Acton Flats & Houses For Sale & Rent

Council Of Mortgage Lenders Predict a Rise in Respossessions

noreply@blogger.com (London Estate Agents) — Thu, 26 Jan 2012 12:45:00 +0000

This year is likely to see a rise in the number of people having their homes repossessed.

According to the Council of Mortgage Lenders (CML), continued economic uncertainty is resulting in more and more people falling behind with their mortgage repayments and the end result will be a increase in the number of those forced out of their properties.

Bernard Clarke, communications manager at the CML, said: "An increase in the number of people falling into arrears is likely to also result in an increase in the number of cases of possession.

“We have forecast an increase in the number of mortgages that will be in arrears of 2.5 per cent or more of the outstanding balance at the end of the year, to be 180,000 as opposed to 166,000 at the end of 2011.”

However, he pointed out the issue is not likely to reach anywhere near the level that it did during the recession of the early 1990s.

Despite this, the National Association of Estate Agents (NAEA) said recently that that this year will see the housing market gradually recover to transaction levels seen prior to the credit crunch.

Property Repossession News

Estate Agents and QR Codes

noreply@blogger.com (London Estate Agents) — Wed, 11 Jan 2012 10:03:00 +0000

Marylebone Flats & Houses For Sale & Rent: Estate Agents and QR Codes: ARLA reports on What is a QR code and as an Estate Agent, why should I care!? So you've all got yourselves your mobile 'apps' and are fran...

FSA Mortgage Restrictions Approved By CML

noreply@blogger.com (London Estate Agents) — Fri, 23 Dec 2011 14:30:00 +0000

The Council of Mortgage Lenders (CML) has said that it is pleased with the proposals for reform on mortgage lending put forward by the Financial Services Authority (FSA).The FSA this week outlined new stricter lending rules which it hopes will prevent banks and building societies granting mortgages to people which cannot afford the repayments or allowing them to take reckless measures such as interest-only mortgages without a suitable repayment vehicle.

Initially, the CML said that it had concerns that such restrictions, which will come into forced in 2013, would hinder the market and further reduce people’s ability to acquire.But, after consultation with the FSA, it is satisfied that the changes are a positive move for borrowers and the housing market.

CML director general Paul Smee said: "If lenders are to make their contribution to improving the supply of housing and to the wider agenda for economic growth, then they need a regulatory framework which also supports that objective."

Despite the changes, EH Landlord Services have predicted that the housing market will remain strong for the next decade at least.

Mortgage Rate and Home Loan News

London Investment Property For Sale: Pre 1919 Homes Value Up 412% in 25 Years

noreply@blogger.com (London Estate Agents) — Thu, 15 Dec 2011 09:31:00 +0000

London Investment Property For Sale: Pre 1919 Homes Value Up 412% in 25 Years: Traditional properties built before 1919 have seen the biggest price rises over the past 25 years. Research conducted by the Halifax shows ...

Berkshire Council Plans For Consent for Estate Agent Signs

noreply@blogger.com (London Estate Agents) — Thu, 08 Dec 2011 14:06:00 +0000

A Berkshire council's plans could force estate and letting agents to apply for consent before putting up signs, reports the BBC.

Reading borough said it was reacting to a petition from residents living in the university area about the amount of boards "littering" their streets.

The petition called for a complete ban on 'to let' and 'for sale' signs in east Reading, near the university.

Reading letting agent Adeel Rafique said the boards were "crucial advertising" for the student market.

The Redlands Neighbourhood Action Group handed in the petition in October and said that bans on property signs were in place in parts of London.

The petition also protested against boards being on display beyond the legal time limit.

'Walk around'
A council spokesman said as a result of the petition, it was seeking direction from the government about the idea of imposing a consent rule before boards could be put up outside properties.

He added the council was sending out "stern warning" letters to estate and letting agents about the "continuing proliferation" of boards in the university area.

However Mr Rafique, from Parkway Properties, said the planned rule would be bad for business.

"One in three properties here are student lets," he said.

"Students tend to walk around to look for properties, so the boards are crucial advertising for us.

"It would be extreme to have to get consent."

He added the council would "not be able to cope" with the thousands of applications in December, which he said was the time students started looking for accommodation for the following academic year.

RICs Welcomes Government Housing Scheme

noreply@blogger.com (London Estate Agents) — Tue, 22 Nov 2011 08:27:00 +0000

RICS welcomes the Government’s Housing Strategy and hopes that the proposals can go some way to boosting the stagnant housing market. Given its central role in driving economic growth, it is right that housing is now at the top of the political agenda.
"Better access to mortgage finance is essential to bring forward the new homes needed to help more achieve their aspiration of home ownership, particularly first-time buyers. The New Build Indemnity Scheme is to be welcomed but care must be taken to ensure it does not distort the market or lenders affordability calculations.

"The focus on new build will not free up chains and may reduce demand for second hand property, putting those who wish to move but have little equity at a disadvantage. Whilst any attempt to stimulate supply and demand will help both consumers and developers, limiting funding to niche areas of the market in this way does not solve the wider need for adequate levels of funding in all parts of the market. Any new scheme must be clear and easy to understand for the consumer.

"Small to medium-sized developers will particularly welcome the Get Britain Building Investment Fund and the recognition of the key role housebuilders will play in driving much-needed economic growth. Further steps to free up public land for developers are encouraging but care must be taken that the land is in the right place with the right infrastructure. Projects must be properly analysed for viability otherwise developers run the risk of creating ‘white elephants’ that do not satisfy demand.

"Whilst a renewed focus bringing investment into the private rented sector is encouraging, an opportunity has been missed to begin delivering real consumer protection and professionalism right across this rapidly growing sector. RICS is keen to work with other industry bodies to develop these proposals.

"This is a good start from the Government but more detail is needed. RICS looks forward to continuing engagement with the Government and the sector to deliver a sustainable housing market that delivers aspirations across all sections of the market, benefiting UK PLC as a whole."

Government’s FirstBuy Scheme has boosted first-time buyer ownership hopes

noreply@blogger.com (London Estate Agents) — Tue, 08 Nov 2011 12:13:00 +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.

Hometrack House Price October Report

noreply@blogger.com (London Estate Agents) — Tue, 01 Nov 2011 15:12:00 +0000

Average prices dipped 0.2 percent on the month compared to falls of 0.1 percent in each of the five preceding months, Hometrack said. House prices were 2.8 percent below the October 2010 level.

"Growing consumer concern over the outlook for the economy is beginning to impact directly on house prices," Hometrack Director of Research Richard Donnell said in a statement.

As in previous releases, the survey showed large regional differences, although prices stalled even in London after rising for seven months in a row.

"The evidence is clear that buyers are drifting away from the market in the face of weak consumer confidence and concerns over the prospects for the economy and their household finances," Donnell said.

Hometrack said that while demand eased, supply had grown by 11 percent over the past six months. "The balance between supply and demand is clearly shifting and points to an acceleration in price falls in the coming months," Donnell said.

Property: Trapped Renters Will be Paying Mortgages Off In Th...

noreply@blogger.com (London Estate Agents) — Mon, 24 Oct 2011 17:36:00 +0000

Property: Trapped Renters Will be Paying Mortgages Off In Th...: The proportion of “trapped renters” - those wanting to buy, but unable to afford it - has risen almost 3% to 55% at the beginning of Q4, wit...

Low Fixed Rate Mortgages for First Time Buyers

noreply@blogger.com (London Estate Agents) — Fri, 14 Oct 2011 09:56:00 +0000

People looking to buy flats & houses for sale in London, should be researching the different types of UK mortgage deals currently available.

According to Ben Wilkie, editor at What Mortgage, the record low fixed-rate UK mortgage offers are almost as good as they seem, because such deals are set by how banks can borrow money, meaning they tend to borrow off the London interbank offered rate which is low at the moment.

"Also, there is a confidence issue that rates are going to stay low for a reasonable amount of time, so you are seeing very cheap two-year fixed-rates because banks assume that even if interest rates do rise, they are not going to rise by that much over the next two years," he pointed out.

Mr Wilkie also advised those buying properties to work out how much they will be paying in mortgage fees.

"The way to look at fees is to add the cost of the fee into the deal period," he explained.

First Time Property Buyers News

Acton Swimming Baths Closure

noreply@blogger.com (London Estate Agents) — Sat, 08 Oct 2011 10:00:00 +0000

vented their frustration at councillors and officials demanding answers about the future of their leisure centre at a fiery meeting last night.

About 80 people gathered at Acton Baths, in Salisbury Street, described by residents as 'the heart of the community' to hear explanations why it must close for more than two years on December 4, three months earlier than expected.

An information pack including vouchers for free entry to alternative centres during December will be sent out to users soon. But that was little comfort to residents who face long bus rides to any new pool, journeys which the vulnerable may find very difficult to make.

The baths will become part of the £18 million Acton Town Hall complex which will also feature a gym, library, space for community groups and council offices.

UK Property Rents Continue to Soar

noreply@blogger.com (London Estate Agents) — Fri, 16 Sep 2011 13:22:00 +0000

Despite being at record levels already. Last month, private sector rents increased at their fastest rate for a year, according to the latest figures from LSL Property Services.

In August average rents went up 1.2% from July.Wales and the South East of England saw the brunt of the increases.London had the biggest rent rises in the last year - up 6.6%, followed by a 6% rise in the West Midlands and a 4.3% increase in the North East of England.

Only Yorkshire and the Humber saw rents fall over the last 12 months.

Worryingly for landlords, tenant arrears rose for the first time since April - perhaps a reflection of the tougher economic climate.

LSL managing director David Newnes said: "We are in the thick of the busiest time of year for the rental market, and red-hot demand for properties is driving rents up at their fastest monthly pace in the last 12 months.

"Recent graduates moving for their first jobs have further exaggerated the long-term and growing demand from frustrated buyers.

"In the last two years, average rents have risen by more than £50 a month."

UK Planning Law Shake Up

noreply@blogger.com (London Estate Agents) — Mon, 05 Sep 2011 12:59:00 +0000

Reuters reports that senior ministers said on Monday they would press ahead with proposals for the biggest shake-up to Britain's building planning system in decades despite criticism that it would blight what remains of the nation's dwindling countryside.

The government says that changes are vital to help to revive a faltering economy and to make housing more affordable. It says planning delays cost the economy 3 billion pounds per year.

However, the proposals have angered many core Conservative supporters, who look to the party to protect the leafy areas in which many of them live.

The dispute has echoes of government plans to sell off state-owned forests earlier this year, dropped after an outcry from a similar collection of local and green protest groups.

Chancellor George Osborne and Communities Secretary Eric Pickles defended the plan in a newspaper article on Monday.

"Reforming a slow and inefficient planning system will be good news for the small business looking to expand; for the young family hoping for more affordable house prices; and for the community wanting to decide on their own future," they wrote in the Financial Times.

"This is our opportunity to unlock the new investment and new jobs the country needs. We cannot afford to miss it."

Independant Mortgage Advisers Warn Of Obsession With Home Ownership

noreply@blogger.com (London Estate Agents) — Wed, 22 Jun 2011 14:17:00 +0000

Landlords with property to rent in London or other areas of the UK could benefit if people give up the "obsession with ownership", Firstrung has argued.

Paul Holmes, chief executive of the organisation, claimed: "The thought is, 'You must buy as quickly as possible. Rent is dead money'. Rent is not dead money if it is costing you less than a mortgage and a house is depreciating in value."

He called for a "rethink and a little bit of anti-zeitgeist feeling about how you must own a house" because current thinking is "nonsense".Mr Holmes added that there are "great attributes" to renting a home and not being tied down.

His remarks come after research from Halifax found almost half of young people believe the majority of individuals will be renting within the next generation, becoming more like Europe where renting is seen as the norm.

London Property to Rent

BBC Television Centre For Sale

noreply@blogger.com (London Estate Agents) — Tue, 14 Jun 2011 08:50:00 +0000

Shepherds Bush Flats & Houses For Sale & Rent: BBC Television Centre For Sale: "Television Centre, the landmark west London home of BBC television and news, has gone on the market. The corporation said it was interested..."

Short Term Lets; ARLA Top Tips

noreply@blogger.com (London Estate Agents) — Fri, 10 Jun 2011 10:46:00 +0000

Shepherds Bush Flats & Houses For Sale & Rent: Short Term Lets; ARLA Top Tips: "Short-term lets usually last between one week and one month and can be useful for filling rental voids, or making use of vacant property. I..."

Local Housing Allowance Changes for Landlord Payments

noreply@blogger.com (London Estate Agents) — Sun, 05 Jun 2011 12:33:00 +0000

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.

Land Registry Survey Reveals London House Prices S...

noreply@blogger.com (London Estate Agents) — Wed, 01 Jun 2011 09:52:00 +0000

Belsize Park Flats & Houses For Sale & Rent: Land Registry Survey Reveals London House Prices S...: "The BBC reports that house prices in England and Wales have drifted slightly lower in the past few months, according to the Land Registry. ..."

New Build Developers Demand Government Incentives to Build First Time Buyer Properties

noreply@blogger.com (London Estate Agents) — Wed, 25 May 2011 12:24:00 +0000

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

Ex Service Families Housing to be Enshrined in Military Covenant

noreply@blogger.com (London Estate Agents) — Fri, 20 May 2011 15:58:00 +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.”

London Landlords Eco-friendly Housing Responsibilities

noreply@blogger.com (London Estate Agents) — Mon, 16 May 2011 14:05:00 +0000

The announcement that landlords have to get their properties to let up to a certain environmental standard should be seen as an advantage, according to one expert.John Alker, director of policy and communications at the UK Green Building Council, explained the government is putting a bigger emphasis on the need for people who rent out properties to make them compliant with eco-friendly rules.

However, he believes that strict rules and set timeframe will actually be an advantage as it will give them a deadline to get their properties up to standard."It actually provides a bit of additional certainty for landlords, because they know they have to do this, they have five or six years to do it, [and] they can plan ahead," Mr Alker said.

The second reading of the Energy Bill saw energy and climate change secretary Chris Huhne state that landlords will need to get their homes to comply with measures by 2016.

Landlord and Tenant News

First Time Buyers Demand New Build

noreply@blogger.com (London Estate Agents) — Sun, 10 Apr 2011 17:08:00 +0000

More new build properties could be on the way because of increased demand for homes, the Home Builders Federation has suggested.

Steve Turner, head of communications at the organisation, commented that the outlook for the future is "more positive" because of the pent-up demand generated by two years of difficulties in the property market.

"First time buyers have found it very difficult to enter the market, but transaction levels across the property market have generally been low. We know that there is a pent-up demand that at some point needs to be, or will be, released," he explained.

Mr Turner went on to say that the government's Firstbuy Direct policy, which was announced in last month's Budget, is "good news" because it will help improve the market for first time property buyers, but added that the lack of UK mortgage offers is still a "significant constraint".

His comments come after research from the Office for National Statistics found the volume of construction output increased by 8.6 per cent in February this year compared with the previous month.

New Build Development News

Lower London Rent Levels Not Viable

noreply@blogger.com (London Estate Agents) — Thu, 07 Apr 2011 11:27:00 +0000

Landlords who own property to rent in London and other parts of the UK might not find it practical to lower rents in the current financial climate, according to the National Landlords Association (NLA).

Chris Norris, policy manager at the organisation, pointed out: "A landlord's ability to lower the rent in respect of his properties is inescapably linked to his own circumstances.

"While property may represent a financial cushion for some landlords; the overwhelming majority are faced with the same economic hardships as everybody else and will only be able to lower rent levels if it is economically viable to do so," he explained.

This is particularly true if landlords have taken up UK mortgage offers, meaning they have to ensure the rent they charge covers their overheads.

Mr Norris's comments come after research from first direct revealed ten per cent of mortgage holders who have come to the end of their current deal would look around for a different offer if rates went up by one per cent a month.

London Property to Rent

Acton Local Services by Postcode

noreply@blogger.com (London Estate Agents) — Wed, 30 Mar 2011 15:38:00 +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

First Time Buyer News: 'Lack of confidence' stalls new home building

noreply@blogger.com (London Estate Agents) — Mon, 28 Mar 2011 12:56:00 +0000

A lack of new affordable housing in London and other parts of the country could be attributed to the lack of confidence in the economy.

This is the view of Brian Berry, director of external affairs at the Federation of Master Builders, who noted that the general feeling towards the economic climate means the number of new homes required is not being built.

"First time buyers can't get onto the housing ladder because of the high deposits that are being required. That is actually preventing people from moving up the housing ladder and stopping people further up from selling their homes," he explained.

However, the news is not all bad for property buyers, as chancellor George Osborne made provisions for first timers in the Budget.

The government's Firstbuy Direct scheme aims to help first time property buyers purchase new build properties by providing them with a 25 per cent deposit, consisting of money from the house builder, the government and the prospective homeowner.

First Time Buyer News