Tag Archives: real estate
Survey reveals where tenants in England are most satisfied with their landlords
More renters in the East Midlands are satisfied with their landlord than in any other part of England according to new research. The survey by the National Landlords Association (NLA) found that 83% of renters in the East Midlands said they are satisfied with their landlord. Tenants in the North West and South West were jointly second on the list, with 82% satisfaction. However, there are some stark regional differences. For example, 82% of tenants in the North West are satisfied with their landlord but just 67% of tenants in the North East, the lowest satisfaction rate in the whole of the England. Overall, on average across all regions, some 79% of tenants taking part in the poll are satisfied with their landlord. In third place was the South East with 80% satisfaction, followed by the West Midlands at 79%, Yorkshire and Humber at 73%, London at 72%, the East of England at 71% and the North East at 67%. ‘Good landlords make up the majority of the market so it’s not surprising that the majority of tenants are satisfied,’ said Richard Lambert, NLA chief executive officer. ‘Private renting is far from the insecure, uncertain and unhappy picture that it is often made out to be, and these findings will help to reassure existing renters and those looking to make their home in the private sector. However, it doesn’t help the minority of tenants who are dissatisfied,’ he explained. ‘The NLA provides a range of training and accreditation opportunities for landlords in order to help them develop and improve standards so they can provide a better service but this is only part of the solution. Both central and local government must also commit more resources to tackling poor standards and weeding out bad landlords,’ he added. Continue reading
US pending homes sales fall month on month after record breaking 2015
Pending home sales in the United States fell by 2.5% in the first month of 2016 following the highest average year in nearly a decade, the latest index shows. On the South saw sales rise, but sales are still 1.4% higher than they were a year ago, according to the forward looking index from the National Association of Realtors. Although the index has increased year on year for 17 consecutive months, last month’s annual gain was the second smallest and NAR chief economist Lawrence Yun said that a myriad of reasons have contributed to the drop in January. ‘While January’s blizzard possibly caused some of the pullback in the Northeast, the recent acceleration in home prices and minimal inventory throughout the country appears to be the primary obstacle holding back would be buyers. Additionally, some buyers could be waiting for a hike in listings come spring time,’ he explained. Existing home sales increased last month and were considerably higher than the start of 2015, but price growth quickened to 8.2%, the largest annual gain since April 2015 when it was 8.5%. While the hope is that appreciating home values will start to entice more homeowners to sell, Yun said that supply and affordability conditions won’t meaningfully improve until home builders start ramping up production, especially of homes at lower price points. ‘First time buyers in high demand areas continue to encounter instances where their offer is trumped by cash buyers and investors. Without a much needed boost in new and existing homes for sale in their price range, their path to home ownership will remain an uphill climb,’ Yun pointed out. Existing homes sales this year are forecast to be around 5.38 million, an increase of 2.5% from 2015. The national median existing home price for all of this year is expected to increase between 4% and 5%. In 2015 existing home sales increased 6.3% and prices rose 6.8%. A breakdown of the figures show that the index in the Northeast declined 3.2% but is still 10.9% above a year ago. In the Midwest the index fell 4.9% but is still 1.4% above January 2015. Pending home sales in the South inched up 0.3% but remain 1.3% lower than last January. The index in the West decreased 4.5% but is still 0.4% above a year ago. Continue reading
January saw highest total approvals for home buying in UK for a year
The number of loan approvals for house purchase in the UK increased by 22% in January with the month seeing the highest number of total approvals since the beginning of 2014. The data from the Bank of England also shows that the number of remortgage approvals increased by 33% year on year. A breakdown of the data shows that purchase approvals reached 74,581 in January compared to the average of 70,221 over the previous six months while those for remortgaging was 42,228, compared to the average of 40,306 over the previous six months. According Peter Williams, executive director of the Intermediary Mortgage Lenders Association, the threat of a rate rise is no longer driving the remortgaging uplift and instead it is being supported by home owners looking to improve their financial situation through cheaper monthly repayments. ‘In particular, landlords are preparing for fewer tax reliefs like the loss of the wear and tear allowance and restriction of mortgage interest deductability. Accessing cheaper deals through remortgaging will help offset these when they come into place,’ he said. ‘With rising home owner equity and a range of competitive deals in the market, home owners have also been determined to capitalise on currently low rates and intense market competition amongst lenders,’ he explained. He also pointed out that the stability in lenders’ mortgage funding continues to improve. ‘While the government and the Bank of England have supported funding the market, an increase in retail deposits over mortgage balances is underpinning improved mortgage lending, with the savings inflow exceeding that lending by £215 billion or 17% in the last quarter of 2015,’ he added. Adrian Gill, director of Reeds Rains and Your Move estate agents, believes it signals a strong spring buying season ahead. ‘Interest rates aren’t going anywhere fast and while cheaper mortgage deals stick around, buyer demand is chomping at the bit. With all the various government initiatives now in place, many first time buyers consider this their best shot at making the finishing line and purchasing their own home and they are upping the ante to make sure they don’t miss out,’ he said. But in reality, he pointed out that the market currently favours sellers. ‘Those looking to put their home on the market haven’t been in such a strong position since before the recession. House price growth is gaining strength on both an annual and monthly basis, and with an army of eager first time buyers it’s a brilliant time for existing home owners to be advancing up the property ladder. Ultimately, activity levels won’t be able to keep up the pace unless there’s a steady stream of homes for sale entering the ring,’ he added. But Martin Stewart, managing director of the independent mortgage broker, said that the forthcoming referendum on the UK as a member of the European Union could slow the market. ‘The beginning of 2016 has been far busier than usual in the… Continue reading
