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What the Autumn Budget Means for First-Time Home Buyers in the UK

By George Martin Limited,

Yesterday, the UK Parliament released the 2024 Autumn Budget. This budget is important for first-time home buyers. It includes updates that may change how easy or hard it is to buy your first home. If you’re planning to apply for a mortgage, make an offer, or exchange contracts soon, here’s how the budget changes could impact you.

What First-Time Buyers Need to Know

The Autumn Budget 2024, presented by the Office for Budget Responsibility (OBR), included changes that aim to help people buying a home for the first time. 

Some of these changes may lower your costs, while others could mean more expenses. Knowing what’s new can help you make the best decisions during your buying process.

Rising Fuel Duty and Its Impact on Home Buyers

This year’s budget includes a small rise in fuel duty, which might increase everyday costs like commuting and home energy bills. While fuel duty won’t directly affect your mortgage, it could make monthly expenses higher.

If you’re buying a home soon, it’s good to think about these extra costs when planning your budget.

Tax Changes and National Insurance Contributions

There are also new tax changes to consider. Small increases in national insurance contributions may mean a bit less in take-home pay.

Also, income tax will change in April 2025, which could impact your ability to save for a deposit or keep up with mortgage payments.

If you’re close to applying for a mortgage, try to look at your budget under these new tax rates.

Business Rates and Building Insurance

The budget has also raised business rates, which applies to shops and offices rather than homes. However, these rates can impact the area’s property values, so if businesses in your area are affected, house prices might shift over time. Building insurance, while not directly mentioned in the budget, is another essential cost for first-time buyers.

It’s wise to research building insurance policies early to keep this cost manageable.

Public Services, Mortgage Help, and Licensed Conveyancers

Extra funds are going to public services, which can make neighborhoods with strong services and amenities more attractive for buyers. 

Improved infrastructure and public services can increase property values in the long run.

The government might also provide more support options for mortgage applications, giving first-time buyers extra resources to find the right mortgage. And as always, a licensed conveyancer can make the buying process easier by handling legal paperwork, guiding you through exchange dates, and helping you with completion dates.

Moving Forward as a First-Time Buyer

Here are a few simple steps to keep in mind as you plan your home-buying journey:

  1. Review Your Budget: Make sure to include possible tax and insurance costs in your monthly budget.
  2. Stay Updated on Mortgage Offers: Check for new mortgage options, as lenders may offer better deals based on the budget changes.
  1. Consult with a Conveyancer: They can help with contracts, completion dates, and any legal questions.
  2. Research Local Markets: Knowing local trends in property prices and business rates can help you decide where to buy.
CategoriesResidential

Debunking Common Myths About New Build Homes

By George Martin Limited,

When it comes to buying a new build home, there’s a lot of noise out there. You’ve heard the whispers from well-meaning family members or that friendly chat with your local agent. “New build homes aren’t good quality,” they say, or “You’ll end up paying more in the long run.”

But guess what? These are just myths – fairy tales, if you will – that have been spun so many times, they might as well be myths and legends. So, let’s dive into the truth and start debunking some of the most common new build home myths.

New Build Homes Are More Expensive in the Long Run

One of the most persistent myths about new build homes is that they’ll cost you more over time than an older home. Now, let’s deconstruct that bit of fiction. Sure, the price of a new home might be higher at first. However, when you consider the overall savings, you will see that a new home is a better choice.

For starters, new build homes are typically far more energy efficient than their older counterparts. With better insulation, double glazing, and modern heating systems, new homes often come with higher EPC ratings, meaning you’ll spend less on energy bills. While an older home might charm you with its character, its inefficient construction could leave you paying more in the long term.

And let’s not forget about the ongoing costs of maintenance. An older home might need constant TLC – from roof repairs to plumbing issues. With a new build, you’re less likely to face these problems, and most developers, like us at George Martin LTD, offer warranties to give you peace of mind.

New Builds Aren’t Good Quality

This is a big one, isn’t it? People often think that new build homes are rushed, with shoddy workmanship. But here’s the truth – construction standards today are higher than ever. Developers are subject to stringent regulations and inspections, ensuring your new home is built to last.

Let’s face it – nobody wants to feel like their dream home got thrown together faster than a sandcastle in the rain. That’s why reputable developers like us make sure each brick, pipe, and tile is placed with precision. 

Estate Agent Fees Are the Same for New Builds as Older Homes

Here’s a pleasant surprise for you – when buying a new build home, you may not even need to deal with those pesky estate agent fees! Many developers sell directly, meaning you could avoid paying the fees that come with buying through an estate agent.

You can browse our homes for sale and buy directly from us without the middleman, making the process smoother and potentially more cost-effective.

It’s Hard to Find a Good New Build Home in the UK

The idea that new homes are hard to come by is simply not true. The UK housing market is bustling, and if you hop onto any website with homes for sale, you’ll see plenty of new builds to choose from. Whether you’re in Great Britain or Northern Ireland, there’s something out there for everyone.

So, why not start your journey today? With so many new homes to choose from, you’re bound to find your perfect match – just like in the fairy tales, but without the dragons and dungeons.

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CategoriesResidential

What is Interest Rate and What Will I Pay?

By George Martin Limited,

When you’re looking at new build homes, whether it’s your first time or you’re an experienced buyer, one term you’ll hear a lot is “interest rate.” But what exactly is an interest rate, and how does it impact what you pay each month?

What Are Interest Rates and How Do They Work?

In simple terms, an interest rate is the cost of borrowing money. When you take out a mortgage or any personal loan, you’re not just paying back the amount you borrowed (called the principal); you’re also paying interest, which is a percentage of the loan. The interest is essentially the fee lenders charge for lending you the money.

For example, if you’re buying a new home and take out a mortgage of £200,000, the interest rate on that loan determines how much extra you pay on top of the £200,000. Over time, that can add up, so even a small change in interest rates can make a big difference in your monthly repayments.

What Factors Impact Your Mortgage Payments?

Interest rates can vary depending on a few key factors. One big influencer is inflation, which refers to the general rise in prices for goods and services, often measured by the Consumer Prices Index (CPI). When inflation goes up, interest rates tend to follow, making borrowing money more expensive. This means if you’re applying for a mortgage during a time when consumer prices are on the rise, you might have to pay more in interest.

Your credit score and credit history also play a significant role. If you have a strong credit score, lenders are more likely to offer you a lower interest rate, as you’re seen as less risky. On the other hand, if your credit history isn’t great, you might find yourself facing higher interest payments.

Inflation and Interest Rates: What’s the Connection?

Inflation is closely watched by the Financial Conduct Authority and central banks. They use interest rates as a tool to control inflation. If inflation is rising too fast, interest rates may be increased to help slow it down by making borrowing more expensive. On the other hand, when inflation is low, interest rates might be cut to encourage spending and borrowing.

Since August 2024, inflation has been one of the primary concerns for both new home buyers and builders like George Martin. Prices rise for everything from materials to energy, which has a knock-on effect on house prices and the amount you’ll need to borrow. As a developer, we aim to build homes that are energy-efficient, which helps lower costs for you in the long run. However, understanding how inflation affects your mortgage can help you plan better.

Other Costs to Consider

Aside from interest rates and inflation, there are other costs that come with buying a new home. Stamp duty is one of them. Depending on the price of your home and whether you’re a first-time buyer, you may need to pay stamp duty, which is a tax on property purchases.

Then there’s the question of your loan term. If you choose a longer-term mortgage, your monthly payments will be lower, but you’ll pay more interest overall. Shorter-term loans mean higher monthly repayments but less interest paid over time.

When it comes to interest rates and mortgages, there’s no one-size-fits-all answer to how much you’ll pay. It depends on a variety of factors, including your credit score, inflation, and even the energy efficiency of the home you’re buying. However, by understanding the basics of interest rates and how they work, you’ll be better prepared to make informed decisions.

At George Martin, we work to ensure that every home we build is not only beautiful but also designed with your financial well-being in mind. From energy-efficient builds to expert advice on navigating the financial aspects of home buying, we’re here to help you every step of the way.

CategoriesGuide Residential

Reducing shrinkage in your new home

By George Martin Limited,

Moving into a new home is an exciting time, but it can also come with a few unexpected challenges. One of the most common issues homeowners face, especially with new builds, is shrinkage.

Shrinkage refers to the small cracks that appear in walls and floors as your home settles. While shrinkage is a natural part of the process, it can lead to more significant problems if left unchecked. Here’s how you can reduce shrinkage in your new build and protect your investment in the long term.

What's the cause?

Shrinkage occurs as building materials like plaster, wood, and concrete dry out. This is especially common in newly built houses, where the materials are still relatively fresh. As they lose moisture, they shrink, which can result in cracks. Water plays a big role in this process, as excess moisture can lead to a variety of damp problems, including mould growth, condensation problems, and even black mould.

Understanding the causes is the first step to reducing shrinkage. Controlling the moisture in your home is essential for preventing damp issues that could escalate over time.

Damp and Shrinkage: A Troubling Duo

While shrinkage itself is a natural process, excessive damp or moisture can exacerbate the problem. Damp can come from a variety of sources, including ground water, poor ventilation, and condensation. In older homes, damp problems might already be present, but new builds can also experience them if preventative measures aren’t taken.

To keep shrinkage and damp under control, make sure your home has proper ventilation. Installing an extractor fan in key areas like kitchens and bathrooms can help. This will reduce the humidity levels and prevent condensation problems, which can cause damp or mould to develop.

How to Reduce Shrinkage in Your New Home

There are several strategies you can use to reduce shrinkage and its effects in your new home. Here are a few practical tips:

 

  1. Control Humidity: New build houses tend to have higher levels of moisture as they dry out. Using dehumidifiers can help speed up this process and reduce the chances of shrinkage. This is particularly important in areas like basements, where damp problems are more common.
  1. Ventilation is Key: Proper airflow is essential for preventing condensation problems. Keep your home well-ventilated, especially in rooms that tend to collect moisture, like bathrooms and kitchens. An extractor fan can help pull moisture out of the air and reduce damp issues.
  2. Address Damp Problems Early: If you notice signs of damp, such as mould growth, wet walls, or condensation on windows, take action immediately. Damp proofing your home and using moisture barriers can help prevent further damage. Keep an eye out for black mould, which can be harmful to your health and indicates a serious damp issue.
  3. Dry Clothes Outside: Drying clothes indoors can lead to an increase in humidity levels, contributing to damp and condensation problems. Whenever possible, dry clothes outside or use a tumble dryer that vents outside.
  4. Check for Water Leaks: Inspect your home for any potential leaks, especially in areas prone to damp, such as under sinks, near windows, or around the roof. Even a small leak can lead to significant moisture build-up and increase the risk of shrinkage.
  5. Regular Inspections: A new home will settle over time, and small cracks may appear as part of the shrinkage process. Regular inspections will help you identify any problem areas before they worsen. Keep an eye on walls and floors for any signs of shrinkage or damp.

The Bottom Line: Shrinkage and Loss Prevention

The retail industry often talks about “shrinkage” in terms of loss prevention. In homes, reducing shrinkage is also about loss prevention—but in this case, it’s about preventing the loss of structural integrity in your new build. By following these tips, you can help minimize shrinkage, reduce damp problems, and maintain the quality of your home.

Whether you’re a first-time buyer or moving into a new build, keeping an eye on moisture levels is crucial. With proper damp proofing, regular ventilation, and attention to potential problem areas, you can enjoy your new home without the worry of shrinkage or damp issues.

For many first-time buyers, investing in a new home is a significant milestone. The last thing you want is to face expensive repairs down the line due to shrinkage or damp issues. These problems can not only affect the structural integrity of your home but can also lead to mould growth and other health risks. Taking the time to address these concerns early on can save you a lot of stress and money.

When looking at homes for sale, consider asking about the builder’s process for dealing with shrinkage and damp prevention. Understanding how the home was constructed and what measures have been taken to reduce moisture can give you peace of mind.

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Phone

01268 919940

Email

admin@georgemartinltd.co.uk

Location

Basildon

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George Martin Limited 
West Mayne
Basildon
SS15 6RW

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George Martin Limited 2023
Registered office: Service House, West Mayne, Basildon, Essex SS15 6RW. A member of MJT Securities Ltd.
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