Buying, selling and letting - Wednesday, September 21, 2005

Mortgage lending up

Mortgage lending gained pace in August, according to the British Bankers’ Association (BBA), and this has been taken as a sign that the worst of the housing market slowdown is over.
Underlying mortgage lending rose by £4.3 billion last month, according the BBA’s report; this figure has been seasonally adjusted. The figure is a vast improvement on July’s £3.7 billion and is on an even keel with the monthly average of £4.4 billion of the last six months.
In a separate report the Council of Mortgage Lenders (CML) said gross mortgage lending (excluding redemptions) rose by nine per cent in August to £27.5 billion, the highest amount since July last year.
The rise was mainly driven by remortgaging, the CML said.

Price decline at lowest in a year

House prices continued to fall in August, according to the Royal Institution of Chartered Surveyors (RICS). However, declines were the smallest for a year and support an overall picture of a stabilising market. Chartered surveyors reported that the pace of price falls eased across the country, with modest rises still evident in Scotland.
Completed property sales rose for the second month running, which suggests that a degree of confidence is returning to the market. In addition, enquiries from would-be buyers rose for a third consecutive month, up at the fastest pace since January 2004, as the August interest rate cut provided a lift to confidence.

Investors returning to market

Investors have come back to the new homes market during September, heralding a revival in the housing market and avoiding a repeat of last year’s autumn market ‘hibernation’, reports house builder Linden Homes. Research carried out by Linden shows that reservations of new homes across the UK during the first two weeks of September this year stood at 2,196, compared with 1,484 during the same period last year, a 47.9 per cent increase. A staggering 83 per cent of Linden’s units in key Sunningdale and Dorking sites last week were sold to investors.
Philip Davies, Chief Executive of Linden Homes comments, ‘I am encouraged by the numbers of investors returning to the market this September and making reservations. Professional landlords with plenty of cash have held their nerve over the summer but many were choosing not to expand their portfolios until now. They are investing for the long term and are not expecting a return to the house price inflation of previous years.’

2005’s widely predicted housing market crash has failed to materialise and instead the market appears to be heading for an autumn resurgence, as fears of sizeable drops in house prices subside. House hunters are now expecting prices to remain broadly stable into 2006 – and this has caused a noticeable change in attitude amongst buyers.
August’s reduction in interest rates to 4.5 per cent has restored faith in the market to some extent, especially for first-time buyers who feel more confident taking on their first mortgage at the start of a probable downward trend in rates.
‘The combination of a more realistically priced secondhand home market and a general lowering of expectation regarding sale prices mean we can look forward to the market gathering momentum over the autumn period,’ says Davies.

Jeremy Leaf, Housing Market Spokesman for the Royal Institution of Chartered Surveyors, offers some guidance about choosing and using a surveyor.    

Making the most of your surveyor
 
Q    How much should a surveyor cost? Is there a national standard rate?

A    There is no national standard rate for services provided by a surveyor. Each surveyor sets their own charges and the cost of carrying out a RICS HomeBuyer Survey and Valuation or a Building Survey will normally be related to the size or value of the property.  Surveyors will usually set their charges having regard to the fee structures of other professional practices in the area but it is worthwhile comparing costs and ascertaining the services on offer.
 
Q    How do I find a surveyor?

A    The Royal Institution of Chartered Surveyors can assist you in finding a surveyor in your area who provides the services you are seeking either via their website on www.rics.org  or by telephone on 0870 333 1600. Alternatively it is a good idea to obtain recommendations from friends or relatives who have recently used the services of a surveyor.

 
Q    Should I use a lender's valuation surveyor for any extra reports? Why or why not?

A    Using a lender’s valuation surveyor for extra reports can be a way to reduce costs as many, but not all, valuers will be able to carry out a private survey for the purchaser at the same as providing a valuation for the lender. Employing two separate surveyors is likely to be more expensive.  However, some purchasers prefer to have sight of the valuation report prepared for the lender before deciding to proceed with the purchase and committing themselves to further expense. If the lender’s valuation is substantially below the agreed purchase price or major defects are found the purchase is likely to prove abortive and any money spent on a more detailed survey will have been wasted.

 
Q    Should I use a surveyor recommended by my estate agent? Why or why not?

A    Chartered Surveyors have a duty of care to their clients but there is a perception among some purchasers that a surveyor recommended by the selling agent may be less critical of the property being inspected than one who has no contact whatsoever with the agent. Furthermore, some purchasers are wary of their surveyor discussing the results of the survey with the selling agent. Some buyers stall for time by blaming delays on their surveyor being “booked  up for weeks”.  The selling agent would prefer to have contact with the surveyor to monitor exactly how the sale is proceeding.  In most cases it is best to ensure that there is no possible conflict of interest.

 
Q    What should people expect from a surveyor?

A    Before instructing a surveyor it is important to establish the exact nature of the service being provided so that the client’s expectations are adequately met.  The client can certainly expect the appointment to be made, the survey carried out and the report prepared within a reasonable and usually previously agreed time scale. Some clients like to meet the surveyor at the property during the survey to discuss defects found or to speak to the surveyor on the phone soon after the inspection.  Not all surveyors are happy to do this and may only be prepared to have a discussion with the client after the report has been prepared. The client needs to clarify the level of communication which will be provided.
 
Q    What should people think about before getting a surveyor?

A    Before getting a surveyor the client needs to think about what they expect to achieve by commissioning a survey and how detailed the information about the property being purchased needs to be. Some clients want to be told about every single minor defect down to a loose door handle or missing bath plug whereas others only want to know whether there is a serious major defect.  The type of survey being commissioned will depend on the level of detail required as well as the type and age of the property.  An initial discussion with the surveyor should help the client in deciding how to proceed.

 
Q    What should I ask my surveyor before contracting one?

A    Before contracting a surveyor to act for you the client should ask whether he has experience of carrying surveys of the type of property being purchased in that location and will be able to meet any required deadlines.  In some cases a surveyor finding a major problem will contact the client and ask whether they wish him to proceed with preparation of the report. If no report is required due to the purchase not proceeding a reduced fee may be payable but this needs to be clarified at the outset.

 
Q    What are the common complaints or problems with surveyors experienced by homebuyers?

 A    Common complaints experienced by home buyers are often the result of lack of communication or a misunderstanding regarding the amount of detail which will be provided in the survey report.  Some defects present in the property may have been covered by carpets or furniture at the time of the inspection but become all too apparent when the property is vacated. The test is really whether a reasonably competent surveyor could have identified the defect at the time of the inspection or could have been aware of a potential defect requiring further investigation. In many instances advice given by a surveyor is ignored by prospective purchasers because they are so keen to proceed with the purchase.  

Q    What can people do if they think they have had bad service from a surveyor - is there a complaints procedure?
A    If people do experience bad service from a surveyor they should initially contact the surveyor’s practice which should implement its complaints procedure. This will normally involve another member of staff or an associate investigating the complaint to ascertain whether it is a valid one.  If a client is still not satisfied they could contact the RICS which can instigate a mediation process.  In most cases the matter can be resolved between the parties in this manner but in some cases the clients will wish to exercise their legal rights in the courts.

 
Q    Finally, what three key questions should I ask my surveyor?

A    The three key questions to ask a surveyor before giving instructions are :

Are you qualified to carry out the work required ?
When can you carry out the work ?
How much will it cost me in total ?

The best way to get a surveyor to be too busy to help you is to ask “Can I sue you if you make a mistake ?”

Recovery linked to rate drop

One month after the Bank of England lowered interest rates to 4.5 per cent the market is already showing signs of a recovery, according to the latest figures from the National Association of Estate Agents (NAEA). Following August’s decrease, the first in over two years, consumer confidence is rising once again. Both the number of buyers and the number of sales were up in August. The number of houses on estate agent’s books also increased as sellers regained confidence in the market.
Agents reported that the number of house buyers on their books rose 4.6 per cent in August, from 350 to 366 per agent, demonstrating renewed consumer confidence as the holiday period reached its peak.
Sellers also demonstrated increased confidence as the number of new instructions rose 3.7 per cent from 13.6 to 14.1, with the number of houses available increasing 40 per cent, from 55 to 77 per agent. The 2005 housing stock figures were also up on the same time last year, when an average of 61.4 houses were available per agent, in a further sign that consumer confidence is returning to more normal levels.

The number of sales agreed increased by ten per cent between July and August, from ten sales per agent to 11. With sales figures now at similar levels to those of August last year – when agents reported an average of 10.7 sales – it seems that the market is indeed getting back on track.
However, while numbers were generally up in August, buyers were still demonstrating a degree of caution when choosing property. The number of viewings before a sale remained steady at 15, up from 13 in August 2004, and the number of weeks between instruction and exchange also remained fairly consistent, with a slight rise from 19 in July to 19.6 in August.

Council tax revaluation postponed

The government has shelved plans to revalue homes for council tax purposes until after the next General Election. The revaluation was supposed to be in place for April next year. David Miliband, local government and communities minister, denied the move was a political ploy aimed at avoiding fallout from expected rises just before local elections.
Council tax was put in place in 1991, and with the steep rises in property prices since then the figures now look grotesquely out of date: band D, for instance, applies to properties that were then worth between £68,001 and £88,000.
Peter Bolton King, chief executive of the National Association of Estate Agents, said: ‘The NAEA was pleased to hear the decision to delay the revaluation of council tax. This has clearly been causing concern to a number of people who will feel relieved that the threat of increased council tax payments has been lifted.’

July sees quieter market

New applicant enquiries and the number of houses available are considerably up on the same time last year, according to the latest survey of the members of the National Association of Estate Agents (NAEA). However, July is a traditionally quiet time for the UK housing market and this remained the case this year, with less activity than in the previous month.
NAEA members experienced a downturn from the previous month in a number of areas – in July agents saw falls in the number of house buyers on their books, the number of houses available and the number of sales agreed.
While viewing figures have remained fairly consistent in 2005, the average time taken to sell a property has been slowly increasing month-on-month. July, however, took a positive turn, with the average length of time between instruction and exchange of contracts at 19 weeks, compared with 20 weeks in the months of May and June. In July last year it was taking 22 weeks to complete a sale.

Neighbourliness ‘a thing of the past’

According to new research by Linden Homes, the neighbourly request for a cup of sugar is becoming a thing of the past. Fifty-nine of us do not even know the names of our neighbours, while when we have spotted a neighbour we are three times as likely to avoid contact as have a chat.
While most of us would lend a cup of sugar to our neighbours, a massive 56 per cent would do so begrudgingly. Those who live in apartments are significantly less likely to enjoy friendly neighbourly relations than their house-inhabiting counterparts; 21 per cent of those in apartments would be happy to leave a spare set of keys with a neighbour, compared with 38 per cent of house-dwellers. However, an encouraging three-quarters of us would go and investigate if our neighbour’s burglar alarm sounded.

Housing costs on the rise

The cost of owning and running a house rose by five per cent in 2003/2004, more than four times the rate of CPI inflation, according to research by Halifax. Rising council tax bills accounted for more than 30 per cent of the total increase in housing costs, the single largest factor.
At £5,948, annual housing costs make up 23 per cent of total household spending by owner occupiers and are one-third more than household spending on the essential items of food and drink, clothing, education and health care. London housing costs are the highest, 77 per cent above annual housing costs in the North East, which at £4,358 is the cheapest region in which to run a household.

Britain’s homes ‘not big enough’

The UK is simply not providing the homes people want, according to new research from propertyfinder.com. The survey found that there is an annual shortage of 350,000 medium-sized homes on the market and that one-quarter of buyers are forced to buy a smaller home than they are looking for.
Forty-one per cent of the UK’s housing stock is two-bedroom homes, yet only 21 per cent of home hunters are looking for a property of that size. In an average year, the survey found, 240,000 home buyers are forced to buy two-bedroom homes when they would like something bigger.
Surprisingly, affordability is not seen as the culprit, even at the end of years of sharply rising prices; instead, availability explains the shortfall.

Being threatened with repossession doesn't mean you will automatically lose your home, and even if your lender takes you to court it may be possible to stop the process

Taking action early will increase your chances of delaying eviction or stopping it altogether. In many cases, your lender will have to prove a legal reason and get a court order to remove you from your property. As a home owner, you can only be evicted if your lender or freeholder has a legal reason and the correct procedure is followed. Repossession doesn't happen automatically and so it may be possible to stop the eviction at any stage in the process.

Reasons for repossession

The most common reasons for repossession are defaulting on mortgage or other payments e.g. loans secured against your home. Leaseholders can also be evicted by their freeholder if they break the conditions of their lease, such as not paying ground rent or service charges, but this is unusual.
The only other way in which you can be made to leave your home is if the local authority or another public body makes a compulsory purchase order to buy your home. This normally only happens if a major local development, such as a road widening scheme, is planned. If you are in this situation you will be entitled to compensation. You can get advice from a housing aid centre or citizens advice bureau in your area.

The process

Your home can only be repossessed if the correct procedure is followed. This normally involves the following steps:

·    Your lender or freeholder contacts you, asking you to put the problem right
·    You are warned that if you don't pay, solicitors will be brought in
·    A solicitor contacts you saying that legal action will begin if you don't pay
·    Your lender or freeholder applies to the county court for a possession hearing
·    You get a summons from the court
·    The hearing takes place and the judge makes a decision
·    If the court orders that you should be evicted, it will give you a date to leave
·    If you don't leave your lender or freeholder can ask the bailiffs to evict you
·    The bailiffs will contact you to set a date for the eviction
·    A few days later, the bailiffs will come to remove you from your home

Get advice

If you are threatened with repossession, get advice immediately. Depending on your circumstances, you may be able to stop the repossession at any point in the process. The earlier you take action the more options you will have and the less you will have to pay in legal costs. Use advice services to find a housing aid centre or citizens advice bureau in your area. An adviser may be able to help you to:
·    Work out what options are available
·    Negotiate with your lender or freeholder
·    Fill in court papers and explain your situation to the judge
·    Find alternative accommodation if you are evicted.

shelternet.co.uk

One thing landlords don’t want is an un-let property. The National Association of Estate Agents (NAEA) offers some tips on avoiding the void

Speculation that the buy-to-let market is slowing down may cause trepidation for some landlords. A landlord’s investment depends, of course, on demand for rental property. With this in mind, the National Association of Estate Agents (NAEA) has put together some helpful hints to aid the rental of your buy-to-let property.
In a turbulent market, the use of letting agents is expected to rise due to the expertise and wealth of information they possess. One of the main reasons is that lettings agents have the experience and contacts needed to help ensure the property will be occupied and well maintained during the letting period.
Peter Bolton King, Chief Executive at the NAEA offers the following advice to landlords seeking to select the best letting agent:
Firstly, just because the letting agent provides you with the lowest fees or highest potential rental – do not let this hinder your judgement. Instead seek rental comparisons on similar properties as well as the level of demand in the local area. Also you must verify what you will receive for your fees in terms of service and professionalism.
Ensure that your agent is clued up on all the relevant legislation and procedures especially in regards to inventories and reference checking.  A first-class agent will have a thorough understanding of the market and nature of demand in the area. They will also have a ‘bulging’ contacts book of local contractors for repair work.

It is vital that the agent is a member of a professional body, such as the NAEA. This demonstrates professionalism and experience and ensures high levels of service for both you and your tenants.  Members of the NAEA who are also Partners or Directors of their firm must also have professional indemnity insurance and Client Money Insurance which provides you with protection.
Fourthly, it is of paramount importance that you verify your contract with the letting agent, paying close attention to the fees payable and your responsibilities.
Finally, watch out Laurence Llewlyn Bowen! A first-rate letting agent should have enough expertise to provide you with useful guidance on how to make your property shine inside and out, for example offering a helping hand on furnishings and décor along with how best to target your property at a variety of tenants.
 
Peter Bolton King continues: “With careful positioning, it is still possible to fill empty properties. Figures from our June housing market survey show that 60% of rented properties in the last year were unfurnished and only 40% were furnished.”
 
There was an average of six unfurnished properties rented per NAEA lettings agent in June compared to only five furnished properties. The gap widens further on a yearly basis with 18 furnished properties being let per agent over the past 12 months compared to 27 unfurnished properties. Peter Bolton King concludes: “It’s important to position your property in-line with market demands. Talking to an NAEA member or reading local newspaper or property website will help to keep you informed.”
 
For more information or to find letting agents in your area, please visit www.naea.co.uk or telephone 01926 496800.

Six out of ten Londoners rent or live with parents

Home ownership is less prevalent in London than any other part of the UK, new research from Alliance & Leicester. Sixty per cent of Londoners – the highest of all UK regions – either rent or still live at home with their parents.
The study reveals that almost four in ten people (39 per cent) in London own their own home compared with nearly seven in ten people in the North East (69 per cent), West Midlands (68 per cent) and Wales (66 per cent).
There are more people looking to get onto the housing ladder in London when compared with the national average; the research shows that 14 per cent of renters and those that live with their parents in London are looking to buy their first home, compared with just ten per cent across the nation.
Although Londoners have big aspirations to buy a house, they find that home ownership is still out of their reach. Nearly one-third (31 per cent) of those who rent or live with their parents want to buy but say they can't afford it. This is higher than the national average at 28 per cent.
Stephen Leonard, Director of Mortgages at Alliance & Leicester says, ‘London is not only the most expensive region to buy a house in the UK but also one of the most expensive in the world. Many choose to rent or continue to live with parents in order to keep a roof over their heads. However, Londoners have buoyant aspirations and we can see that there is a thriving first time buyer market.’                 
Stephen Leonard continued: ‘Despite these aspirations, many first time buyers feel that they cannot afford to buy a home, and whilst these fears aren't unfounded, with the average house in London at £263,525 compared with £181,832 nationally, they should take heed that there are some fantastically competitive deals available and some that are especially designed with first-time buyers in mind.’
Faced with the choice of renting or buying, Londoners are least likely to want to buy of all the regions. Of those that would rather rent, a third (33 per cent) think that a mortgage is too much of a commitment; this is twice the national average (17 per cent).

First-time buyers priced out of countryside

The percentage of first-time buyers in rural areas has dropped sharply in the past ten years, according to Halifax’s new English Rural Housing Index.
Whereas first-time buyers accounted for 27 per cent of rural property transactions in 1994, last year’s figure was 16 per cent. Over the same period the number of first-time buyers in urban areas fell from 41 per cent to 35 per cent.
The lowest proportion of first-time buyers can be found in Dorset, where they account for only seven per cent of total rural transactions. The highest proportion, at 43 per cent, is in the Forest Heath local authority in the East of England.
Looking at the ability to buy, North Cornwall is the least affordable; there the average house price, at £217,276, is almost 14 times average local earnings. The the local authority with the most affordable homes is Copeland in Cumbria, where the average house price is £110,422, almost five times average local earnings.
Housing in rural areas has outperformed the rise in urban house prices over the last ten years.  In 1994, the average rural house price was £85,308 rising by 171 per cent to £231,053 in 2004. In comparison, the average urban house price has risen by 166 per cent over the last ten years – from £73,960 in 1994 to £197,051 in 2004.

Investment property is big business, as more and more people prefer to put their money in bricks and mortar. But what to buy? Johnny Turner has some suggestions.

 It’s said to be a buyer’s market, and the combination of low interest rates and a halt to the crazy price rises that characterised the late 90s and early naughties mean good news for those in the market for property. In particular, investment buyers are seeing advantageous market conditions: affordability is up, making it more possible to start or add to a property portfolio; and with prices still high there is good demand for rental property. The other consideration for those embarking on an investment buy is capital growth, and while we’re not seeing the 20 per cent annual price inflation that marked recent years, there is still very good scope for growth in the medium- to long-term.

So the conditions are suitable – but what and where to buy? As it happens, the prospective investor is spoilt for choice. Starting in an area that has the double benefit of being near not only the City of London but also the massive reinvention of King’s Cross, Telford Homes’ Estilo ticks all the boxes for the prospective investment buyer. With the location just off City Road, between Old Street and Angel tube stations, residents will be close to everything. Estilo is perfect for those who need to be at work – whether that work is in the City or elsewhere in the capital or even beyond – in the quickest time possible.

Estilo is a selection of high-specification one-, two- and three-bedroom apartments, as well as duplexes. Good-quality tenants will be drawn to amenities such as Upper Street, as well as to the high specification. Another important criterion for a buy-to-let property, good capital growth in years to come, is also a good bet at this development; after all, Islington has been among London’s most popular locations for decades and only continues to improve.

Completions at Estilo are expected in autumn 2006. Only a few one-bedrooms remain; overlooking the Wenlock Basin and featuring a south-west facing balcony, these are priced between £265,000 and £270,000. Meanwhile, two- and three- bedroom apartments and duplexes have just been released for sale, priced between £347,500 and £380,000. To find out more call 0870 872 0987 or visit the website telfordhomes.plc.uk.

Laing currently has a number of wonderful apartment schemes on offer. In the Howlands area of Welwyn Garden City, just a mile and a half from the town centre, Creswick Place is a development of 109 one- and two-bedroom apartments over three and four storeys. Some apartments have two bathrooms, and all have allocated parking as well as visitors’ spaces.

Prices start from £154,500 for one-bedroom apartments and £167,500 for two-bedroom apartments. A choice of incentives includes stamp duty, legal fees paid up to £500, and fully fitted carpets. Conditions apply. A two-bedroom show home is now open. Call 01707 351330.

In popular Cambridge, Laing has launched The Gallery II, the second phase of a very successful development of stylish one- and two-bedroom apartments and penthouses. Located within two miles of the bustling city centre and within a mile of the main railway station, these homes are convenient both for those who work in Cambridge or surrounding towns and London commuters.

There are numerous deals available with these designer apartments, one of which is Laing’s Easymover scheme, similar to that described above. Alternatively, a unique Homestyle voucher is available, enabling purchasers to upgrade the specification of their home to their particular taste.

One-bedroom apartments are priced from £179,950, while two-bedroom apartments start at £219,950. Call 01223 247669.

In leafy Enfield, Jerome Walk is a stylish collection of one- and two-bedroom apartments and three-bedroom houses. Located close to local amenities and with good transport links – and priced from just £155,000 – these properties are ideal for first-time buyers looking for a contemporary new home. Jerome Walk is also perfect for investors; prospective tenants will be impressed by the easy commuter options, with Brimsdown station and the bus terminus just two minutes’ walk away.

Prices for one-bedroom apartments start at £156,950; two-bedroom apartments start at £179,950. To find out more about Jerome Walk call 020 8804 1036.

Shires Lodge in Hendon, located adjacent to the synagogue in Brent Street, consists of 14 two- and three-bedroom luxury apartments in landscaped grounds. Exterior features include gables, ornate brickwork and bay widows. There is basement parking and gym facilities for the exclusive use of residents and their guests.

Interiors feature superb décor, contemporary lighting and elegant features such as French windows, terraces and large balconies on selected plots. Specification is high, with designer integrated fitted kitchens, luxury bathrooms with Hansgrohe taps, utility rooms to many of the apartments, and en suites and showers to most master bedrooms. The apartments are priced between £299,950 and £750,000. Call 020 8202 9458.

Also by Laing Homes is Quarles Park, located in Chadwell Heath, Essex, where only two two-bedroom apartments remain, priced from £175,950. The location is great for road and rail links; Chadwell Heath station offers a fast commute to Liverpool Street.

The two-bedroom apartments offer a spacious master bedroom with an equally spacious second bedroom adjacent to it. The open-plan living room and kitchen add to the sense of freedom and space. Call 020 8586 4091.

At Queen’s Manor in Queensbury only three of the 24 spacious two-bedroom apartments remain for sale. Located less than half a mile from Queensbury tube station, this is the ideal location for commuting into central London, and both first-time buyers and investors will be drawn to the specification and convenience to be found. Prices start at £239,950. Call 020 8732 2596 for more information.

Good news for investors, young professionals and first-time buyers in Guildford: Rushmon New Homes has just launched Abbots Yard, a new scheme of 34 one- and two-bedroom apartments at Walnut Tree Close, just 400 yards from the railway station.

When complete, the development will be a sleek selection of contemporary apartments offering space, versatility and freedom. Well placed to enjoy everything that the area has to offer, this is the ideal home base for the busy professional who demands sleek London-style living as well as quick access to the Surrey countryside.

The homes feature spacious open-plan interiors, classic white bathrooms with chrome fittings, designer kitchens with a wealth of integrated appliances, including a stainless steel oven, ceramic hob, steel hood and chimney, plus a fridge/freezer, washer/dryer, dishwasher and waste disposal. Some also have private balconies which allow the occupant to bring the outside in. With the privacy of a landscaped courtyard and the security of basement parking, these stylish new homes epitomise modern living.

Prices at Abbots Yard start at £209,950 for a one-bedroom apartment and £247,500 for a two-bedroom apartment. For further details and to register your interest call Savills on 01483 796807 or Rushmon New Homes on 01932 586700.

Weston Homes offers a good buy-to-let solution in the form of 41 Millharbour, located on the Limehouse Cut in London’s Docklands. The development currently has 33 apartments and three duplexes that are ready to move into, which means the investment can see a return immediately after exchange.

From the exterior design, by leading European architects Chantrey Davis, to the breathtaking interior spec, this collection of apartments stands out, and busy professional tenants will be drawn to these attributes as well as to the location.

Apartments at 41 Millharbour are priced from £299,950. The amazing show penthouse is also for sale, priced at £1.6 million. For more information contact 020 7517 0808.

Westbury Homes offers attractive investor packages at its developments in the South East, including Chapter House and Greenfields in Reading, Weaver’s Place in Newbury, and Priory Gardens in Addlestone.

The developer is aware that newly built homes represent attractive properties for investors, with many snapped up on a buy-to-let basis. Furnishing an investment purchase with one of the three packages offered by Westbury – bronze, silver or platinum – allows the buyer to tailor the home to the investor market.

Visit one of their developments to see what each range has for the investment purchaser. For more details see westbury-homes.co.uk or call 0800 083 3355 quoting reference LPGPX5.

A straightforward commute is what most tenants want, so a canny investment buyer will be looking for that too. And Antler Homes’ Christchurch House, located just a short walk from Sutton town centre and station, certainly fulfils the requirement for commutability.

Comprising three one-bedroom and six two-bedroom apartments, Christchurch House is located in a prime area of south Sutton. Each of the homes offers high-specification interiors including luxury custom-built kitchens and designer bathroom suites – a further draw for prospective tenants.

Griff Marshalsay, managing director of Antler Homes South East, says, ‘This part of Surrey is very easily commutable into the capital and as a result it is beginning to attract a number of potential buyers.’

The apartments start at £199,950 for a one-bedroom. For further details contact Antler Homes on 020 8642 6686.

 

Unfurnished lettings more popular

Today’s lettings market is tilting towards unfurnished properties, according to the latest survey from the National Association of Estate Agents. Figures show that 60 per cent of rented properties in the last year have been unfurnished.

The ratio of unfurnished to furnished properties in June was 6:5. The gap widens further on a yearly basis, with 27 unfurnished properties being let per NAEA agent to every furnished one.

Commenting on this trend, Peter Bolton King, chief executive officer of NAEA, urged landlords to follow the basic rule of the marketplace: give the people what they want. ‘It’s important to position your property in-line with market demands,’ he said.

Home Owners are more concerned with saving pennies than the ozone layer.

Research from Linden Homes has shown that although the British public are concerned about the environment, over 86 per cent admitted that saving money on their bills was a higher priority. However, a staggering 92 per cent of those surveyed would be more interested in energy-saving measures if they were made more affordable.
Lower cost energy-saving measures such as low-voltage light bulbs, double glazing and loft insulation were already used by the majority of those polled (See Graph 1 in attached press release: would you install the following energy-saving measures in your home?).
More radical measures were unsurprisingly greeted with greater scepticism by homeowners, with only 12 per cent saying they would be prepared to install a mini wind turbine on the roof of their home, at a cost of£1,300. With annual savings of £260 on energy bills, this would take five years to pay off. However more encouragingly, a further 29 per cent would consider doing so in the future. Similarly, 49 per cent said they would consider installing solar panels on the roof of their homes to heat domestic water, at a cost of £3,000.

Ivan Ball, Director of Sustainable Communities at Linden Homes says,
“Traditionally homeowners have been unconcerned about the impact their homes are having on the environment, but it appears the tide may be changing in favour of renewable energy. Solar panels as a means of heating water was practically unheard of in the domestic market until recently, but now almost half of those polled have shown interest in installing them in their homes.
“Linden Homes installs 2m sq solar panels on a number of our new homes in Surrey as part of our commitment to ensuring 10 per cent of energy used by the homes is renewable. Generally they have been well-received by home-owners, despite some initial scepticism.”
In addition, over 95 per cent of those polled said they would be more committed to embracing energy-efficiency if they were rewarded with a reduction in their council tax, an initiative the Government might like to consider if it is to hit its Kyoto target of generating 20 per cent of the UK’s energy from renewable sources by 2020.

Linden Homes places environmental issues at the top of its agenda, with most of its new homes achieving an energy-efficiency (sap) rating of over 100 out of 120, with the industry average being just 75. This is achieved by insulating under the ground floor, the walls and roof as well as using double glazed, sealed windows, gas condensing energy-efficient boilers and water-efficient appliances. In addition various light fittings within each new Linden home can only accept low-energy bulbs.

London market ‘recovering’

Property advisor DTZ Residential has launched its annual report on the prime central London market, and according to its Prime Property Value Index, property prices in central London rose by an estimated 1.75 per cent in 2004. This comes on the back of no growth in capital values during 2003, supporting the view that the central London market has seen a marginal recovery in 2004.
While the volume of sales in England and Wales declined in 2004, both London and the South East saw transactions increase over the same period, by 3.78 per cent and 3.57 per cent respectively. Activity in London has focused on the new homes market and the very top end of the established homes market.
In response to higher interest rates and a cooling housing market, consumer spending has eased in recent months. Despite this, a significant fall in asset values or an abrupt market correction is not expected. In fact, DTZ forecasts an annual increase in central London capital values of around 3 per cent from the beginning of April.

Buyers follow their nose

A recent survey has found that household smells can be a crucial factor in convincing prospective buyers to purchase a property. The study, conducted by Cif Oxy Gel Herbal Energy, found that while certain smells attract buyers, others can deter them completely. Over half the people questioned (55 per cent) said that the smell of cigarette smoke was the greatest turn-off, while pet smells were also top of the hate list for first-time buyers (36 per cent of respondents aged 25–34).
House buyers conclude from bad odours that vendors ‘don’t take pride in their home’ (27 per cent), and the first-time buyer group (25–34) made assumptions about the cleanliness of the vendors themselves with one-quarter saying they ‘were probably not especially clean’.
Smells that project a feeling of relaxation were found to be the most appealing. Fifty-two per cent felt that aromatherapy smells were the most relaxing, with home cooking smells coming second (32 per cent). Although many people buy air fresheners to make their house smell better, many are doing the reverse; only 16 per cent of those surveyed found them appealing.