Shepherds Bush Flats & Houses For Sale & Rent

London Housing Market News: Online property searches are a good sign for the housing market

noreply@blogger.com (London Estate Agents) — Mon, 23 Jan 2012 12:53:00 +0000

The number of people searching for a new property online has continued to grow and that can only be a positive sign for the housing market. According to Rightmove, the number of people turning to the net to look for properties in the first ten days of this year was 27 per cent higher than in the same period in 2011. Selwyn Lim, director of Mouseprice, believes that this is an encouraging indicator that the market will have a buoyant 2012, but also believes that it is a direct result of people switching from looking in newspapers to using their computer instead. “It is definitely a positive indicator. I would water it down a little because of some elements. One is the shift in behaviour of more and more people searching online – it is a trend that has been going on,” he said. “Since the internet began, more people have been searching online and that trend is continuing.” Rightmove also reported that there was a 1.4 per cent rise in asking prices in the first week of the year. London Housing Market News

Property Investments that Might Earn Big in 2012

noreply@blogger.com (London Estate Agents) — Tue, 03 Jan 2012 07:44:00 +0000

Property: Property Investments that Might Earn Big in 2012: International Business Times reports; A survey of more than 360 internationally renowned real estate professionals, including investors, d...

Mortgage Rate and Home Loan News; Buying a Home Becomes More Affordable

noreply@blogger.com (London Estate Agents) — Tue, 20 Dec 2011 10:06:00 +0000

There was no movement for house prices in the UK in November, according to the latest England & Wales House Price Index from LSL Property Services/Acadametrics.

However, just because house prices have remained static, people should not assume that they are not becoming more affordable.

David Brown, commercial director at the firm, said that zero growth means that in real terms houses are becoming more affordable.

"With inflation running at five per cent the real cost of property is getting smaller and smaller, which is good news for buyers and mortgage borrowers alike," he added.

The data showed that the average house price in the UK now stands at £220,043.

Mr Brown said that while over the past year house prices have dropped 0.7 per cent, low mortgage rates, the stamp duty holiday and the government's FirstBuy scheme have prevented larger falls.

Recent data from Halifax showed that 2011 has so far seen five months of price falls and the same number of rises, with one month of no change.

Mortgage Rate & Home Loan News

Buy to Let and Residential Property Market Performing Well

noreply@blogger.com (London Estate Agents) — Fri, 16 Dec 2011 14:23:00 +0000

It’s not all doom and gloomy in the mortgage market says leading broker John Charcol.

The mortgage advisory firm says that despite media reports of a subdued market place, purchase business for residential property and buy to lets is actually performing quite well and there is a glut of suitable products available.

Simon Collins, product and technical manager at John Charcol, said that it saw a ten per cent increase in the amount of mortgages agreed during October compared with the same month in 2010.

“Despite the approaching festive season, we have seen the number of good quality purchase enquiries hold up very well, so whilst the market’s not great, it’s not as bad as it’s being painted,” he stated.

Last week, the latest Mortgage Monitor from chartered surveyors e.surv found that mortgage approvals for property purchases during November reached its highest number since December 2009 and were up some 15 per cent on November 2010.

Mortgage Rate and Home Loan News

Kensal Rise Garden Apartment For Sale

noreply@blogger.com (London Estate Agents) — Mon, 28 Nov 2011 15:15:00 +0000

Leghorn Road, Kensal Rise, London, NW10

A newly refurbished ground floor two double bedroom garden conversion in this popular area within easy walking distance to Kensal Rise/Green and Willesden Junction.

This superb flat benefits from wood floors in the reception and hallway, modern fitted high gloss kitchen with appliances, contemporary 3 piece bathroom and sole use of the rear garden.

View this realistically priced garden flat now!!

North West London Garden Apartment for Sale

House Price Stability Dependent on Good Local Pubs

noreply@blogger.com (London Estate Agents) — Tue, 22 Nov 2011 08:34:00 +0000

A good range of local pubs or eateries coupled with quality local schools is the driving force behind solid house prices in most regions, say the people behind first-time buyer news site FirstRungNow.com.

Helen Adams, managing director of the website, believes that being able to wine and dine locally in a hip and trendy setting gives a great boost to property values.

She said: "Schools are important and people do move to areas for schools, but also if there's a thriving social life - restaurants, cafes and bars - that can also keep prices up too."

Ms Adams added that smaller towns and regions that have good commuter links to big cities such as London will always perform well no matter what the market conditions are at the time.

With that in mind, it is probably advised that those planning on purchasing a property check out the quality of the pubs and restaurants, while those of you looking to buy a pub should investigate the area's local amenities, schools and transport links.

Gastro pubs in particular remain a sound investment, with the All Party Parliamentary Beer Group stating last week that food sales are good way for any licensed premises to make money.

London House Price News

Landlords Liabilities for Water Bills

noreply@blogger.com (London Estate Agents) — Tue, 08 Nov 2011 13:08:00 +0000

The Water Industry Act 1999 banned water suppliers from diconnecting water supplies from consumers, even if they were failing to pay their bills. This has led to a growing problem of unpaid water bills that far outstrips the outstanding debts owed for other types of utility. According to industry figures, in 2007 19% of domestic water customers were in arrears with their water bill as compared to 5% of electricity customers and 3.7% of gas customers. It is believed that tenants represent a significant number of these overdue bills and the water companies complain that the lack of information about their future whereabouts makes it is very difficult to pursue those debts.

All this may be about to change however. Section 45 of the Flood & Water Management Act 2010 contains provisions which require landlords to give information about their tenants to the relevant water company. A failure to do so will leave the landlord jointly and severally liable for the water bill alongside the tenants.

At the moment the section has been brought into force (in October 2010) but only for the purpose of making secondary legislation to set out how it will work in practice. It is believed that this will include the setting up of websites by the various water companies to make the provision of the necessary information as simple as possible. There is scope for landlords to be exempt from liability for the provision of false or incomplete data provided that they have taken such reasonable steps as are specified in the regulations to ensure that the data is accurate. The secondary legislation will probably be in force from October 2011 and the obligation will therefore come into effect from that date.

The section contains an exemption which means that no liability will fall on an agent or trustee due to their position. The responsibility is solely that of the principal. However, agents will need to be aware of the changes and should consider how best to adjust their procedures and documents to assist their clients in dealing with the new obligations. Consideration should be given as to what information is likely to be required (full names, previous and forwarding addresses are the most probable candidates) and how this can be collected and verified for accuracy.

Mortgage Lending Still the Barrier for First Time Buyers

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

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

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

noreply@blogger.com (London Estate Agents) — Mon, 24 Oct 2011 17:35:00 +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...

Residential Lettings News; Family Homes In Demand

noreply@blogger.com (London Estate Agents) — Fri, 21 Oct 2011 14:25:00 +0000

Clapham Flats & Houses For Sale & Rent: Residential Lettings News; Family Homes In Demand: Flats in the UK have often been regarded as the bread and butter of the letting industry but now it is being suggested that family houses ar...

Halifax House Price Figures; Is This a Good Time to Buy?

noreply@blogger.com (London Estate Agents) — Sun, 16 Oct 2011 12:45:00 +0000

The Halifax figures last week seemed to show house prices were treading water, which would seem to indicate a low risk of big declines, and a good chance to negotiate.

Is this a good time to buy a property?

The average price of a home fell by 0.5% in September from August to £161,132, according to Halifax. This came after a more marked drop of 1.1% in August, and price increases in June and July.

The mortgage lender talked of a mixed pattern, "consistent with a market where prices are lacking genuine direction".

A price war among lenders has pushed payments for new borrowers to their most affordable levels for nearly 15 years, Halifax said. The Bank of England kept its base rate at a record low of 0.5% on Thursday and with governor Sir Mervyn King warning of the "most serious financial crisis we have seen at least since the 1930s, if not ever" rates are likely to stay where they are for a good while.

Average mortgage repayments now stand at £574.15 - 26% of earnings after tax, compared with £887.62, nearly half of take home pay, in the summer of 2007. This figure is "significantly" below the average of 37% over the past 25 years and the lowest since 1997, Halifax said.

Martin Ellis, Halifax's head of housing economics, said: "Obviously you have to be able to raise a deposit, but it is more affordable than it's been for a long time." He added, though, that uncertainties to do with the economy and job prospects are putting a lot of people off buying a home.

Many experts you ask would say: yes, it is a good time to buy - as long as you can stump up a large enough deposit and have a secure enough job to keep paying the mortgage. It also depends on your local housing market. If prices have been falling for a while, you may want to hold off.

UK Property Market News; Act now to move before Christmas

noreply@blogger.com (London Estate Agents) — Tue, 27 Sep 2011 09:08:00 +0000

Key points

New sellers’ average asking prices up by 0.7% on the month, but 3.0% down over the summer period

Two deadlines should focus the minds of frustrated sellers:
- Christmas is 98 days away but average time on the market is 94 days, so buyers and sellers need to get serious now if they are to tie up a deal before the festive season;

- first-time buyer stamp duty relief is due to finish on 25th March 2012.

Market recovery appears as far away as ever three years after the collapse of Lehman Brothers, as key metrics are little changed:

- new sellers again at 23,000 per week as lack of confidence and inability to move remains;

- prices up by 2.5% in three years, compared with 16.4% in the previous three year period;

- unsold stock per estate agency branch still stuck in the high 70s.

While new planning proposals may boost housing market activity in the longer term, initiatives supporting mortgage lending such as FirstBuy are the more immediate requirement.

Rightmove

Housing Shortage Generates New Property Phrase Gazanging

noreply@blogger.com (London Estate Agents) — Mon, 19 Sep 2011 08:52:00 +0000

Gazumping: when the seller accepts one offer from a potential buyer, only to accept a higher offer from a rival bidder at the last minute. Gazumping tends to happen in a rising market, where sellers are able to ruthlessly exploit desperate buyers amid rampant house price inflation. Gazumping is legal in England and Wales but rarely seen in Scotland, where offers become legally binding once accepted in writing.

Gazundering: where the buyer threatens, just before contracts are exchanged, to pull out of a house purchase unless the price is reduced. In this scenario, which usually takes place in a falling market, the buyer holds all the power. Gazundering is legal in England and Wales but is outlawed in Scotland.

Gazanging: coined by In-Deed, gazanging is when sellers change their minds and drop out of the sale at the last minute, often due to market uncertainty or a lack of a suitable home to move to. The rise of gazanging is being fuelled by a shortage of housing, caused by falling transactions and the lowest number of new homes being built in England since the 1920s.

The Guardian

Pensioners Selling Up To Fund Old Age

noreply@blogger.com (London Estate Agents) — Sat, 10 Sep 2011 12:07:00 +0000

The RLA Reports that more older people will be selling their properties in future to move into private rental accommodation in order to fund their old age, according to tenancy referencing firm HomeLet.

The firm has reported a rise of 16% in the number of people aged between 66 and 70 who have sold up in order to rent over the last 12 months.

In that time, says HomeLet, 1,074 people in that age group have gone from being home owners to private tenants.

It found that 43% of new tenants aged over 66 were previously living in a home they owned, compared to 37% a year ago.

The firm said the figures suggest that more older people are selling their homes to release equity to fund their rising living costs.

John Boyle, managing director of HomeLet, said: “Pensioners are already feeling the pinch with the spiralling costs of fuel, energy bills and basic food. Combined with a reduction in income, old people are increasingly struggling to pay to live through their retirement."

“This suggests that the number of pensioners having to sell their home to move into rented properties could increase even more over the coming years.”

The HomeLet rental index survey gathers data on agreed, rather than asking, rents from more than 3,000 letting agents across the UK.

The latest survey shows that rents rose 2.2% in July to an average UK rental of £680, and an average of £1,154 in Greater London.

House Prices Up By 1.3%

noreply@blogger.com (London Estate Agents) — Thu, 01 Sep 2011 14:23:00 +0000

July house prices up 1.3 per cent since June: average house price in England and Wales now £163,049

The July data from Land Registry's flagship House Price Index shows an annual price decrease of 2.1 per cent which takes the average property value in England and Wales to £163,049. The monthly change from June to July is 1.3 per cent.

The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 1.3 per cent. The South West experienced the greatest monthly rise with a movement of 2.2 per cent. The North East experienced both the greatest annual price fall with a decrease of 8.8 per cent and the most significant monthly price fall with a movement of 2.3 per cent.

The most up-to-date figures available show that during May 2011, the number of completed house sales in England and Wales decreased by 10 per cent to 46,870 from 52,170 in May 2010. The number of properties sold in England and Wales for over £1 million decreased by 44 per cent between May 2010 and May 2011, from 464 to 262.

BBC Television Centre For Sale

noreply@blogger.com (London Estate Agents) — Tue, 14 Jun 2011 08:48:00 +0000

Television Centre, the landmark west London home of BBC television and news, has gone on the market.

The corporation said it was interested in a conventional sale or offers to redevelop the site as a joint venture.

A statement said the BBC was "keen to investigate" redevelopment plans to preserve listed parts of the building and establish a "hub for creative businesses and a visitor destination".

The doughnut-shaped building first opened in Shepherd's Bush in 1960.

Among the shows recorded in its studios were Fawlty Towers, Monty Python's Flying Circus, Blue Peter and Strictly Come Dancing, as well as earlier series of Doctor Who.

The site is also home to the Blue Peter garden, which will be relocated to a studio roof at the BBC's new development in Salford, Greater Manchester.

Short Term Lets; ARLA Top Tips

noreply@blogger.com (London Estate Agents) — Fri, 10 Jun 2011 10:42:00 +0000

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.

Ian Potter, operations manager ARLA said, "Short term lets, if managed correctly, can be a great opportunity for both tenant and landlord to benefit from a let that is simple to set up, and is suited to short periods of increased demand."

With summer events like the Henley Regatta, a host of music festivals and Wimbledon coming up, now is an ideal time to think about short term lets.

As well as these immediate opportunities, landlords in London are already aware of the likely increase in demand ahead of next year's Olympics.

To make the best of these upcoming opportunities, there are a few key short-term let tips that ARLA would advise tenants and landlords follow:

Pre-agree Bills- Tenant payment of utility bills over a short term can be problematic, therefore it is best to set a price to cover costs at the start of the rental period. This avoids the occasionally problematic issue of recouping or disputing costs.
Prepare the property for rent-As with long-term lets, it is wise to thoroughly clean the entire property and insure the small details, such as replacing light bulbs and clearing outside areas are done before prospective tenants visit or move in to the property.
Be aware of tenants expectations- With short-term lets, tenants often expect amenities that are not usually offered in the private rental sector; a common example is the assumption that the landlord will a provide cleaning and laundry service for bedding.
Be careful over payment -Offering a variety of payment options, where possible, can encourage prospective tenants. It should be noted, however, that taking cards can often represent an unacceptable degree of risk for the short term landlord. Regardless of payment type, it is always worth ensuring funds have cleared ahead of the start of the tenancy. If funds are being transferred directly to your bank account, it is always best to use a dedicated account.
Meet the incoming tenant -Do not arrange for keys to be collected through a third party other than a reputable agent. It is far safer to meet and hand over keys in person, explain the workings of your property and agree when you will collect the keys at the end of the let.

CML and Shelter Agree on a Need For Reform

noreply@blogger.com (London Estate Agents) — Wed, 01 Jun 2011 13:32:00 +0000

Responding to Shelter's release today of the results of a YouGov survey on whether mortgage regulatory reform is needed, the Council of Mortgage Lenders expresses surprise that Shelter seems unaware that mortgage lenders do, in fact, support reform. However, it is the detail of that reform that needs care if undesirable and unintended impacts are to be avoided.

Unsurprisingly, Shelter's findings found that 87% of respondents agree with the general statement that lenders should only give loans to borrowers who can show they can afford it. The CML agrees too, and also agrees with the three principles of affordability tests, income verification, and interest rate stress testing.

The CML also agrees with Shelter that government should listen to consumers, as well as lenders and others, on housing issues. That is why the CML funded the extensive independent research undertaken by Policis last year involving both quantitative surveys and qualitative focus groups among various different types of consumers, which found that consumers' views are complex and varied, on the one hand balancing support for tighter regulation while on the other hand being reluctant to see good borrowers unnecessarily excluded from achieving home-ownership.

Rent Reduction and Affordable Housing Under Local Housing Reforms

noreply@blogger.com (London Estate Agents) — Sun, 29 May 2011 12:36:00 +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.

Tenancy Deposit Schemes Issue Guidance

noreply@blogger.com (London Estate Agents) — Fri, 27 May 2011 15:50:00 +0000

The three tenancy deposit protection schemes have worked jointly to produce a new ‘Guide to Tenancy Deposits, Disputes and Damages’, reports the RLA.

This is the first time the schemes have worked together to publish educational information which is aimed at landlords, agents and tenants alike.

Since 2007, some 47,000 disputes have been settled by the schemes’ alternative dispute resolution processes.

The pooling of information on these disputes and their eventual outcomes has allowed the schemes to identify common issues and to work together to publish collective guidelines.

The guide covers topics such as the collation of evidence and what an adjudicator looks for when considering a dispute, and outlines the principles on which scheme adjudicators make decisions so that the process is consistent and transparent for letting agent, landlord and tenant alike.

RLA Call for Support for UK Service Men and Women

noreply@blogger.com (London Estate Agents) — Mon, 23 May 2011 15:52:00 +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.”

Shepherds Book Market Regeneration

noreply@blogger.com (London Estate Agents) — Fri, 20 May 2011 09:43:00 +0000

Regeneration plans for Shepherd's Bush Market have been scaled down after concerns from residents and the council, reports the Fulham Chronicle.

Developers Orion Shepherd's Bush Limited (OSBL) revealed their opening model for the site during a public exhibition in February which included 300 apartments to be built above it.

But after community feedback and talks with Hammersmith and Fulham Council, the plans have been slimmed down to accommodate 200 apartments in four buildings overlooking a widened market and two new community spaces – Innovation Square and Market Square – to host open-air events.

Buy To Let Mortgages Increase Reveal Lenders Confidence in Market

noreply@blogger.com (London Estate Agents) — Thu, 14 Apr 2011 15:17:00 +0000

Buy to let funding has become more widely available to prospective landlords, according to research from Paragon Mortgages.

The company's survey of mortgage intermediaries found nearly half (46 per cent) noted an increase in buy to let business in the first quarter of 2011, with 18 per cent saying there had been a rise of more than ten per cent compared with the fourth quarter of last year.

Some 13 per cent of intermediaries reported growth in businesses levels of between six and ten per cent, while 45 per cent said there had been no change in the level of buy to let business since the previous quarter.

John Heron, managing director of Paragon, commented: "These figures demonstrate intermediaries' growing confidence in buy to let.

"Landlord demand is clearly strong and buy to let finance is becoming more readily available to meet that demand. Although we are obviously not operating at 'normal' market levels, buy to let is on the road to recovery," he added.

Buy to Let Investment News

Mortgage News; Mortgage Holders Opt for Short Term Savings

noreply@blogger.com (London Estate Agents) — Fri, 01 Apr 2011 12:49:00 +0000

An expected base rate rise has less of an influence on consumer behaviour than changes to their monthly mortgage repayment.

Home buyers who take up UK mortgage offers are more likely to switch deals if their monthly rate rises rather than the Bank of England increases the base rate.

According to research from First Direct, ten per cent of 'free to leave' mortgage holders would look around if their monthly instalments rose by one per cent, while 40 per cent would definitely consider a different deal if their repayments became £100 per month more expensive.

In addition, all the participants in the survey said they would fix for a short-term UK mortgage lending offer if it meant paying a lower rate instead of considering their longer-term options.

Richard Tolchard, the company's senior mortgage product manager, commented: "It's easy to see why homeowners enjoying the benefits of a low variable rate might be unwilling to volunteer for an increase in their monthly payments by moving to a fixed rate now.

Mortgage Rate & Home Loan News

Buy to Let Funding Available

noreply@blogger.com (London Estate Agents) — Sun, 27 Mar 2011 12:52:00 +0000

Buy to let funding is becoming more widely available and this is contributing to more landlords being able to afford property Investment purchases.

This is the view of Chris Horne, editor at Property Hark, who said those who buy property to rent in London and other places have more of an advantage over other homebuyers.

"The good thing about landlords is that they can often take a slightly longer-term view. They can take a medium to long-term view on the property market [and] generally over time property prices will rise, [even though] they might dip in the immediate term," he pointed out.

Mr Horne's comments come after research from the Mortgage Works found half (51 per cent) of mortgage brokers believe the number of new landlords will rise in 2011.
The survey also found 56 per cent of brokers think that when a client buys his or her first buy to let property, they will remain open minded about future purchases.

Buy to Let Investment News