What’s the deal for first time buyers?
The market has reached fever pitch and the outlook is complicated, so. . .
Thousands are racing to complete sales before next Wednesday’s stamp duty deadline which has created a frenzy in the property market. But many first-time buyers have been shut out from this stampede, as the temporary tax break has helped fuel a 10 per cent surge in property values over the past year.
In particular, prices have been pushed up in previously more affordable locations with poor transport links. home-working has turned these areas into what the lender santander calls the ‘ virtual commuter belt’.
But some stamp duty relief will remain until september 30 and, most importantly, lenders are no longer giving first-time buyers the cold-shoulder.
MORTGAGE MINEFIELD
ThE 95 per cent loans on which most firsttime buyers depend are now more available, thanks to the Government’s mortgage guarantee scheme, under which the state guarantees 20 per cent of the loan on a property of up to £600,000. Barclays, hsBC,
Lloyds, natWest, santander and Virgin Money are participating.
aneisha Beveridge, residential research director at hamptons, the estate agency, says: ‘In april, rates on these loans were high, but they are starting to come down now — which will help affordability.’
TAXING ISSUES
ThE stamp duty holiday continues on properties up to £250,000 until september 30. From July 1, first-time buyers in England and northern Ireland will pay no tax on the first £300,000 and 5 per cent on the slice of the purchase price between £300,001 and £500,000. a first-time buyer acquiring a property of £500,000-plus does not benefit; the tax kicks in at £125,000 as normal. different systems apply in scotland and Wales.
BANK OF MUM AND DAD
ThIs particular bank may be less generous this year, amid concerns about job losses among the over-50s. If your parents are worried about their pensions and you do not have a deposit, check out the Barclays springboard mortgage.
This allows you to use the savings of friends and family as security, if they amount to 10 per cent of your property’s price. These guarantors receive their money back after five years with interest. The rates on springboard loans range from 3.65 to 3.85 per cent.
LIFETIME ISAS
a LIFETIME Individual savings account ( Isa) can help accumulate that allimportant deposit. You can save up to £4,000 a year to which the Government adds 25 per cent meaning that you can receive £1,000. after a year, you can put the cash towards a property of up to £450,000. The app-based Moneybox account is the most popular ( moneyboxapp.com).
YOUR FIRST HOME
ThE Government’s First home scheme will allow you to obtain a 30 per cent discount on a new home in an area where you live or work. only homes of up to £250,000, or £420,000 in London, will be eligible and your household earnings must be below £80,000, or £90,000 in London. If you like the sound of this, curb your enthusiasm as the homes are not yet built.
HELP TO BUY
hELP to Buy covers new-build homes in England. If you have a 5 per cent deposit and can arrange a mortgage, you can get an equity loan from the Government covering 20 per cent ( 40 per cent in London) of the price. You do not pay
interest on this for the first five years.
SHARED OWNERSHIP
shaREd ownership permits you to buy or borrow to acquire a share in a home and pay a subsidised rent on the rest, with the aim of ‘ staircasing’, that is increasing your share every year until you are the outright owner. The outlay is modest but maintenance fees are payable.
ANNE ASHWORTH
THERE was a time when comparing one’s home to a granny’s would have been taken with huge offence. But kitschy rooms filled with fussy prints, patterned wallpapers and clashing furnishings are now de rigueur. The term ‘granny chic’ has even been coined. More is definitely more with this trend and top designers are getting in on the act.
‘During lockdown, people wanted to feel the security of fun-loving interiors and playful shapes and sought happiness in the way of furniture and interiors,’ says Jacquie Dunton, founder of Sweetpea & Willow furniture store. ‘And reminiscing about the past makes us feel good. We all remember tasselled cushions, floral curtains and carpets and rattan furniture in our grandparents’ homes.’
It can be a tricky one to get right, so here’s the difference between granny chic and plain grannyish . . .
CLASH CAREFULLY
THE white furnishing and straight lines which have modestly dressed our homes for decades are no more. Now designers are looking to clutter rooms with bold floral prints, quaint knick-knacks and eclectic collections of deliberately mismatched items which suggest a penchant for collecting and travel. Even IKEA, which famously told Britons to ‘chuck out the chintz’ in the 1990s, is bringing back floral print. But clashing must be done with caution.
To avoid ending up with a jumbled nightmare, make sure your pieces don’t all clash completely.
Select items with at least one compatible design element, be that colour, design or pattern. For example, a fussy floral print sofa can hold wildly different printed cushions, as long as one colour features in each item to hold the look together.
EMBRACE ORNAMENTS
WHILE you may once have poked fun at grandma’s rattan conservatory set, the trusty material is now the hottest trend in indoor and outdoor furniture.
‘Rattan adds texture and warmth and can be used for seating, chests of drawers, lighting and even headboards,’ says Jacquie Dunton. ‘ But don’t go too wild, use it as an accent piece in a room.’
Wayfair’s Bethesda armchair and footstool would work brilliantly in the corner of a room with couple of patterned cushions plopped on top (£459.99, wayfair. co.uk), while La Redoute’s Madalina coffee table would look the part on top of a colourful Berber rug (£150, laredoute.co.uk).
Granny’s favourite fringe-trimmed armchairs, cushions and accessories are also being mass produced by high street names. Oliver Bonas has dozens of tasselled products, including a Sol Tassel wall hanging in gold, orange and pink tones (£17) and Palm Print and Velvet cushion in pink and blue with clashing orange tassels (£24, oliverbonas.com)
Lighting is important, too. Dark corners should be lit up with flouncy lampshades on cloth- covered side tables, while tall brass floor lamps should be placed next to comfy sofas and armchairs. Soho Home’s Halsted Banker’s floor lamp is a charming take on a traditional library lamp (£225, sohohome.com). For a budget-friendly option, Dunelm’s Reeded Antique Brass floor lamp is a steal at £55 ( dunelm.com).
SHOP FOR ANTIQUES
WHEN shopping for furniture, antiques are a must. The dark, weathered wood that often makes up vintage pieces gives a room (and you) a sophisticated look.
If you’re not one of the fortunate ones to have inherited dozens of antique gems from past generations, there are places where you can find remarkable antiques that will become heirlooms.
Vinterior, an online marketplace which buys and sells vintage and antique furniture, has thousands of unique pieces on offer at any one time. Highlights on sale include a smart mid-century Uniflex chest of drawers for £462.47 and a charming walnut cabinet with curved edges for £921.85 ( vinterior.com).
When it comes to dressing your furniture, deck out your tables and shelves with antique vases filled with fresh blooms, tall brass candles and decorative objects from different eras and countries.
WOW WITH WALLPAPER
THE granny chic look isn’t complete without some element of wallpaper.
Colourful floral or toile prints are most fitting and are best spread over one feature wall. World Of Wallpaper’s Portofino vintage rose print, with its distressed pink and charcoal tones, will add character to any living space with a dusty pink sofa and a few rattan chairs placed in front (£10.99 per metre, worldofwallpaper.com).
For a more subtle look, go for Anna French’s Antilles Toile, which has a whimsical design featuring tropical animals and plants in a blue and white palette (£65.62 per metre, janeclayton.co.uk).