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Referrals To The Property Ombudsman Increase

Referrals To The Property Ombudsman Increase

Huge Rise In Referrals To
The Property Ombudsman

There was a 42% increase in the number of referrals to The Property Ombudsman (TPO) last year, according to The Property Ombudsman’s Annual Report for 2014.

The latest publication of The Property Ombudsman’s annual report shows that six months after the introduction of new legislation, making it a legal requirement for UK letting agents and property managers to join one of the three government approved redress schemes, the number of letting agencies and property management companies signed up to the TPO scheme has reached 12,915, a new record level.

The 42% increase in registered property lettings and estate agent businesses brings the total number of UK estate agents and property lettings offices offering free, independent route to resolve property and tenancy disputes to 26,735.

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Letting Agent Complaints On The Rise According To Property Redress Scheme

Letting Agent Complaints On The Rise According To Property Redress Scheme

Complaints About Lettings Agents  On The Rise
According To Property Redress Scheme

Due to the fact that more tenants and property owners are now aware of their consumer rights, especially the right to redress, there has been a month on month increase in the number of complaints being made against lettings agents, property management companies and estate agents.

The Property Redress Scheme, (PRS), is just one of three consumer redress schemes set up by the Government to provide fair and reasonable resolutions to disputes between the public and property agents.

From 1 October 2014 it became a legal requirement for all lettings agents, property managers and estate agents, as defined by legislation, in England to belong to one of the three Government approved redress schemes, which are:

The number of complaints raised with the PRS is increasing month on month. Of the complaints raised so far,

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UK Property News In Brief from Estate Agent Today & Letting Agent Today

UK Property News In Brief

Weekly UK Property News Video Round-up

Provided By Estate Agent Today & Letting Agent Today

We always try to keep Spotlight readers updated with the latest property news from across the web, and with this in mind we thought we might try something new.

Our readers have found extra resources from some of the best property information providers available on the web, and they have asked that we share the information with the rest of our readership, so please grab a cuppa and sit back while watching the latest property news brief video from Angels Media.

The video features the latest property news stories from these 2 well known UK brands – Letting Agent Today and Estate Agent Today,  including: details on a new property conveyancing portal, a warning about the requirement of higher value deposits for new landlords and the success surrounding an old fashioned and proud single-office estate agency that has sold £26 Million (GBP) worth of property so far this year.

We hope that you have enjoyed watching the property news in brief and consider signing up to receive updates and information from the video’s providers – Subscribe to Estate Agent Today by Clicking here or Subscribe To Letting Agent Today by Clicking here

HMRC Tax To Deter Foreign Investment In UK

HMRC Tax To Deter Foreign Investment In UK

Estate Agents Warn That New
HMRC Tax Announcement

Will Put Off Willing Overseas Property Buyers

 

The announcement made by HMRC about altering the Government position on taxation of using foreign capital as collateral for borrowings could have a significant impact on the residential market in UK cities, especially London, according one estate agent.

Cluttons’ Head of Residential Development, Julian Briant, reckons that the new rules over the use of foreign capital in order to be able to obtain a loan in the UK will now result in a taxable remittance, making mortgages less attractive for investors hoping to use money held abroad as security.

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UK Residential Property Prices Only Increased By 0.5% Last Month

UK Residential Property Prices Only Increased By 0.5% Last Month

Residential Property Prices Only Increased By 0.5% Last Month 

New data released by Hometrack shows that residential property prices only increased by 0.5% during May 2014, less than previous price rises recorded in the three previous months, suggesting a slowdown in property sales and price growth.

The data shows that the proportion of UK regions recording property price increases during May had fallen to just 42%, down from the 50% recorded in March and April 2014.

While property prices may have continued to rise in London, there has been an overall slowing in the rate of growth, with property prices only increasing by 0.6% in May, compared to the 0.8% average increase over each of the previous six months.

The main growth in London is in lower priced areas of the capital that are perceived as offering better value for money, however, central London prices only increased by 0.2% in May. 

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Local Authorities Urged To Build More Private Rental Sector Properties

Local Authorities Urged To Build More Private Rental Sector Properties

Local Authorities Urged To Promote Institutional Investment In Private Rented Sector Over Home Ownership

According to the report “Making Renting Viable“ commissioned by the British Property Foundation (BPF) and conducted by a leading London law firm; more UK local authorities should focus on building new residential properties for the private rented sector to encourage institutional investment instead of promoting local homeownership.

The British Property Foundation and Addleshaw Goddard who conducted the survey, reckon that UK local authorities should earmark land within their council boundaries for private rented sector (PRS) properties and set housing development targets to encourage pension funds and other institutions to invest more in the private rented sector.

Partner at Addleshaw Goddard, Marnix Elsenaar, said: “It’s vital councils recognise both the need for an institutional private rented sector that’s not the same as buy-to-let, while ministers should update planning guidance to make building for rent economically viable. Residential property was seen as more difficult than renting out a commercial office block, but the landscape has changed. Institutions want reliable, long-term returns and they should see a good degree of income growth in the private rented sector.

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Property Repossessions Fall As Prices Increase

Property Repossessions Fall As Prices Increase

Property Repossessions Make Great Investments

Latest figures from the Land Registry show that property repossessions have dropped in every region of the UK with falls in the past year ranging from 10 – 39% whilst property prices have continued to climb.

The December 2013 data from Land Registry’s House Price Index (HPI) shows an annual property price increase of 4.4% which takes the typical average property value in the UK to £167,353.

The monthly change from November to December 2013 showed a property price increase of 1.1%.

But behind the good news there is a large North-South divide in property repossession volumes, with the number of property repossessions far greater in Northern England than the number of repossessions in the South, even after the recent falls.

Property repossessions are a fantastic opportunity for would be property investors as the mortgage lender in possession of the property are only seeking reimbursement for their initial mortgage outlay, presenting below market value (BMV) opportunities for investors.

Repossession volumes decreased by 31% to just 1,129 in October 2013 compared to 1,636 property repossessions in October 2012.

The UK regions with the greatest fall in the number of repossession property sales were the East Midlands and the South West.

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Property Asking Prices Collapse In NovemberProperty Prices Rise At Fastest Rate For 6 Years…Or do they?

The asking price of property is supposed to be rising at the fastest rate for over 6 years, according to Rightmove, however, asking prices actually dropped by 2.4% during October, all but wiping out September’s 2.8% gain. This is the third dip in property prices in 2013.

UK property owners have raised the asking price for their properties by 4% compared to this time last year, marking the biggest annual rise in residential property prices since the financial crisis and property crash hit in 2007.

The average asking price that UK vendors want for residential property now averages around £246,237 (GBP), according to Rightmove, compared to £252,418 (GBP) in October.

It is worth pointing out that residential property asking prices usually fall by approximately 3% in November ahead of the festive season traditional slowdown.

So with residential property asking prices falling by just 2.4% in November suggests that the recent upturn in housing market activity will cushion the predictable seasonal drop.

Rightmove say that buyers still have a wide choice of property types to choose from as the UK property market is holding up relatively well for first-time buyers, as the number of flats and terraced properties on the market has declined more slowly than the number of detached and semi-detached properties this month.

Property prices in the East Midlands were 7.4% higher than they were in 2012, averaging £168,873 (GBP), outpacing property price rises in London.

The average asking price for a residential property in London is over three times greater than property values currently are in the East Midlands and asking prices in London have risen by 6.9% year-on-year, to reach a typical average value of £517,276 (GBP).

In fact residential property asking prices have increased across most UK regions apart from in the North, where residential property prices have dipped by 0.5% annually to average just £141,426 (GBP).

Property prices in Wales dropped by the smallest amount, down by 0.4% to reach a typical average of £165,110 (GBP), while desperate property vendors in London have dropped residential property asking prices by as much as 5% since October.

Rightmove said that traffic to its website has increased 30% in the last 12 months, a sure sign of growing demand from would-be property buyers. The property portal also said that the stock of unsold residential properties has fallen from an average of 71 per estate agency branch one year ago to 67.

Rightmove Director, Miles Shipside, said: “Estate agents expect a more buoyant 2014 as they pick up early signs of an increase in buyer interest and demand, so this side of Christmas could be the time for eager property buyers to hunt out keen property vendors and strike a deal. However, agents’ challenges differ wildly depending on local market conditions. While some are really concerned about future sales because of a lack of fresh vendors, others report vendors getting too brave too early on their asking price aspirations in less active parts of the country, potentially stifling a property market recovery before it has got going.”

The infographic below shows the increase and decreases in residential property asking prices in November 2013 compared to October.

Property Asking Prices Collapse In November

Property Asking Prices Collapse In November

Source: Rightmove.co.uk

 

Grab Your Copy Of The 2013 Emergency Cashflow Report

Grab Your Copy Of The 2013 Emergency Cashflow Report

Warning: Why buying property
could ruin you

More people than ever are discovering that property investing is an excellent way of making substantial returns on their savings.

Savings that would normally be eroded away in their bank accounts thanks to high inflation and low interest rates.

It’s no secret – ordinary people, with no specialist property investment education, are right now buying properties easily, with big discounts, renting them out, and making consistent monthly cashflow profits – without having to become ‘hands-on landlords’ or becoming overwhelmed in the process.

BUT with easy access to finance, a plentiful supply of heavily discounted properties, strong tenant demand and a massive rental market to play with, comes a warning

As with every investment boom and opportunity, it is your responsibility to make yourself aware of the facts, and not become sold on the hype and excitement of other people generating cash from property investment.

Get The Insider’s Secrets On Profitable Property Investing

If YOU are thinking of investing, or continuing to invest in property in 2013/2014, then it’s essential you read the latest Property Cashflow Report, written by 4-Time Bestselling Property Investment Authors Rob Moore & Mark Homer, the brains behind Progressive Property.

If you’re brand new to property and property investing, this report will give you the best step-by-step guide to generating a healthy second, or even replacement income…

Access the report here before Wednesday

Rob & Mark have bought over 350 properties since 2005, trained over 300 private VIP clients, and trained over 26,700 residential property investors.

In the last 8 years they’ve witnessed the expensive property investing mistakes, the lengthy tests, and they have documented action-steps which create reliable, cash-flowing buy to let property investments.

These two controversial, 30 year old property investors, who were recently featured by the BBC, are releasing their 6th annual Property Cashflow Report

Inside you’ll read the nuts-and-bolts details of how to buy and profit from residential property, explicit facts highlighting the mistakes and assumptions about property investing that you must avoid, mistakes that other investors have already fallen victim to…

PLUS: The full debrief of the biggest controversial warning ever to be shared outside of the property investment community.

Access the report here before Wednesday

Don’t expect any fluff or padded filler waffling about the joys of property investing, this report delivers the reality about what to do, HOW to do it, and what to avoid for the next 12 months, including:

  • The property investing buying process – every step explained in simple terms
  • How to ALWAYS have enough money to invest, age and credit no factor
  • Why buying at auction is one of the best kept secrets + how it works
  • How to make £2k per month without ever owning property
  • How to make letting, tenancy, and property management easy and stress-less
  • How to find big discount properties through estate agents – at zero cost!
    &…
  • The Top 20 Mistakes Investors Make When Dealing with Agents

Access the report here before Wednesday

PLUS: Case studies of career employees who have easily replaced their above-average incomes, on their own terms, by simply following the advice complied in this report.

Download your copy now, and avoid risking your finances RUINED by poor investment decisions or inexperienced guesswork.

Access the report here before Wednesday

2013 Emergency Cashflow Report

Peter Singh speaking at The PPSC in February this year

Peter Singh speaking at The PPSC in February this year

Multi-Let Success Strategy with Peter Singh

A House of Multiple Occupation (HMO) or Multi-Let is a particular type of property which is available from Estate Agents and Landlords.

A HMO is an exceptionally high cashflowing investment property!

The property is leased on a single let at a fixed monthly rental price, and then the rooms of the multi-let property are rented out individually to professional tenants.

Property investors can build a huge portfolio of these types of property by buying at discount and / or adding value by refurbishment, then refinancing the investment and replicating the process, time and time again.

There is a hitch with this type of property investment strategy though…

  • It can take a lot of money
  • It can take a lot of time
  • It is not readily scalable
  • Investors are at the mercy of the banks for money

Imagine if you could control an unlimited number of these super-cash flowing multi-let properties with no mortgage, no deposit and no credit checks…

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There Will Never Be A Better Time To Invest In Property

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