Barnes Flats & Houses For Sale & Rent

Rightmove Consumer Survey; A Buyers Market

noreply@blogger.com (London Estate Agents) — Thu, 02 Feb 2012 09:35:00 +0000

Rightmove’s first Consumer Confidence Survey of 2012 was released today and finds that the public believes the property market balance of power currently lays firmly with buyers.

Over 60% of respondents are of the view that it is a ‘buyers’ market’ and just 13% a ‘sellers’ market’. There is also evidence of increased price confidence in the property market with the proportion of those forecasting prices to be the same or higher in 12 months’ time edging up to 66% from 62% a year ago. However, deeper analysis shows that both findings mask some significant regional and local variations which provide further evidence of an acute north-south divide and a property market pock-marked with localised micro-markets.

Shipside adds:
“On the surface it looks as though potential home movers are feeling a bit more positive about the outlook for property prices. However, hidden beneath is the real story that different market segments are performing very differently and that in all probability your price predictions will depend on your own local micro-market. While parts of the stock-starved south, and London in particular, are feeling relatively bullish about prices, the turmoil of the last few years has wreaked havoc in parts of the buyer-blocked north.”

It is worth considering the variations in national, regional and local price outlooks in the context of confidence. Rightmove’s survey asked respondents to indicate whether they believed that current market conditions favour buyers, sellers or whether the balance was about equal. 60% indicated that they felt that the ‘balance of power’ lay with buyers, and just 13% with sellers, giving a ‘market balance ratio’ of 5.4:1 – or 5.4 people who believe it is a buyers’ market for every one person who believes it is a sellers’ market.

Shipside comments:
“There is a clear north-south divide in both house price expectations and an even more acute contrast of opinion in where the balance of power lies. A shortage of stock and greater numbers of proceedable buyers lead those in the south to anticipate upwards pressure on prices and so a more tricky market for buyers to negotiate a price reduction in.”

NAEA News: 2012 will see gradual housing market re...

noreply@blogger.com (London Estate Agents) — Tue, 03 Jan 2012 08:34:00 +0000

Greenford Flats & Houses For Sale & Rent: NAEA News: 2012 will see gradual housing market re...: The UK housing market will see a gradual recovery during 2012, according to the National Association of Estate Agents (NAEA) NAEA chief exe...

Mortgage Rate & Home Loan News: There are many positive signs for first-time buyers

noreply@blogger.com (London Estate Agents) — Tue, 13 Dec 2011 10:10:00 +0000

While borrowing for a property purchase is far from an easy thing, one mortgage broker believes that first-time buyers are now seeing a host of new opportunities becoming available to them.

Andy Pratt, chief operating officer at London-based Alexander Hall, says that there are some positive signs for those looking to make the first move onto the property ladder with more and more lenders now offering mortgages at high loan to values (LTVs).

However, he is keen to point out that the best interest rates on the market are still those available to people with the ability to put down a larger deposit.

“It is still a 20 per cent deposit to get a good mortgage,” Mr Pratt stated. “[But] there are positive signs in terms of high street lenders coming to the market with higher LTV products.

“There was one good sign when we saw the high street lender Woolwich come to market with a 90 per cent loan to value, although the rate is a bit higher."

He added that there are some bargain properties around for those prepared to look around carefully and potential first-time buyers should do all they can to ensure that the cost of Christmas does not knock back their ability to save a deposit.

And it’s a good time to have a mortgage for many as data released this month by the Council of Mortgage Lenders (CML) shows that monthly mortgage payments are now on average at their lowest levels for almost eight years.

Due to a sustained period of low interest rates, with many people benefiting from long term trackers following the Bank of England base rate, the proportion of household income spent each month on funding a mortgage is 12.3 per cent, the lowest it has been since the beginning of 2004.

Mortgage Rate & Home Loan News

Landlords Should Maintain Good Personal Relationships With Tenant

noreply@blogger.com (London Estate Agents) — Tue, 22 Nov 2011 10:11:00 +0000

The best way to get the most out of your rental property is to ensure you have a solid personal relationship with your tenant, claims one specialist.

Ed Harris, managing director at EH Landlord Services, says that you should be in regular contact with the people letting your property because failure to build any kind of friendship or rapport with them can cause all "kinds of problems and challenges".

Speaking at the Landlord & Letting Show in Birmingham recently, he stated: "The biggest thing that you need to have in place is a relationship with your tenants because if the relationship is not there, then anything can happen."

He added that landlords should also ensure that they have adequate insurance in place to protect both the property and their income.

His comments come on the back of recent figures released by the Council of Mortgage Lenders (CML) which suggested that the buy to let market will remain buoyant for some time to come.

Landlord and Tenant News

First Time Buyers More Hopeful of Getting on the Housing Ladder

noreply@blogger.com (London Estate Agents) — Wed, 09 Nov 2011 12:14:00 +0000

45% of potential first-time buyers state they are now more likely to get on the housing ladder thanks to the Government’s FirstBuy scheme, according to new research from Rightmove.

The figures will be a boost for the FirstBuy initiative following its full launch in September, although Rightmove’s research does raise some causes for concern. In terms of awareness of the scheme, whilst 59% stated that they had previously heard of the scheme, over a third (37%) of first-time buyers stated that they had not. Of those that were aware of the scheme, 22% said they did not understand whether or not the scheme could help them to purchase for the first time.

South Bank Flats & Houses For Sale & Rent: ARLA Warns HMO Landlords to Conform

noreply@blogger.com (London Estate Agents) — Fri, 28 Oct 2011 09:21:00 +0000

South Bank Flats & Houses For Sale & Rent: ARLA Warns HMO Landlords to Conform: Buy-to-let investors who rent property to large groups or students are being warned to keep abreast with changes to the Homes in Multiple O...

UK Housing Crisis Solution Is Tax Breaks for Downsizing

noreply@blogger.com (London Estate Agents) — Wed, 19 Oct 2011 14:28:00 +0000

Older people should be encouraged to move into smaller homes to help tackle the "housing crisis", a charity says,reports the BBC

The Intergenerational Foundation calls for tax breaks to encourage downsizing and help free up some of the estimated 25 million unused bedrooms in England.

More than half of over-65s are in homes with two or more spare bedrooms, which could be used by families, says its report based on government figures.

Ministers said they did not believe in "bullying" people out of their homes.
The foundation (IF) is a new group set up to campaign on financial issues, particularly those affecting younger people, such as affordable housing and job prospects.

It says that while many people are living longer and staying in what was once their family home, younger families are being squeezed into smaller properties.
"The 'housing crisis' is increasingly an issue of how our housing stock is shared between younger and older generations," said IF co-founder Angus Hanton.

"The divide between the housing 'haves' and 'have nots' has moved from being one dominated by wealth or class to one dominated by age."

First Time Property Buyers News: Property market 'has a long way to go'

noreply@blogger.com (London Estate Agents) — Mon, 03 Oct 2011 10:41:00 +0000

First time property buyers are still experiencing difficulties in getting on the housing ladder, according to PricedOut.org.uk.

Katy John, press officer at the national campaign for affordable house prices, explained it is a little too early to be positive about the property market.
"Without long-term structural reforms to the housing market - building more homes, increasing regulation and taxation on buy-to-let and reforming planning laws - first time buyers will see little to be positive about," she argued.

"However, we would encourage first time buyers to get involved locally, and to pressure their local authorities to build more affordable housing that is suitable for first time buyers and young families."

Ms John's remarks came after Hometrack figures showed the balance between supply and demand is starting to emerge in the property market, with the number of buyers falling in September for the second consecutive month.

First Time Property Buyers News

Buy to Let Investors Cautiously Optimistic

noreply@blogger.com (London Estate Agents) — Thu, 15 Sep 2011 17:24:00 +0000

Landlords with property to rent in London and other parts of the UK are increasingly turning their thoughts to expanding their portfolios, an independent property industry expert has said.

Malcolm Harrison commented that many landlords are right to be optimistic about their buy to let prospects, as the rental market will "remain very tight" until there is more housing stock and a wider range of UK mortgage offers for first time buyers.

"There is no house building, there is a shortage of decent housing in many areas and you can't get a mortgage, so quite a lot of people are going to be very dependent on buy to let investors," he pointed out.

"I think [landlords] are right to be cautiously optimistic anyway because we don't know what is happening with the overall economy yet."

Mr Harrison's comments come after LSL Property Services published research showing half (49 per cent) of landlords think now is a good time to invest in their portfolios, with 86 per cent are planning to do just that in the next few months.

Investment Finance News

Architects say new houses are 'shameful shoebox homes'

noreply@blogger.com (London Estate Agents) — Wed, 14 Sep 2011 11:13:00 +0000

Many new houses in the UK are "shameful shoebox homes" which are too small for family life, the Royal Institute of British Architects (Riba) has said.

It says average three-bedroom houses are 8% smaller - the space of a single bedroom - than the recommended minimum.

The institute, which looked at 3,418 three-bedroom homes in England, based its findings on building regulations which have come into force in London.

The House Builders Federation says that bigger homes could prove unaffordable.

Riba's Case for Space study discovered the average two-storey three-bedroom home for five people was 8 sq m (86 sq ft) too small.

It claims the shortfall in space is the same size as a single bedroom with a bedside table, wardrobe, desk and chair.

The most common new three-bedroom house was found to be smaller still, with 77% of the recommended minimum space - a shortfall equivalent to two double bedrooms.

The institute's research was based on the 96 sq m (1033 sq ft) London Plan space standards which have just been introduced in the capital. There are currently no UK-wide standards.

BBC

London Property to Rent: Affordable housing in London could address crisis

noreply@blogger.com (London Estate Agents) — Fri, 02 Sep 2011 15:07:00 +0000

More affordable housing in London is needed to address the current housing crisis.
Simon Nunn, assistant director of the National Housing Federation, told the BBC Wake Up To Money podcast that the UK is experiencing a "broken" housing market because of the "fundamental problem [of] lack of supply".

"Last year we built fewer homes in this country than at any point since the 1920s. That impacts across the board on the housing market," he noted.

"It means that people who aspire to home ownership, especially first time buyers, are locked out of the market."

According to the organisation's research, the 4.5 million people currently on the waiting list for affordable housing will have their hopes dashed, while in the private rented sector, tenants will face rent rises of 20 per cent in the next five years.

"We're often considered to be a home-owning society and a home-owning democracy and that process seems to be in reverse at the moment," Mr Nunn added.

London Property to Rent

First Time Buyers Are Relocating

noreply@blogger.com (London Estate Agents) — Thu, 23 Jun 2011 16:53:00 +0000

The key issue for first time property buyers is whether they are able to move to a new location and secure employment.

This is the opinion of Richard Horner, northern south sector regional executive for the National Association of Estate Agents, who noted: "In the current economic climate we are all suffering from a lack of availability [of] good jobs."

He pointed out that if first time buyers are looking to get onto the property ladder, have flexible jobs and are able to move around the country, they have a greater choice about where to relocate.

Mr Horner's comments come after the Council of Mortgage Lenders revealed that lending to first time buyers increased by eight per cent in March, from 14,700 to 15,800.

The value of UK mortgage lending to those hoping to get their foot on the property ladder also rose, up from £1.7 billion to £1.9 billion.

First Time Property Buyers News

RLA Call on Private Residential Landlords to Support Military Covenant

noreply@blogger.com (London Estate Agents) — Sun, 05 Jun 2011 16:01:00 +0000

One of the country’s leading bodies representing landlords in the private rented sector is calling on its members to back the UK’s service men and women by offering them much needed rented accommodation.

As the Government proposes to enshrine into law the military covenant, housing for service families will be a crucial element.

The Residential Landlord Association (RLA) has written to the Defence Minister, Andrew Robathan MP calling for a meeting to discuss the contribution the private rented sector can make to meeting the housing needs of military families especially when a serviceman or woman is sent abroad and the rest of the family has to remain behind.

Alan Ward, Chairman of the RLA commented:

“As the Government seeks to ensure that the country offers full support to our armed services, the RLA is keen to explore what it can do to work with its members to ensure that service families have easy access to high standard accommodation under the sort of flexible arrangement that service life often requires.”

Local Council Invoke Article 4 Prohibiting Houses of Multiple Occupation

noreply@blogger.com (London Estate Agents) — Mon, 30 May 2011 13:24:00 +0000

Local authorities all over Britain are targeting planning laws to control private landlords turning their properties into small Houses in Multiple Occupations – six months ahead of the time when they will be needed most.

The RLA has identified over two dozen councils invoking Article 4 directions prohibiting HMOs.

Landlords are being stymied by local authorities from attempting to offer a market solution to what homeless charities are warning could be a serious problem.

Planned changes to the Shared Accommodation Rate kick in next January and will mean that an estimated 88,000 25 to 34-year-olds on housing benefit will have to seek shared HMO accommodation, virtually all of which would be in the private rented sector.

From the New Year, changes to the rules mean that single people up to the age of 35 will no longer be able to live in their own self-contained rental flats. Instead, it will only cover shared accommodation.

But landlords who are currently renting properties out to a single household will now have to seek planning permission in a growing number of towns and cities if they want to let the same property out to three, four or five people sharing.

Home Builders Federation Bow to Market Forces

noreply@blogger.com (London Estate Agents) — Wed, 25 May 2011 12:01:00 +0000

The trouble with purchasing a home that first time property buyers are currently experiencing is leading developers to build larger houses.

This is the opinion of Steve Turner, head of communications at the Home Builders Federation, who pointed out that the "market-driven industry" is focusing on bigger properties as a result of first time buyers' inability to purchase.

"Builders will obviously build what they can sell. People that already have a home and are moving home tend to be buying bigger houses, so that is the market that currently developers are targeting because it is the only market that people are currently buying in," he pointed out.

Values and types of homes will be dictated by the market, "and a lot of that is down to who the banks are lending to", Mr Turner added.

His comments come after the Practitioners Advisory Group published a suggested draft of the National Planning Policy Framework.

New Build Development News

UK Housing Market Survey Results Are Positive

noreply@blogger.com (London Estate Agents) — Mon, 23 May 2011 11:19:00 +0000

UK house prices stopped falling in April for the first time in 10 months as demand for homes picked up, Hometrack Ltd. said.

The average cost of a home was unchanged from March at 153,100 pounds. Prices in London climbed 0.3 per cent. Demand as measured by prospective buyers registering with realtors has risen 22 per cent so far this year.

Recent housing-market data have been mixed as a lack of supply props up home values while restricted mortgage lending and the deepest government spending cuts since World War II deter buyers. Britain's economy grew 0.5 per cent in the first quarter, barely enough to erase the contraction in the final three months of last year.

The number of potential buyers registering with estate agents climbed by 2.8 per cent in April from March, when it rose 4.2 per cent, Hometrack said. Agents reported an 8 per cent increase in agreed sales, compared with 12.6 per cent the previous month.

Rightmove said last week that only one in four Britons now forecast a decline in house prices over the next 12 months, compared with one in three in the previous quarter.

A separate report by Lloyds TSB today showed that the number of properties sold last year for 1 million pounds or more rose to 7,185, 54 per cent more than in 2009.

Self Build Market Increasing

noreply@blogger.com (London Estate Agents) — Sat, 21 May 2011 08:40:00 +0000

Those interested in self build properties may find that the financial outlook is a lot more positive this spring.

According to Jaclyn Thorburn, communications manager at self build specialists BuildStore Financial Services, things are looking up in the sector.

"With more lenders coming into the market, and an increasing capacity to lend to self-builders, the market is looking good - currently up to 90 per cent borrowing is possible, and there are a number of finance solutions, whether you are building a new home from scratch, converting or renovating a property, or doing some home improvements," she pointed out.

The government is also focusing on growing the self build market to match levels seen in Europe, where up to half of new properties are self builds, Ms Thorburn noted.

BuildStore itself has witnessed a 30 per cent rise in self build UK mortgage offers in the three months to April 2011 compared with the same period a year ago.

Building & Construction News

House Buyer Demand Pushes Up Asking Prices

noreply@blogger.com (London Estate Agents) — Tue, 10 May 2011 09:33:00 +0000

Increased seller numbers not matched by increase in purchasers’ ability to buy, resulting in biggest monthly jump in agents’ unsold stock since May 2007 – up from 70 to 74 properties per branch.

As property supply is increasingly outstripping demand, this month’s jump in new sellers’ average asking prices of 1.7% (£4,032) looks misplaced. London remains the exception as buyer demand pushes asking prices to a new record of £431,013
With base rate rises looming, sellers who are keen to sell in the spring window should adopt ‘serious seller’ tactics.

Will Britain’s bank holiday bonanza hinder the housing market? Estate agents experience slower activity on bank holidays, of which there are five in the next six weeks including the Royal Wedding

London Sees House Prices Rise as Demand Increases

noreply@blogger.com (London Estate Agents) — Tue, 29 Mar 2011 15:22:00 +0000

Property in London will fare better than the rest of the country, an industry expert has said.

Jane Marr, company director at property advertising website Little House Company, predicted that the capital would see a rise in house prices.

"It seems to me that house prices will stay about the same without much movement nationally, however where it is hard to sell a property we will inevitably see house price falls," she added.

"At the same time, desirable locations may suffer with a lack of housing inventory, generating small price rises. Central London in particular may see house price rises as demand increases - especially in the high-end luxury market fuelled by overseas money and the wealthy."

The comments come after figures from Rightmove.co.uk suggested that an increasing number of people are searching for new properties on its website.

Properties for sale are now staying on the market for an average of 89 days, down from 98 days outlined in its previous report.

London Property Market News

Bin Collection, Council Tax, Parking Permits, Recycling centres,Electoral roll registration, School and Term Dates and your Local Councillor

noreply@blogger.com (London Estate Agents) — Sun, 27 Mar 2011 15:42:00 +0000

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

London Local News; Fix My Street

noreply@blogger.com (London Estate Agents) — Thu, 10 Mar 2011 11:10:00 +0000

Have you ever wanted to report a problem in your area but don't know who to contact? Have you spent ages on the phone trying to speak to someone at your local council? If so, this website is for you.

The charity mysociety.org in conjunction with Young Foundation launched fixmystreet.com in 2007 and provides residents with a quick and easy way of reporting things in their area that are broken, dirty, damaged, dumped, needs fixing, cleaning or clearing.

To use the site, all you just need to enter your postcode or location, and then you can view problems already reported in your area, or report your own by clicking your location on the map provided.

All reported problem will be sent to the relevant council by email. The council can then resolve the problem through their normal procedure. Local residents are also able to discuss the problem with others on the website by providing an update.

Please visit the website for further information, to sign up for alerts or to start reporting your problems.

London Property News

London Freehold Property Investment: Buy to Let Investment News: Buy to let conditions ...

noreply@blogger.com (London Estate Agents) — Mon, 28 Feb 2011 12:42:00 +0000

London Freehold Property Investment: Buy to Let Investment News: Buy to let conditions ...: "Buy to let funding restrictions are set to remain tough this year, according to LettingFocus.com. David Lawrenson, private rented sector ex..."

Property Repossession News: Interest rate rise 'will not impact on repossessions'

noreply@blogger.com (London Estate Agents) — Tue, 15 Feb 2011 11:10:00 +0000

The number of property repossessions in London and other parts of the country is unlikely to be heavily impacted by an interest rate rise, according to John Charcol.

Ray Boulger, senior technical manager at the firm, noted: "The number of people who are in arrears has been falling and that is clearly because the low interest rates let some people who had been in arrears actually climb out of arrears.

"I don't think that a change in interest rates is going to make a big difference," he explained.

The bank rate is likely to climb by a quarter or a half per cent, which will not be enough "to make very much of a difference", Mr Boulger added.

His remarks follow HML's prediction that the number of UK home repossessions are set to fall in the first half of the year to 15,557 for those six months, before rising during the second half of 2011 to 17,700.

Property Repossession News

First Time Buyers Need More Advice From Mortgage L...

noreply@blogger.com (London Estate Agents) — Thu, 10 Feb 2011 10:12:00 +0000

Shepherds Bush Property Agents: First Time Buyers Need More Advice From Mortgage L...: "First time property buyers should receive more help from UK mortgage lending companies to ensure the housing market does not remain static, ..."

London House Prices See Slight Increase

noreply@blogger.com (London Estate Agents) — Wed, 02 Feb 2011 12:55:00 +0000

London house prices, and those across the rest of the UK, saw a slight increase in January, according to new government figures.Department for Communities and Local Government data showed that prices were 0.5 per cent higher compared to the same month a year earlier.

On a month-by-month basis, they fell 1.4 per cent on December 2010, bringing the average cost of a home in the UK to £208,552.The average price paid by first time buyers increased over the year by 1.5 per cent, while existing homeowners paid 0.1 per cent more.

Prices for new build properties were 8.6 per cent higher on average in January 2011 than in the same month in 2010. By comparison, the cost of pre-owned residential properties rose just 0.1 per cent, suggesting that new homes drove the January increase overall.

The publication of the figures comes after Naomi Heaton, chief executive at London Central Portfolio, predicted that property prices in London would continue rising this year.

London House Price News