Cullen Property have seen a fantastic start to 2012 by letting 6 properties within just the last week!
All the properties were very competitively priced and we are delighted that the letting season has started so quickly and with such gusto!
If you would like information on our Landlord Services contact Susan@cullenproperty.com or alternatively, on our Investor Services contact Malcolm@cullenproperty.com or Steve@cullenproperty.com
Wednesday, 18 January 2012
Tuesday, 20 December 2011
Merry Christmas and a Prosperous New Year
Everyone here at Cullen Property wishes you a very Merry Christmas and Prosperous New Year!
All the best for 2012!
All the best for 2012!
Wednesday, 7 December 2011
Update on Tenancy Deposit Scheme
Scotland's Tenancy Deposit Scheme has moved a step closer to completion after it was announced that the consultation paper is available with a series of consultation events to take place in Edinburgh and Glasgow.
The Scottish Government announced that the consultation events are designed for stakeholders to listen to proposals from Letting Protection Scotland and SafeDeposits Scotland.
A representative from Cullen Property will be attending, however please see the attached link for further information on the events, as well as information on the proposed schemes.
http://www.scotland.gov.uk/Topics/Built-Environment/Housing/privaterent/government/SGTD1
We will continue to update using this blog on the outcome of the proposals.
The Scottish Government announced that the consultation events are designed for stakeholders to listen to proposals from Letting Protection Scotland and SafeDeposits Scotland.
A representative from Cullen Property will be attending, however please see the attached link for further information on the events, as well as information on the proposed schemes.
http://www.scotland.gov.uk/Topics/Built-Environment/Housing/privaterent/government/SGTD1
We will continue to update using this blog on the outcome of the proposals.
Tuesday, 22 November 2011
The Cullen Team is Growing
Cullen are pleased to announce the appointment of two new members of staff to join the existing team to help ensure the company can deliver a premier service to it's Landlords and tenants.
Alexa Wilson has joined to take up a new post of Reception/Property Administrator and will be the first point of contact for all incoming enquiries to the office. Alexa has worked in the Edinburgh property sector for seven years and has experience in both the letting and estate agency elements of the property industry.
Hana Petrie has also joined the Cullen ranks to increase the maintenance department and is also an experienced property professional. Hana has a building and estate management degree which will be put to good use as the maintenance dept continues to provide a first class service for both Landlords and Tenants.
They have both received a warm welcome from the rest of the Cullen team who wish them well in their respective new roles.
Alexa Wilson has joined to take up a new post of Reception/Property Administrator and will be the first point of contact for all incoming enquiries to the office. Alexa has worked in the Edinburgh property sector for seven years and has experience in both the letting and estate agency elements of the property industry.
Hana Petrie has also joined the Cullen ranks to increase the maintenance department and is also an experienced property professional. Hana has a building and estate management degree which will be put to good use as the maintenance dept continues to provide a first class service for both Landlords and Tenants.
They have both received a warm welcome from the rest of the Cullen team who wish them well in their respective new roles.
Wednesday, 16 November 2011
Are First Time Buyers poised to kick start the housing market?
The implosion of the mortgage market in the UK following the worldwide economic downturn after the collapse of Lehman Brothers in 2008 has meant that potential first time buyers have not been able to buy their first property due to the high deposit levels demanded by the lenders.
The lenders were as uncertain of the future economic trends as the rest of us so increased the deposit levels required to safeguard their own equity in a mortgaged property to ensure they’d get their money back if everything went wrong.
However, we now seem to have reached a plateau, or more accurately a plain, where everyone accepts that the economy will be flat for the next year or so, but is unlikely to collapse, and the slow growth will commence thereafter. Sir Mervyn King, Governor of the Bank of England has predicted this scenario in his recently released quarterly bulletin.
The lenders appear to have gained comfort from this and are now offering mortgages with much lower deposit levels, particularly to first time buyers. For example Lloyds TSB now have a product at 95% Loan to Value, at an interest rate of 3.94%, fixed until January 2015, with an arrangement fee of £1,094.00. (source: moneysupermarket.com)
On a property valued at, say, £150,000.00 the repayments on an interest only basis on the above mortgage would be £468.00 per month.
Most first time buyers who are renting because they can’t afford to buy are paying more than this for a rental property anyway and so they now have a motive to purchase instead. They have also been saying that they could afford the mortgage payments each month but few had saved the £60,000.00 (40% of £150,000.00) for the deposit being asked for by the lenders until just recently.
If the bottom end of the property market starts moving again then prices will start to rise again slightly and it will create a natural market stimulation upwards into the housing market as well.
If this is the case, then rents may adjust back down slightly in the smaller property sector of the rental market but the offset for landlords would be a return to some capital growth once again, albeit slowly for the next couple of years yet.
The lenders were as uncertain of the future economic trends as the rest of us so increased the deposit levels required to safeguard their own equity in a mortgaged property to ensure they’d get their money back if everything went wrong.
However, we now seem to have reached a plateau, or more accurately a plain, where everyone accepts that the economy will be flat for the next year or so, but is unlikely to collapse, and the slow growth will commence thereafter. Sir Mervyn King, Governor of the Bank of England has predicted this scenario in his recently released quarterly bulletin.
The lenders appear to have gained comfort from this and are now offering mortgages with much lower deposit levels, particularly to first time buyers. For example Lloyds TSB now have a product at 95% Loan to Value, at an interest rate of 3.94%, fixed until January 2015, with an arrangement fee of £1,094.00. (source: moneysupermarket.com)
On a property valued at, say, £150,000.00 the repayments on an interest only basis on the above mortgage would be £468.00 per month.
Most first time buyers who are renting because they can’t afford to buy are paying more than this for a rental property anyway and so they now have a motive to purchase instead. They have also been saying that they could afford the mortgage payments each month but few had saved the £60,000.00 (40% of £150,000.00) for the deposit being asked for by the lenders until just recently.
If the bottom end of the property market starts moving again then prices will start to rise again slightly and it will create a natural market stimulation upwards into the housing market as well.
If this is the case, then rents may adjust back down slightly in the smaller property sector of the rental market but the offset for landlords would be a return to some capital growth once again, albeit slowly for the next couple of years yet.
Friday, 11 November 2011
National Landlord Day
Cullen Property enjoyed another fantastic day taking part in exhibiting at the National Landlord Day at Dynamic Earth, organised by the Scottish Association of Landlords.
There were around 400 landlords attending the day, which featured guest speakers discussing the upcoming Tenancy Deposit Scheme, tax improvements for landlords, and the future of the lettings market in Scotland.
There were also a number of different exhibitors for landlords to meet and discuss services with, such as Jobs in Lettings, Bank of Scotland, TC Young, Alan Boswell Group and Fire Prevention Works Ltd, to name a few.
Cullen Property have attended the past four National Landlord Day's. The aim of the event is to bring together landlords in Scotland, for them to meet similar individuals and discuss the ups and downs of letting a property in Scotland.
We will be uploading photos shortly to let you see how it went.
There were around 400 landlords attending the day, which featured guest speakers discussing the upcoming Tenancy Deposit Scheme, tax improvements for landlords, and the future of the lettings market in Scotland.
There were also a number of different exhibitors for landlords to meet and discuss services with, such as Jobs in Lettings, Bank of Scotland, TC Young, Alan Boswell Group and Fire Prevention Works Ltd, to name a few.
Cullen Property have attended the past four National Landlord Day's. The aim of the event is to bring together landlords in Scotland, for them to meet similar individuals and discuss the ups and downs of letting a property in Scotland.
We will be uploading photos shortly to let you see how it went.
Friday, 28 October 2011
Tenancy Deposit Scheme Update - October
There has been little mention of this topic since it was launched a year ago by the Scottish Housing Minister, Alex Neil, at last year’s Scottish Association of Landlords annual conference.
The Tenancy Deposit Schemes (Scotland) Regulations 2011 became law on 7 March 2011. This law set out the requirements that any prospective scheme would need to meet in order for it to be approved by the Scottish government.
Once a scheme has been approved and is fully in place then all landlords and agents would need to move, within six months, any deposit funds already held into the scheme. Any new deposits taken would also need to be placed into the scheme within 30 days of the start of the tenancy.
To date, only three schemes have been presented to the government by companies looking to operate Tenancy Deposit Schemes in Scotland. One has only just been received, but the first two are currently being assessed and will then be given to ministers for review. This will then be followed by a consultation period of around six weeks during which time the terms of the scheme will be considered by all stakeholders who will be affected by the introduction of the schemes.
The findings of the consultation will then be analysed and recommendations given to ministers before a complete proposal can be presented for approval by the government.
This all takes time and it is likely to be spring 2012 before any scheme has actually been approved to the point where it can begin operating. The company would then need to set up their offices and systems before any funds could be placed under their control. This is likely to be in summer 2012.
This all assumes that the schemes will be able to work through the approval process and that the companies concerned will be willing to adopt any changes required by the government. Given that the profit from running such a scheme has to come from the bank interest received on the funds held, and taking into account that interest rates are at an all time low, then it could well be some time before we see any TDS up and running in Scotland.
Watch this space!
The Tenancy Deposit Schemes (Scotland) Regulations 2011 became law on 7 March 2011. This law set out the requirements that any prospective scheme would need to meet in order for it to be approved by the Scottish government.
Once a scheme has been approved and is fully in place then all landlords and agents would need to move, within six months, any deposit funds already held into the scheme. Any new deposits taken would also need to be placed into the scheme within 30 days of the start of the tenancy.
To date, only three schemes have been presented to the government by companies looking to operate Tenancy Deposit Schemes in Scotland. One has only just been received, but the first two are currently being assessed and will then be given to ministers for review. This will then be followed by a consultation period of around six weeks during which time the terms of the scheme will be considered by all stakeholders who will be affected by the introduction of the schemes.
The findings of the consultation will then be analysed and recommendations given to ministers before a complete proposal can be presented for approval by the government.
This all takes time and it is likely to be spring 2012 before any scheme has actually been approved to the point where it can begin operating. The company would then need to set up their offices and systems before any funds could be placed under their control. This is likely to be in summer 2012.
This all assumes that the schemes will be able to work through the approval process and that the companies concerned will be willing to adopt any changes required by the government. Given that the profit from running such a scheme has to come from the bank interest received on the funds held, and taking into account that interest rates are at an all time low, then it could well be some time before we see any TDS up and running in Scotland.
Watch this space!
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