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Are Property Price Rises Slowing?

Are Property Price Rises Slowing?

Is The UK Property Market Just Experiencing
A Seasonal Slowdown Or Is It Something Worse?

There are a lot of reports in the media attempting to suggest that the UK property market is doomed to failure, with the latest House Price Indices (HPI) published by mortgage lenders suggesting that the UK property market is slowing, however there are fears that it might be in more serious trouble.

Halifax latest figures show that property prices in the three months prior to September 2014 were 2.7% higher than in the preceding quarter but there was an average 0.6% property price rise across the UK during September, resulting in an average property price of £187,188 (GBP).

Halifax say that this is the second successive decline in the quarterly rate and predict that the annual house price growth rate has already peaked at 10% and future growth will be at a considerably slower pace. 

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Tenants are renting the same UK private rented sector property for longer as the rental property shortage

continues to limit choices.

Tenants are staying put in the same rental property for an average period of some 20 months, according to the latest research from the Association of Residential Letting Agents (ARLA).

The tenancy length figure is up year-on-year from an average of 19 months reported in the first quarter of 2012, indicating that tenants are beginning to take a longer-term view of renting property in the UK private rented sector (PRS).

ARLA’s data comes from 527 member offices and 56.9% of ARLA registered letting agents have reported greater demand from tenants looking for rental property than there are properties available.

There has also been a dramatic reduction in the number of lettings and property managing agents reporting an increase in suitable properties coming on to the market for rental purposes because they can’t be sold, with figures down to just 29% from 42% at the end of 2012. The result is a rental property shortgage across the UK.

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2012 Property Investment Review

2012 Property Investment Review

Well it’s the end of the year that was supposed to mark the end of the world for mankind and yet we survived and it wasn’t all doom and gloom, 2012 did bring the UK some joy with events and celebrations across the country, including:

For the general public: An inferior team, who hadn’t won anything for over 34 years, winning the 2011/12 Premiership title with virtually the last kick of the season, (not that I am a biased Man Utd fan or anything….), the Queen’s Diamond Jubilee, the Olympics and Paralympics, the end of the double dip recession,

For Property Investors and landlords: 2012 saw the emergence of Rent Guarantee products that are good value for money, property prices continuing to behave like a roller coaster ride but eventually recovering and ending the an average of 1% year up on last year’s prices and lets not forget the return of some decent Buy To Let mortgage products to the UK mortgage marketplace.

How was 2012 for you? Has the year lived up to your expectations and did you achieve any of your property investment goals?

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Gross mortgage lending declined to an estimated £10.2 Billion (GBP) in April 2012.

Mortgage lending fell by 19% from £12.6 Billion (GBP) in March 2012 but was 2% higher than the total of £10.0 Billion (GBP) in April 2011, according to the Council of Mortgage Lenders.

CML chief economist Bob Pannell comments:“Mortgage lending activity has been relatively buoyant in recent months, with stronger lending for house purchase underpinning the more upbeat lending picture. The underlying picture is likely to be a bit stronger than the April figure suggests, because some first-time buyers are likely to have brought forward their transactions to March 2012 to take advantage of the stamp duty concession that was coming to an end in March 2012. Eurozone developments remain highly uncertain and have the potential to undermine UK economic prospects and conditions in our housing and mortgage markets. The underlying picture is likely to be one of easing momentum in the housing market, but with potential for a sharper downwards correction on bad Eurozone news.”

Just like HM Queen Elizabeth II, 2012 marks the Diamond Jubilee of Salford Musical Theatre!

Having been formed in May 1952, we have performed and showcased many shows over the years from the early days of Gilbert and Sullivan to the modern era productions of Carousel, Oliver and Les Miserables.

To celebrate our 60th Anniversary our main show this year is called

“ 60 Glorious Years ”

A review of our history, the history of Salford and we are reprising songs from some of the shows we have performed over the past sixty years

Salford Musical Theatre Company celebrate 60 Glorious Years!

Salford Musical Theatre Company celebrate 60 Glorious Years!

Songs will be performed from, amongst others:

Les Miserables, Hot Mikado, Spamalot, Oliver, Carousel, South Pacific, Chicago, Oklahoma…..

Performances will take place 15th to 19th May at Patricroft United Reform Church, Shakespeare Crescent, Eccles Manchester M30 0PX.

Ticket information can also be obtained by calling our Ticket Secretary –  Jean Forrester on 01204 578216

or obtain tickets online http://smtc60.eventbrite.co.uk (fees apply) or via any SMTC member.

Please visit our website for more information http://www.salfordmusicaltheatre.co.uk

A quick note about ticket prices and fees – When tickets are sold online, there are extra costs involved (postage, paypal fees and Eventbrite fees) and we ask that the person booking the tickets pays these fees rather than the Society.

If you do not agree to paying these fees, please purchase your ticket in the traditional way by either telephoning the ticket secretary on 01204578216 or ordering from a cast member. Thank you for understanding.

Institutional Investment is needed in UK Buy To Let Sector

Institutional Investment is needed in UK Buy To Let Sector

The Council of Mortgage Lenders, (CML), think the coalition Government’s Chancellor of the Exchequer, George Osborne should be doing more to encourage institutional investors to take a stake in Buy To Let property in the upcoming Budget.

The Council of Mortgage Lenders are the trade body for all the UK’s major bank and building society residential mortgage lenders.

The CML claim encouraging pension funds and corporate investors is a neglected policy that could provide the cash for more UK homes that can be made available to rent.

The suggestion is part of a wide-ranging Budget review aimed at influencing the Chancellor to ease the mortgage market. The submission also criticises current housing policies, including:

• Stamp duty holidays for first time buyers, which the CML claims creates a boom and bust market around deadline dates
• Paying housing benefits direct to claimants may damage landlord cash flows and lead to unnecessary mortgage arrears and repossessions
• Making better use of housing stock as, the CML states, most of the homes available over the next 20 years have already been built

The CML has told the Chancellor that given the vulnerabilities and uncertainties, it is important to make sure that all avenues, for strengthening and diversifying funding structures, have been explored.

The CML have also noted that the government continues to explore the obstacles to greater institutional investment in the supply of private rental property, but, strangely, the further scope for promoting domestic institutional investor interest in mortgage assets seems to be a neglected area of policy.

The Budget report also points out that UK banks and building societies rely heavily on raising funds from wholesale markets which are currently challenged by the Eurozone debt problems.

“Funding costs remain higher than a year ago, and the UK remains vulnerable to future eurozone developments. Given that current market conditions are somewhat fragile, it is very important that other government policies do not undermine housing market sentiment more generally. We believe that there are a few areas where policies are not as well aligned as they could be.” says the CML.

The CML’s calls echo the sentiment of many existing UK landlords who have had to search for a variety of additional landlord services such as insurance, tenant referencing and tenant eviction services from private sector specialist suppliers, in order to remain in a profitable situation.

With institutional investment into the UK private rented sector (PRS) specialist products and services for landlords will be enhanced for the corporate market and derivatives would be more affordable and even more readily available.

The British Property Federation (BPF) handed a bit of good news to UK landlords who may have been struggling to make ends meet, after it was revealed that the UK coalition government may review imposing powers forcing landlords to share information on changes of tenancy with water companies, as well as making them liable for a defaulting tenant’s debts.

The failure of tenants to pay water bills for the property they are renting costs landlords and other home owning customers around £15 extra per year.

The new Flood and Water Management Act would mean that the government could make landlords and property owners pay water and sewerage bills if specified details of tenant occupiers are not forwarded to the relevant utility company departments.

Ian Fletcher, director of policy at the British Property Federation, explained: “Government policy in other areas is pushing for personal responsibility and the same should apply here that landlords should not be held liable for their tenants’ debts, which is simply unfair. We therefore welcome this review and agree that water companies could do more to limit bad debts. Landlords already provide a lot of information voluntarily, though this could be much easier and transparent with the right systems in place”.

Legal 4 Landlords advise all UK landlords to inform all utility companies (Gas, Electricity and Water) at the start and end of every tenancy as normal practice for all tenancies.

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