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Em

Em Morley

Waterfront Properties the Priciest

Published On: August 5, 2012 at 2:42 pm

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Waterfront Properties the Priciest

Waterfront Properties the Priciest

Properties situated along the waterfront cost 56% more than inland homes in the UK, a survey has revealed.1

The research also found that some waterfront homes require premiums of up to 300%.1

Many homeowners in the UK would love to live near a river, lake, or on the coast, however the cost of doing this reflects the high proportion of dreamers.

This comes despite the greater risk of flooding, and consequent larger home insurance premiums.

The study also discovered that slipways can add an average premium of 128% to a house, a mooring 117%, a pontoon 108%, access to a private beach 93%, a jetty 77%, and to a sea view, 51%.1

The survey also explored how much premiums are around the world, and revealed that houses on Dubai’s Palm Jumeirah see the biggest increase for waterside properties, at 75%.1

Within the UK, there are proposals to develop Battersea Park near the River Thames into 3,400 new houses and the first public park built in central London in the last 150 years. This indicates the level of power waterside and park properties have.

It would appear that, despite the risks of a waterside location, they are still the most sought after areas.

1 http://www.justlandlords.co.uk/news/Waterfront-Properties-the-Priciest-1355.html

 

 

Landlords Warned of Bogus Tenants

Published On: August 4, 2012 at 5:11 pm

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Landlords Warned of Bogus Tenants

Landlords Warned of Bogus Tenants

Since cases of identity fraud have been rising, especially those targeting landlords, it has become more important than ever to thoroughly vet potential tenants before signing a tenancy agreement.

By requesting references from employers and past landlords, reviewing their latest bank statements and utility bills, landlords can uncover facts about them that will reveal if they will be a decent tenant. Investigate in every area possible to paint a picture of who will be living in your investment.

Another thing to remember is to not allow tenants to move into the property any quicker than you have allowed on the agreement, and to be wary of those that pay large sums of rent in advance.

Tenants Ripped Off by Agents

Published On: August 4, 2012 at 2:37 pm

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Tenants Ripped Off by Agents

Tenants Ripped Off by Agents

Tenants around the UK feel cheated by their letting agents, a study has found.

Online letting agent Upad has conducted the research nationwide, with a strong focus on Scotland, where housing charity Shelter is pushing the Reclaim Your Fees campaign.

Within Scotland, letting agents cannot charge fees upfront, however Shelter have found that some tenants have had to pay for unlawful services. Thanks to the campaign, about 870 people have started off legal proceedings.1

Upad’s study questioned what the most pressing problem is for tenants and they claimed that high deposits and getting them back is one of the biggest issues.1

A substantial amount of respondents said that they had to pay a 12-month or longer deposit.1

The research found that 73% of tenants in the UK use a letting agency to rent their property, however, 93% of those feel that they are charged excessive fees. 79% also stated that the level of service they receive does not mirror the fees they pay.1

One individual claimed to have paid £444 for an extremely slow reference check.1

Upad also asked how much they paid to move into their current rental accommodation, without rent and deposits, and a proportion claimed to have paid up to £5,000.1

1 http://www.landlordtoday.co.uk/news_features/UK-tenants-feel-ripped-off-by-agents-says-Upad

 

House Hunters not Stopped by Rain

Published On: August 2, 2012 at 4:46 pm

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June this year was the rainiest June ever recorded, however, this has not halted house hunting, say estate agents.

House Hunters not Stopped by Rain

House Hunters not Stopped by Rain

The housing market report for June has been published by the National Association of Estate Agents (NAEA), and indicates that  This highlights a substantial increase in interest in buying homes compared to last June.

After the end of the Stamp Duty holiday, interest from prospective buyers was dropping, but the NAEA have stated that the “serious house hunter” is back.1

They believe that those searching for a new house in June were trying to secure a purchase before the summer holidays, and certain events in London.1

Despite the increase in interest, property sales stayed steady, making June the fourth consecutive month to stay the same.

Nevertheless, there has been a slight rise in first time buys from May, of 2%. Despite this growth, the numbers are still down annually. In June, first time buyers constituted 17% of the housing market, however, last June, this proportion was 21%.1

President of the NAEA, Mark Hayward says: “After the bad news for first time buyer levels last month, it is pleasing to see that the market is showing some signs of resilience in the face of challenging conditions and we should welcome signs of the return of the serious house hunter.

“Although year on year data is less encouraging, it should be tempered with the fact that the UK is now in the grip of a deeper recession than previously predicted. It remains to be seen how wider economic developments, such as the recent shrinking of the UK’s GDP in Q2, will affect supply and demand levels, however NAEA agents are already predicting a slowdown in activity.”1

1 http://www.justlandlords.co.uk/news/House-Hunters-Will-Not-be-Stopped-by-the-Rain-1351.html

 

 

Tenants Unhappy with Agent Fees

Published On: August 2, 2012 at 3:43 pm

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A survey from online agent Upad suggests that tenants are not happy with the costs of their agents’ fees.

Despite being nationwide, the survey focused more on Scotland, where charity organisation Shelter is running a campaign entitled Reclaim Your Fees.

Fees

North of the border, agents are forbidden from charging any fees upfront. Investigations by Shelter however have found that a number of people have been forced into paying for unlawful requirements. Shelter suggests that approximately 870 people have already started legal proceedings against unscrupulous agents.

The Upad survey also asked tenants to outline what they felt was their most pressing concern about their tenancy. Two of the biggest issues revealed were high deposits and subsequently having them returned at the conclusion of the tenancy agreement. A large proportion of tenants said that they were forced to pay deposits for 12 months or in some cases, even longer.

Alarmingly, of the 73% of tenants renting property from a letting agency, 93% said that they felt their fees were grossly unfair. 79% of tenants said that the service that they had received did not correspond to the amount of money they had been charged.[1]

Furthermore, some tenants said that the cost of moving into their property, minus rent and deposit, was in excess of £5,000.[1]

[1] http://old.lettingagenttoday.co.uk/news_features/Tenants-unhappy-with-sky-high-agents-fees-claims-Upad

 

 

The Housing Market and Employment

Published On: August 1, 2012 at 9:37 am

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A report from the Nationwide Building Society makes for good reading for potential house-buyers, but could be unsettling for sellers.

The Housing Market and Employment

The Housing Market and Employment

Fall

Findings from the report show that house prices in the UK fell by 0.7% in July, with the average price of a property standing at £164,389.[1] This is a decrease in decline rate in comparison to July 2011, where house prices dropped by 1.5%.[1] Worryingly, this indicates the housing market is the weakest it has been since August 2009.

The housing market is intrinsically linked to employment. As such, a new scheme has been announced where businesses can obtain cheaper loans, giving them more money for new employees. It is hoped that the knock-on effect of this is that more people will be able to afford homes.

In addition, mortgage providers will be able to offer cut-price rates, which again will assist the housing market.

Slow growth

Despite this, chief lenders economist Robert Gardener has urged caution in the coming months. Gardener said: “With the Eurozone situation deteriorating again in recent weeks and few signs of recovery in domestic demand, we continue to expect only a modest recovery in the quarters ahead, both for the UK economy and the housing market.”[1]

Despite economic output being 4.5 percentage points lower than in 2008, there have been 250,000 new jobs created this year to date.[1] This is believed to have led to just a slight drop in property prices in comparison to countries such as the USA, where the market is over-valued.

[1] http://www.justlandlords.co.uk/news/Housing-Market-and-Unemployment-1350.html