Prices continue to fall
The average property price in the UK has fallen for the fourth consecutive month, according to the latest figures from the National Association of Estate Agents (NAEA), meaning that first-time buyers have increased opportunity to get onto the property ladder. House prices are on average 1.6 per cent lower than the previous month and the annual increase in house prices is down to 7.95 per cent – its lowest level so far this year. However, prices are still historically high.
All monitors of activity show that there has been an increase in the number of homes for sale but a decrease in the number of buyers. New registrations fell by 20 per cent but new instructions and the number of houses available remain at quite high levels. Agents across the country support these figures, with reports of plenty of new instructions on the books but a lack of buyers as the latter wait to see what is happening in the market. With a shortage of buyers, transactions were down on previous months. There were fewer sales agreed, compared to both the previous month and usual activity at this time of the year, and more viewings before a sale.
Agents also report that only those properties that are realistically priced are selling. This is backed up by the average discount achieved from asking prices, which has been rising for the past six months and now, at 5.5 per cent, is at its highest level for the last two years. This demonstrates the continuing readjustment of prices and the shifting balance of the market as it turns in favour of buyers.
Free video explains tribunal service
The Residential Property Tribunal Service (RPTS) will launch a new video this week to explain its user-friendly procedures to tenants, leaseholders and landlords. The video will guide people through the simple procedure of applying to a Leasehold Valuation Tribunal (LVT) or Rent Assessment Committee (RAC). It is particularly aimed at those representing themselves at hearings without professional help. It will be sent to such users with the letter fixing their hearing date. The video will be available for other users on request.
The video has been produced to remove the fear factor from the tribunal process, using a dramatised case study to demonstrate the simple and user-friendly procedures at each stage of an application, while explaining the roles of the tribunal’s staff and members.
RPTS senior president Siobhan McGrath says: ‘Representing yourself is bound to be stressful. We are very excited about the new video and feel that it will go a long way to alleviating any anxieties that applicants may have.’
The video, which was produced by TNR Ltd and features broadcaster Gill Pyrah, is available on VHS or DVD format. The RPTS National Helpline is 0845 600 3178.