Written By Em

Em Morley

House of the Year Revealed

Published On: November 27, 2015 at 2:17 pm

Tags: architecture,house of the year,property,RIBA

The winner of the Royal Institute of British Architects’ (RIBA) House of the Year has been named as Flint House in Buckinghamshire.

Lord Rothschild commissioned the wedge-shaped property, designed by architects Skene Catling De La Pena, for his family.

The house rises out of the ground with step-style roofing that disappears upwards.

The home’s original design

Judges described the property as “a marvel of geological evolution and construction… a celebration of location, material and architectural design at its best”.

It is located within the grounds of Lord Rothschild’s estate at Waddesdon Manor. It was built using masonry and flint cladding.

The home is split into a main house and annexe. The RIBA says it is “an intriguing and intelligent mixed application of rooftops, terraces and recesses that combine to deliver a stunning piece of liveable, provoking, modern architecture that marries into the earthly yet beautiful countryside”.

The judges add: “This is a beautiful addition to a beautiful landscape.”¹

A truly unique property

President of the RIBA, Jane Duncan, says: “The shortlist for the RIBA’s House of the Year represents a remarkable diversity of architectural skills and outcomes.

“I am delighted that Skene Catling De La Pena’s Flint House for Lord Rothschild has won this year’s prize. Although superbly original and unique, it continues a fine tradition of RIBA award-winning houses that provide exemplars for others – architects, clients and developers. Congratulations to all involved.”¹

Take a look at some of the runners up in our story on London property: /london-homes-up-for-the-house-of-the-year-prize/

¹https://www.architecture.com/StirlingPrize/Awards2015/House%20of%20the%20Year/RIBAHouseoftheYear2015.aspx

Tenants Looking to Move Into New Home by Christmas

Published On: November 27, 2015 at 1:03 pm

Author: Em Morley

Categories: Property News

Tags: Christmas,lettings market,property to let,rental market,tenant demand

Tenants Looking to Move Into New Home by Christmas

Whether you’re a landlord with hundreds of properties in your portfolio, or a homeowner who has a spare room, now is the perfect time to get your home on the rental market. According to letting agent Leaders, many tenants are hoping to move into a new property by Christmas.

This means that you have a great chance of your house being let very soon!

Lettings Director at Leaders, Jane Wilkinson, explains: “The run up to Christmas might not seem like the obvious time to put your property on the lettings market, but demand from tenants is extremely high at the moment, with many people keen to move and get settled in their new home before Christmas, so it is actually an excellent opportunity.”

Stay one step ahead of your fellow landlords at this time by making your property available to rent now – many wait until the new year to put their homes up to let.

Wilkinson continues: “Everybody knows January is a busy time for lettings, but by putting your property on the market now, you can get a head start on the competition to secure motivated and quality tenants. In the unlikely event your property is not let before Christmas, you will be in pole position to reach out to applicants looking to move in the new year.”¹

If you are currently going through a void period, now is the perfect time to prepare your property for the winter and any prospective tenants that may be moving in in the very near future.

And if you’re considering selling your rental property at this time, it is good to know that millions of people start their search for a new home during the festive season. A huge 15.7m visits were recorded on Rightmove between Christmas Day and New Year’s Day last year. Therefore, it is a good idea to get your property listed during this time, while fewer homes are available.

Whether you’re looking to rent your property or put a house up for sale, remember to find all of the latest residential landlord information on Landlord News over the festive period!

¹http://www.propertyflock.co.uk/f/18FD948E8

Conveyancer jailed for Stamp Duty fraud

Published On: November 27, 2015 at 11:46 am

Author: Em Morley

Categories: Finance News

Tags: Autumn Statement,conveyancing,Stamp Duty

With Stamp Duty a hot topic this week due to the alterations announced by the Chancellor in the Autumn Statement, a warning has been issued to property industry professionals in Britain to ensure they are carrying out correct returns.

The warning comes after a conveyancer was put behind bars for stealing money paid in good faith by his clients.

Mr Anthony Maragh from Harrow in London, purposely and consistently undervalued his clients’ homes, so that less stamp duty tax was paid to HMRC. He then kept the difference and made a pretty sum.

Crime

In total, Mr Maragh conned his clients and HMRC out of £352,500 in stamp duty land tax between 2008 and 2013. Investigators found that he forged paperwork in order to undervalue clients’ properties, meaning the amount of tax owed was reduced. However, he charged them the full amount and kept hold of the difference.

Overall, Mr Maragh under declared the stamp duty tax due on 43 transactions, transferring £297,000 straight from the solicitor’s company accounts into his personal bank account. In addition, he spent another £55,000 from the Client Account on antique Chinese gold bonds.

Martin Brown, assistant director of the Fraud Investigation Service at HMRC, said, ‘ as a conveyancer, Maragh knew only too well that he was breaking the law and what the consequences of his actions would be.’[1]

Conveyancer jailed for Stamp Duty fraud

Abuse

‘He abused the trust of his clients, stealing money that had been paid by them in good faith to meet their tax liabilities, to line his own pockets. Maragh thought that his scheme would go undetected, but he was wrong and is now behind bars with is reputation and career in tatters,’ he added.[1]

As a result of his actions, Maragh was sentenced to three years and four months in prison. Confiscation proceedings to get back the proceeds of crime have already begun.

In court, Her Honour Judge Poulet said, ‘this was repeated offending and an abuse of position and trust with a large number of victims exposed to risk.’[1]

[1] http://www.propertywire.com/news/europe/uk-conveyance-tax-fraud-2015112711254.html

London Help To Buy Scheme Announced

Published On: November 27, 2015 at 10:18 am

Author: Em Morley

Categories: Property News

Tags: first time buyers,help to buy scheme,London Help to buy,property

In the Autumn Statement, the Help to Buy scheme was altered slightly to assist first-time buyers looking to purchase property in the capital.

The scheme is very similar to the existing Help to Buy equity loan, but now, those looking to buy in London can borrow up to 40% of the home’s value, instead of the previous 20%.

Changes

London Help To Buy will apply to new properties worth up to £600,000 in any of the capital’s boroughs and the City of London. Applicants have to be eligible for a mortgage in order to qualify for the scheme. In addition, mortgages must be for at least 25% of the overall property value.

Adrian Anderson, director of mortgage broker Anderson Harris, commented that, ‘Help to Buy has been hugely successful across the country but hasn’t had such a big impact in the capital because property prices are that much higher. Offering a 40% interest-free loan to London buyers will make a huge difference, enabling many to get on the housing ladder when they simply couldn’t before.’[1]

London Help To Buy Scheme Announced

‘Take the example of a one-bed flat in Camberwell on the market at £360,000. A 5% deposit works out at £18,000 but if you don’t buy via Help to Buy, you then need to raise a mortgage for the remainder, which requires earnings of circa £85,000, pricing out many buyers,’ Anderson continued. ‘Under London Help To Buy, a 40% interest-free loan would be available, leaving you with a mortgage of just £198,000 to raise. This could be done with an income of £50,000, which is much more achievable in the capital,’ he concluded.[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2015/11/london-help-to-buy-scheme-launche

Pricey Property Investment on the Rise

Published On: November 27, 2015 at 10:08 am

Author: Em Morley

Categories: Property News

Tags: expensive homes,London property market,property investment,property investors

Pricey Property Investment on the Rise

Expensive property investment in the UK market is continuing to increase, as the world’s richest people hold London assets worth more than £300 billion.

The data was released by industry publication Estate Gazette, which reports that 60 billionaires own property in the capital, compared with just ten in 2009.

Top of the list is Amancio Ortega, the Spanish billionaire boss of Zara, who owns £47.7 billion worth of property in London.

Traditional investment spots, such as the West End and Knightsbridge, are continuing to witness foreign investment, due to extremely strong returns and a steady flow of opportunity.

One example of this is Lord Sugar’s firm Amsprop, which recently sold Burberry’s old flagship store for £65m – more than double the £31m it bought it for in 2013.

However, smart investors are seeking opportunities in areas beyond zone 1. These ultra-rich individuals are not just looking in Belgravia, Chelsea and Mayfair anymore, but also at the lower end of the market. Boroughs such as Croydon are attracting attention due to current regeneration projects and excellent transport links.

Research indicates a geographic shift that is resulting in much more investment opportunities in commuter towns.

CBRE’s house price growth forecast expects London prices to rise by 30% by 2019, as a lack of supply pushes prices up and ensures steady demand.

Which parts of the capital are you looking to invest in?

Buy-to-let investors looking for lower value homes

Published On: November 26, 2015 at 3:53 pm

Author: Em Morley

Categories: Landlord News

Tags: buy to let investors,buy-to-let landlords,landlords,rental market

New research indicates that buy-to-let investors are looking for lower-value properties, in an attempt to gain higher yields.

The latest Mortgage Search Tracker from the Mortgage Advice Bureau shows seven in ten landlords are actively searching for a mortgage on properties valued at less than £250,000. This indicated a sharp rise from the five out of ten recorded one year earlier.

Falling rates

A growing number of landlords are choosing higher loan-to-value (LTV) mortgages, with interest rates continuing to tumble. One in three landlords are looking for mortgages on properties with a value of less than £150,000.

This trend comes as house prices continue to rise, up by 5.2% over the last year. In London, the South East, South West and East of England, average property prices are more than £250,000.

Buy-to-let investors looking for lower value homes

‘As rental demand remains strong nationwide, opting for a cheaper property can result in more attractive yields,’ noted Brian Murphy, head of lending at the Mortgage Advice Bureau.[1]

‘It appears many landlords are looking to invest in areas outside the South of England, where property prices won’t hold them back from making a profit,’ he added.[1]

Murphy went on to say that buy-to-let investors are reaping the rewards of more competitive pricing. ‘Although higher LTVs generally mean more costly monthly repayments, falling rates mean landlords may find they can now afford higher-LTV products,’ he concluded. [1]

[1] https://www.landlordtoday.co.uk/breaking-news/2015/11/landlords-targeting-cheaper-properties