days of mass production and consumerism, vintage art and antiques are making a huge comeback due to the perceived one-of-a-kind nature of the objects and that they possess their own unique story. If you are looking to make small changes to your home that make it chic, then adding some select pieces of art is a great start – adding pieces to your kitchen walls will add particular interest to an otherwise utilitarian space.

5. Soften the edges
Throughout the 2010s, chicness has often been related to strong lines, sharp edges and minimalism, however as we move into the next decade this is set to be turned on its head for an altogether softer look. As well as a nod to 30s glamour (think metallics such as silver and gold, as well as scalloped seating) curves and fluid shapes are set to be popular this year; from circular side tables to rounded-edge sofas.

Young people and the concept of shared ownership

With the wealth of options out there to help people onto the property market, it is no surprise that the number of first-time buyers has steadily been increasing, with numbers currently at an 11-year high. However, outside of the government’s Help to Buy scheme, it seems that young people do not understand their other purchasing options – chiefly that of shared ownership.

What is shared ownership?

Research carried out from YouGov found that although three quarters of people in the UK have indeed heard of ‘shared ownership’, only 40% of 18 to 24-year olds were aware of the scheme. Furthermore, of that 40%, half of them revealed that they had no knowledge of shared ownership whatsoever, other than having heard of the name.

The scheme explained

Aimed mainly at first-time buyers, The Shared ownership scheme is a cross between buying and renting. Essentially, you buy a share of the home – between a quarter and three quarters – and rent the remainder at a reduced rate, with the option to buy a bigger share in the property at a later date. All shared ownership homes in England are offered on a leasehold basis, and the majority are newly built; however, there are some properties which are being re-sold by housing associations. At its core, the scheme is intended to help first-time buyers onto the market, but those who earn a household income (combined) of less than £80,000 or are renting a council/housing association property can also buy through the scheme.

A viable option?

Many of those questioned in the YouGov survey thought that shared ownership meant quite literally sharing the property purchase with friends, family or a partner. When the scheme had been properly explained, almost a quarter of the 18 to 24 year olds stated that they would be “very likely” or “fairly likely” to use the initiative in the future, the highest out of all of the age groups questioned – showing that the scheme appeals directly to the target market, with just the awareness of the scheme limiting participation numbers.

“Shared ownership as a method of purchasing has been around since the 1970s and offers a realistic way of getting onto the property ladder. It’s a proven formula that helps people secure a home, even where a traditional mortgage is not affordable, and its longevity is testament to its success,” said Jaedon Green, director of product and distribution at Leeds Building Society.

“The method is becoming increasingly popular for first time buyers as it reduces the need for a significant deposit, which can be difficult for some to manage. The scheme also permits first time buyers to combine it with a Lifetime ISA, maximising any deposit,” he noted.

Awareness limiting efficacy

The YouGov research has shone a light on the fact that almost a quarter of those aged 24 or under would consider shared ownership as a way to purchase property, once they fully understood what the scheme consisted of. With so many potential buyers being put-off from buying a property simply due to lack of awareness it is clear that the onus is now on educating the wider public, and specifically 18 to 24 year olds, to the benefits of the scheme in order to continue to grow first-time buyer numbers and support the property market as a whole.

Beginnner Salsa Classes in Cannock, St Mary's Social Club

Uksalsafeet is starting brand new absolute beginner classes on Wednesdays making this a wonderful time and opportunity to start learning salsa in Cannock!

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