Currently viewing the tag: "Sold"

Land Registry Data Show Property Values Not Rising As Fast As PredictedLand Registry Data Show Property Values
Not Rising As Fast As Predicted

Data from the Land Registry’s House Price Index (HPI) in March 2014, shows that overall annual UK property values have increased by just 5.6%, taking the average UK property value to £169,124 (GBP).

The monthly change from February to March 2014 actually shows a property value decrease of 0.4%, however London saw property values increase by 12.4%, while the Eastern and North East regions experienced their greatest monthly rise, with property values rising by 1.1%.

Wales was the only UK region to experience an annual price drop of 1.6% and was also the only region that showed the most significant monthly price fall with values down 4.2%.

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Advertising Property For Sale

Advertising Property For Sale

Once you have made the decision to put your property for sale on the open market you will need to decide on your marketing strategy. There are various options available in the UK for sellers to consider; do you want to go it alone with a private sale, stick with convention and instruct a local high street estate agent or opt for the middle ground with an internet based agent?

Each option has its pros and cons but no matter which you choose you will need to get the property for sale seen by potential buyers!

For sale boards are a great strategy. Many people consider them old fashioned but they really are a cost effective, simple and efficient way of generating interest in your property. For sale boards will work more successfully for some properties than for others based on two main factors.

Firstly the area, is there good footfall or a high level of passing traffic?
The board needs to be seen in order to work!

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Help To Buy Could Boost UK Property Market

Help To Buy Could Boost UK Property Market

The Help To Buy mortgage indemnity scheme proposed by Chancellor of the Exchequer, George Osborne, in the budget announcement made last week is expected to raise both property transaction levels and property prices.

The Help To Buy mortgage indemnity scheme which kicks in next January is designed to generate £3.5 Billion (GBP) of new lending, could be administered by ‘bad banks’ Northern Rock Asset Management and Bradford & Bingley, now in the umbrella of UK Asset Resolution.

Lenders would have to pay to participate in the scheme, but the price has not yet been set.

Estate agents expect Help to Buy to enable people to buy both existing properties and new build homes with 95% mortgages.

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Don't become a rogue landlord

Don't cut corners when renting out property

The downturn in UK property valuations has lead many existing homeowners, some of whom are desperate to sell up, to consider alternative ways to cash in on their current property, without having to sell it below their expected valuations.

A fairly noticeable proportion of these vendors are choosing to become first-time landlords, rather than settling for a below market offer.

The prospect of more reluctant or accidental landlords entering the private rental sector (PRS) is not such welcome news for the UK rental property market. Ill advised or inexperienced landlords often make mistakes or cut corners in order to preserve cash flow or increase rental yield.

Any bad business practices can be perceived by some to be the actions of a rogue landlord, prompting Legal 4 Landlords to issue some general guidance advice for new, first-time and inexperienced landlords

All landlords need to comply with the current UK regulations and the following points are highlighted as essential:

• All prospective tenants should be thoroughly referenced and credit checked by a reputable agent, to ensure financial ability to pay the rent and gain an insight into the suitability and character of the tenant.
• Provide a proper Assured Shorthold Tenancy agreement (AST) signed by both Landlord and the tenant, outlining the length of the tenancy, amount of rent, date rent is due, and details of which government deposit protection scheme is to be used.
• At the start of the tenancy walk round with the tenant and conduct a detailed inventory describing the condition of all the fixtures and fittings of the property in detail, along with the furnishings.
• Gas appliances must be checked annually by a registered Gas Safe engineer and the landlord must provide the tenant with a copy of the Gas Safety Certificate (CP12).
• The landlord should take out comprehensive Buy-To-Let or Landlord insurance to protect their property asset.
• All repairs should be fixed promptly and only use reputable tradesmen that you know and trust to tend to the property, this is extremely important if emergency repairs must be done at short notice.
• If using a lettings or property management agent remember to conduct Due Diligence on them thoroughly and make sure as a landlord that you are happy with their terms and conditions before appointing them.

There are currently a record number of people searching for suitable rental properties in the UK, meaning that would-be landlords should have no problem finding a willing tenant, providing their properties are fit to rent.

New and first-time landlords should note that letting a property can be stressful and time consuming, as well as a very financially and personally rewarding experience, and is an effective way of providing an additional income.

Prospective landlords will need to remember they are effectively starting a business that centres on property and must remember to treat it as such.

Legal 4 Landlords are the UK’s fastest growing Tenant Eviction specialists who also offer a wide range of useful services for landlords including Tenant Referencing, Landlord and Tenant Insurance policies and Rent Guarantee insurance.

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Landlords See Rental Profits Fall

UK PRS Rent is Now More Affordable

Rents have fallen for the first time in 10 months as landlords look to keep homes occupied over Christmas, but rents in some parts of the UK have bucked the downward month-on-month trend.

The typical rent in England and Wales dropped by 0.4% to £717 a month in November, the first month-on-month fall since January.

But despite the seasonal decline, the average rent for a property is still £25 a month more expensive than it was this time last year.

Rents have risen in all regions over the last 12 months, with London and the South East experiencing the fastest rises annually at a rate of 4.2%.

The typical monthly rent in London stands at £1,033 and in the South East it is £741.

Landlords are looking to avoid having properties vacant over the Christmas period, and are being less aggressive with rental pricing as tenant activity slows in the run up to the New Year.

Across the UK, the limited supply of rental accommodation means there will still be strong upward pressure on rents in the early part of 2012.

Rental demand has remained high as would-be buyers have been unable to get onto the property ladder, faced with having to raise large deposits or finding the terms of mortgage deals too restrictive.

Rents in some parts of the UK bucked the downward month-on-month trend

• London – Rents up 0.3%
• Wales – Rents up 1.2%
• Yorkshire & Humber – Rents up 1.2%
• West Midlands – Rents up 1%

The East Midlands saw the biggest drop over the month, as PRS rents fell by 2.2%

The monthly index, based on analysis of more than 18,000 properties across England and Wales, also showed that tenant finances improved slightly in November despite the squeeze on household incomes, with 9.3% of all rent late or unpaid, compared with 10.1% in October.

Even though a large proportion of current renters would be credit-worthy buyers were they able to provide a big enough deposit to satisfy tight mortgage lending criteria. These tenants are typically financially sound, and less likely to experience payment issues.

UK landlords without Rent Guarantee insurance can expect rental arrears to creep back up next year due to challenges to the economy generally, the threat of the Eurozone crisis and unemployment.

With the cost of moving into a home set to increase for first-time buyers (FTB) when the stamp duty holiday ends in March 2012, the strain on the UK Private Rented Sector (PRS) will be greater than ever, and the cost of renting will continue to increase as the new year progresses.

Legal 4 Landlords spokesman Sim Sekhon said: “UK landlords are in a strong position right now, however unless they take the appropriate steps to protect their rental properties and the income that they provide, that position will change as more regulation is introduced and the tightening of Government Fiscal policies begin to take effect in 2012.

Legal 4 Landlords know how important it is for landlords to protect their property assets. They have worked closely with providers to develop comprehensive Rent Guarantee and Insurance products for UK landlords.

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UK property market shows signs of life

UK Property Market Is Still Alive & Well

The overall number of properties ‘Sold’ in November 2011 was up +1.4% compared to November 2010 and up +0.1% against November 2009.

November has seen the UK’s residential property market start its traditional seasonal decline according to data released from the Agency Express Property Activity Index.

But whilst month on month properties nationally achieving ‘Sold’ status in November were down -7.1% on October 2011 and the number of new ‘For Sale’ listings recorded were down, by -11.8%, it was the second smallest November drop since the Index began in 2007.

Encouragingly, the overall number of properties ‘Sold’ in November 2011 was also up +1.4% compared to November 2010 and up +0.1% against November 2009.

Regionally, there were some positive signs with four of the twelve regions bucking the seasonal trend and showing positive figures for the number of properties ‘Sold’ in November against the previous month.

The North East topped the hot-spots up +18.8% on October, followed by the South West up +15.7% and Scotland up +12.0%.

When it came to the regional ‘not-so-hot-spots’ for November, West Midlands was bottom of the table with a drop in the number of properties ‘Sold’ down -15.9%, the South East was down -15.1% and the North West was down -15.0%.

The seasonal decline was more evident in the number of new ‘For Sale’ listings recorded in November against October, with only one region generating positive month on month figures, (which was London) up +7.8%.

At the other end of the table the regional ‘not-so-hot-spots’ for new ‘For Sale’ listings were Central, down -26.9%, Wales down -25.7% and Scotland down -23.9%.

Disappointingly, the number of ‘For Sale’ listings in November 2011 were also down -1.1% on the same month in 2010 but up +11.0% on November 2009.

A good number of individual cities bucked the seasonal trend and experienced increases in month on month house sales compared to October.

Nottingham topped the ‘hot-spots’ with an increase in properties ‘Sold’ in November, up +27.0%, followed by Newcastle up +25.3% and Colchester up +24.2%.

At the opposite end, the cities recording the greatest decline in month on month properties ‘Sold’ in November were Coventry down -58.8%, Southampton down -42.3% and Norwich down -27.4%.

There was a similar picture for individual cities when it came to New ‘For Sale’ activity in November compared to October.

Colchester topped the charts with a month on month increase of +13.7%, London up +7.8% and Brighton up +5.1%. Coventry saw the greatest monthly decline in new ‘For Sale’ listings compared to October, down -46.6%, with Bristol down -45.9% and Southampton down -39.2%.

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