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Family Killed by Fridge Freezer Fire

Published On: April 15, 2015 at 2:25 pm

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Family Killed by Fridge Freezer Fire

Family Killed by Fridge Freezer Fire

A family have died in their home after inhaling fumes from a fire caused by a faulty fridge freezer.

Inside the family’s chest freezer, the capacitor failed and caught alight. Mother Muna Elmufatish and her children Hanin Kua (14), Basma (13), Amal (nine), Mustafa (five) and Yeha (two) were all killed.

Father Bassam Kua and eldest child Nur (17) were the only ones to survive the tragedy, which the London Fire Brigade described as the worst fire in a decade.

This particular incident was in Neasdon, but is not the only fridge freezer fire to have killed in London recently. There is over one fridge freezer fire every week in the capital, and these fires have injured 71 people in London since 2010.1

Fridge freezers are one of the most dangerous household appliances if a fire breaks out. They are risky due to always being switched on and being insulated with highly flammable foam coated by thin plastic. This can cause a large fire if ignited, which spreads fast and emits toxic gases.

The London Fire Brigade have been lobbying for manufacturers to make the backs of fridge freezers using non-combustible or fireproof materials for the last three and a half years.

The Deputy Commissioner of the Brigade says that this would be easy to carry out and could save many lives.

1 http://www.slatergordon.co.uk/media-centre/blog/2015/04/fridge-freezer-fire-kills-family/

 

 

 

Finding the Best Estate Agent to Sell your Property

Published On: April 15, 2015 at 1:47 pm

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When you are selling your property, finding the right estate agent is the most important decision you will make.

The best estate agent will provide a realistic valuation and advise you correctly on improvements and certification that could add value to your asset and sell it quickly.

Most agents are paid commission once a contract is signed. This can lead them to tell you the wrong things, such as that your house is perfect when it isn’t, and overvaluing. Both of these can holdup the sales process.

A good agent

To determine if you have found a good estate agent, request reasoning from them when they value the property. Ask them what they will do if the property does not sell as quickly or at the price expected. If you’re happy with their answers, you may have found a trustworthy agent.

It is a good idea to check recent sales and prices of similar properties in the area by entering the postcode at www.zoopla.co.uk.

Marketing the property

It is expected that estate agents advertise online, so find out which websites they use. They should be members of popular sites such as www.rightmove.co.uk.

They could also advertise in newspapers, so check if they are doing this. If the property is pricey, they could put it in a national newspaper or magazine.

Finding the Best Estate Agent to Sell your Property

Finding the Best Estate Agent to Sell your Property

Traditional window adverts are also good for the local market, but make sure you know how long your property will be put there.

You can also request to look at their brochures, photography and descriptions. Ensure these are of a high standard to make your property look as good as possible.

Questions to ask yourself

Before you appoint an estate agent, ask yourself the following questions:

  • Does your agent communicate well?
  • Do you get on with the agent?
  • Do you trust the agency?

Additionally, read the contract thoroughly. If you do not understand something, research or ask the agent. If you aren’t happy with something, don’t sign.

Overvaluing

Sometimes people will simply go with the agent offering the highest valuation. However, it is common for these agents to ask you to lower the asking price within a couple of months. This can waste valuable time, in which you will need to keep the property ready for sale. If you are looking for another home, you may have lost the one you really wanted in this time also.

Buyers are also going to think there is something wrong with the property the longer it’s on the market.

Certification

You must have an Energy Performance Certificate (EPC) when selling your property. These are required by law, and allow potential buyers to check the energy efficiency of the property. The EPC contains details of energy use and costs. The EPC gives the property an energy rating and is valid for ten years.

Gas and electric safety certificates can also be beneficial when selling a property. Buyers will want to know everything is safe, and mortgage lenders want to see the state of the gas and electrics when lending on a property.

Improvements

You should ensure that your property is well presented before trying to sell, as this could be the difference between a great price and not selling at all. Improving the appearance could be simply tidying up the garden or decorating.

If there are broken or old features to the house, inside or out, a buyer may feel that the property has been neglected, and therefore has more serious underlying problems.

Read this advice on improving the exterior of your property: /improving-the-exterior-of-your-home/.

Inside the property

When a buyer steps into the house, they want to see it as their home. De-personalising the property and keeping it minimal will stop family photographs or ornaments clouding their vision.

These tips can help with staging your property: /ten-tips-for-home-staging/.

 

 

UK Rents are 10.2% Higher than Last Year

Published On: April 15, 2015 at 10:32 am

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Rent prices around the UK are now 10.2% higher than last year, the HomeLet Rental Index reveals.

UK Rents are 10.2% Higher than Last Year

UK Rents are 10.2% Higher than Last Year

In the first quarter (Q1) of 2015, the average rent on an agreed tenancy document was £902, compared to the Q1 2014 figure of £819.1 Every region of the UK has experienced rent growth in the last 12 months, except Wales.

Not including Greater London, average rents in the rest of the UK are 6.7% more than a year ago.1 This is the highest rate of yearly growth record by HomeLet since its 2008 launch.

The strongest growth was found in the South West of England, as rents were 13.7% higher in Q1 2015 compared to the same period in 2014.1

Excluding Greater London and the South East, the South West has the most expensive rents in the UK, as the average rent in this region is now £851 per month.

Ten out of 12 UK regions showed price increases in the first three months of the year compared to the previous months. For the three months to March, average rents grew by 1.5% compared to the three months to February.1

HomeLet also found that rent price growth in the Greater London market and those in the rest of UK are beginning to meet. In London, rents steadied in Q1 2015, but have been rising more quickly elsewhere in the country.

CEO of Barbon Insurance Group, parent company of HomeLet, Martin Totty, says: “With average rents for new tenancies across the UK now more than 10% higher than a year ago, what we are seeing is a market that is experiencing sustained demand from increasing numbers of people requiring privately rented property.

“However, rent price growth in London is no longer outpacing that of the rest of the UK. The HomeLet Rental Index shows that during the first three months of 2015, rents on new tenancies in six regions of the UK rose more quickly than Greater London. Demand for rental property in London remains high, but rent price growth in many regions outside of the capital has matched or exceeded London over the past three months.”1

1 http://www.propertyreporter.co.uk/landlords/average-uk-rent-surges-10-in-a-year.html

Property Price Growth No Longer Strongest in London

Published On: April 15, 2015 at 9:33 am

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Property prices in the UK rose by 7.2% in the year to February 2015, an Office for National Statistics (ONS) report reveals. This is another indication that the market is steadying.

In January, prices had increased by 8.4% yearly. There has been a slow decrease in annual house price growth since a peak of 12.1% in September last year.1

Fuelling this slowdown is the recent weakness in London. The report reveals that property prices in the capital are still 9.4% higher than the previous year, but this is the slowest yearly rise for a while. London prices are 2.4% off the record high seen in August 2014. Last month, the capital’s annual increase was 13%.1

Property Price Growth No Longer Strongest in London

Property Price Growth No Longer Strongest in London

Average prices in London dropped to £490,000 in February, a decline of £9,000 from January1. This could be a consequence of the slowdown of activity following a spree due to Stamp Duty changes in December. There are also concerns over the possibility of mansion tax on properties worth over £2m under a Labour government.

The East of England and Northern Ireland have surpassed London’s increases in the past 12 months, with 10.7% and 14.2% rises respectively.1

The differences between regions could be down to the huge increases that London experienced in January 2014, as this date is just out of the yearly comparison.

Prime London property is being sold at a slower pace due to the Stamp Duty reform. After the December changes, those buying a home for £937,000 or over face higher Stamp Duty. In the first quarter (Q1) of 2015, there were just 638 prime London sales, down from 949 in Q1 2014, found commercial property company DTZ. This is a drop of a third.1

The strongest growth in the UK was in Northern Ireland, where prices grew by a huge 14.2% annually to February. The East of England’s 10.7% increase was also ahead of London. This means that in this region, property prices have risen to record highs. No other region in England is at a record level.

Director at Legal & General Mortgage Club and Housing, Stephen Smith, says: “House price growth has slowed since the end of 2014. Although it might not seem like it, this is actually good news for the housing market, as price rises that are too sharp can prevent people from getting on the property ladder.

“Ideally, house prices would grow at roughly the same rate as inflation, so that prices don’t rise faster than potential buyers can save a deposit. One way to achieve this goal is to build more houses, so that demand keeps pace with supply.”1

Not including London and the South East, prices in the UK rose by 5.9% in the year to February 2015. Prices in England increased by 7.4%, 1.1% in Wales and 6.4% in Scotland. Overall, the average property value is £268,000, from £252,000 last year.1

The ONS report says: “Annual house price growth is showing signs of slowing across the majority of the UK.”1

1 http://www.thisismoney.co.uk/money/mortgageshome/article-3038168/House-price-growth-continues-slow-9-000-monthly-fall-London-means-capital-no-longer-boasts-highest-annual-rise.html

 

Tories Vow Right to Buy for 1.3m People

Published On: April 15, 2015 at 8:46 am

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Tories Vow Right to Buy for 1.3m People

Tories Vow Right to Buy for 1.3m People

Yesterday, David Cameron revealed proposals for housing association tenants to be given the chance to buy their homes.

Around 1.3m households will be entitled and the same discount will be available to council tenants, the Conservatives claim.

After releasing the party’s manifesto, Mr. Cameron said that he has “dreamed of building a property democracy for generations, and today I can tell you what this generation of Conservatives is going to do.”

Councils will also be required to sell homes that are in the top third most expensive price bracket under the party.

The Conservatives claim to raise £4.5 billion per year, which would be used to build affordable housing. The party pledge to create 400,000 new homes using a £1 billion scheme that will redevelop brownfield sites.

Councils will have to bid for funds to clean up derelict or contaminated land and provide infrastructure to free inaccessible sites.

Mr. Cameron said: “My message to Britain is this: we have come this far today, now is the time to build on the progress we have made.”1

1 Tahir, T. (2015) ‘Cameron: I’ll give right to buy to 1.3m more people’, Metro, 14 April, p.5

 

 

 

 

 

 

 

 

 

 

 

Small year-on year growth in buy-to-let market during February

Published On: April 14, 2015 at 4:22 pm

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Recent findings from the Council of Mortgage Lenders suggest that the buy-to-let market is still steadily growing, particularly when year-on-year figures are considered.

 

Data

The results released from the CML show that buy-to-let advances totalled 15,900 during February, down 13% from January but up by 11% in comparison to February 2014.[1]

 

Loans for buy-to-let accumulated £2.2bn of overall lending during February, down on January’s figures by 12% but again up on February 2014, by 16%. Buy-to-let loans taken out for house purchases numbered 7,400, 3% down on January but up by a nominal 1% from one year ago.[2]

 

Numbers of buy-to-let loan remortgages fell by a considerable 19% during February to 8,400, however this figure was up by 23% in the past 12 months. Overall value of these loans totalled 1.3bn, a drop of 13% month on month but 3% up on February last year.[3]

 

Seasonal Factors

Director general of the CML, Paul Smee, believes that seasonal features have played their part in the latest figures. He commented that, ‘as with January, seasonal factors have played their part in dampening house purchase lending activity in February.’ Smee feels that the, ‘typical seasonal trend may also be exacerbated by uncertainty ahead of the general election,’ but said that CML, ‘expect to see an upturn in the spring and summer months.’[4]

 

Smee went on to say that, ‘buy-to-let, in contrast, has shown year-on-year lending increases, due almost completely to remortgaging which is typically strong in the buy-to-let market.’[5]

Small year-on year growth in Buy-to-let market during February

Small year-on year growth in Buy-to-let market during February

 

Adrian Gill, director of Your Move and Reeds Rains estate agents, feels that the U.K is, ‘witnessing a slightly more measured mortgage market,’ but says that should not be a concern, ‘in the midst of extraordinary circumstances.’ Gill believes that there has been, ‘an exceptional year of progress and regulatory reforms to the lending process.’[6]

 

Election

Mr Gill also believes that the country is heading towards, ‘one of the most uncertain General Elections in living memory,’ with David Cameron pledging to, ‘help over a million social housing tenants get on the property ladder.’ Gill though is cautious, stating that, ‘any additional rockets to demand would need to be matched with new homes available to buy,’ or the pent-up pressure in the market will just grow, propelling prices along with it.’[7]

 

He continued by saying that, ‘Tory proposals to unlock brownfield land for housebuilding could perhaps have more far-reaching tremors through the market.’ This said, Gill thinks, will lead many to be, ‘speculating today whether 400,000 homes over a five year period is truly enough to abate our current housing shortage.’[8]

 

[1-8] http://www.propertyreporter.co.uk/landlords/buy-to-let-sees-measured-growth-in-february.html