Supply flow improving but still insufficent to meet demand

RICS have released their January 2016: UK Residential Market Survey They comment that despite the supply improving, there is still insufficient supply to meet demand. Key Facts: National sales instructions pick up with a significant increase seen in London Market activity gathering pace as demand and sales growth accelerates House price momentum remains firm for now The January 2016 RICS Residential Market Survey points to a pick up in new sales listings for only the third report in the past eighteen months. Nevertheless, after such a prolonged period of falling supply, and with growth in enquiries also gathering pace, this has done little to alleviate the demand supply imbalance for the time being. Consequently, prices remain under upward pressure. After falling unrelentingly throughout 2015, new instructions to sell have now increased modestly in each of the past two months.  Sales instructions across the UK excluding London were much flatter during January. Stamp Duty surcharges Alongside this, new buyer enquiries...
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Near term price expectations reach 20 month high

RICS have just released their UK Residential Survey for December 2015. Here are the key facts: Buyer demand growth picked up due to the unseasonably mild weather.  This in fact boosted activity. New instructions increased for the first time since January 2015. Price momentum remains firm Strong Growth The survey shows strong price growth to the end of the year, with 50% of respondents reporting that prices have risen. East Anglia and the South East are showing the strongest price growth but all parts of the UK are reported to shown some growth. Buyers enquiries are rising at a faster pace than new instructions, thus giving a demand/supply imbalance. Stamp Duty Increase There is a view that this increased demand was due to buy to let investors trying to complete their transactions before the new tier of stamp duty is introduced in April 2016. New instructions to sell edged up slightly...
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Legionella Testing - Question and Answer

  As you may know, it is now law for all residential properties to have a risk assessment in place for Legionella. Similar to the legal requirement of a CP12 and EPC certifications, landlords are now required to have a risk assessment carried out of every properties water system. The aim of a risk assessment is to assess the water system in place to ensure no high risks are present that could possibly be fatal. There is useful information on the Health and Safety Executive website.  Please follow the link to their website that outlines your duty and the enforcement around this; http://www.hse.gov.uk/legionnaires/what-you-must-do.htm Also, heres a short video from RICS - Property Standards Director, Peter Bolton King FRICS puts members legionnella testing questions their UK Residential Director, Andrew Bulmer FRICS.    
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Peter Bolton King FRICS comments on stamp duty thresholds

In this video, RICS Global Property Standards Director, Peter Bolton King, discusses a recent Sunday Times article on whether the changes to Stamp Duty thresholds had removed the ‘bunching’ of transactions.
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RICS Simon Rubinsohn comments on UK Budget 2015

RICS Chief Economist, Simon Rubinsohn, comments on the announcement of the 2015 UK Budget. What effect will it have on the housing market?

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Peter Bolton King comments on UK Housing Week

At the start of the UK Governments Housing Week, Peter Bolton King, RICS Global Property Standards Director, comments on the latest Government and Opposition statements concerning the housing market.
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Scotland and Northern Ireland Continue to Outperform

Northern Ireland witnessed the strongest price growth for the fifth consecutive month with a balance of 47% of respondents reporting rising prices; Scotland followed close behind with a net balance of 38%.
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Changes to Stamp Duty will provide an uplift in 2015

In this video, Peter Bolton King FRICS, Global Property Standards Director at RICS comments on the results of the UK Residential market Survey for December 2014. He explains that although the December market was quieter there were hot spots. Members also believe the changes in Stamp Duty will provide an uplift to the 2015 market
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Analysts predict market slow down

Analysts predict market slow down and dip in the London market, due to the forthcoming election and mansion tax.
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10 Tips For Getting Your Rental Property Ready for Tenants

Would-be first-time buyers have struggled to get a foot on the housing ladder as a result of stricter mortgage criteria, and renting has become the only realistic way of flying the nest for many people in their twenties and thirties.

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Market in midst of a temporary slowdown says RICS

  The RICS survey for October shows a temporary slowdown in the market. Key Facts: • Demand and sales volumes continue to fall • Price momentum, however, remains positive • Scotland enjoys a post-referendum bounce in activity Dip in Activity The October 2014 RICS UK Residential Market Survey continues to show a modest dip in activity alongside an ongoing deceleration in house price growth. For the time being, surveyors expect the current weakening trend to be temporary; near term expectations indicate a flatter picture but medium term expectations remain fairly positive. The ‘temporary slowdown’ story also squares with the broader macro backdrop and the flat trend in new instructions, which suggest that for the time being homeowners are not, under any significant pressure to sell. Buyer Enquiries Buyer enquiries and agreed sales continued to decline and at a faster pace than in the previous month. Falling activity is no longer just...
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London market comes off the boil

  The RICS Residential Market Survey for September 2014 reports a more balanced picture nationally, as the London market comes off the boil. The rental market remains firm due to strong demand and tight supply. The September RICS Residential Market Survey indicates fading, albeit still robust, price momentum at the headline level. This comes on the back of a more balanced demand picture, in part related to less buoyant expectations of future price rises. Crucially however, the supply trend remains more or less flat with no indication of a pick up in new vendor instructions. London Price Balance The London price balance turned slightly negative in September for the first time since the beginning of January 2011, ending the longest continuous period of price growth that the RICS survey has recorded for the capital. Expectations for price growth over the coming three months remain positive with only surveyors in the London market expecting to see...
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RICS reports strong price momentum

The RICS Residential Market Survey for August 2014 reports firm price momentum but a moderation in demand with the second month of reduced buyer enquiries.
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SCHOOLS? HOSPITALS? BROADBAND? NO – YOUNG PROPERTY BUYERS LOOK FOR A DECENT MOBILE SIGNAL FIRST

National property prices are up 10% in the last year, and people dipping back into the market have a whole new set of property-buying priorities. According to a recent survey of more than 2,000 UK residents, commissioned by mobile analytics firm RootMetrics, having reliable mobile phone service at a new property is the #1 consideration – with a median score of 7.5 on a scale of one to 10 (one being the lowest considering, 10 the highest). This is followed by council tax band (6.8) and hospitals (6.4). Schools ranked the lowest on average, with a median score of 4.6.

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RICS see price momentum firm

The RICS Residential Market Survey for June 2014 reports that price momentum nationally is remaining firm, with buyer enquiries rising more modestly than previously - new instructions only increased slightly after some strong increases.
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The Legal Responsibilities of a Landlord

There are legal responsibilities that must be adhered to if you would like to become a landlord. This brief article will outline these responsibilities, for those of you who are in this position as a check list and for those of you who are currently renting a property and believe that your landlord has breached or is breaching any of these responsibilities. In a world where house prices are rising rapidly, more and more people are turning to renting and letting as it is a more cost effective solution. It is partly because of the rising numbers of tenants now privately renting that the regulations have increased over the past few years.  You, as the landlord need to be confident that you are acting within the law. Most of this is fairly apparent and landlords do it automatically, but it’s good to know what the legal requirements are. Repairs The...
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House prices remain in an upward trend

“A recent report by the Royal Institute of Chartered Surveyors (RICS), has shown that house prices remain firmly in an upward trend. Whilst this might not be such good news for movers and especially first-time-buyers, it could be good news for homeowners looking to remortgage. The reason for this is
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Demand supply imbalance pushing house prices higher

The April 2014 RICS Residential Market Survey released today shows that supply contracted in April yet demand continued to grow, hence pushing prices higher. Net price balance for England and Wales down slightly, but still strong at approximately 55%.
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6 year high as activity spreading across the country

The Residential Market Survey for RICS for March 2014 reports sales hitting a six-year high, following increased activity in the housing market spreading across the country. Key facts: Sales per surveyor increased to its highest level since February 2008 LTV ratios for first time buyers creep upwards Decline in new instructions for the 3rd month running - strengthening the upward shift in prices The March 2014 survey continues to show that the imbalance between the supply and demand in the housing market is the driving force behind the house price appreciation. This is helping to continue the trend that was seen to start in min-2013 of the upward trend of prices. The headline price balance has nearly reached +60 and marks the 11th consecutive month where house price increases have been registered at this level and is the longest period since the start of the financial crisis. Regional The strongest gains...
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RICS see Demand Continuing to Strengthen

The RICS Market Survey for February 2014  shows a continued tightening of the market as demand strengthens even further. Key Facts Sales to stock ratio has hit a high post the financial crisis Strong price momentum still in all UK regions Price and Sales expectations at 12 months are at the peak for the series The headline price balance for England and Wales is about +45, meaning 45% more surveyors saw prices increases as opposed price falls. Leading this is the South East with about +75 price balance with Yorkshire & Humberside strong at just below +55. London interestingly has fallen back from the 3 month average of approx +75 down to just over +45. At the bottom of the regions is Wales with a price balance just below +10, down from the 3 month average of +15. The continuing demand along with a continued lack of new instructions is driving...
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