Tag Archives: Property Market News

Gifts and Discounts to Tempt Property Investors Commercial Finance, Latest Articles

money down the drain

"Buy one get one free in property??"

Desperate property sellers are flirting with some extravagant discount offers to attract cash-rich buyers.

The latest ploy is a ‘buy one house, get one free’ deal on new homes, but other bonus offers include an art collection and a speedboat.

Where cash discounts and help with finance are offered to many new home buyers to make homes affordable, these top of the range incentives are aimed at wealthy property investors.

Estate agent Brendan McGlynn came up with the buy one get one free offer to clear the last homes on a new estate in Donegal, Ireland.

The homes, priced from £120,000, are three-bed semis awaiting finishing touches on the inside – like fireplaces and kitchens.

The deal for property investors is buy one and pick up the neighbouring house free.

“There is no catch,” said McGlynn. “we simply want to sell the houses so the builders can move on to a new development.”

“We have had thousands of calls. The main interest has come from cash investors.”

For investors with more high-brow tastes, a former rectory near Honiton, Devon, is for sale at £1.3 million complete with a £180,000 art and antiques collection.

Owner Simon Hirst said: “Even the rugs are going to the buyer. They belong in the house and it would be wrong to move them anywhere else.”

Dr Andrew Pearson hopes his offer of a classic 36-foot Hagg speedboat worth around £25,000 will make a splash with prospective buyers.

He is selling a stylish four-bedroom detached house at Newton Ferrers, near Plymouth, Devon, for £2.5 million. The house is on a river and includes a private quay and jetty.

“I’m going to give the buyer the boat. The design is a classic,” said Dr Pearson.

More House Price Gloom as Market Flatlines House Prices, Latest Articles, Property Market News, Property Sales & Sourcing

House built up with jigsaw pieces

"CLG have found a stagnant market"

The latest official statistics confirm the housing market is sluggish and is not showing any signs of a revival at any time soon.

The government’s Communities and Local Government statistics for July show that house prices fell 1.5 percent year on year and a nominal 0.3 percent from June.

The average house price is now £ 207,690.

Prices fell slower in Wales (-0.1%) than England (-1.5%) and Scotland (-1.8%).

London has the highest average house price (£347,271). The North East has the lowest at £133,163. Continue reading More House Price Gloom as Market Flatlines

Housing Market Boosted by Surge in Buy to Let Buy to Let News, Latest Articles, Mortgage News, Property Market News

Rising Blue Arrow

"85% more Buy to let valuations than August 2010"

Surging buy to let mortgage applications have boosted mortgage valuations to record summer levels, according to surveyors.

Property valuations for landlords were up 85 per cent in August on figures of 12 months ago, according to Connells Survey and Valuation.

The total number of valuations in August was just 4 per cent lower than July, but the number of valuations grew by 49 per cent year on year.

“We’ve had our strongest August since 2007 and the expected August dip hasn’t really materialised. Valuation activity was 96 per cent of the level in July, and with the summer holidays coming to a close, we expect it to pick up pace as September progresses.” said John Bagshaw, corporate services director of Connells Survey and Valuation. Continue reading Housing Market Boosted by Surge in Buy to Let

Landlords Look to Families for the Future Buy to Let News, Latest Articles, Property Market News

Buy To Let house with rent sign outside

"Family homes are becoming more popular with buy to let landlords"

Landlords are becoming more family orientated and buying bigger homes to rent, according to a buy to let mortgage lender.

Paragon Mortgages research highlights that landlords buying investment property this quarter are keener on larger homes.

Around four out of 10 are looking to invest in semi-detached houses and a fifth are looking to buy a detached home.

The previous quarter showed 28 per cent of landlords wanted to buy semi-detached property and just nine per cent showed an interest in detached houses. Continue reading Landlords Look to Families for the Future

Financial Woes Stop 3 Million from Moving Home House Prices, Latest Articles, Property Market News

House made from money

"House prices dropped £90 a day in August"

Three million homeowners are staying put rather than moving home over concerns about jobs, money and mortgages.

A lack of confidence in the economy is undermining the housing market, a new survey in advance of the RESI 2011 conference later this month has found.

RESI 2011 is a networking event for house builders, social housing managers and mortgage lenders.

About a million homeowners cannot move because they cannot borrow enough money due to uncertain job prospects, or even if they have a job with a good future, their earnings are not enough to buy the home they want. Continue reading Financial Woes Stop 3 Million from Moving Home

Bank of England Agents’ Summary of Business Conditions August 2011 Latest Articles, Property Market News

Bank of England LogoBank of England have released their Agents’ Summary of Business Conditions for August, and they have found a ‘subdued’ housing market except for in London. Again confirming the numerous surveys published each month.

Read and download the Bank of England Agents’ Summary of Business Conditions August 2011

What do you think of their findings?

‘Ghost’ Consumers Push up the Cost of Energy Bills Latest Articles

"'Ghost' consumer are ramping up bills"

Around 2 million consumers are not paying for gas and electricity due to mix ups over the suppliers.

The main culprits are tenants and home owners who move on without settling their final bills – leaving the new occupants with no clue about who their utility suppliers are.

Two-thirds of consumers are not paying for gas and electricity because the supplier does not recognise them as a customer, even if they have tried to open an account.

Many consumers have not bothered to try to track down their supplier until they receive a bill for up to a year’s worth of supplies and standing orders they have not used. Continue reading ‘Ghost’ Consumers Push up the Cost of Energy Bills

Benchmark your Buy to Let Business with ARLA Data Buy to Let News, House Prices, Latest Articles, Property Investment News

House built up with jigsaw pieces

"ARLA have released a buy to let review"

Property investors looking to benchmark their businesses and profile the buy-to-let market can download a comprehensive professional review from the Association of Residential Letting Agents (ARLA).

The research looks at the buy to let market in detail and reveals the investment hotspot of the UK is the North-East, followed by the Midlands and London.

Falling house prices and easing of mortgage funding as more lenders enter the buy to let market has increased landlord confidence, and as a result -although a third of London landlords are most likely to buy properties to let in the next 12 months- 30% of landlords in the Midlands also said they would be likely to buy in the next year.

The story is different in the South West, where 18% of landlords bought more property in the past 12 months, while 10% sold – the highest number for any region.

Ian Potter, operations manager at ARLA, said: “Traditionally London has led the way with buy-to-let, but we are seeing signs that investors elsewhere in the country believe now is the time to buy – if you can arrange finance, it could be prudent to take advantage of lower property prices.”

The findings also revealed landlords in the North have an average 13 properties, while landlords in Central London and the South East own an average six rental properties each.

“Some towns across the UK are suitable for rental investment as they have a high number of students, while others – such as the recently unveiled local enterprise zones – are areas being targeted for future growth,” said Potter.

“While it is a positive sign that landlords are continuing to buy rental properties, this individual activity needs to be boosted by larger-scale investment. With demand still far outstripping supply, and home ownership out of reach for many, it is critical that more people have access to a home of their choice.”

Download a free copy of the ARLA research

UK Negative Equity Blackspots Revealed Latest Articles, Property Market News


"CML have highlighted the UK's equity blackspots"

New research from mortgage lenders reveals negative equity black spots across the UK.

Around 827,000 homes were in negative equity during the first three months of 2011, according to the Council of Mortgage Lenders (CML).

The worst regions for negative equity, mainly because house prices have suffered more than in other regions, are Yorkshire, Humberside and the North East. Continue reading UK Negative Equity Blackspots Revealed

Yorkshire Launches Limited Buy to Let Lending Buy to Let News, Latest Articles, Mortgage News

Yorkshire Bank Logo

"Yorkshire Building Society moving inot buy to let"

Yorkshire Building Society is taking a tentative step in to buy to let lending with a limited range of mortgages for landlords.

Buy to let borrowing will be available through the building society’s subsidiary Accord Mortgages.

The plan is for a ‘suck it and see’ approach for the Yorkshire’s first foray in to the buy to let market by offering loans only in London and the South East.

Only a small flow of funds is available to start as the Yorkshire runs a live test on systems.

The Yorkshire inherited a buy to let lending book from recent merger with the troubled Chelsea Building Society.

Yorkshire’s head of buy to let, Jeremy Law, said: “As a financially strong independent mutual, our primary focus is, and always will be, the interests of our members.  We will approach buy to let mortgages as we would with any other home loan, as a responsible and prudent lender.

“Initially, we plan to offer products for properties located in London and the South East to ensure a manageable entry into the market.  However, we hope that we may be able to extend our geographical spread later in the year once we have our operation up and running.”

The Yorkshire has not released any product details yet.

Meanwhile other lenders continue to adjust their rates and lending criteria to make their offerings more attractive to landlords.

Aldermore Bank is inviting applications for buy to let mortgages from first-time property investors and increased the maximum age for borrowers to 85 years-old.

Charles Haresnape, managing director of residential mortgages at Aldermore, said: “We’ve listened carefully to feedback from brokers and expect these enhancements to our buy-to-let criteria to be well received.

“As we’re now happy to consider first time landlords, as well as increasing our maximum borrowers’ age to 85, these additional benefits make the product more flexible and helps to open up the buy-to-let market to new customers.”

The bank’s interest rates start at 4.68%.

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