Tag Archives: cookies
Residential property sales up in UK after election slowdown
Residential property sales in the UK increased by 4.7% between May and June 2015 and the seasonally adjusted transaction figure was 3.2% higher compared with the same month last year. he official data from HMRC also shows a total of 104,590 residential and 10,460 non-residential transactions in June. The number of non-adjusted residential transactions was 15.7% higher compared with May 2015 and the number of non-adjusted residential transactions was 5.8% higher than in May 2014. It means that the UK property market is back on track after disruption caused by a wait and see attitude in the run up to May’s general elections, according to Peter Rollings, chief executive officer of Marsh & Parsons. He said that the jump in sales in June has started to make up for any shortfall in the months preceding the general election and the market is seeing growth on an annual basis once again. ‘In London, supply of properties for sale and buyer demand are head to head, squaring up for steady price growth over the rest of the summer. Confidence is returning to the capital once again, particularly in the sector £1 million,’ he explained. ‘Buyer registrations are building as aspiring home owners seize hold of low mortgage rates and other incentive schemes currently available to them,’ he added. Continue reading
Catchment areas of good schools in UK attracting higher property rent premium
Competition for school places in some of the UK’s best educational establishments is affecting the private rental market with more homes near them being rented to families, new research suggests. Some 28% of properties rented around schools with outstanding ratings from school inspectors OFSTED went to families with children, up from 26% in 2014 and 9% in 2008 In London competition for school places means that for the first time over half of properties rented around the best schools go to families with children, according to the latest quarterly lettings index from Countrywide plc. The firm suggests that while this is a product of the significant increase in competition for school places, the growing number of families living in the private rented sector means more of them move both for work and their children’s education. While the figures in London are most marked for schools rated outstanding, the pressure on school places in the capital means there has been uplift in families with children renting in the area surrounding most schools. Given it is the address from which the school application is made in January that the application is assessed against, the summer months are when most families think about moving. Over half of families with children in the private rented sector move during June, July, August or September in time for the forthcoming academic year. Households with children moving into the area close to an outstanding school don’t move far, an average of just half a mile. This confirms the fine margins involved getting into school catchment areas. This distance is considerably shorter than the three miles the average households in the private rented sector moves, the report explains. As with house prices, tenants pay a premium to live close to a high performing school. Given tenants move more often than home owners, this premium tends to be smaller. In 2015 the average tenant living within a kilometre of a school rated outstanding paid 14% more than someone living more than a kilometre away. While the premium attached to one and two bedroom flats is almost negligible, tenants living in three or four bedroom houses pay an average of 16% more. Where catchment areas are particularly tightly defined, a house on one side of the road can be let for 15% to 20% more than an identical house on the other side. ‘There are 1.6 million families with children living in the private rented sector, 20% more than last year, which means school catchment areas are becoming increasingly relevant to the rental market,’ said David Fell, research analyst at Countrywide. ‘Many of these families are choosing to rent close to the school gates and in some cases parents are taking advantage of the flexibility of renting to move from the fringes of their preferred school’s catchment area to ensure their child’s entry,’ he pointed out. ‘The flexibility of renting can… Continue reading
Missing items cause move out misery for UK tenants, research suggests
Tenants in the UK’s private rented sector could lose thousands of pounds due to items that have been detailed in the property inventory going missing at the end of a tenancy, it is claimed. It is a busy time of the year as student tenancies come to an official end and the Association of Independent Inventory Clerks (AIIC) is urging tenants, landlords and letting agents to take extra notice of inventories as tenancies turn over this summer. The Association points to a recent study carried out by removal firm Kiwi Movers which found that 52% of tenants had experienced trouble with their landlord when it came to the return of their deposit at the end of the tenancy. The survey also revealed the most common reasons for lost deposits with items missing from the inventory the reason a fifth of participants did not receive their full deposit back. Other reasons tenants lost all or part of their deposit included minor repairs, cleaning and unpaid bills. ‘Tenants should be issued with a copy of the inventory at the beginning of the tenancy and I urge them all to double check all the items listed at that time and to ensure that all items remain in the property, in good condition, when moving out,’ said Pat Barber, chair of the AIIC. ‘If there is something missing it can often be cheaper for the tenant to replace it rather than for the landlord or agent to do so,’ she pointed out. ‘For letting agents and landlords, it is important to go through the inventory fairly and thoroughly when undertaking the check-out process it is advised that the services of an independent inventory clerk are used to ensure impartiality,’ she explained. ‘If both sides of the rental transaction hold up their side of the bargain, the amount of deposit disputes can be kept to a minimum this summer,’ she added. Continue reading
