Greenford Flats & Houses For Sale & Rent

First Time Property Buyers News: Lack of housing stock is keep house prices up

2012-01-23T03:15:00.000-08:00

House prices will remain high because not enough new properties are being built, it has been claimed.

The National Housing Building Council (NHBC) believes the nation’s growing population and a lack of mortgage availability is causing a housing shortage, which might be good for people who are equity rich, but is crippling the hopes of first-time buyers.

Richard Tamayo, commercial director of the NHBC, said that the problem could helped by more new homes being constructed but revealed that 45 per cent less are being built now than in 2008.

"Even four years ago, we were not building enough homes to meet the needs of the growing UK population,” he stated.

“The dream and inspiration of home ownership amongst the younger population is moving further and further out of their reach.”

The government recently claimed that its £420 million Get Britain Building scheme will see around 16,000 new properties come onto the market and create somewhere in the region of 30,000 new jobs.

First Time Property Buyers News

NAEA News: 2012 will see gradual housing market recovery

2011-12-21T08:45:00.000-08:00

The UK housing market will see a gradual recovery during 2012, according to the National Association of Estate Agents (NAEA)NAEA chief executive Peter Bolton King said 2012 believes that some people have been quick to be overly gloomy about the housing sector’s prospects in the next 12 months but was also keen to stress that, in contrast, things won’t blossom overnight either.

Indeed, he feels that home purchases will be at similar levels to this year but house values will increase on a gradual basis.However, he feels that lenders need to do more to drive the market for first time buyers as currently a lack of available finance means that people are finding it increasingly difficult to get a foot on the property ladder.

"Next year will see a continued lending barrier facing those entering the housing market for the first time, with major lenders sticking to tight mortgage policies,” Mr Bolton King stated.“Clearly, when the Stamp Duty holiday disappears in the second quarter of 2012 it will become even more difficult for first time buyers to access the market."

He also believes that regional variations will lead to what he terms ‘micro-markets’ across the country. This is where demand for property in some districts maintains a healthy market but creates a division from lesser desirable areas, which are left behind.

He added: "Pressure for housing will increase in London and the South East throughout 2012. The top end of this market will also remain very resilient, and we believe that purchases from overseas investors will continue apace.

"Confidence in 2012 will be a key factor and this, to some extent, will be driven by the media." David Warren, senior sales negotiator at Paramount commented: “The West Hampstead housing market has been consistent since 2009 after the slow down at the end 2007/2008 and prices recovered fully in 2010. We have now seen prices raise by a further five per cent from the peak prices in August 2007.
"The local area is only affected slightly by the first time buyer Stamp Duty holiday as only studios and the odd one bedroom flat will get into this bracket but we can definitely see where the rest of the UK will suffer with no stamp duty holiday and FTB finding it hard to get deposits together and mortgages agreed”

Recently, the Building Societies Association (BSA) stated that consumer confidence is returning to the housing market and more people will be looking to purchase a property in next year than in 2011.

NAEA News

Property improvement, Investment and Return on Your Home

2011-12-19T01:56:00.000-08:00

When looking to get the best possible return on your property it is best to complement its existing features with small changes rather than embark on a huge regeneration project.

Elizabeth Weintraub, who writes for About.com's Home Buying Guide, believes that adding value to a home is in all the smaller details rather than the costly and time consuming improvements many people take on.

"In terms of adding value - don't renovate," she said. "If you wouldn't make a renovation when you were planning to stay in the home, don't do it when you plan to move."

She said that adding some pounds to your property's value could be as simple as giving the place a lick of paint or buying new rugs and towels for the bathroom.

However, she said that if you do need to take on one large-scale project then it should be adding an extra bath or shower area to the house as another washing space always reflects well to potential purchasers.

Last month the National Home Improvement Council (NHIC) said that installing cavity wall insulation is a good way of adding to your home's value.

London House Price News

Rent Rises Fuelled By Cost of Upkeep and Demand

2011-12-15T04:40:00.000-08:00

Increased demand and the rising cost of maintaining property mean private tenants in the UK are likely to face a rise in rental rates this winter, it is claimed.

One in five of landlords also claim their arrears have increased compared with the previous quarter, according to BDRC Continental’s quarterly Landlords Panel research.

It found that almost half, 45%, have increased rents in the last 12 months, while over a third, 34%, said they are likely to do so in the next six months. Landlords cite the strength of demand and the increased cost of running a property portfolio as the main drivers for rent rises.

Young couples, singles and Local Housing Allowance (LHA) claimants are the groups potentially most likely to be hit by rent rises in the private rental sector. When asked which groups of tenant they let to, landlords indicated that young couples and young singles account for the greatest proportion of their tenants, while LHA could also likely to be affected, as 37% of landlords cater for this segment of the market.

The potential rent rises are predicted at a time when almost half of landlords have experienced rental arrears in the last three months and almost three quarters, 72%, of those who have sought possession of their rental property were driven to do so by rent arrears. Other reasons for seeking possession include anti social behaviour, which contributed to nearly half of possessions.

However, one third of landlords have never sought possession of their rental property and landlords wait an average of almost four months to obtain possession and pay £866 in legal fees alone.

Winter Preparation Tips for Landlords and Tenants

2011-11-24T08:05:00.000-08:00

Landlords are being reminded to make sure their properties and tenants are ready for the winter weather.

Burst pipes are a common problem, according to the National landlords Association (NLA), as tenants sometimes do not know how to shut off the heating system if leaving the home empty during the festive period.

The NLA says landlords should make sure tenants are shown how to shut off water to the property or how to set the heating system thermostat to prevent pipes from freezing.

Then tenants should be shown how central heating systems work and where the gas boiler is located, along with where the emergency gas shut off valve is located.

The NLA is also encouraging landlords to make energy improvements to their properties.
Tips include:

The loft insulation should be a minimum depth of 270mm to stop heat loss through the ceiling.
Install cavity wall and floor insulation to stop heat escaping where possible.
Fit lagging to hot water pipes and tanks to reduce heat loss and stop pipes from freezing.
Draft-proof the property by filling gaps between floorboards and skirting boards.

David Salusbury, the NLA’s chairman, commented: “It’s important that tenants know how the heating system works in their property.

Barclays Buy to Let Mortgages

2011-11-08T02:39:00.000-08:00

Barclays is the latest lender to show there is plenty of life in the buy to let market.

Through its Woolwich subsidiary, the banks as increased its mortgage range for property investors from 60 per cent LTV to 75 per cent LTV.

The 75 per cent LTV range includes a 4.39 per cent fixed rate for two years, a lifetime tracker at 3.49 per cent above the current base rate of 0.5 per cent, and a five-year fixed rate at 4.99 per cent.

Andy Gray, head of mortgages for Barclays, said: “We’ve also seen increased appetite from investors looking to remortgage. As one of the UK’s largest lenders we recognise the importance of supporting this market further.” The minimum loan available at 75 per cent LTV is £50,000, while the maximum is £1 million.

Complete FS, a mortgage packager, recently showed their commitment to the buy to let market by joining forces with the Kent Reliance to offer products up to 85 per cent LTV.

Buy to Let Investment News

Estate Agent Enquiries Rose in September

2011-11-01T08:04:00.000-07:00

Demand for residential property reached its highest level since 2007 last month, according to the latest housing report from the National Association of Estate Agents (NAEA).

On average estate agencies had 308 people contact them looking for property, up from 304 in August and the highest level in four years.The number of houses available for sale per estate agency branch also increased, rising from 65 in August to 72 in last month, but sales remained static at eight per branch.

However, the number of sales to first-time buyers rose from 20 per cent to 22 per cent, but the NAEA are keen to point that the figures vary wildly across the country.

Wendy Evans-Scott, president of the NAEA, said: “The number of first-time buyers on the market has increased slightly over the course of the month, but our agents are reporting widespread regional variation. Lending still remains a real barrier to homeownership for this part of the market.”

Despite the increase in the number of first-time buyers finding their first step onto the property ladder, Labour MP George Mudie recently said that lenders and the Financial Services Authority (FSA) needed to do more to help drive the market.

First Time Property Buyers News

International Residential Property Awards 2011

2011-10-21T05:34:00.000-07:00

Leading estate agents from across the length and breadth of the United Kingdom have been notified that they have become shortlisted in the region’s most prestigious property competition in association with Google and Bloomberg Television. Paramount Lettings Limited is delighted to learn that it is one of the finalists that may win a highly commended or five-star award.

The gala awards presentation will take place on October 28th at the London Lancaster hotel near Hyde Park. The event is part of the International Property Awards, which is now in its 17th year and has become recognised as the highest standard of excellence throughout the global industry. Attaining one of these coveted awards is evidence that Paramount Lettings Limited is capable of excelling over some very strong contenders within the highly competitive UK property arena.

Later this year, the highest scoring winners from the UK Property Awards will compete against other winning companies from Asia Pacific, Africa, Arabia, the Americas and Europe to determine the ultimate World’s Best in each category.

The judging panel consists of more than 80 professionals whose collective knowledge of the property industry is unsurpassed by any other property awards. This year’s judges include James Bacon, UK account manager of Google; Peter Bolton King, group chief executive of the National Federation of Property professionals; David Dalby of the Royal Institute of Chartered Surveyors (RICS); and Mike McNamara of the Royal Bank of Scotland (RBS).

Spencer Lawrence, Lettings Director of Paramount Lettings Limited said of the award, “We are very proud to be short listed for this prestigious award; I believe this is testament to our work ethic and our commitment to providing exceptional customer service.”

End of Tenancy Property Maintenance & Makeovers

2011-10-09T05:35:00.000-07:00

Pre Sale or End of Tenancy Property Maintenance & Makeovers

Paramount Maintenance Sevices offers a pre sale or end of tenancy maintenance and makeover service with specialists covering all trades. Whether it is your own home or a number of properties you manage, our professional multi-skilled maintenance team can save you time, money and the need to hire a range of different building and maintenance contractors.

As our client, you will receive professional, yet friendly & courteous service. Your perception of our performance is always the reality and we will communicate with you frequently to meet your expectations. We believe first and last impressions count. This means we’ll turn up on time and clean up on the way out.

Follow the link for more information on Paramount's Property Maintenance Services

London Property Investments Holds Its Value

2011-09-30T09:11:00.000-07:00

UK Property Investors seeking a potentially lucrative investment might wish to consider residential property in London, after it was revealed to have held its value in difficult circumstances, reports UK Business Property

London Central Portfolio has revealed that prices in the capital have risen in recent months, bucking the nationwide trend of declining values.

Indeed, some spots are particularly well off, with the boroughs of Kensington and Chelsea and the City of Westminster enjoying property price hikes of 26 per cent since February 2009.

"The world's super rich are viewing prime London residential property in much the same way as they do gold and there is limited supply of both," stated Naomi Heaton, chief executive officer at the organisation.

She added that there is significant demand from buyers in Hong Kong, Malaysia, Singapore, the Middle East and India.

Savills recently named London as one of ten worldwide locations that are particularly popular with billionaire property investors.

First time Buyers Confidence Increases

2011-09-08T01:18:00.000-07:00

An increasing number of first time property buyers are looking to enter the market, new research has revealed.

According to independent financial advisers unbiased.co.uk, searches for first time mortgage advice reached 41 per cent in August 2011.

This finding was part of the company's Advice Drivers report, which also found that first time buyer enquiries reached a 16-month high. Searches reached 38 per cent in July.

Karen Barret, chief executive of unbiased.co.uk, said: "Our latest figures reveal that enquiries for first time buyer advice reached a new high in August, suggesting real momentum in the first time buyer market and a real consumer drive for mortgage advice.

"This new market confidence has been fuelled by the continuing fall in house prices and mortgage rates since 2008."

She added that it is encouraging to see that first time buyers are seeking out mortgage advice from the whole of the market, as it means they have a good overview of all the products available to them.

First Time Property Buyers News

Government Plans for First Time Buyers Underwhelming

2011-06-23T09:50:00.000-07:00

Government plans to help out first time property buyers by way of a new FirstBuy scheme have been described as "window dressing for the gullible".

Paul Holmes, chief executive of Firstrung, commented: "Their [the government's] preoccupation is to stimulate new house sales, not to help first-time buyers. There is absolutely no point in a first-time buyer getting assistance on an overpriced property."

He argued that the initiative is a "complete shambles" and that "the coalition should be ashamed of putting their name to it".

Mr Holmes noted that the best thing for first time buyers to do is to wait for a bargain, or else select property in need of restoration and do it up themselves.
His comments come after the government announced its FirstBuy project would help first timers get onto the property ladder by offering help with deposits on new build properties.

First Time Property Buyers News

First Time Property Buyers News: Capping UK mortgage lending 'is ridiculous'

2011-06-05T08:04:00.000-07:00

First time buyers may face an even harder struggle to secure UK mortgage lending if proposals put forward by the Institute for Public Policy Research (IPPR) are implemented.

This is the opinion of Catherine Hearnden, director at Mymortgagedirect, who said plans to cap UK mortgage offers at three and a half times household income are "ridiculous" as every household has different expenditure.

"To some people, three and a half times £80,000 [income] could be £80,000 on one person, and with somebody else it could be £40,000 each. Affordability calculators are the way that you should asses the affordability on a mortgage, not a set limit of three and a half times [income] because some people can afford more," she advised.

Ms Hearnden conceded that the IPPR's suggestion to cap mortgages at 90 per cent loan to value is "not necessarily a bad thing" as long as there are still schemes in place to help first time property buyers.

First Time Property Buyers News

Local Housing Allowance Payments to Landlords

2011-06-01T05:31:00.000-07:00

The RLA has provided guidance to the changes in Local Housing Allowance; From 1st April 2011 local authorities have a discretion to make payments direct to the landlord where they consider that it will assist the claimant in securing or retaining a tenancy. For these purposes, for a tenancy to be secured or retained the rent must be affordable for the tenant. This is intended to be a temporary provision anyway.

The rent should be at a level which is affordable to the tenant. In most cases this will be the LHA rate which applies to the benefit claimant and on which their rent is based. Even if the tenant pays slightly more than the LHA rate this will qualify so long as they have other resources to pay the rent from.

For existing tenants the local authority will need to see that there is a genuine reduction in the rent charge. In most cases this will need to be a reduction to the relevant LHA rate for the property.

If it is a new tenancy the local authority has to be satisfied that the rent has been reduced and is affordable or, alternatively, the letting would not have been made without direct payments as well as the rent charge being affordable.

Where a landlord routinely lets to housing benefit claimants already at affordable rents without direct payments LHA will continue to be paid direct to the tenant.

It is important to note that it is not the Government’s intention that this new rule will be used to make payments to landlords as a matter of routine. It has to be shown that direct payments are needed to persuade the landlord to reduce the rent so as to obtain a tenancy in the first place or to retain an existing tenant.

Rents Rise as New Build Demand Grows

2011-05-26T05:29:00.000-07:00

The number of new build properties that began construction in the first quarter of 2011 stood at 29,140, government figures show.

Vernon Pethard, managing director at New Homes for Sale, said this is "great news" and should lead to a jump in new home sales reservations this year.

"Buyer demand is clearly there," he noted, citing increasing numbers of visitors to his site in the search for new build properties.

However, Mr Pethard pointed out that the government must do more to help house builders construct more homes.

"Despite the recent increase in supply, there are still nowhere near enough new homes coming onto the market, which is placing upward pressure on property prices across parts of the country, preventing many would-be first time buyers from buying a new home."

This is resulting in more people "being forced" into renting, which pushes rents up higher while social housing waiting lists are "soaring".

New Build Development News

Refurbishment of Empty Properties Encouraged By Government Plans

2011-05-19T02:30:00.000-07:00

Government plans to bring more empty properties back into use have been welcomed by a charity, those with properties suitable for redevelopment might have heard.David Ireland, chief executive of Empty Homes, said communities minister Andrew Stunell's comments about the number of long-term empty homes being "a scandal" are encouraging.

"More encouraging than that is that they are actually doing things [about the number of empty homes], which is great," he noted.Initiatives such as the new homes bonus, which incentivises councils to build more new properties, have been extended to include rewards for local authorities which manage to bring unoccupied homes back into use.

"There is a real incentive for councils to get this done because it not only provides homes; it actually provides an income stream for them as well. These are very encouraging times," Mr Ireland added.

Mr Stunell this week (May 16th) said around 700,000 more people could have a home of their own if the 300,000 empty properties in the country were filled with average sized families.

Property Repossession News

Property Refurbishment Cost Effective in Current Market

2011-05-19T02:10:00.000-07:00

Landowners who have earmarked their investment as a property in need of restoration could be carrying out a "highly profitable manoeuvre", according to Build It magazine.

Anna-Marie DeSouza, editor of the publication, noted: "If you are investing in your property to make it more habitable or boosting its size for your own future use, this is a far more cost effective option than selling your house and purchasing a new property in the current market."

She explained that making improvements to properties needing modernisation in order to raise their value is a "savvy move", but insisted that homeowners should ensure the amount they are investing can be sufficiently recouped when the abode is sold.

Ms DeSouza's comments follow research from FrogTape showing that over half (54 per cent) of males admit to cutting corners while decorating their homes, while a fifth have botched a DIY task to the extent where they had had to call in outside help to fix it.

Property Repossession News

Estate Agents Report Increase in New Registrations

2011-04-20T05:33:00.000-07:00

More people might have been looking for flats and houses for sale in Queen Park, London, and other parts of the country last month, according to research.Figures published by the National Association of Estate Agents highlighted an increase in the number of individuals searching for new homes in March, rising from an average of 268 new registrations per estate agency branch in February to 290 last month.

First time property buyers fell slightly in the same period, with the percentage of sales to such buyers decreasing from a quarter of the market share to 23 per cent.

President of the association Michael Jones commented: "We are very pleased to see that the market has remained relatively stable despite the continued economic pressures that are making life very difficult for homeowners and those looking to enter the property market.

"The significant growth in demand for homes reported by our agents suggests that house-hunters are searching for a good deal on property before the traditional spike in activity over the Easter holidays," he added.

London Estate Agents News

Greenford Local Services

2011-04-10T08:47:00.000-07:00

When moving into an area there are a number of local services you need to know about. Below you can access local authority information and services; we have chosen the most frequently asked information. Just put in your postcode and find out information on;

Bin Collection, Council Tax, Parking Permits, Recycling centres,Electoral roll registration, School and Term Dates and your local councillor for your new area.

London Property News

CENSUS ALERT – FOR UNOCCUPIED AND HOLIDAY PROPERTIES

2011-04-07T05:02:00.000-07:00

Have you got an empty let? Then don’t forget … you need to fill in the census form for that property on Sunday 27th March. This is a legal requirement.

The property owner needs to fill in the form - either the paper version or online - for any unoccupied rented property. The sections that need to be completed are;
H1 (tick the last box in the list)
H4 (tick the last box in the list)
H7 to H11

Do you own a holiday property?

If it has been unoccupied for more than six months - you should not complete the census form

If it has been occupied at any time in the last six months but is not occupied on March 27th you should complete sections H1 to H11, optionally leaving H2, 3 and 6 blank.

If it is occupied on March 27th - you should complete H1, H4, H7 to H11 and then the names of the occupants in the “Visitors” section on the back page 32.

Don’t forget to sign and date the form on the front.

RLA

Health & Safety News: Landlords 'must provide gas safety check record'

2011-03-30T06:39:00.000-07:00

Gas safety is one of the many health and safety issues for landlords to consider.
A Health and Safety Executive (HSE) investigation into a landlord in Portsmouth has led to a large fine because he failed to provide a Gas Safety Check Record for more than two years and breached the Gas Safety (Installation & Use) Regulations 1998.

The landlord had also failed to make improvements to his rental property even after the local council took enforcement action against him.

HSE inspector Dozie Azubike commented: "Landlords have a legal obligation to provide tenants with an annual Gas Safety Check Record, verifying that gas appliances have been checked and comply with regulations."

Meanwhile, the Electrical Safety Council is calling for safety certificates to be provided for electrical installations in a bid to protect tenants from faulty wiring or appliances.

As an estimated one in every eight homes is a rental property, the organisation claims it is particularly urgent to sort out health and safety issues for tenants.

Health & Safety News

RLA Call for Tenant Choice

2011-03-21T03:47:00.000-07:00

The Residential Landlords Association is calling on Parliament to empower tenants and enable them to choose who their housing benefits are paid to.

Currently, housing benefit tenants in private rental accommodation automatically get Local Housing Allowance paid directly to them – and not to their landlords.

Before the introduction of LHA, housing benefit was paid direct to the landlord.

As MPs begin consideration of the Government’s Welfare Reform Bill, the RLA is calling for tenants to be given the right to choose whether it is they or their landlord who receives their benefits.

The RLA says that evidence from their members shows that many tenants are falling into arrears and would prefer the security of knowing their rent has been paid.

In a statement the RLA said: “Whilst the Government argues that paying housing benefits direct to tenants promotes financial responsibility, research by Shelter has suggested that of those tenants who would like their benefits paid to their landlord, 95% are struggling to manage their own finances. Despite this, they are denied the ability to make a choice for themselves.

“Survey data for the RLA has found that of those landlords who would not re-let their properties to those on benefits, 45% cited a lack of any guarantee of payment as the main reason.”

RLA chairman Alan Ward added that many landlords with tenants on housing benefit face unsustainable levels of rent arrears.

He said: “We call on MPs to use the Welfare Reform Bill to enshrine in legislation the freedom and right for tenants to choose, without forcing landlords to lower rents, making renting untenable for many.”

Building and Construction News; Skilled Workers Required

2011-03-11T03:30:00.000-08:00

More affordable housing in London and other parts of the UK could be built if there were more apprentices.

This is the opinion of Steve Turner, head of the Home Builders Federation, who commented: "If we are going to deliver the homes we need in the future then clearly we have got to find a way of training the people that will allow us to do that."

He pointed out that the trend towards greener living and sustainable homes is a great example "of where we are going to need qualified and trained people in the future", adding that "all parties need to be working together to ensure we have got that capacity and those skills for the coming years".

Mr Turner's comments come after the Federation of Master Builders reported that the creation of a skilled workforce able to work on green building & construction under the government's retrofit initiative will require more than just 1,000 apprentices.

Building & Construction News

Property DIY Not a Priority

2011-02-02T01:45:00.000-08:00

Owners of property in need of restoration might wish to carry out DIY tasks in order to make the home look more appealing to potential buyers.

However, Malcolm Pinkerton, senior analyst at Verdict Research, believes that currently not many homeowners are willing to take on improvement projects in their properties.

"Housing related spending is just simply not a priority for many and consumers are just not willing to make those major purchases at the moment," he argued.

Concerns about personal finances are driving this reluctance to invest in large-scale DIY tasks, but homeowners with an eye on the market may change their minds.

"Consumers aren't willing to make a big investment, but they are willing to do up the home a little bit to make it more inhabitable and to maybe improve the value when they come to sell it," Mr Pinkerton explained.

His comments come after data from the British Retail Consortium revealed that last month, retail sales in the indoor décor and DIY sector showed gains, but these were often linked to promotions in shops.

Property Repossession News

London Tenants Top for Timely Rent Payment

2011-01-17T09:46:00.000-08:00

Those with landlord licences living in areas with low levels of demand could consider reducing their rental rate, LettingZone has suggested.

This is the advice from Mark Garner, founder of the organisation, who responded to research from the Association of Residential Letting Agents (ARLA).

ARLA's study found there is an increasing number of tenants who are finding it difficult to meet rent agreements, although this was not seen so much for property to rent in London.

Mr Garner offered landlords some advice to ensure they are not struggling to pay the mortgage after a tenant defaults on the rent.

"Always do a full credit check before you take a tenant and I suggest you take out a rent guarantee insurance product before they move in which will cover you if your tenant stops paying their rent," he said.

Meanwhile, research from Upad has found that 63 per cent of residential landlords are more confident this month than they were in December 2010.

Residential Landlords News