News
News
28/11/2008
Pace Of Price Falls Eases
The slump in house prices eased off in November with prices falling by just 0.4%, according to the Nationwide, the UK's largest building society
06/11/2008
Interest Rates Slashed by 1.5%
The Bank of England's Monetary Policy Committee (MPC) has cut interest rates by an unprecedented 1.5 per cent from 4.5 per cent to 3 per cent which is the largest since the MPC was granted independence in 1997.
09/10/2008
House Prices Stabilising?
Latest house price data shows that house prices may be stabilising as the drop experienced in September according to the Nationwide was 1.7% and 1.3% according to the Halifax. In August figures from both lenders showed a monthly drop of 1.9% and 1.8% respectively with both lenders, this month, commenting that the recent three-month-on-three month series has also barely changed for the last three months, after accelerating in the first half of the year. This may suggest the beginning of some stabilisation in the pace of house price falls.
Nationwide, who has measured house prices since the 1950's, went further with their press release by saying that over the years there have been several cycles of rapid acceleration and rapid cooling of house price growth. The long-run trend growth in real house prices in the UK is around 2.7% per annum and there is no reason to expect that over the longer term house prices should not continue to go up in real terms, even if we are going through a sharp correction now - For buyers this indicates that buying a property is still a sound long term investment
Hopefully we will see lenders passing on reductions in rates and relaxing their current restrictive criteria for lending to increase the activity in the housing market however we are presently seeing properties getting viewings if their asking price is competitive and then selling!
08/10/2008
Interest Rates slashed to 4.5%
After an unprecedented week on the financial markets, the Bank of England has slashed interest rates to 4.5% - the biggest cut since the September 11th attacks and the first time since then the Bank has changed rates without warning.
"The Bank of England's Monetary Policy Committee (MPC) today voted at a special meeting to reduce the official Bank rate paid on commercial bank reserves to 4.5%," the Bank said in a statement.
01/10/2008
EPC's required on all homes for sale - inc those that were HIP exempt
The government has announced that all homes for sale (including those that do not currently need a HIP) will now require an Energy Performance Certificate (EPC) & associated recommendation report from 01 October 2008
For clarification please visit the Communities & Local Government Website: www.direct.gov.uk/epc - The following can be viewed in the section giving advice to Property Professionals: "Are you a property professional interested in homes or commercial buildings?"
The seller is responsible for ensuring a certificate is made available to all prospective purchasers at the earliest opportunity, with fines for non-compliance.
The EPC & recommendation report must be made available free of charge by the seller to a prospective buyer at the earliest opportunity and no later than:
- when any written information about the building is provided in response to a request for information received from the prospective buyer; or
- when a viewing is conducted; or
- if neither of those occur, before entering into a contract to sell.
An EPC does not have to be made available if:
- the seller believes that the prospective buyer is unlikely to have sufficient funds to purchase the property or is not genuinely interested in buying that type of property; or
- the seller is unlikely to be prepared to sell the property to the prospective buyer (although this does not authorize unlawful discrimination)
For the marketed sales of homes, including homes marketed before they are physically complete (i.e. off plan), Home Information Pack (HIP) regulations apply. Where a HIP is required an EPC must be produced as part of the pack (for off plan homes this will be an indicative energy assessment).
This advice from the government indicates that the following can not take place without an EPC & the associated recommendation report:
- Exchange of contracts
- An Estate Agent and/or seller providing written property particlaurs
- An Estate Agent and/or seller conducting a viewing
If you need an EPC & the associated recommendation report for your property, please call us on 0800 043 2430
18/09/2008
Survey shows that Estate Agents needed now more than ever!
Estate agents are needed now more than ever, according to the latest findings from home move website Moveme.com.
Last August, ahead of the run on Northern Rock and the ensuing market slowdown, a confident 62 per cent of sellers said they'd consider selling their property without the use of an estate agent.
However, one year on this figure has nearly halved to 32 per cent. A sign of the times perhaps?
Keith McNeilly, co-founder of home move website Moveme.com, comments:
"While selling your home direct can avoid the typical estate agents' 2-3 per cent fee, it’s worth remembering that a good estate agent will play the pivotal role in securing your sale.
"They invest heavily in reaching as wide an audience as possible and can take on a lot of the hassles associated with viewings and liaising with potential buyers.
"The best agents come into their own when the going gets tough, coaxing chains of buyers along, exerting pressure to keep the paperwork moving as well as providing invaluable advice if the buyer gets difficult or attempts gazundering at the last minute.
"Not many individuals have the time, expertise or the resources needed to sell their property without some help, especially in the current climate: selecting the right agent can prove the most influential factor in your sale.
09/09/2008
EPC's soon to be needed for ALL properties for sale
Communities & Local Government are shortly to confirm if Energy Performance Certificates will be needed on all properties for sale that do not have Home Information Packs and that are being marketed for sale from October 1 onwards.
02/09/2008
Stamp Duty Holiday announced
Stamp Duty is currently charged at one per cent on properties between £125,001- £250,000 but today's announcement raises the starting point to £175,000.
This new level will apply to transactions with an effective date on or after 3rd September 2008 and before 3rd September 2009 (basically, a one year stamp duty 'holiday').
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