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Open House property news
Latest property news from Open House Estate Agents
Learn more about what’s happening in the market place. Snippets of the latest property related news from the media and leading industry experts.
Property sector continues to defy expectations
choices.co.uk 18th January 2012
House prices in the UK continue to defy economic expectations, the latest data from LSL Property Services reveals. It shows that last month property prices rose to an average of £220,385.
London is leading the resistance with property values now 3.1% higher than last year. Wales also saw annual house price growth - although other places in the UK did not fare so well.
David Newnes, director of LSL property services, said: The final month of 2011 saw a modest rise in prices which rounded off a year of economic turmoil in which the property market showed remarkable resillience.
More first-time buyers plan to beat stamp duty
estate agent today 11th January 2012
Mortgage valuation activity in the final quarter of 2011 outstripped business a year ago, according to Connells Survey and Valuation.
The firm says that the increase was driven by first-time buyers hoping to beat the end of the stamp duty holiday in March.
During the final quarter of 2011, valuation activity grew compared to that of the previous quarter and an increase of 71% compared to quarter 4 of 2010. In fact, throughout the whole of 2011, Connells report 43% more valuations than in the previous year.
John Bagshaw, corporate services director of Connells Survey and Valuation, said: “The seasonal Christmas slowdown may have set in during December, but the monthly dip was muchb smaller than in recent years.”
UK property prices on the rise
Property Abroad 1st December 2011
Prices of residential property increased by 0.4% in November and are 1.6% higher than a year ago, according to figures published by the Nationwide. This price increase is equal to that of October's and the average price of a home is now £165,798.
UK housing market bounces back
Myintroducer.com 1st November 2011
The UK’s residential property market bounced back in October according to data released from the Agency Express Property Activity Index.
The number of properties achieving ‘Sold’ status in October grew by
+7.5% compared to September 2011 and the number of new ‘For Sale’
listings recorded month on month also showed an increase, up +0.8%.
Regionally,
the growth signs were evident with seven out of the twelve regions
showing positive increases for the number of properties ‘Sold’ in
October against the previous month.
London topped the table for
hot-spots, up +29.4% on September, followed by the West Midlands, up
+28.8% and Central England, up +12.1%. The overall number of properties
‘Sold’ in October 2011 was also up +2.8% against October 2010.
UK house prices see rise
BBC News 1st November 2011
House prices increased year on year in October with a 0.8% rise, the Nationwide building society has said.
Prices went up by 0.4% in October compared with September making the average home worth £165,650.
Seasonal surge in house sales prompts positive outlook
This is Money 19th September 2011
There was a glimmer of hope for the beleaguered housing market today as house builders reports 'encouraging' sales in recent weeks.
One of the UK's largest builders said that house sales have gathered pace, in line with the seasonal surge in activity.
Sales for the second half of the year are so far ahead of last years and current trading point towards a positive outlook.
Rent prices rise at the fastest rate for a year
Money Expert 16th September 2011
The cost of renting a property has risen at its fastest rate for a year, according to the latest research.
Tenants are now paying £731 a month, which is a 1.2 percent increase from July to August, the LSL property services have reported.
The cost of renting rose quickest in Wales and the southeast of England last month.
Student market 'makes it a good time to buy investment property'
UKBusinessProperty 15th September 2011
A thriving lettings market means now is a great time for people to snap up investment property to rent to those in education.
A property letting expert explained that the sector has several unique features that differentiate it from the standard rental industry.
He noted that one of the first things to ensure is that investment property is in the right location.
There is no point offering addresses to students that are some way from their campus or university base.
CML reveals lending to first time buyers at highest level for a year
FTAdviser 15th September 2011
Overall lending for house purchases rose by volume and value in July, while more first-time buyers were looking for mortgage advice, research has shown.
According to monthly data by the council of mortgage lenders, the value of lending for house purchase increased from £6.9bn in June to £7.3bn and the volume from 47,800 to 48,800.
Both types of lending were at their highest since August last year.
Remortgaging increased since June and also compared to the same period in 2010. There were 31,500 remortgages worth £4bn in July up from 31,300 remortgages worth £3.8bn in June.
Lending to first time buyers hit its highest level for a year in July, increasing to £2.3bn from £2.2bn in June. This was the highest monthly total since July 2010 when it hit £2.4bn.
Paul Broadhead, head of mortgage policy for the Building Societies Association, said: "Several lenders have reduced interest rates for both variables and fixed rate mortgages. Some mutuals have launched products aimed at supporting first time buyers."
House prices rise in July - Land registry
reuters.com 26th August 2011
House prices in England and Wales rose 1.3 percent on the month in July, government data showed, in a rare positive sign from the housing market.
The land registry said house prices stood at an average £163,049.
The only region to record annual house price growth was London, with process rising 1.3percent over the last year.
Inventories 'benefit letting agents and tenants'
rman.co.uk 20th May 2011
Drawing up an inventory is beneficial for both tenants and letting agents, as it offers a clear record of the state of a property at the start of the lease.
David Lawrenson, a buy to let and private rented sector expert, explained that a few years ago there were examples of landlords holding on to excessive amounts of deposits.
He pointed out that this is why tenancy deposit schemes were introduced, but noted that such documents also serve to protect the property owner, as residents can forget how a home looked when they started renting it.
Mr Lawrenson said: "The job of the property inventory in a let property is to state clearly what the state and condition of the property is at the beginning and the end of the tenancy."
The buy to let sector appears to be in reasonable shape this year, with the council of Mortgage Lenders reporting a year on year rise in the first quarter lending, from £2.1 billion up to £2.9 billion.
Letting agents see record rents in April
rman.co.uk 16th May 2011
The record monthly high of £692 per month charged by landlords on average has been matched in April, a study from LSL property services has demonstrated.
It revealed that such bills climbed 0.8 per cent compared to the previous month, with London and the south-east of England experiencing the biggest jump.
Estate agency managing director of LSL David Newnes noted that the number of tenants in arrears also saw a hike, up to 11.8 per cent, but he stressed this probably had more to do with when the May Day Bank holiday fell.
Regarding the wider rental sector, he added: "we are yet to see the true picture emerge from public sector spending cuts and changing employment situations will hamper many tenants' ability to meet their monthly rent cheque on time."
LSL figures showed rents climbed 4.4 per cent year on year, reaching the record figure seen in November 2010.
This month the company's house price index showed property values grew by an average of 0.3 per cent in April, pushed up by high-level transactions.
UK Estate Agents report increased demand.
ibtimes.com 27th April 2011
Estate agents in the UK have reported a surge in demand for a new property ahead of the easter holidays.
According to the National Association of Estate Agents (NAEA) there has been a sharp increase in the number of house-hunters searching for a bargain ahead of the religious celebration.
"The significant growth in demand for homes reported by our estate agents suggess that house hunters are searching for a good deal on property before the traitional spike in activity over the easter holidays," NAEA president Michel Jones said.
The positive news comes in the wake of a recent report from Rightmove which said that the number of sellers currently active in the market far exceeds the number of buyers.
Mortgage approvals on the rise, as buyers return to property market
Daily Mail 27th April 2011
The number of mortgages approved for house purchases rose to an eight-month high during March as activity in the property market showed signs of picking up, figures revealed today.
A total of 31,660 loans were approved for people buying a new home, 5 per cent more than during the previous month and the highest level since July last year according to the British Bankers Association.
The data backs up anecdotal evidence from estate agents that potential buyers are beginning to return to the market ahead of the traiditional spring bounce.
High street vs online estate agents
This is Money Friday 8th April 2011
Another day, another claim that high street estate agents will no longer exist in three years as the internet has taken over.
Established estate agents think property, based in Essex, has moved from the high street to online and claims that's where the future for estate agents lies.
An online estate agent says: 'Similar to low cost airlines who changed the market with the introduction of online bookings, we believe that online estate agents are the way forward for a number of reasons. I would even go so far as to say online estate agents could kick start the housing market if these lesser fees allow seller to reduce the prices of their house in order for a speedier sale'
Online estate agents are certainly cheaper than traditional estate agents. High Street agents to to charge a percentage fee based on the sale price of your property with nothing to pay if you done sell.
Online agents on the other hand tend to offer a range of pricing options. Typically these include a flat fee option and other pricing deals which have a smaller up front fee and another fee on completion.
Estate Agents report increase in activity and demand in UK property market
Property Wire 30th March 2011
Activity in the residential property market in the UK has surged following the winter slowdown with buyer demand increasing especially in central London where quality homes are being snapped up, it is claimed.
A recent quarterly review from a leading estate agent says registrations increase 90% between December and January and property stock levels have been boosted by an injection of new properties in January and February.
And it reports strong demand in central London where quality properties are being snapped up above asking price before details have even been released. Buyers from the Middle East make up 20% of foreign buyers in prime Central London, up from 12%.
Even the market outside of Central London is beginning to that with demand increasing and sales recovering well after the winter hiatus.
It also found that more rental properties are coming onto the market as landlords grow their portfolios to take advantage of strong demand. Rents are still rising and average rent across the UK now stands at £2,126 per month. Average rents outside London are £972 per month whilst rents in prime central London currently are £4,016 per month.
Which? tells sellers to choose online estate agents
Estate Agent Today Wednesday 23rd February 2011
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
Consumer watchdog Which?, has advised home sellers to shop around and save money by using an online estate agent.
Which? said that estate agent fees are a major cost in moving home and can be as high as £4,800 on a £200,000 home.
However, it said, using an online estate agent could cost much less.
Altogether, said Which?, consumers can knock £6,000 off the 'expensive extras' of moving home simply by shopping around and finding the cheapest services.
UK housing market improves
myintroducer.com Wednesday 16th February 2011
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The UK housing market experience a relative increase in activity in the opening month of 2011, say the NAEA.
NAEA members reported a rise in demand amongst house hunters and also an improvement in the number of offers from sellers signalling a recovery following the traditional December slump but largely still in line with figures reported at the same last year.
The number of registered buyers reached the highest level in six months, from an average 227 in December to 252 in January. Given the latent build-up in demand following Decembers adverse whether conditions and with the holiday season over, a number of people have begun to focus once again on the process of buying or selling a home again.
Housing stock availability grew from an average of 64 in December to an average of 69 in January. This encouraging supply data suggests that demand for property can be met in the short-term, which will ensure that house process do not overheat and the market remains stable.
UK House prices rose in January, Halifax says
bbc.co.uk Friday 4th February 2011
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
House prices rose by 0.8% in January compared with the previous month according to figures from the Halifax.
The typical home in the UK now costs £164,173, it is said.
Boom time for landlords predicted
The Press and Journall Tuesday 11th January 2011
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
Letting specialists are predicting a period of dynamic growth for the residential property rental market in 2011, and near-perfect market conditiong for long term investment landlords.
"Across our region, demand from tenants continues to grow and exceed supply. as many customers are deciding to rent property rather than buy,"
Research by ARLA, the Association of Residential Lettings Agents, indicated that nationwide demand for rental property has rocketed to an eight year high.
More that 70% of letting agents across the UK say they have noticed a surge in demand which more than doubles the figure reported at the peak of the proeprty boom in 2007
Rental market's now so hot tenants are having to make sealed bids!
Daily Mail Monday 8th November 2010
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
Has there ever been a better time to be a residential landlord?
For those who own quality stock are pretty comfortable: tenant demand is so strong that a quarter of tenancies in London are going to sealed bids, according to letting agents in the area.
The sales and letting website primelocation.com reports that rents have risen 5.1% in London in the last quater.
The 'accidental landlords' who could not sell their homes during 2008 have largely sold up, increasing the shortage of rental property.
First time buyers return to market
www.myintroducer.com Monday 8th November 2010
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The proportion of first-time buyers set to enter the property market has seen a recovery from the record low seen last quarter, say Rightmove.
Rightmove's Consumer Confidence Survey for October shows that 26% of people who intend to buy a property in the next year will be doing so for the first time, up from 22% in July. The survey also finds that the number of first time buyers expecting process to drop over the next year has jumped from 1 in 5 to 1 in 3 since last quarter, suggesting that the prospect of lower house prices may be encouraging those buyers to enter the market.
This forward looking survey about buyers' intentions indicates earls signs of a return of more first-time buyers in the UK property market. This is welcome news. First-time buyers are vital to the overall health of the market as they help to complete chains and, in so doing, improve fluidity and mobility.
UK Property Market hits a turning point
UKpropertyshop.co.uk Tuesday 19th October 2010
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
Reports show monthly increases in both new rental instructions (up 1.78%) and
new estate agency instructions (up 16.21%), as well as overall mortgage
applications (up by 1%).
A spokesperson from one of the UK's largest property service Group said: "Activity
across the UK property market in September provides some positive signs,
particularly in areas which have slowed down in recent months.
"Figures
from our estate agency network show that there is still a strong
appetite from buyers and sellers. Our national open house
event in September resulted in strong increases in both the number of
new properties entering the market and buyers viewing but only those
properties that are realistically priced to sell are doing so.
Rents rise across the UK - and hit record in London
Estate Agent Today Monday 18th October 2010
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
Rents across the UK have reaches a high of £689 per month.
According to the new LSL rental index, rents have now risen for eight consecutive months.
The previous peak was in August 2008
This year's rise has been largely driven by the south-east and London, where rents are also the highest on record, at an average of £972 a month - a rise of 6.8% since the start of the year.
According to one agent, "properties are also being let at these record prices in a matter of hours and often without break clauses or with seceral months paid up front. The market is so fast-paced that even relocation agents, who generally have the advantage of working for the most desireable corporate tenants, are being drawn into the bunfight for property"
Rental demand soars to eight-year high
Estate Agent Today Monday 11th October 2010
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy-to-let market is continuing to experience
unprecedented levels of demand, suggesting that Paragon’s re-entry this
month to the specialist lending market after an 18-month gap will prove
extremely timely.
The number of tenants seeking rental properties has reached an
eight-year high, according to the Association of Residential Lettings
Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced
back in a way that no one could have predicted, to levels of demand that
have not been seen since the last century.
The buy to let market is continuing to experience unprecedented levels of
demand, suggesting that Paragon’s re-entry this month to the specialist
lending market after an 18-month gap will prove extremely timely.
continuing to experience unprecedented levels of
demand, suggesting that Paragon’s re-entry this month to the specialist
lending market after an 18-month gap will prove extremely timely.
continuing to expwerience unprecedented levels of demand, suggesting that Paragon's re-entry this month to the specialist lending market after and 18-month gap will prove extremely timely.
The number of tenants seeking rental properties has reached an eight year high, according to the Association of Residential Letting Agents.
Ian Potter, operations director or ARLA, said: "The market has bounced back in a way that no one could have predicted, to levels of demand that have not been seen since the last century.
The buy-to-let market springs to life
finiancialadvice.co.uk Wednesday 29th September 2010
Paragon, one of the major buy to let mortgage providers in the UK, has confirmed the signing of a £200 million funding arrangement with Macquarie Bank which will see the company become more prominent in the buy to let mortgage market again. Despite the fact that Paragon has always had a long-term outlook on debt and mortgage funding it was forced to effectively going to "hibernation" during the UK economic downturn when the property market and in particular the buy to let market suffered from a lack of interest and a lack of funding. So what does this mean for the UK buy to let market?
The very fact that the company has been able to arrange a £200 million loan arrangement on a long-term basis is good news for the company and good news for property investors. Unlike so many other competitors who have fallen by the wayside, Paragon is now beginning to benefit from an ultra-cautious approach which should see the company announce full-year profits in the region of £65 million.
Land registry reports rise in UK house prices
financialadvice.co.uk Wednesday 29th September 2010
The Land Registry has today issued a report suggesting that UK house prices increased by 0.3% in August which was around half of the rise seen in July. According to the report the average home in England and Wales is now valued at £167,423 with annual growth falling from 6.8% in July to 6.7% in August. These figures on the surface appear to be very much at odds with recent property reports suggesting UK prices have fallen but there is a reason for this.
Boost for housing market as data show price rises
moneyfacts.co.uk Tuesday 28th September 2010
The prospects for the housing market look brighter today after new figures showed that prices rose in august. Data released by the Land Registry shows a 0.3% rise in prices was recorded in August – traditionally a quiet month in the mortgage market.
While a fall from the previous month, the rise is the fifth month in a
row that the Land Registry has reported an increase, with the average
price of property in
In addition, prices at the end of August were 6.7% more than they were a year ago, and annual house price inflation has been positive for the last ten months in a row.
Sales volumes have also increased from last year.
In March to June 2009, transaction volumes average 43,825 per month, while in the same period this year the average was 53,089.
House Prices Rise Again
mortgagerates.org.uk Sunday 12th September 2010
According to a new report published by the Halifax, house prices increased for the second month in a row. The report showed a 0.2% increase from July to August in the average price of a residential property in the United Kingdom.
The report comes at the same time as Nationwide published its monthly figures which they showed a drop in house prices. Nationwide reported just under a 10% fall compared in the same period. Market insiders are concerned that this is illustrative of Nationwide performance and not a true picture of the UK market as the Halifax is showing that prices are up 4.6% over the past 12 months but others have rebuked Halifax’s figures as they tend to be weighted heavily in the north of England. Market analysts believe that the mixed messages show that the market is starting a period of stagnation.
Martin Ellis, Halifax’s housing economist said: “This, together with July’s rise, has reversed much of the modest decline in the three preceding months. Prices are now at a very similar level to that at the end of last year. Activity has also been largely static since the start of the year. These developments suggest that the market is broadly stable with house price inflation having cooled since last year when supply shortages helped to push up prices.”
House Price Growth Strongest This Year
Finance Markets Tuesday 31st August 2010
The Land Registry has reported that house prices in England and Wales increased by 0.4% in July, with growth at its strongest since the start of the year.
The rise took the average value of a home to £166,798 but left annual growth at 6.7%, down from 8.4% in June.
Data for London show monthly growth of 1.6%, with the typical house in the Capital worth £343,730, in July.
Nine regions in England and Wales have experienced increases in their average property values over the last 12 months, with London leading the way at 12.1%.
The region with the greatest annual price fall is the North East with a movement of -1.4 per cent.
Turning to market activity, completed transactions stood at 48,219 per month on average between February and May 2010, compared with 36,947 per month in the same period of 2009.
Land Registry figures appear almost a month later than those of other market commentators but are generally regarded as the most reliable because they are based on completed sales, rather than mortgage approvals.
House Sales Doubled Since January
Monday 9th August 2010Letting agents are more successful at keeping rental properties occupied than individual landlords, according to the Deposit Protection Service.
Lettings agents ensure that the void period on a property is kept to within two weeks on 63% of properties, compared with only 38% for those marketed by landlords directly.
The DPS has assessed the void periods across 597,753 deposits it holds on rentals in the UK.
The figures also point to huge regional differences throughout the country, the worst scenario being two-thirds of available rental properties lying empty for more than three months.
Two of the ten worst areas for empty properties were in Lancashire. However, the South was also badly hit, with areas in Surrey, Essex and Hampshire among the worst. In some areas, half of rental properties have been empty for more than three months.
Kevin Firth, director of the DPS, said: “Many landlords market their properties very effectively, but the evidence we have compiled in the past two years demonstrates clearly that there is more they can learn to try to decrease void periods.
“In the current market – where demand for rental property far exceeds supply – there is no excuse for allowing properties to remain dormant and not earning income.”
Finance Markets Monday Saturday 14th August 2010
Housing market transactions increased for the second consecutive month in July, according to the LSL/Acadametrics House Price Index.
The Index, which is based on every house sale in England and Wales, showed an 11% rise, to 72,100, meaning that activity has doubled since January.
July also saw house prices increase for the first time in five months, with an 0.1% rise taking the value of a typical home to £220,685.
The research suggests prices in England and Wales have remained stable over the last three months, although annual inflation has slowed to 8.1%, owing to stronger year-on-year comparisons.
Letting agents prove better at avoiding voids
Monday 9th August 2010
Letting agents are more successful at keeping rental properties occupied than individual landlords, according to the Deposit Protection Service.
Lettings agents ensure that the void period on a property is kept to within two weeks on 63% of properties, compared with only 38% for those marketed by landlords directly.
The DPS has assessed the void periods across 597,753 deposits it holds on rentals in the UK.
The figures also point to huge regional differences throughout the country, the worst scenario being two-thirds of available rental properties lying empty for more than three months.
Two of the ten worst areas for empty properties were in Lancashire. However, the South was also badly hit, with areas in Surrey, Essex and Hampshire among the worst. In some areas, half of rental properties have been empty for more than three months.
Kevin Firth, director of the DPS, said: “Many landlords market their properties very effectively, but the evidence we have compiled in the past two years demonstrates clearly that there is more they can learn to try to decrease void periods.
“In the current market – where demand for rental property far exceeds supply – there is no excuse for allowing properties to remain dormant and not earning income.”
Estate Agents Today Monday 9th August 2010
Letting agents are more successful at keeping rental
properties occupied than individual landlords, according to the Deposit
Protection Service.
Lettings agents ensure that the void period on a property is kept to
within two weeks on 63% of properties, compared with only 38% for those
marketed by landlords directly.
The DPS has assessed the void periods across 597,753 deposits it holds on rentals in the UK.
The figures also point to huge regional differences throughout the
country, the worst scenario being two-thirds of available rental
properties lying empty for more than three months.
Mortgage lenging up by 15% in June
cml.org.uk - July 20th 2010
Gross mortgage lending in June was an estimated £13.1 billion, a 15% increase from £11.4 billion in May and a 7% increase from £12.2 billion in June last year, according to new data from the Council of Mortgage Lenders (CML).
Gross lending in the second quarter of 2010 was an estimated £35 billion, up 17% from the first quarter of this year (£30 billion) and up 7% from the second quarter of 2009 (£32.7 billion). Lending in the first half of 2010 remained unchanged from the first half of 2009 (£65 billion).
Buying in cheaper than renting in 74% of Britain
Zoopla.co.uk - July 21st 2010
Zoopla has just released its latest 'Rent v Buy Index', which reveals the top places across Britain where renting a property beats buying and vice versa in current climate. This was done by comparing current asking prices to the average rents for two bedroom flats in the top 50 locations around the country.
What may come as a surprise to many is that buying a home beats renting in 74% of cases around Britain with average monthly mortgage repayments being 8% lower, on average, than the cost of renting (assuming interest-only mortgage at 5% interest p.a.). Perhaps the biggest surprise is that it is still cheaper to buy than rent in London, despite high prices.
Topping the list of places where renting is a better option than buying currently is Huddersfield, where the average two-bed flat costs only £493 per month to rent versus £146,898 to buy. Renting is also cheaper than buying in a number of other places including Oldham, Brighton, Swansea and Edinburgh.
Franchise opportunity
July 21st 2010
Estate agency franchise news.
Tenant demand at all-time record high
Estate Agent Today - July 21st 2010
Rocketing demand for rental accommodation has prompted the UK’s largest letting agents to call for more incentives to encourage buy-to-let landlords to invest in the market.
According to one agent, tenant demand is at a record high, with up to nine tenants competing for properties.
Of 211 branches, 50,480 new tenants register in the second quarter of this year – a 16% rise on the first quarter.
The sharpest increase was in June, with over 18,000 new tenants registering, the highest number recorded in a single month since 2003, and 22% more then previous month.
The excessive level of demand has led to marginal increases in rental prices. As more families turn to renting, four-bedroom properties have seen the highest increase, with the average rent rising to £1,090 per calendar month.
There is now an average of 5.5 tenants vying for each property compared to 4.9 tenants in the first three months of the year. The highest demand is for two-bedroom houses in the South-West where 8.9 tenants competed for each property.
An Open House Estate Agents spokesperson commented, "This is great news! With so much demand in the letting market now is a great time for homeowners and landlords to find their next tenant."
UK Home Sales Continue to Boost
BBC News - July 21st 2010
The number of homes sold in the UK in June rose by 21% from May to 86,000, HM Revenue & Customs has said.
The sales figures were the highest this year and were up 15% on the same month last year.
It means sales in the first half of 2010 have been 21% higher than in the first six months of 2009.
The renewed rise in house prices, which started in the spring of 2009, now seems to have reached a plateau, according to the most recent surveys from the Nationwide building society and the Halifax bank.
Andy from Open House said "more positive news for the housing market with sales figures increasing now's a great time for purchasers to find their dream home".
HIPs removal will save public £900m, says Pickles
Estate Agent Today - July 19th 2010
Suspending HIPs has boosted the housing market, while their eventual abolition will save the public just under £900m in the next ten years.
Eric Pickles, CLG secretary of state, also said there was “joy and happiness” among estate agents “throughout the land” at the demise of HIPs, that he planned to speed up the introduction of e-conveyancing, and that his Government is in favour of house sales, not bureaucracy.
An Open House spokesperson said “now that its much cheaper to place your home on the market , we will see many more properties coming to the market and, in turn, increased levels of sales. This can only be good news for the property market”
Scrapping of expensive HIPs welcomed
Getbracknell – June 2nd 2010
Politicans, solicitors and estate agents have all welcomed the scrapping of “unnecessary and expensive” Home Information Packs (HIPs). The new Conservative and Liberal Democrat coalition Government has announced it is going to scrap the packs, which were not welcomed by the property industry when they were introduced. Recent homebuyers who have had to fork out for the packs might not be too pleased with the announcement, but property experts say it is a positive move.
Andrew from Open House commented, “I feel that this is really positive news for the industry and we look forward to increased levels of instructions and sales for the remainder of 2010”
A Flood of new properties come onto the market
Estate Agent Today – June 1st 2010
A flood of new properties has come on to the market since HIPs were scrapped on May 20, giving estate agents their busiest week in nearly three years.
Rightmove says new listings on its website have increased by 35.4%, while the UK’s largest estate agency chain, Countrywide, says the number of new properties coming on to the market through its 1,200 branches jumped by 34%.
Rightmove’s commercial director, Miles Shipside, said: “We would expect to see a post-election pick-up in fresh stock coming to the site as people have been put off by the uncertainty of the election recently.
“However, 35% is a significant increase in new listings, and indicates that many more speculative sellers have been encouraged to bring their properties to market since HIPs were scrapped. It seems that the additional cost and red tape were putting sellers off.”
An Open House spokesperson said “With the cost to place your home on the market reducing drastically with the suspension of HIP’s, we will see many more properties coming to the marketand, in turn, increased levels of sales. This can only be good news for the property market”
Home Information Packs Suspended
BBC News – May 20th 2010
The coalition government has suspended the use of Home Information Packs (Hips) by home sellers.
Hips were introduced in 2007 in England and Wales. The aim was to speed up the house selling process by obliging sellers to provide much of the required conveyancing information when properties are first put up for sale.
The packs are paid for by sellers and contain property information, title deeds, and local searches.
"Today the new government is ensuring that home information packs are history," said Housing Minister Grant Shapps.
"By suspending home information packs today, it means that home sellers will be able to get on with marketing their home without having to shell out hundreds of pounds upfront. "We are committed to greener housing so from now on all that will be required will be a simple energy performance certificate," he added.
Andrew from Open House commented, “I feel that this is really positive news for the industry and we look forward to increased levels of instructions and sales for the remainder of 2010”
Rise in mortgage borrowing
BBC News – May 17th 2010
Mortgage borrowing by house buyers is recovering, the Council of Mortgage Lenders (CML) has said. The number of loans made to home buyers rose by 25% between February and March, to 45,000. And borrowing by first-time buyers rebounded faster than that by existing home owners, the CML said.
House prices rise again
Times Online – May 11th 2010
Estate agents reported a rise in house prices and increased demand and sales in April, despite predictions of a pre-election slowdown. The Royal Institution of Chartered Surveyors (RICS) also reported that the balance of surveyors reporting a rise in prices rose from 9 per cent in the three months to March, to 17 per cent in the quarter to the end of April.
The balance reporting a rise in buyers increased from 1 to 8 per cent — the highest reading since December 2009 — while the percentage of surveyors reporting an increase in transactions turned positive for the first time this year, from -8 to 12 per cent.
A RICS spokesman said: “For much of 2010, the housing market has been under the shadow of the general election, with the gap between supply and demand growing wider as potential house buyers [stood] on the sidelines awaiting the outcome.
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