Posted on

House Prices In Salford

student houses salford

Salford is an attractive place for homebuyers who want a place in Greater Manchester to call their own.

It’s a thriving, modern hub with plenty of green belt land nearby. In fact, it’s one of the UK’s greenest cities, making it the perfect marriage between ‘urban’ and ‘natural’ for its residents.

As with any desirable location in the UK, this means that newly available properties attract a lot of attention in no time. Salford house prices are no exception to the turbulent nature of house prices in the UK, but what makes it such a desirable place to live, and why would new buyers face competition there?

Is Salford a city or town?

Salford is a city in Greater Manchester, though there is some confusion around its status. Strictly speaking, the City of Salford is a metropolitan borough with city status. It’s formed of a collection of towns, villages, and suburbs that includes Walkden, Swinton, and Worsley.

Having only existed in its modern form since 1974, Salford doesn’t have its own single city centre. It was also a subdivision of the historic county of Lancashire, named the Salford Hundred, a status that lasted until the 19th century.

Salford has a storied history that enthusiasts are sure to find fascinating considering the historic contrasts with Manchester, its close neighbour.

What are house prices in Salford like?

Salford enjoys a particularly advantageous position in the housing market as of late.

In 2021, a study conducted in Greater Manchester revealed that the borough has the biggest return on house value in England’s North West. House prices in Salford increased by an average of 47.6 per cent between 2016 and 2021.

This placed Salford third out of 377 UK local authorities.

Information from Zoopla’s house price index shows that over the past 12 months, the average sale price of a property in Salford is £217,703.

This is up from the average sale price for the past five years from its own data, placing average sale price at £191,054.

First-time buyers may find the latest figure encouraging, especially when compared to data from the Barclays First Time Buyer Index which shows that UK first-time buyers paid an average of £281,900 in 2021 for their properties.

These numbers help to paint a healthy picture of Salford house prices whilst also conveying the achievable entry points for first-time buyers and investors looking to make a handsome return on property.

Why buy a house in Salford?

Salford enjoys vibrant urban spaces combined with beautiful waterfronts and energising green areas. Its location gives you the benefit of several towns and their respective centres, as well as Manchester itself which is a short distance away.

Salford is an ideal place for those looking to work in media. The city has become somewhat of a media hub thanks to investments and opportunities such as MediaCityUK, a large mixed-use property development located just beside the Manchester Ship Canal. It sports the Quayside shopping centre as well as media organisation tenants such as the BBC and ITV Studios.

Despite its advanced urban landscape and modern architecture, Salford remains one of the UK’s greenest cities and there are plenty of opportunities to disengage from busy life and recharge. Options like these make it an attractive prospect for first-time moves among younger buyers.

Investors looking to break into property development have the advantage of the University of Salford and the student rental opportunities it offers. Popular student areas like Pendleton, where the university itself is located, are well-connected by public transport and have a range of shops and restaurants, lending plenty of selling points for those looking to rent or buy.

Those looking for peaceful walks and relaxing waterfront views in an energetic, lively city would do well to consider Salford.

What types of properties are available in Salford?

Being all at once a media hub, home to a university, and a modern city with plenty of investment, Salford has a wide offering of properties for those looking to move, no matter their reasons. Groups looking to share a living space – or individuals happy to share their living space with others – can consider HMOs and house shares, and investors can provide plenty of options in this area while seeing a healthy return on their efforts.

First-time buyers also have a wide choice of convenient locations with plenty of fantastic local amenities. Salford’s average house price is on the accessible side of the price spectrum for first-time buyers, making it an overall excellent choice.

When should I buy a house in Salford?

The housing market is still busy following on from the suppression of the pandemic, but according to property experts, things are beginning to slow.

It could be that you’re about to sell a property and want to buy in Salford before things get much more expensive. Alternatively, you may think it safer to hold off and observe before making a commitment.

Figuring out the right time to buy is always a tricky task in property, which is why seeking expert help and advice can make all the difference.

Mistoria Estate Agents Salford

Our expert team has all the local knowledge needed to empower your investment decisions and make your purchase in Salford a great move. Our collective experience gives us the ability to offer advice on all kinds of property sales, from Salford house prices to the opportunity for HMOs.

To find out more about buying homes in Salford, get in touch today and we’ll happily answer your queries.

Posted on

How Much Deposit Do I Need to Buy a House?

How Much Deposit Do I Need to Buy a House?

Deposit-free mortgages that cover the full value of a house are a thing of the past. These days, deposits are essential to pay off a part of the amount upfront and show your commitment to the mortgage itself.

Your deposit to buy a house plays a more significant role than the security deposit typically needed for renting a property. You have a certain amount of choice which will affect your mortgage and the repayments you make for years to come.

So, how much deposit do you need to buy a house?

How much is the minimum deposit to buy a house?

The minimum amount of deposit you need depends on the lender of your mortgage, and how willing they are to ‘take a risk’ on lower percentage deposits.

Typically, the smallest deposit you will be able to place today is 5%. This is ideal for those who can’t afford the large upfront cost that a deposit requires – after all, 5% of a £200,000 house still means a £10,000 payment before lending can begin – but is offset by the fact that you’re borrowing more from your lender. This likely will mean a longer repayment term, or larger repayments over a shorter term.

In the past, there were mortgages that demanded no deposit from you. As of the 2008 financial crisis, these mortgages disappeared. Banks and lenders played a much safer game from then on, though 100% mortgages are showing signs of making a return. These are not the same as they were, however, and current offerings involve a ‘temporary’ deposit.

How much deposit do I need to buy a house in 2022?

The amount of deposit you’ll need depends on the percentage you plan to pay. The minimum you need is 5%, but it’s worth considering how feasible it is that you could afford a higher percentage.

Paying a larger deposit means better rates offered by your lender, and less to borrow against your mortgage in the first place. The remainder is called the loan-to-value. If you pay a 20% deposit, that leaves a loan-to-value (LTV) of 80%, representing the split between the amount you’re borrowing and your equity (the amount that you own through the money you’ve already paid).

The average deposit for a first-time UK buyer is around 15%, which is a healthy amount to prove low risk whilst staying within reach of many people who are in the position to buy a home.

Is a 10% deposit enough for a house?

A 10% deposit is the standard amount for first-time buyers, and would be enough for most lenders to consider.

10% is a popular amount as it’s substantial enough to get your foot in the door in terms of equity, whilst being in the reachable amount for first-time buyers to save up. Larger deposits have their benefits as mentioned above, but a 10% deposit should be plenty for a first-time buyer hoping to get a mortgage.

Of course, this depends on the market value of the home you’re looking to purchase, though this is somewhat limited by the checks and evaluations done by lenders and mortgage advisers. A lender will likely not be interested in a single first-time buyer who is aiming for a property for which they could barely afford the monthly repayments.

If you are unsure about the amount you wish to pay as a deposit versus the value of the house and what it would mean for a mortgage, it may be best to get the help of a mortgage adviser who can help you lay out the facts and perhaps get you a mortgage in principle. Also known as an agreement in principle, these give you a forecast of what a lender would likely offer you in your current situation, though they are not set in stone and are more of an estimate than a quote.

What is a good amount for a house deposit?

The current average may be 15%, but this does not mean that you need to have 15% of a house’s worth in your pocket before anybody will talk to you. First-time buyers are often unable to produce so much money upfront, and many people can only afford their first home through help from family, gained inheritance, or other means outside of their usual income.

A 10% deposit is a good start as it gets you a tenth of the way there (relatively speaking) and shows lenders that you do not have the bare minimum at 5%. Remember, lenders evaluate you on risk first and foremost, and they’re looking for evidence that you’re a worthwhile investment.

A mortgage adviser could help you ascertain a good amount based on the lenders that interest you, and it may be a good idea to go as high as you can comfortably spend without hindering your ability to pay for other expenses that inevitably arise with a house purchase, such as conveyancing fees.

Should I save for a bigger deposit?

There is rarely a need to save for a deposit bigger than the minimum being asked by the lender. Doing so can give you the aforementioned benefits of better rates and a more manageable mortgage – either through smaller monthly repayments or a shorter term – but paying a larger deposit is almost always a choice that you can take freely.

A mortgage adviser may recommend a slightly larger deposit based on their specific knowledge of a lender’s policies, or it may be that a slightly more attractive deal becomes available to you with a 15% deposit over 10%.

It’s not uncommon for first-time buyers to feel financial strain in the process of buying a house, but it’s important that your money is still being managed wisely and that you’re not simply draining your accounts.

How to save for a house deposit

Saving for a house deposit is, in theory, as straightforward as saving for anything else. However, the relatively large amount of money needed for a deposit to buy a house means that you may be saving longer or with more drastic cuts than normal.

Reducing your largest outgoings as much as possible can make all the difference whilst saving for a deposit. This could be payments tied to a car, either for the car itself or for tax and fuel. If you’re able to commute to work on foot, via (affordable) public transport, or by bicycle, this could easily save you considerable money over time.

If you’re currently renting as you save up for your deposit, think about the ways through which you could reduce your rent or outgoings. This could be a move from a property you rent alone or as a couple, to something you share with other tenants. Some landlords will take a lump sum of rent every month that covers your contributions to utilities, internet, and tax.

Be aware that if you rent a property and there is a spare room, you mustn’t simply let that room out to somebody else as a way of collecting your own rent. This is known as subletting, and many landlords will forbid it in their contract with you, or else require that you obtain their permission for it. Your landlord could seek legal action against you if you sublet a room illegally. Check your tenancy agreement first and ask the necessary questions to your landlord or estate agent.

Certain government schemes may help you in the process of saving up for a deposit. The UK government’s Help to Buy ISA scheme has been closed to new accounts as of November 2019, but there are other ways that you can apply for certain reliefs that might make buying your home that bit more manageable.

Help to Buy equity loans only apply to newly built homes in the UK, but they will see government lending of up to 20% of the cost of your home. This means a smaller deposit and therefore smaller mortgage repayments, which could provide some respite if you cannot save as much as you like or if your finances are set to improve in future, but aren’t quite where you need them yet. Note, however, that the schemes available for your situation will change depending on your location in the UK.

House deposit for first-time buyers

Being a first-time buyer can put you at a slight disadvantage when it comes to taking out a mortgage. Lenders need to assess the risk that you represent, and many first-time buyers have never undertaken anything on the level of financial responsibility that securing a mortgage represents.

People who are self-employed or work on a freelance basis will also find that they are more likely to have a mortgage application refused compared to those in more ‘secure’ employment situations. For this reason, some might find that a larger deposit is necessary to show that they are a more trustworthy investment for lenders.

It’s not uncommon for first-time buyers to receive help with their deposit from family. This can sometimes be a cause of concern for lenders, as other parties having financial interests in the property can complicate matters if disputes were to arise.

Noting the cash as a gift along with verification from the person who gifted it will remove this complication, and your mortgage advisor or the lender themselves can show you how to do this.

House deposit for a second home

Getting a second home mortgage can be complex, despite already having secured a mortgage on your first home. With one property already mortgaged, lenders may see somebody in the market for a second mortgage as a very attractive investment.

At the same time, second mortgage shoppers may be perceived as higher risk precisely because they already have an existing mortgage to be responsible for. As a result, some lenders may need a higher deposit starting at around 20% of the second property’s value. Some may take the equity of your first house into account, but each lender is different.

If the second home is somewhere abroad, it’s highly unlikely that a UK-based lender will help you. Typically, you would need to source a mortgage from a lender based in the country of the house you’re looking to purchase.

House deposit for buy-to-let mortgage

Buy-to-let mortgages are for properties that are bought as investments. Since these are business transactions that differ from the concept of buying a home to live in, mortgages for them are slightly different.

Buy-to-let mortgages are commonly interest-only, meaning the borrower pays the monthly interest for the duration of the mortgage term. Once the mortgage term ends, the capital amount – the mortgage amount in full – needs to be repaid. This could be paid from savings or by selling the property itself.

Buy-to-let mortgages typically need higher deposits, usually around 25% of the value and above. The interest rates also tend to be higher than those on residential mortgages.

Understanding deposits with Mistoria Estate Agents Salford

We are a Propertymark-accredited firm with a wide range of properties in Salford and the surrounding area. Our friendly and knowledgeable staff can help you get on the road to buying your next home in Salford and securing the right deposit to buy a house.

To find out more about our services and how we can help, contact us today.

Posted on

Property market continues to boom despite end of SDLT holiday

salford property prices

It’s fair to say the housing market is experiencing a remarkable surge at the moment. And in the words of our own agents; people are making up their own prices… and buyers are paying it, and then some!

The unprecedented boom in the price of property has been put down to the Stamp Duty Land Tax (SDLT) holiday, introduced by the Government at the beginning of the Covid-19 pandemic, to keep the market moving during the numerous lockdowns. Nobody could have predicted the impact of this move.

The temporary nil rate for SDLT was introduced in April 2020 when the UK went into its first lockdown, allowing anyone to purchase a primary residential property up to the value of £500,000 without paying stamp duty. From 1st July, the nil rate band was reduced to £250,000 and will be reduced again on 1st October to return to the standard threshold of £125,000 (except for first-time buyers who have a threshold of £300,000).

Whilst potentially saving buyers thousands of pounds on the cost of purchasing a new property, it seems buyers are diverting the money “saved” in stamp duty and putting into the price they are willing to offer vendors. Add into the mix low interest rates, a stagnant stock market, savings made during lockdowns and no overseas travel, buyers suddenly have more disposable income that they are eager to put into a property purchase.

This action has driven up the cost of property to extraordinary levels, across the country. Mistoria’s own estate agents are seeing property selling for 30, 40, £50k more than it previously would have. Sarah Morris-Turner, branch manager at Mistoria Estate Agents Bolton said, “We can’t believe what we’re witnessing in the residential sales market at the moment. Every property that we bring to market we’re having to offer block viewings on due to the demand. From these viewings we’re receiving multiple offers, all of which are over the asking price!”

As original SDLT rates return on 1st October 2021, it was predicted that the end of the SDLT holiday would slow the market but, from Mistoria’s standpoint at least, this shows no sign of happening anytime soon.

Whilst rising prices has made for a seller’s market and boom time for the industry, there are concerns from an agent’s perspective. Morris-Turner continues, “It’s quite challenging valuing property in the current market. Some agents are valuing quite erratically giving false expectations to clients. As agents we have a responsibility to value property accurately, so as not to end up in negative equity. As and when the market dips, negative equity is a real concern for many buyers that suddenly find themselves with a property worth less than they paid for it.”

This call for caution is echoed by Dewi Caughter, branch manager at Mistoria Estate Agents in Cheadle. He says, “Whilst we are currently seeing property sell within seven days of coming to market, and for far more than the asking price, we predict next year may be more precarious for those currently paying overinflated prices for property. Should the market plateau, clients may face negative equity on their mortgages. It will be interesting to see how the market adjusts.”

There’s no doubting the SDLT holiday has done what it was intended to do in contributing towards keeping the housing market moving during the last 18 months of the Coronavirus pandemic but the long-term repercussions of such a rise in the cost of property is yet to be seen.

Salford property prices

If you’re considering buying or selling a property, the agents at Mistoria Estate Agents can help you navigate, make sense of and accurately value or make an offer on Salford property prices. Speak to our friendly and expert team on 0800 500 3015 or email salford@mistoria.co.uk. You can find a Mistoria Estate Agent in Bolton, Cheadle, Liverpool, Salford and Walkden.

Posted on

End of Stamp Duty Holiday: first deadline fast approaching

stamp duty holiday

The Stamp Duty holiday in England will end on 30th June 2021, lowering the nil rate band from £500,000 to £250,000 for all but first-time buyers, who have a threshold of £300,000 before stamp duty is due. The rates will then change again in October to return to the standard amount pre-Covid-19.

The temporary nil rate for Stamp Duty Land Tax (SDLT) was introduced in 2020 when the UK went into lockdown amid the global Covid-19 pandemic, allowing anyone to purchase a primary residential property up to the value of £500,000 without paying Stamp Duty. From 1st July to 30th September 2021, the nil rate band will be reduced to £250,000 and then will be reduced again to return to the standard threshold of £125,000, again, except for first-time buyers who have a threshold of £300,000.

The rate of SDLT that applies to a purchase depends on the date that the purchase is completed and not the date that contracts are exchanged. This means that many people who are in the process of buying a house now could miss out on the extra relief but still have the opportunity to benefit from the £250,000 nil rate if they complete by October. The rate above £250,000 will be 5% on the next £675,000 (up to £925,000), 10% on the next £575,000 (up to £1.5 million), and 12% on the value above £1.5 million.

The adjustments to the Stamp Duty nil rate apply to main residences. Additional properties, for which there is no nil rate unless they are bought for less than £40,000, incur a 3% tax up to £500,000 until 30th June. This then changes to 3% up to £250,000 until October.

Anyone hoping to take advantage of the lower Stamp Duty rates, whether buying a main residence or an investment property, should think about moving quickly. Property purchases can take a number of months, and there are just over three months left until the SDLT rates revert to the standard amounts.

June 30th is the first Stamp Duty holiday deadline to pay attention to if you’re currently in the process of buying a property. Now is the time to try and speed things up and perhaps try to set a completion date before this deadline. If you miss this first deadline, you can still benefit from the Stamp Duty holiday, with a further three months to take advantage of the £250,000 nil rate. To check how much you’re going to pay, you can use the Stamp Duty Land Tax calculator.

If you have yet to find the perfect property, Mistoria Estate Agents can help you to speed up your search. Our estate agents will listen to your wants and needs and suggest properties for your shortlist. Please contact us on 0800 500 3015 or use our contact form. If you’re currently viewing properties, you can also speed things up by getting other necessities out of the way, such as lining up a solicitor and talking to a mortgage broker. This will put you in a good position to move quickly once you find the right property.

Posted on

What’s Driving the Current Surge in Property Valuation Prices, and is it Sustainable?

broughton estate agents

2020 was undoubtedly a unique year by any standards. COVID-19 took the world by storm, forcing humanity to rethink its definition of normality and disrupting the global economy profoundly.

In the UK, the housing market was one of the most affected sectors of the economy. The factors affecting this sector include:

  • Brexit
  • The pandemic 
  • The success of the vaccine
  • How businesses will act post-pandemic

However, contrary to many expert predictions, the global pandemic has not spelt doom for the property market. On the contrary, demand for housing has increased tremendously, and it does not seem likely to wane any time soon.

Mistoria’s Broughton estate agents look at the factors driving the surge in property values and predictions about its sustainability.

What is Driving the Surge in Property Valuation?

The primary reason for the drastic increase in the valuation of property is the chancellor’s stamp duty holiday. The government introduced this tax holiday to maintain stability in the housing sector, and the plan is working well.

The government is keen to maintain stability in the housing sector to avoid a severe crisis, as was witnessed in 2008. This single move has played the most significant role in ensuring that property value did not plummet due to the pandemic.

Additionally, banks throughout the country are being pragmatic and not increasing interest rates for mortgages. This has undoubtedly played a role in increasing the value of properties because buyers are not afraid of seeking loans to finance property purchases.

Moreover, people have been saving more over the past year than they did previously. This behaviour has also played a part in ensuring that the value of property keeps going up.

The pandemic itself has also led to increased valuation of the property. This is because of working from home, which has forced people to redefine what they want in a home.

For many city dwellers, staying at home for days on end led to the appreciation of space in a house. Consequently, many people are looking to move to the suburbs to have enough space to work comfortably from home.

On the flip side, property in the city has seen a drop in valuation, reflecting the decline in demand for homeownership in urban areas. People are no longer concerned about commuting for hours since they are working from home, which further decreases the lure of city property.

Is the Surge in Property Valuation witnessed by Broughton estate agents Sustainable?

According to many financial experts, the value of real property will level off in 2021. This is partly because the stamp duty holiday is set to expire by the end of June, making the transfer of property quite expensive.

However, demand for suburban property is set to continue increasing since the viability of working from home has been tested and proven. Therefore, people are bound to continue with the practice long after COVID becomes a thing of the past. If you want to sell your house fast, this is certainly the time to do it.

Contrary to many predictions, the value of property in 2021 has been increasing steadily despite the pandemic. This can be attributed to government policies as well as consumer behaviour. However, property value is set to level off in 2021 as the dust settles post-COVID.

To find out more, or for help and advice in any other property related matter, call our Broughton estate agents on 0800 500 3015 or use the details on our contact page.

Posted on

The rise of virtual property viewings

salford student house share

Virtual property viewings can take various forms, but the most common is for the seller to show interested renters or buyers around the property via a video app such as WhatsApp, Facetime or Zoom. Their popularity has grown significantly over the course of the COVID-19 pandemic, enabling people to keep moving despite the circumstances, and many predict that they will continue to be popular once it is over. So, what’s their appeal? Specialists in Salford student house share, Mistoria Estate Agents explains…

They’re COVID-safe

Virtual property viewings remove the risk of infection entirely and mean that you don’t need to worry about safety measures such as masks, handwashing and social distancing which, although absolutely necessary for in-person viewings, can make them trickier and more stressful.

Quicker, easier and more convenient

By conducting virtual viewings of properties that initially appeal to you, you can quickly draw up a shortlist of those that fit what you’re looking for. This saves time and effort you’d usually spend traipsing around multiple properties that aren’t suitable, and not having to travel between properties saves money on fuel and reduces carbon emissions. Also, virtual property viewings offer more flexibility. You’re more likely to be able to book in for a time and date that suits you, and if there are multiple people searching together, they don’t need to be together for the viewing – internet access is all that’s required! In addition, in many cases an agent will participate in the viewing along with the seller, so you can get answers to all your questions about a property as normal.

In-person viewings are still possible

Before purchasing or renting a property, it’s natural to want to have a look around in-person at least once, and this shouldn’t be an issue despite the ongoing pandemic. Virtual property viewings haven’t overtaken in-person viewings completely; they simply offer a quicker, easier, COVID-secure way of determining which properties really appeal to you. Most sellers, landlords and estate agents are still happy to conduct in-person viewings for those who are serious about a property, and these should involve rigorous safety procedures including social distancing, mask-wearing and sanitised surfaces to minimise the risk of infection.

Virtually viewing a Salford student house share

The pandemic shouldn’t stop you from moving; it simply means that everyone involved must take extra precautions where possible, and virtual viewings are a great way of doing this. Mistoria Estate Agents specialise in Salford student house share and we are offering virtual viewings to help guide people in their property search. To find out more, or for help and advice in any other related area, call us on 0800 500 3015 or use the details on our contact page.

Posted on

Stamp duty holiday extension: what you need to know

house for sale salford

As part of his 2021 Budget, Chancellor Rishi Sunak has announced that the stamp duty holiday will be extended for a further three months until the end of June. For those looking to purchase a property in the near future, this provides much-needed reassurance and an incentive to push ahead with their purchase. If you have a house for sale Salford based Mistoria Estate Agents have put together all you need to know about the stamp duty holiday extension and how it could affect you.

Stamp duty holiday extension: the details

Stamp duty land tax (SDLT) is a tax on the purchase of property or land in England and Northern Ireland.

Last year, many buyers took a financial hit because of the coronavirus pandemic and began reconsidering their options. In response, the government announced it would temporarily increase the nil-rate band (the amount at which tax becomes payable) to £500,000 until the end of March. This has now been extended to the end of June. After that, it will reduce to £250,000 until the end of September, when it returns the standard rate of £125,000.

How does this affect you?

The stamp duty holiday has boosted the property market as intended, but this has created delays in the purchase process. Through no fault of their own, many buyers have found themselves stuck, unsure whether their purchase would be completed in time to qualify for the stamp duty holiday. The extension has relieved pressure on these buyers and encouraged them to push ahead with their purchases.

For those buyers who don’t meet the initial deadline, the staggered return to the standard stamp duty rate ensures they won’t run off a cliff-edge at the end of June. Providing they complete their purchase before the end of September, they still stand to make a significant saving.

If you have a house for sale Salford based Mistoria Estate Agents can help

Whilst the stamp duty holiday extension has eased the pressure on buyers, a swift, hassle-free sale is still essential to ensure you make the maximum saving. Mistoria Estate Agents is a professional letting service with many high-quality, affordable properties in Salford and our team of experts will seamlessly guide you through the process. For more information, call us on 0800 500 3015 or use the details on our contact page.

Posted on

Leasehold vs Freehold: What’s the Difference?

broughton estate agency

Purchasing a house is one of the most complicated and stressful events most people will go through in their lives. Often, the really important details get overlooked, as you focus on the big things like securing a mortgage. But at Mistoria, we pride ourselves on being proactive and making sure even the smallest details are taken care of.  

In recent years, you may have heard of the ‘Leasehold Scandal’. People buying properties did not realise at the time of purchase what they were letting themselves in for and did not fully understand the contracts they had signed.  But what is a leasehold and how does it differ from a freehold? Read this blog post to find out.  

Leasehold vs Freehold

In British law, there are two different forms of home ownership; freehold and leasehold. A freehold is what you’d probably expect when you purchase a house – once you’ve signed on the dotted line, all of the property is yours. This should always be the preferred option and if you purchase such a property, unsurprisingly you will not be affected by the leasehold scandal. 

If you’re in the process of purchasing a leasehold property then you are essentially buying permission to occupy that property for a set number of years, usually a very extended period far beyond the life of the building itself. However, wew build properties on new estates seem to be increasingly providing only very short leasehold periods, causing problems for potential homeowners. 

Leaseholds may sound like a form of rent (and some do argue it is); traditionally leasehold rents are for a very long time, usually between 100 to 999 years, but the freeholder still has some responsibility for maintaining public areas around the property. So, for example, if you buy a leasehold flat the freeholder may be responsible for maintaining the staircases and lifts; typically the maintenance comes with a small additional fee.

On top of maintenance fees, the leaseholder also usually pays a ‘ground rent’ – literally a rent on the land the property is built on. It’s these payable rents where the scandal has broken out. For a long time, the rents were usually very small; some people would pay an annual ground rent of £1 a year and this is still very common.

But recently, some property builders have been discovering the law around leasehold is very complicated and massively in the favour of the freeholder, giving them leeway to increase ground rents without any say by the leaseholder.

In return, this has meant people are now paying attention to the fact their property is leasehold and discovering how this may impact them.

Check with Mistoria and we can advise

So, if you’re buying a house what should you do? Firstly there is no need to panic. It is worth noting that the vast majority of people who live in leasehold properties have not been affected by the scandal.

Nevertheless, make absolutely sure you know what you’re buying, check with us and we can advise you of the leasehold status of the property you are considering. Secondly, if it is a leasehold, ask for a copy of the lease and get it checked over by a lawyer that knows the area well. As a rule of thumb, any lease that is less than 80 years can start to significantly affect the value of the house, but it all depends on what is in the contract.

If you do buy a leasehold, it is often possible to buy out the leasehold at an additional charge and become the freeholder. Do this as soon as possible; the owners may be willing to sell it for just a few thousand pounds.

Property law in Britain is very old, some of the stories coming out of the leasehold scandal date the ownership of the land back to the 1600s which all means it is intensely complicated and hard to understand. However, the scandal hasn’t gone unnoticed by the government, and there have been promises of an inquiry. Whatever the results of this inquest are, there is enough political will in parliament for some significant change, although what and when that change will come into force is anyone’s guess.

If you have any questions, please do not hesitate to contact the team at Broughton estate agency, Mistoria, on 0800 500 3015. 

We are members of ARLA and NAEA Propertymark which means we meet higher industry standards than the law demands. Our experts undertake regular training to ensure they are up to date with best practice and complex legislative changes so they can offer you the best advice. We are also backed by a Client Money Protection scheme which guarantees your money is protected.

Posted on

Cross section of properties available

Salford Properties For Sale

Introduction To Salford

Salford properties and the surrounding area offers everything to any single person or family unit; a business person, a family with either young or teenage children or couples wishing to start their new and exciting life together. Below is an overview of properties in Salford and this cross section of current properties for sale in Salford proves the fluidity and full lifestyle that this area offers.When searching for Salford houses for sale it is important to keep in mind that with the great tram, train and bus links, the whole of the UK is at your fingertips; when you reside in any of the available Salford properties, the bustling city of Manchester is only a small commute away.As well as the well established professional community in Salford, there are a wealth of beautiful green areas to enjoy either with your family or for a peaceful Sunday morning stroll alone. Salford offers fun for both ends of the scale by going from the green parks to the large cinema complexes and a wide variety of restaurants; The Salford Quays are definitely the place to be for a great night out with friends or for a first date.

The sizes and prices of properties in Salford range from multi-million pound abodes right through to a starter one bedroom flat; you simply need to decide which style of property will suit you and your needs and then use the contact details below for a overview of properties in Salford and to find your perfect new home.

Cross section of current properties for sale in Salford with links;

1. 1,460,000; http://www.primelocation.com/for-sale/details/37030422?search_identifier=1390e996ca8b68ed232da9ba5e808f55#7uKEOz5dS31sKGGe.97

2. £1,300,000; http://www.rightmove.co.uk/property-for-sale/property-37138002.html

3. £950,000; http://www.rightmove.co.uk/property-for-sale/property-51695888.html/svr/1710;jsessionid=3DE106CB444EE238C234A18105FD6F33

4. £825,000; http://www.rightmove.co.uk/property-for-sale/property-31584009.html?premiumA=true

5. £550,000; http://www.primelocation.com/for-sale/details/32114551?search_identifier=1390e996ca8b68ed232da9ba5e808f55#XiLHpTbjQLCCvk7S.97

6. £270,000; http://www.zoopla.co.uk/for-sale/details/39389176?weekly_featured=1&utm_content=featured_listing#jyLGAWzlRw73tZIr.97

7. £180,000; https://www.reedsrains.co.uk/property/house-for-sale-fitzwarren-street-salford-m6-id-200819661/search

8. £170,000; http://www.zoopla.co.uk/for-sale/details/39147799?featured=1&utm_content=featured_listing#j6GuUKF6yldApgIT.97

9. £110,000; http://www.zoopla.co.uk/new-homes/details/39436287?search_identifier=b0cef2e53fd655e8d1fcba2483998fd6#qboEG1U11QrcylAd.97

Visit Mistoria Estate Agents For A Wealth of Current Salford Houses for Sale

By following the contact information below you can visit Mistoria Estate Agents for a comprehensive list of beautiful Salford houses for sale. They can guide you to the perfect property for you and your personal situation.

Address:
Mistoria House,
10 Broughton Rd,
Salford,
Lancashire M6 6LS

Phone:
0800 500 3015

Website:
https://www.mistoriaestateagents.co.uk/salford/

Posted on

Increasing Sales in the Salford Area, Driven by the Increasing Success of Salford University attracting Worldwide Talent and Development

Salford’s popularity as one of the most cutting edge cities of the North West continues with yet another year of growth coming to its world-class university…

Every year, Salford welcomes the brightest and most diverse range of students who have chosen its university as their number one choice to study for a number of years. 2015 is no exception, and Mistoria Estate Agents have been able to report on the positive trends that are following the thriving city’s student culture in the residential sales sector. There are increasing sales in the Salford area with many students, graduates and families seeking to join the modern urban lifestyle that can’t be found elsewhere in the UK today.

What makes Salford buyers first choice? 

Salford isn’t just home to an additional 20,000 students in 2015. It’s also attracting families, businesses and as a result major investment. This investment can be enjoyed by all, as it’s essential infrastructure such as transport links – making the city accessible to all, keeping down traffic and congestion as well as offering residential occupants great ways to get about with variety from public transport networks to private transport facilities such as modern carparks with 24/7 security and lighting or rail connections offering fast, efficient services to all over the country. Salford has also attracted a wealth of former London offices and operations such as the BBC Media City at Salford Quays and many other TV network studios showing that large companies have seen the potential in Salford in recent times. Responsible for residential sales too are the great amenities Salford offers its tenants. The Trafford Centre is one of the UKs leading shopping destinations and is located very close to Salford granting world class shopping opportunities at their doorsteps. These are just a few of the biggest attractions students, families and businesses are coming to Salford for, and it’s been driving down the average price of family home down too as any estate agency in Salford is all but too aware of the situation!

How is this affecting the average price of family home?

The average price of family home in Salford is becoming more affordable as many developers and estate agency Salford such as the leaders at Mistoria Estate Agents are realising that they can offer more affordable and attractive accommodation to all of the groups that are flocking to Salford right now. All of the development by businesses and investment in Salford University is bringing an abundance of opportunity for students to learn and enjoy the city as well as long term prosperity to families who want to live the modern urban lifestyle. Residential sales in Salford are through the roof! The population is now approximately 230,000 and continues to grow due to increasing numbers of business employees seeking a second home and often attracting their families too. Why not find out for yourself what Salford can offer you.  With so much of the population contributing to its success as a residential haven offering the amenities of a world-class city nearby, you can’t afford to miss the latest opportunities from Mistoria Estate Agents. Why not check out the latest property offerings now online and contact one of our advisors who are expertly trained and experienced in the Salford area in aid of serving you and addressing all of your questions on this unmissable city.