First-time buyers in London up 17% in the third quarter

New CML data on the characteristics of lending in Greater London in the third quarter of 2015 outlining mortgage lending to first-time buyers, home movers and remortgagors. Lending in the third quarter 2015: First-time buyer loans totalled 12,800 in London - up 17% on the previous quarter but down 1% on the third quarter in 2014. First-time buyers borrowed £3.4 billion - up 24% on the previous quarter and 4% on the same quarter in 2014. There were 10,800 home-mover loans in London, up 32% on the previous quarter and 5% on the third quarter of 2014. Total value of these loans was £4bn, up 38% on the second quarter and 11% on the third quarter 2013. Remortgage lending increased 8% by volume and 10% by value compared to quarter two. Compared to the third quarter last year, it was up 15% by volume and 25% by value. Paul Smee, director general of the CML, commented: In London, as in the UK, the market...
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First-time buyer lending in Wales up 21% in third quarter

New CML data on the characteristics of lending in Wales in the third quarter of 2015 outlining mortgage lending to first-time buyers, home movers and remortgagors. Lending in the third quarter 2015: First-time buyers took out 3,700 loans in Wales - up 16% on the previous quarter and on Q3 2013. First-time buyers in the period borrowed £410 million - up 21% on the previous quarter and the same quarter last year. There were 3,900 home-mover loans in the third quarter, up 8% on the previous quarter and 3% more than in quarter three 2014. Total value of these loans was £550 million, up 12% on the second quarter and up 6% on the third quarter 2014. Remortgage lending in the quarter in Wales grew quarter-on-quarter and year-on-year by volume and by value. Julie-Ann Haines, CML chair for Wales, commented: House purchase and remortgage activity in Wales continued to show positive growth for the second quarter in a row, after a subdued start to...
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Northern Ireland house purchase and remortgage activity up in third quarter

New CML data on the characteristics of lending in Northern Ireland in the third quarter of 2015 breaking down mortgage lending activity for first-time buyers, home movers and remortgagors. Lending in the third quarter 2015 Home-owner house purchase activity increased to 3,600 loans - up 16% on the second quarter and 6% on the third quarter in 2014. First-time buyers and home movers saw similar trends to each other with both increasing quarter-on-quarter and year-on-year. The number of loans for remortgage remained the same quarter-on-quarter at 1,700 loans, but up 55% in volume compared to the third quarter 2014. Derek Wilson, CML chair for Northern Ireland, commented: The increased house purchase activity is encouraging especially as it is driven by those purchasing their first homes. Affordability conditions are relatively good in Northern Ireland compared to the UK overall, so there is potential for further growth to close out the year. Remortgage activity is coming from a low...
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First time buyers in Scotland up by 16%

      Lending in the third quarter 2015: There were 8,500 first-time buyer loans in Scotland - 4% up on the previous quarter and 16% up on Q3 2014. First-time buyers in the period borrowed £920 million - up 2% on the previous quarter and 16% on Q3 2014. At 10,000 loans, there were 12% more home-mover loans in the third quarter than the second, and 15% more than in Q3 2014. The value of home-mover lending was £1.5 billion, up 16% on the second quarter and 17% up on the third quarter 2014. Remortgage lending went up in value quarter-on-quarter and year-on-year. Linda Docherty, CML chair for Scotland, commented: The past two quarters have seen the highest level of borrowers purchasing their home in Scotland since 2007. Activity has remained robust over the past six months, with a surge in both first-time buyers and home movers, and with an economic...
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How You Can Take Action In The Next 46 Days – And Make 2015 End With A Bang

Here's a great article from our guest blogger, Matthew Moody. These tips are fantastic! All too often, we get to December and everything slows down. After all, there’s the parties, the present buying, the office shutting down, the big day, the nights in etc.  Before you know it, you’re in January and December just flew by and you didn’t really achieve that much. So, if you’re enthusiastic, you’re committed, you have some time on your hands and you want to add some more cashflow before the end of the year, then just follow my simple 10 Step Plan. The Top 10 Things You Should Do In The Next 46 Days Ensure your properties are rented before 13thUnfortunately once you get beyond this point, it’s only the most unorganized of tenants that want to move in after this date.  Which in a sense is good because you can clear off all...
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First-time Buyer Prices Surged 10% in nearly a year!

Rightmove’s October House Price Index reported that first-time buyer prices surged nearly 10% in a year.

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Deregulation Act October 1 2015

Under the Deregulation Act 1st October 2015 landlords will be unable to end a tenancy with a Section 21 if they do not address a repairs complaint.   Many landlords are unaware of this fact. This will affect any ASTs (Assured Shorthold tenancies) starting on or after 1st October 2015.  All remaining ASTs in England will be included on the 1st of October 2018. So whats changing? A Section 21 can not be validly served in the first four months of tenancy. For a Section 21 to be validly served a landlord must have given them the following documents: - A valid EPC - A CP12 - A copy of the governments "How to rent guide" Expiry: If proceedings are not issued within 6 months of the service of a Section 21 Notice, then the notice will be invalid. Download the new Section 21 notice.  The Section 21 notice will...
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The New Face of Harrogate

When people think of the iconic towns and cities of the UK Harrogate is not the first place that pops into the mind. The historic Yorkshire spa town has barely made a dent on the national consciousness let along at an international level.

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Annual house price growth rises to 9.0%

  The Halifax recently released their House Price Index for August 2015. House prices in the latest three months (June-August) were 3.0% higher than in the preceding three months Prices in the three months to August were 9.0% higher than in the same three months a year earlier The average monthly costs associated with buying a three bedroom house in the UK for a first-time buyer are £56 lower than the typical monthly rent paid Commenting, Martin Ellis, Halifax housing economist, said: "House prices in the three months to August were 3.0% higher than in the previous quarter. This measure of the underlying rate of house price increased from last month’s 2.5% but remained below June’s 3.3%. “The underlying pace of house price growth is strong. The shortage of secondhand properties for sale on the market is resulting in upward pressure on house prices. At the same time, economic recovery,...
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Urgent - Sign and share this petition!

Many of you will have read the budget proposals targeting landlords. It makes no sense to suggest that a business cant offset legitimate financing expenses against income. The impact of this could be huge! An online petition has been created to reverse the planned tax relief restriction on individual landlords. We urge everyone to sign this petition and forward on, thanks. https://petition.parliament.uk/petitions/104880     Sign the Petition!
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5 years in jail for Landlords who house illegal immigrants

Landlords could face prison for failing to check the immigration status of tenants. Repeatedly failing to evict illegal immigrants would be a new offence carrying maximum penalties of five years imprisonment or a fine for convicted landlords. There are also plans by the Government to create to create a blacklist of criminal landlords and letting agents, with a ban on letting for those repeatedly convicted of housing offences. Responding to the announcement, RLA Chairman, Alan Ward said “The RLA is to meet the Home Office tomorrow to discuss immigration checks.  Why has this extra responsibility and risk been put on landlords and agents?  Why not employers? “The ability to evict illegals may answer the problem of abandonment if an illegal immigrant is removed by the authorities, but is a potential minefield if we get it wrong. Just because a landlord has the right to evict, it doesn’t explain how to go...
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CML report that Gross lending is up 29% in June!

Gross mortgage lending in June showed a significant rise compared to the previous month, according to the Council of Mortgage Lenders. It rose by 29% compared to May to an estimated £20.5 billion. In addition to the month-on-month rise, there was also a year-on-year increase of 15% on the £17.8 billion of lending undertaken in June 2014. Gross lending in the second quarter of 2015 came to £52.2 billion which was up 17% from the previous quarters £44.5 billion, and was a modest increase of 1% on the second quarter in 2014 when it totalled £51.7 billion. Forward indicators of lending suggest an upturn will be felt in coming months CML economist Mohammad Jamei said: Activity is picking up after a slow start to the year. Our lending figure for June may be flattered by the end of political uncertainties related to May’s general election, and the underlying picture is likely to be one of only modest...
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Top apps to make life simpler for Landlords

Making life Simple This is a very useful checklist produced by Glide, the utilities and service provider for student households, has developed its 2015 recommendations for the best apps on the market that simplify life for landlords. Legal 4 Available for free on iPhone One of the first apps purpose-made for landlords, Legal 4 provides a background check on potential tenants and discover if they have previously been evicted or blacklisted. The searchable database is extensive and is a must have for landlords.   TIM Available for free on Android & iPhone TIM has a repertoire of functions centred on taking inventories.  The intuitive app allows you to complete inventories clearly and quickly across a number of properties, generating professional reports that can be accessed online and centralised on your desktop. Available free of charge on iPhone and Android it’s a great way for your tenants to provide you with that...
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Housing supply remains tight

  The Halifax released their House Price Index for June 2015.   Commenting, Martin Ellis, housing economist, said: "House prices in the three months to June were 3.3% higher than in the preceding three months. This measure of the underlying rate of house price growth picked up following two successive falls. Annual house price growth also increased to 9.6% from 8.6% in May and is at its highest since September 2014. “Supply remains very tight with the stock of homes available for sale currently at record low levels. This shortage has been a key factor maintaining house price growth at a robust pace so far in 2015. Economic growth, higher employment, increasing real earnings growth and very low mortgage rates are all supporting housing demand with signs of a recent modest pick-up in demand.” Key facts • House prices in the latest three months (April-June) were 3.3% higher than in...
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Frazer Fearnhead of The House Crowd pitches on Dragons Den

There was a great pitch on Dragons Den this week from Frazer Fearnhead, founder of The House Crowd. He went into the den to pitch for £1 million pounds!! For a 5% share in his business. The dragons weren’t happy from the word go due to the over valuation of his business.
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Implications for Buy-to-Let Landlords - Emergency Budget 2015

Property expert Simon Morris comments on the property-related changes announced last week in the emergency summer budget, and advises how these affect investors and buy-to-let landlords. Chancellor George Osborne announced the government’s emergency summer budget last week. Before the recent national election that produced a Conservative government, David Cameron promised that the Conservative party would tackle the UK housing crisis and build over 200,000 homes for first-time buyers. Cameron also promised to roll-out a ‘Help to Buy ISA’ – a financial product that enables first-time property buyers to earn £3,000 from the government for £12,000 saved in the account. Cameron also promised to establish a £1billion brownfield regeneration fund, which local councils could use to build 400,000 new home. Experts believed that the summer budget would be used to fund this project by announcing the extension of right-to-buy housing association homes in England. Here are the key property changes announced in...
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Three landlords face financial ruin on Nightmare Tenants, Slum Landlords

The second episode of Channel 5’s ‘Nightmare Tenants, Slum Landlords’, due to air on Wednesday 1st July 2015 at 9pm, will feature three separate landlords all facing financial ruin as a result of troublesome tenants. Calling on the expert help of Landlord Action to help regain possession of their property and chase outstanding arrears, Founder Paul Shamplina uncovers the stark reality of tenancies gone wrong. The leading story follows builder Franc Coutinho, who has been renting his property out in North London for six years without a problem until his latest tenant, Shuaghxi Fu, moved in. Within six weeks, problems with paying the rent began with the tenant reporting false issues with the boiler to avoid paying rent. Despite numerous visits by plumbers to the property, when rent was due, the boiler mysteriously stopped working. Unable to take anymore and facing financial ruin, Franc starts the eviction process. However, when...
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June property trends infographic

Rightmove’s June House Price Index reported that the price of property coming to market rebounds to all-time high as majority-government surprise leads to biggest ever rise in month of June, up 3.0% (+£8,460) to £294,351 Our infographic provides a breakdown of how prices are performing across each region and property type.
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Average house price £179K in England and Wales

Annual growth of 5.1 per cent in April brings the average house price in England and Wales to £179,817 The Land Registry have released their House Price Index for May 2015.  This shows a monthly price increase of 0.9%. The April data for London shows an increase of 2.3%. Bringing the average price in the capital to £474,544.   Key Regional Observations The region with the highest increase in price is London with a movement of 10.9%. The North East saw the only annual price fall with a decrease of 0.6%. Wales saw the largest monthly decrease with a fall of 1.1% Sales Volumes In the months November 2014 to February 2015, sales volumes averaged 64,196 transactions per month. This is a decrease from the same period a year earlier, when sales volumes averaged 73,156 per month. Some of the areas that typically have very low transaction volumes include, but...
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Help to buy: latest statistics

A useful infographic from the HM Treasury regarding the Help to Buy Scheme
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