Tag Archives: london
UK property sales down 1.4% in January, latest data shows
UK property sales fell in January, with the seasonally adjusted estimate for the month down by 1.4% compared to December 2014. The latest data from HMRC shows that there were 97,320 residential transactions and confirms that in recent months the trend in seasonally adjusted transactions has been on a slight downward trend. In January 2015 the number of non-adjusted residential transactions fell compared with December 2014, and was also lower compared with January 2014. ‘This is usual during this month of the year, although the number of non-adjusted residential transactions was also lower compared with January 2014. Please note that the figures for the two most recent months are provisional and therefore subject to revision,’ an HMRC spokesman said. The figures are based on HMRC's Stamp Duty Land Tax (SDLT) database, which records the information submitted by property purchasers on the Land Transaction Return. The data also shows that there has been an increase in the number of non-residential transactions. The seasonally adjusted estimate for January 2015 is 2.1% higher than in December 2014, and 8% higher compared with January 2014. ‘Seasonally adjusted transactions of non-residential property have increased slightly over the year. Non adjusted transactions have seen some monthly peaks and falls during the last financial year, this can be expected due to the seasonal nature of purchases,’ the spokesman added. Peter Rollings, chief executive officer of Marsh & Parsons, explained that while property sales may have faded slightly in January, buyer demand is still strong. 'New shades of regulation in the mortgage market have slowed the process, but they’ve made it more robust too and borrowers and lenders are benefiting from more thorough and effective affordability checks,' he said. 'As a result, the buyers who have their finances in place are eager to move quickly. January has seen a boost in agreed sales, which has firmly set the ball rolling for 2015, and this will only gather faster momentum during the spring, typically one of the most popular times to move house when these completions come to fruition,' he pointed out. 'Generous mortgage rates are giving borrowers more room for manoeuvre than ever before, and reduced stamp duty costs are another incentive greasing the wheels of activity at the lower end of the housing market, helping consumer confidence speed up. After the market re-adjustment we’ve witnessed recently, price growth will soon start ploughing forward again, although likely at a slower stride than last year,' he added. According to Adrian Gill, director of Your Move and Reeds Rains estate agents, the UK housing market is temporarily treading water at the higher end, but fast moving in areas where price growth has been more modest, and where cheaper properties are within reach of new buyers and borrowers who can access Help to Buy. ‘London has long been the propeller driving forward growth, but after cruising ahead at full speed in 2014, the London property market has run aground momentarily. This… Continue reading
UK agents launch 2015 manifesto for sale and rental housing sectors
Estate and lettings agents in the UK have launched their 2015 housing manifesto calling for better supply, enhanced regulation, and a change to property taxes. The National Association of Estate Agents (NAEA) and Association of Residential Letting Agents (ARLA) launched the manifesto today at the third consecutive NAEA Conference. During the last six months NAEA and ARLA have met professionals, politicians, experts and campaigners across the UK to understand their hopes and fears for the housing sector. The three main concerns which were identified were the lack of supply, a need for more regulation in lettings and sales, and appropriate taxes across the whole property spectrum. ‘Britain is standing today on the precipice of a crisis in the supply of housing. We are simply not building enough homes to meet burgeoning demand from both the sales and private rented sectors,’ said Mark Hayward, managing director, NAEA. ‘We are growing as a society, and our needs for housing have developed from what they may have been previously. But what still rings true is that everyone has a universal right to a home. And our deep-rooted concern is that government policy on housing, as it currently stands, cannot deliver on this requirement,’ he pointed out. He explained that providing housing, or more importantly homes, requires finance, suitable land, time and skill. ‘Policymakers seem to have forgotten this. Housing cannot be a political football for future governments to use to score points against each other. Ultimately we need to take the politics out of housing. We know this is easier said than done. So instead we ask for all future parliamentarians to maintain a long-term progressive view and to deliver on our manifesto commitments,’ he added. David Cox, ARLA managing director, highlighted the need for greater regulation in the private rented sector. ‘Britain currently maintains a two tier private rented market, consisting of those who operate to professional standards and those that do not,’ he said. ‘Consumers often do not know the difference between the two, thus the onus falls on them to be able to tell the difference. Our agents are already regulated and operate to the highest professional standards. They are fully qualified and we offer tenants and landlords client money protection,’ he explained. ‘The certainty we provide should not be the gold standard, but what every consumer should demand from their agent. It is imperative therefore that letting agents be members of a client money protection scheme, and that regulation be tightened for the entire industry,’ he added. ‘Greater regulation for letting agents in particular will ensure fairness, a level playing field and the removal of those agents who bring the industry into disrepute,’ he concluded. Continue reading
Research shows some UK tenants resort to paying for repairs
Some two thirds of tenants in the UK have had to dip into their own pockets to fund repairs because they could not wait for the landlord any longer, it is claimed. A new study shows that 55% of tenants spent up to £50 to sort out a repair and that half of tenants would like landlords to deal with repairs quicker. Two thirds of tenants say that it takes their landlord too long to respond to emails and calls about problems. The research from online agents Property Let By Us also reveals that just a third of tenants would rather deal with a landlord than a letting agent and one in six tenants have experienced bad landlords in the past. However, over 80% say their landlord is approachable and friendly and only 12% of tenants claim their landlord has made promises that he/she could not keep. The recent case of Edwards v Kumarasamy, highlights the legal responsibility that landlords have under the statutory requirements of Landlords Repairing Obligations, part of the Landlord & Tenant Act. Edwards was a tenant renting a flat from Kumarasamy. This case features his claim for compensation, when he tripped on an uneven paving slab on the outside path to the parking and communal bins area. A new Court of Appeal held that as the landlord had a right to use the path under his lease from the freeholder, he had a sufficient ‘estate or interest’ in the area to satisfy section 11 and so was liable for the repair. It means that landlords and agents doing inspections need to monitor the exterior areas of properties to ensure that they are safe and that any necessary repairs are done promptly. ‘There are many professional landlords in the buy to let market that are responsive to tenant communications about problems and issues. However, there are a few bad landlords that neglect their tenants and put lives at risk,’ said Jane Morris, managing director of Property Let By Us. ‘Every landlord has a duty of care and should respond to tenants emails and calls with 24 hours if possible. While it may not be possible to deal with repairs immediately, it is important that landlords maintain open communications with their tenants, so they can provide updates on timing etc. Communication is key and the landlord should keep the tenant informed of the action,’ she explained. The research shows that the most common cause of complaints are faulty boilers followed by leaking roofs, faulty showers, mould and condensation, leaking bathroom and window locks, broken windows, smoke alarms and pests and vermin. ‘Some of these can be very dangerous for the tenants, so it imperative that landlords carry out repairs to their properties within a reasonable time,’ added Morris. Property Let By Us has put together some guidelines on landlord response times for tenant complaints…. Continue reading
