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Em

Em Morley

Britain’s Most Festive Home?

Published On: December 10, 2015 at 3:07 pm

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It could be in any town or city around the UK, but this Christmas lights switch-on is held at a family home in Bristol.

Hundreds of people gathered to watch as more than 50,000 lights illuminated an end-of-terrace house in the suburb of Brentry.

Lee and Paul Brailsford have been decorating their mother Rosemary’s home since 1994, raising thousands of pounds for charity along the way. They have donated more than £30,000 to The Grand Appeal over the years, the charity for Bristol Royal Hospital for Children.

The £10,000 display takes six weeks to put up and three days to take down. It features a huge 70 light-up figures, including Santas and snowmen.

The lights are turned on for six hours a day for 31 days over the festive season.

Visitors may not notice the 200,000 metres of cabling, but are sure to spot the largest attraction – a rare life-sized nativity set from the USA.

Lee explains how it began: “We started decorating the house more than 20 years ago and each year it’s got bigger and bigger.

“We wanted to raise money for The Grand Appeal as Paul and I both have young children and we realised how lucky we are to have such a fantastic hospital right on our doorstep if ever we needed it.

“We raised more than £8,000 last year alone and would love to do even better this Christmas.”

He continues: “The switch-on is a lot of work, but it’s also really exciting. All our friends and family come along to help and the whole community turns out to see the lights go on.

“The reaction when we press the button for the first time makes it all worthwhile.

“We are really proud that it has become such an important part of people’s Christmases, as well as having raised so much money for such a brilliant cause.”1

The family’s first decoration was a small light-up Christmas tree, but their collection now includes 15 Santas, ten reindeer and ten snowmen.

Additionally, there are 30 sets of rope lights, ten sets of twinkling icicles, 50 rope-light shapes, trains, elves, soldiers and the nativity set on a purpose-built stage.

Most of the lights are supplied by local businesses, with the pair stocking up in the January sales every year.

Last year, the display raised £8,100 for The Grand Appeal – its most successful year so far.

This year, after Bristol was named as the European Green Capital, the brothers began converting all of the 50,000 bulbs to LEDs.

The display costs around £600 to run, and 19 local firms have sponsored this year’s spectacle to help cover costs and provide equipment for the switch-on.

Director of The Grand Appeal, Nicola Masters, says: “The Brailsford family has been supporting The Grand Appeal with their amazing lights display for many years and we’re so grateful for their incredible support.

“The switch-on has become something people from all over the region really look forward to and the event that really gets people into the Christmas spirit.

“As well as bringing so much Christmas spirit to the community, the money raised has helped our charity to support countless sick children at Bristol Children’s Hospital and their families.

“Every penny raised will help Bristol Children’s Hospital to continue to provide them with the very best care and make their Christmas that little bit brighter.”1 

1 http://www.telegraph.co.uk/news/newstopics/howaboutthat/12028373/Britains-most-festive-house-50000-Christmas-lights-illuminate-Bristol-home.html

House Prices Continue to Rise as Lack of Homes to Sell Hits Record High

Published On: December 10, 2015 at 2:39 pm

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November saw house prices continue to rise as British property valuers reported a record shortage of homes for sale, according to the latest research from the Royal Institution of Chartered Surveyors (RICS).

Some members of the organisation believe that incentives for first time buyers could lead to more sales in the coming months.

House Prices Continue to Rise as Lack of Homes to Sell Hits Record High

House Prices Continue to Rise as Lack of Homes to Sell Hits Record High

LSL Property Services and Acadata also released their house price index for England and Wales today, reporting a new record high in house prices. The study found that the average property value in November was £290,640, a 6% increase on last year and 0.6% up on October.

The report also says that home sales dropped by 15% in November compared to October, with completed sales for the past 12 months sitting 3.4% behind the same period in 2014.

The RICS found that high demand for homes is not leading to greater supply, as the number of homes for sale per surveyor has continued to decrease for the tenth consecutive month to a new record low.

Chief Economist at the RICS, Simon Rubinsohn, says: “I can’t recall a set of comments which have so frequently drawn attention to lack of stock on the market. Given this, it is hard not to envisage prices continuing to climb upwards.”

Official data shows that house prices rose by 6.1% in the year to September and last week, Halifax predicted that they could rise by as much in 2016. Read more: /house-price-forecast-for-2016/

House prices have risen more slowly in London, where the RICS reports the rate of growth has slowed for a fourth consecutive month, as last year’s increase in Stamp Duty for properties worth more than £925,000 cools the top end of the market.

Most economists agree that Britain’s property market is suffering from a long-term lack of house building, particularly in the south of England, fuelled by planning constraints and a shortage of skills and finance.

In his Autumn Statement, Chancellor George Osborne revealed that he will support builders in selling 200,000 new homes at 20% below market value over the next five years.

First time buyers in the capital will get access to larger Government-funded loans and loans will also be offered to those buying a shared ownership property.

The RICS says that this has led to its members predicting the greatest increase in sales in over two years. Initially, it believes this will lead to higher prices, not a rise in construction.

Rubinsohn adds: “With the best will in the world, it is likely that the boost to demand will come through rather more rapidly than the expansion of the development pipeline.”1

1 http://uk.reuters.com/article/uk-britain-houseprices-rics-idUKKBN0TT00420151210

 

 

Government Confirms Change to Wear and Tear Allowance

Published On: December 10, 2015 at 12:56 pm

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Government Confirms Change to Wear and Tear Allowance

Government Confirms Change to Wear and Tear Allowance

The Government has announced that it will replace the current Wear and Tear Allowance system for buy-to-let landlords, after the responses to a consultation were published.

HM Revenue & Customs (HMRC) released the 170 responses to the 12-week consultation on changing the Wear and Tear Allowance – 137 of these were from individuals.

The Government confirmed that under the new system, landlords will only be reimbursed for actual expenditure.

The HMRC summary of the responses admits: “Many respondents expressed support for maintaining a Wear and Tear Allowance, principally because they saw it as simple.”

However, “a significant number of stakeholders agreed with the Government that the Wear and Tear Allowance was not fair, both as it only applies to landlords of fully furnished properties and because it provides relief where no expenses have been incurred”.

Considering the consultation, HMRC says the Government is keen on “minimising complexity” in the way the Allowance is paid in the future.

It adds that the Government has ruled out extending the scope of the Allowance and has decided against any transitional arrangements. However, in the future, the Allowance will “include the cost of disposing of old assets”.

The Government has now published draft legislation for technical discussion on how the Allowance will be administered in future. There are now eight weeks of consultation.

The complete responses and details of the further consultation can be found here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/483726/Replacing_wear_and_tear_allowance_with_tax_relief_for_replacing_furnishings_in_let_dwelling_houses_-_summary_of_responses__M8067_.pdf

Remember to check LandlordNews.co.uk for the latest landlord law and advice.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Controversial Landlords Sell Their Empire

Published On: December 10, 2015 at 10:19 am

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Arguably the most controversial buy-to-let landlords in the country, Fergus and Judith Wilson have sold off their property empire.

It is claimed that the couple sold 900 homes in Kent for £250m to individual and institutional foreign investors.

The deal has yet to complete, but means that they must repay around £80m in interest-only mortgages. Fergus Wilson states that the properties were sold at market value.

In a statement to The Guardian, Wilson says: “We reached an agreement today with a consortium of buyers to sell our entire portfolio for a figure exceeding £250m. The consortium is foreign and not of any one specific nationality.”

He adds that prices for homes on his estates “have been rising due to the shortage of available properties on the market”, but he insists that he has “taken steps to ensure the property prices in Ashford, Maidstone and Folkestone are not adversely affected”1 and that the sale will make no difference to existing tenants.

The Wilsons sold 100 properties of their 1,000-home portfolio in June to Chinese and Indian investors for about £25m.

The couple, both ex-maths teachers, previously tried to sell their portfolio in 2008, but were not successful. During the last economic crash, falling house prices meant that they had to stay in the market to meet mortgage payments of around £350,000 per month.

Wilson, 67, claims that he would not be able to get these mortgage deals now: “You couldn’t do now what I did. It’s partly because they will not lend at the higher levels of before. If I was starting again, I’d be pushed to get a 75% loan as a landlord.”2 

The Wilsons began building up their empire in the mid-1990s, at some stages buying several properties a day.

They have long been controversial, with Wilson evicting all tenants on housing benefit last year, in favour of Eastern European tenants. He was also fined after being found guilty of assaulting an estate agent.

The couple will not completely leave the sector, saying they will keep ten properties.

1 http://www.theguardian.com/money/2015/dec/09/fergus-wilson-sells-buy-to-let-property-empire-foreign-consortium-landlord

2 http://www.propertyindustryeye.com/sold-britains-most-controversial-buy-to-let-landlords-finally-sell-up/

 

How have house prices changed since last White Christmas?

Published On: December 10, 2015 at 9:00 am

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Come on, admit it. We’ve all got at touch of the Bing Crosby’s when it comes to throwing back the curtains on Christmas morning.

However, despite dreams of a blanket of snow, the chances of the white stuff coming on Christmas Day are realistically very slim.

This said, for those who fancy a flutter on a flutter, bets are being taken for just a single snowflake to fall in the 24 hours of December 25th at a specified location.

Previously, the location was the Met Office building in central London. Now, due to a surge in betting activity on the weather for the big day, the number of locations has increased. One bookmaker is taking bets on snow falling on Buckingham Palace, the Millennium Stadium and even Coronation Street!

According to official weather folk, the last 5 official White Christmases took place in:

  • 2000
  • 2001
  • 2004
  • 2009
  • 2010
How have house prices changed since last White Christmas?

How have house prices changed since last White Christmas?

At the time of the last White Christmas back in 2010, the average price of a property was £162,971, according to the Nationwide. In the present day, this value has risen to £196,807, meaning the average house value has risen by £33,836 in the past five years.

The building society has also looked at how property prices have risen over the period:

  • 2000-£81,628
  • 2001-£92,533
  • 2004-£152,464
  • 2009-£162,116
  • 2010-£186,466

Despite not being as predictable as a tragedy in Eastenders, White Christmases seemingly do happen. So go on, put your money where your mouth is. If we all invest a pound, it might just come true.

 

House Prices Could Rise Faster if Base Rate Rise is Delayed

Published On: December 9, 2015 at 5:06 pm

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House prices could rise by almost 7% next year if an interest rate rise is postponed, according to BNP Paribas.

Researchers at one of the world’s biggest banks warns that while the delay of a rate increase until 2017 could be good news for homeowners, it might lead to higher property prices and force the Bank of England (BoE) to further restrict mortgage lending.

House Prices Could Rise Faster if Base Rate Rise is Delayed

House Prices Could Rise Faster if Base Rate Rise is Delayed

BNP Paribas expected house prices to rise by 4.4% in the UK in 2016 if the base rate started to increase slowly from its current rate of 0.5%, followed by 6.7% growth in 2017.

This level of growth would put the average house price, as measured on Nationwide’s monthly index, at £206,256 by the end of 2016, from £197,582 this year. It would then reach £220,116 in 2017.

BNP Paribas reports that improved household finances and confidence in the overall economy will strengthen demand for homes and the prices paid, but the lack of supply of property for sale continues to be “a serious concern”.

If the base rate rise is kept on hold, the bank forecasts a price rise of 6.9% in 2016 and 11.5% in 2017, putting prices at £211,215 and £235,500 respectively.

Head of Residential at BNP Paribas Real Estate, Adrian Owen, says: “While on the face of it a deferral would be good news for homeowners, we believe this scenario is a cautionary tale for the UK economy as a whole.

“There is already concern at the BoE over the pace of house price growth, and while the current lack of housing supply is a significant driver, the sustained low cost of finance is also a major contributor.”

Mortgage rates have dropped to record lows this year, with an average rate of 1.87% on a two-year fixed rate mortgage at 75% loan-to-value (LTV), and the average five-year rate is 2.78%.

In some parts of the country, house prices are now at a higher multiple of earnings than ever before. However, restrictions by the BoE in 2014 have reduced the amount of lending at more than four-and-a-half times an applicant’s salary.

Governor of the BoE, Mark Carney, has suggested that rates could remain as they are well into 2016 and that other measures could be introduced to cool the market.

Owen comments: “Even under our central scenario that base rates rise next year, it is likely that the BoE will seek to place a brake on house price growth by introducing further restrictions on the availability of finance.

“This may achieve the desired dampening effect, although does not address the underlying structural issue in the market of insufficient supply.”1

The bank forecasts house price growth of around 27% in the UK by the end of 2019. In the South West, researchers say that prices could increase by 40.2% by 2020. Meanwhile, in the South East (excluding London), the rise could be 36.1%. In the capital, values are predicted to grow by 25.1% over the same period.

Chancellor George Osborne’s recent announcement in the Autumn Statement – that buyers of a buy-to-let property or second homes will pay an extra 3% in Stamp Duty – has been factored into the forecasts.

The bank found that this measure would have little national impact, but could reduce house price growth in regional town centres and London. As a result, BNP Paribas has cut its house price expectations for the capital from 5.6% to 4.7%. It now forecasts the average London house price to be £468,893 in 12 months’ time.

Read more about the Stamp Duty changes here: /16883-2/

1 http://www.theguardian.com/money/2015/dec/07/holding-base-rate-house-prices-rising-faster-bnp-paribas-bank-of-england