Tag Archives: shows
More tenants at check out day would reduce deposit disputes, it is suggested
If more tenants in the UK attended the check out when they end a tenancy there would be less disputes, it is claimed. The Association of Independent Inventory Clerks (AIIC) wants more tenants to attend the check outs which provide the landlord or their letting agent with the opportunity to record the condition of the rental property in comparison to when the tenants arrived. The AIIC's plea comes in response to data released recently by the Deposit Protection Service which suggested that 48% of tenants had not attended their check out. What's more, some 46% of those who didn't attend said they had either not been invited or were not informed of the date or time. According to the AIIC, this is where landlords and their letting agents must ensure they are holding up their side of the bargain. ‘We were disappointed to see that so many tenants didn't attend check out and that almost half of these non-attendees were not invited or made aware of the arrangements,’ said Pat Barber, chair of the AIIC. ‘We are urging landlords and their agents to invite and remind their tenants about their check out. It is an extremely important part of the inventory process and a successful inventory can go a long way to reducing the likelihood of a dispute at the end of a tenancy,’ she explained. ‘As always, we advise landlords and letting agents to utilise the services of an independent inventory clerk in order to maintain impartiality and professionalism,’ she added. Continue reading
US pending homes sales up 0.5% in July, latest index shows
Pending home sales in the United States increased by 0.5% in July and are now 7.4% higher than the same month last year, according to the latest index data. The Pending Home Sales index from the National Association of Realtors (NAR), a forward looking indicator based on contract signings, has increased year on year for 11 consecutive months and July is the third highest reading of 2015. According to Lawrence Yun, NAR chief economist, the housing market began the second half of 2015 on a positive note, with pending sales slightly rising in July led by a solid gain in the Northeast. ‘Contract activity in most of the country held steady last month, which bodes well for existing sales to maintain their recent elevated pace to close out the summer,’ he said. ‘While demand and sales continue to be stronger than earlier this year, realtors have reported since the spring that available listings in affordable price ranges remain elusive for some buyers trying to reach the market and are likely holding back sales from being more robust,’ he explained. Looking ahead, with inventory shortages likely to persist into, Yun expects the national median existing home price to increase 6.3% in 2015 to $221,400 and forecasts total existing home sales this year to increase 7.1% to around 5.29 million, about 25% below the prior peak set in 2005 when it was 7.08 million. ‘In light of the recent volatility in the stock market, it's possible some prospective buyers may err on the side of caution and delay decisions, while others may view real estate as a more stable asset in the current environment,’ said Yun. ‘Overall, the prospects for ongoing strength in the housing market remain intact for now. The US economy is growing, albeit at a modest pace, and the labour market continues to add jobs,’ he pointed out, adding that uncertainty in the equity markets, even if short term rates rise in September, could stabilise long term mortgage rates and preserve affordability for buyers. The PHSI in the Northeast increased 4% to 98.8 in July and is now 12.1% above a year ago. In the Midwest the index remained unchanged at 107.8 in July, and is now 5.7% above July 2014. Pending home sales in the South increased slightly by 0.6% to an index of 124.2 in July and are now 6.5% above last July. The index in the West declined 1.4% in July to 103, but is still 7.5$% above a year ago. Meanwhile, new home sales increased by 26% from one year ago and Yun said that it is further proof of the housing market strengthening. ‘Amid stock market gyrations residential real estate appears a very safe place to invest particularly given the current housing shortage in America,’ he said. The data shows that new home sales, which are not closings but rather contract signings on a newly constructed home, reached 507,000 annualised sales pace in July. Sales are up solidly… Continue reading
Majority would pay more to buy or rent in a school catchment area
Some 95% of buyers and 81% of renters in the UK would pay up to 25% more to live in a home in close proximity to a school, new research has found. Also, 38% of buyers and 42% of renters would take a lesser property to be within desired catchment area, according to the survey from online estate agents Urban. Surveying both those looking for property to purchase as well as those looking for a rental home confirms how important the school catchment area is for parents when they move home. Indeed, the school catchment area was the top concern for tenants when choosing a property. Double the number of prospective tenants would put school catchment area at 30% over being in close proximity to a town at 15%, with this also ranking significantly higher than the desire to be near to a station at 17%. These results reveal that parents' needs are widely put on the backburner when compared to those of their children, with people often taking on a far longer commute to be able to ensure that their child has the very best education and shortest journey to school. With residing close to a school the prominent concern for many, the survey also asked those that were buying a property, whether they would consider renting if they cannot sell their own property with 52% saying that they would do so. ‘Quantifying the influence that being in close proximity to a school has on house hunters has been truly eye opening. The results of the survey show that most people would stretch their budget quite considerably, whilst many would also downgrade their property choice, for the sake of a school,’ said the firm’s founder Adam Male. ‘The results make for particularly interesting reading for those selling a property within a school catchment area. When marketing the property, these findings show that real focus should be given to the location of the property in relation to the nearest school, highlighting the benefits provided as part of the enrolment process and the ease of school run, for example,’ he added. Continue reading
