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Em

Em Morley

Which locations are the best for quick property sales?

Published On: February 29, 2016 at 10:23 am

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Categories: Property News

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New research has revealed the locations of Britain where property takes the least time to sell.

According to the investigation by Home.co.uk, accommodation in Peterborough and Milton Keynes sells quciker than anywhere else in the country. The investigation studied the number of property sales over a 180-day period and found that in these two towns, it takes just 13 days to agree a sale.

Factors

One key factor in the short-time taken to sell a property in these regions is their easy access to London. Homebuyers and investors alike are increasingly looking outside of the capital to secure the best possible value.

Another region where the property market is thriving is Bristol. In Home.co.uk’s list of hotspots of fastest-selling areas outside of Greater London, the city secured five out of the top-ten postcode areas.

A continued investment in student accommodation is also a factor in the Woodley area of Reading being highlighted as another prominent property location. Here, it takes just 15 days on average to sell a home.

In addition, suburban Glasgow is another hotspot. Clarkston and Giffnock, both offer access to the city centre and these two regions take up two places in the top ten in regards to time taken to sell a home outside of Greater London.

Which locations are the best for quick property sales?

Which locations are the best for quick property sales?

Speedy

Greater London’s key property hotspots are also dominated by suburban region, with larger interest in commuter belt homes.

However, with ten areas outside of Greater London have a median time to sell of 15 days or less, only two areas of the capital can boast a similar turnaround. These regions are namely Uxbridge and Sidcup.

‘Our figures show that the really hot areas in the current property boom are now outside of the M25,’ notes Doug Shephard, director at Home.co.uk. ‘These top sellers’ markets are typically well-to-do districts where already, premium prices are going through the roof, as buyers compete for the very limited supply of properties for sale.’[1]

[1] http://www.propertyreporter.co.uk/property/which-location-takes-just-13-days-to-sell-a-property.html

 

 

House Sales Down at the End of Last Year

Published On: February 29, 2016 at 9:44 am

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Property transactions fell in the last part of 2015, according to Land Registry statistics.

The figures reveal that between August and November – the last period for which data is available – there was an average of 78,652 transactions per month in England and Wales.

House Sales Down at the End of Last Year

House Sales Down at the End of Last Year

In the same period of the previous year, the average was 81,656.

In November alone, there were 72,167 property transactions, down by 2% from the 73,282 recorded in November 2014.

In London, there was a 7% annual decrease in transactions – down from 8,837 in November 2014 to 8,194 in the same month last year.

Despite Stamp Duty increases for the higher end of the property market, sales of homes costing £1m or more actually rose.

There was a 19% increase in properties sold over £1m, at 380, a 4% fall for homes worth between £1.5m to £2m, from 135 to 129, and a rise in the number of homes costing £2m+, from 147 to 148.

This may be an indication of confidence returning to the prime market after buyers were put off by a proposed mansion tax ahead of last year’s general election.

Land Registry data for January shows that the average house price in England and Wales rose by 7.1% over the year to £191,812.

In the capital, the average property price at the start of the year was £530,409.

Meanwhile, the House of Commons has published a new briefing paper on the condition of the property market.

The paper – using Office for National Statistics data rather than Land Registry figures – details house prices and Bank of England statistics on mortgages and house building.

Read the full report here: http://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN02820#fullreport

Ministers advised to make homes energy efficient

Published On: February 28, 2016 at 10:17 am

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Ministers have been advised that bringing the older properties of the UK up to a more energy efficient standard should be a priority.

At present, the Government is consulting on mega-money deals for road and rail infrastructure, flood defences and energy sources.

Opposition parties and institutions have noted that energy efficiency should be taking the same priority.

Efficient

They argue that unless homes are sufficiently insulated, Britain will miss targets to end fuel poverty and slash carbon emissions

Think-tank Policy Exchange proposed the plan to make home energy efficiency a key part of the Government’s infrastructure. BBC News said it had found lots of support for this proposal, from parties including Labour, the Liberal Democrats, SNP and Plaid Cymru..

In the current moment, the Government has declined to comment, but its advisory body, the National Infrastructure Commission, said that it would consider whether to take the idea further.

Value

Policy Exchange said that improving home energy efficiency:

  • creates jobs
  • combats fuel poverty
  • cuts air pollution
  • reduces carbon emissions
  • minimises fuel imports
  • saves the need for new power stations

Richard Howard, of Policy Exchange, said, ‘it’s pretty much a no-brainer. Bringing people’s homes up to standard is incredibly good value for money. We don’t typically think of housing as infrastructure like we think of roads and railways-but we’ve got to change the way we approach this: housing is critical infrastructure.’[1]

Ministers advised to combat cold houses

Ministers advised to combat cold houses

Wrong assumptions

Professor Jim Watson, director of the UK Energy Research Centre, noted, ‘for too long, there has been an assumption that infrastructure includes energy supply and energy networks, whereas the type and quantity of energy we use (and might need in future) is heavily dependent on infrastructures that use energy such as buildings, vehicles and appliances.’[1]

Christopher Frei, General Secretary of the World Energy Council, also said, ‘this is such a no-brainer. It responds to energy efficiency, addressing fuel poverty, replacing new capacity requirement-and the financing is so much easier to do because the pay-back period is so short. But it needs the policies.’[1]

[1] http://www.bbc.co.uk/news/business-35459447

 

Things to do on Your Extra Day in 2016

Published On: February 28, 2016 at 9:19 am

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Categories: Landlord News

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We have the gift of an extra day to enjoy this year, and as a landlord, there are many things that you may consider doing in these additional 24 hours. So what will you get up to? We have a few options to consider…

The nitty gritty

Not the most exciting of activities for your extra day, but as a landlord, it is vital that you keep on top of all property maintenance and lettings admin. If there are any odd jobs you’ve been putting off, now is the time to do it. Call your tenants and arrange to go round and update their furniture, or organise some routine inspections – you won’t regret getting ahead and keeping everything in order.

What’s going on in the world?

Things to do on Your Extra Day in 2016

Things to do on Your Extra Day in 2016

If you’ve not had the time to sit down and catch up with the goings on of the property world, now is an ideal time. At Landlord News, we bring you all of the latest happenings of the buy-to-let sector, rental market, landlord law and finance world. And if you can’t relax at your computer and browse our website, why not check our mobile or tablet site while you’re on the move?

Tenants, tenants, tenants

With rental demand still soaring, there’s no shortage of tenants looking for properties. But there is a lack of rental homes, so, if you’re going through a void period, use your extra day to search for some nice new tenants. If you haven’t had tenants in a while, it may be that your property needs updating or you’re targeting the wrong type of renter. Find out where you’re going wrong and fix yourself some fresh faces.

Perfect your portfolio 

With the extra 3% Stamp Duty surcharge looming, landlords are rushing into the property market to avoid paying masses of additional tax. But be quick – if you wish to expand your property portfolio, you will need to complete on a purchase before midnight on 31st March. If you are planning another investment, you may want to consider one of these buy-to-let hotspots.

Get to grips with the sector

It’s not just Stamp Duty that landlords are facing this year; there are many forthcoming changes that will affect buy-to-let investors in the future. There are several financial changes that will change your lettings business, so get your head around these and work out how you individually will feel the impact. Our latest news section will keep you updated on all of your responsibilities and provide you with all the advice you need.

What does the future hold?

With so much change set to hit the buy-to-let sector, you may want to consider your long-term plans for your lettings business. Could you start operating as a limited company? Or maybe you will finally start to use a letting agent to manage your properties? You may even decide to protect your rental income by investing in rent guarantee insurance. Just remember to ensure you’re doing what’s best for you.

And finally… 

How’s the perfect way to spend an additional day? With your feet up of course! Don’t forget to take it easy and enjoy yourself on the 29th… You’ll still have another 306 days to take care of everything else.

1/4 of would-be BTL investors put off by tax changes

Published On: February 27, 2016 at 11:15 am

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Nearly one quarter of would-be BTL investors have been deterred by the forthcoming 3% additional stamp duty hike and reduction in tax relief.

Research from online investment platform rplan.co.uk revealed that 9% of UK adults have abandoned plans to own at BTL property because of the upcoming alterations. 30% said that they were still insure about their plans.

14% of existing landlords admitted that they will now sell one or more of their homes because of the new rules.

Stamp Duty surcharge

Under the upcoming changes, stamp duty on buying a £250,000 BTL property will increase from £2,500 to £10,000 in April. For a property worth £400,000, property will more than double from £10,000 to £22,000.

The survey reveals that those looking to invest in BLT were going to utilise their savings worth an average of £43,592 to purchase a home. Now, 39% of adults will use the money to save in a cash account. 30% said they would invest in an ISA, while 20% will put it into their pension. 13% stated that they would look at other stock market investments.

1/4 of would-be BTL investors put off by tax changes

1/4 of would-be BTL investors put off by tax changes

Late rush

Stuart Dyer, CIO at rplan.co.uk, said, ‘the British have strong faith in property as an investment and many see it as a means of providing a pension income. But the government clearly has a policy to dis-incentivise BTL and the sharp increase in landlord mortgages revealed by the Bank of England credit survey will probably be a last rush before the gate slams shut.’[1]

‘Having a BTL property can also mean an over-exposure to one asset class for many investors, who should strongly consider the alternative of investing in a diversified portfolio for the long term, especially if this can be achieved through a tax-free ISA wrapper,’ Dyer added.[1]

[1] http://www.propertyreporter.co.uk/landlords/one-in-four-discouraged-from-btl-by-government-plans.html

 

Take the Leap into the Property Market This February!

Published On: February 27, 2016 at 9:03 am

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Categories: Property News

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Whether you’re a buy-to-let investor, first time buyer or home mover, 2016 is the year to take the leap into the property market.

Take the Leap This February!

Take the Leap into the Property Market This February!

As we know, we have an extra day this year and the 29th February only occurs every four years. At the height of the property boom, which fuelled the housing crash, this is how frequently many people moved house.

In recent years, buyers and vendors have been more restrained when moving home. The reasons people move have been for more serious and necessary reasons, such as a new job, a baby on the way, debt or divorce.

Due to the need to move quickly, asking prices have also been set at much more realistic values – sellers aren’t just willing to sit in their property hoping that someone buys their property for the hugely inflated figure their estate agent suggested anymore.

With the recession finally behind us, people are considering moving again, and recent data proves that first time buyers are finally being given the chance to get onto the property ladder.

With interest rates remaining low and the economy strengthening, why not make spring the time to move home?

With a shortage of supply and high demand from buyers, it is likely that your home will sell quickly – but ensure you have somewhere to move to first! You may be in luck, however, as many sellers are likely to put their properties onto the market as the good weather arrives.

And if you’re a buy-to-let investor, now is the perfect time to invest. As of April, landlords will face a higher rate of Stamp Duty (3% extra) on the purchase of an investment property. To avoid this surcharge, you must complete on a sale before midnight on 31st March – don’t miss out, the additional costs may crush your buy-to-let dream.

If you’re not quite ready to take the leap into the property market, don’t wait another four years – you don’t know how many opportunities you might miss before 2020…