Buying, selling and letting - November, 2006

House prices approach ‘tipping point’
Asking prices for UK homes took a 1.3 per cent leap in November, according to the latest Asking Price Index report from Home.co.uk. This means that nationally, average house prices have increased for three successive months - a sure sign that sellers’ confidence is growing.
A rally in asking prices signals an uplift in market sentiment and a new upward trend. But, says Home.co.uk, the timing could not be worse.
These asking price rises come in the wake of August’s interest rate hike by the Bank of England suggesting this initial inflation-fighting measure was unable to tame inflationary pressures faced by the economy, according to the report. Earlier this month, the Bank raised rates again. Asks the report: ‘Will this second hike have the desired gentle braking effect on the runaway train that is the UK property market or will it stop dead in its tracks?’
Home.co.uk’s view is that ‘the combination of rising asking prices and interest rates is taking the UK property market into dangerous territory’. In the first quarter of 2005, the report points out, high asking prices caused the number of monthly transactions to drop, causing a market ‘wobble’.
‘The market looks set to wobble again. Increases in the cost of borrowing coupled with rising asking prices are likely to slash transaction volumes and drive the market toward a “tipping point”.
If the housing market retains some fluidity, the short-term outlook for first time buyers is bleak,’ the report concludes.
Doug Shephard, director of Home.co.uk, says, ‘Since 2004 we had observed a slow downward trend in house prices - it looked as though the affordability gap for first-time buyers was closing as the “froth” melted away. Over the last six months, the opposite trend has emerged. With sellers’ confidence in the market on the rise and increasing interest rates, the affordability gap for first-time buyers is rapidly widening.’

No cooldown for market
The housing market is showing no signs of cooling down as we head into the winter months, according to Assetz. The company’s index of the six major price indices shows that the continuing price rises are driven primarily by the continued imbalance between supply and demand, as opposed to interest rates.
Assetz stands by its original prediction of seven per cent annual house price inflation by the end of 2006, with eight to 10 per cent growth for 2007 and 2008, allowing for an additional interest rate rise in January.
The Bank’s decision to raise interest rates this month to five per cent to combat inflationary fears could in fact help deliver inflation, claims Assetz, by driving demands for higher wages through perceptions of an increased cost of living. House price growth is driven almost entirely today by the growing need for new homes, it says, a result of the government’s immigration policy and the huge rise in single-person households, along with severe planning restrictions which prevent housebuilders from responding to demand.
Stuart Law, managing director of Assetz, explains: ‘The Bank of England is perhaps looking too closely at house price rises as part of the inflationary mix, still believing rises to be interest-rate led. In fact, the growing demand for homes, driven by high immigration and the forthcoming expansion of the EU to include such countries as Bulgaria, Poland and Romania, will be the main source of house price growth over the next few years, rather than low interest rates which primarily drove price rises up until 2005.’

The monetary policy committee (MPC) of the Bank of England has raised interest rates by a quarter of a percentage point to five per cent, three months after rates went up by the same amount.
The rate hike was not a surprise to watchers of the housing market, as economists have said that higher interest rates were needed to bring the rate of inflation more towards its target of two per cent.
The last rise, in August, did little to stem the growth of the housing market. Prices continued to exhibit surprisingly strong rises, a situation which is thought to be detrimental to the economy as a whole.
More interest rate rises are already being talked about by pundits, with many saying February is a likely time.
Repossession orders rise
Mortgage repossession orders made by courts in England and Wales are at a five-year high, indicating that more home owners are under financial strain.
More than 24,000 orders were approved in the past three months, a 22 per cent increase on the same period in 2005. The number of properties actually repossessed also hit a five-year high earlier this year. Nearly half of those repossession orders made in the most recent period were suspended to enable the defendant to comply if they so chose.
Tudor homes greener than 20th-century’s
Tudor architecture surprisingly energy-efficient compared to modern homes, according to test conducted on behalf of British Gas.
Tudor architecture called for buildings to be assembled using a wooden framework of beams; with wattle and daub or stones used to fill the spaces making them air tight, resulting in little carbon emissions. All materials were sourced locally, so its construction made little impact among the environment.
This was substantiated by the Prince's Foundation for the Built Environment (PFBE), Prince Charles' architectural foundation. 'Wind turbines, solar panels and other high tech green devices may get the media attention, but the smartest way to save energy may be to live in a Tudor house and insulate the attic and repair the windows,' said Hank Dittmar, chief executive of PFBE.
'In the UK we waste an incredible £5 billion a year through poor energy efficiency, so for every £3 we spend on heating and lighting at home, £1 is immediately wasted. Through this wasted energy each household in the country emits around six tonnes of carbon dioxide a year - that's more CO2 emissions than the average car, with 25 per cent of all carbon emissions coming from the home,' said Alan McLaughlin of British Gas.
Subsidence risk
Almost half of the homes in Great Britain lie within former and current coal mining areas where there is a potential risk of subsidence, says the Council for National Land Information Service (C-NLIS).
The legacy of disused mining shafts and abandoned shallow underground workings can cause subsidence and fractures above and below the surface many years after mining ceased and the impact on the properties can be catastrophic.
Properties throughout Britain are at risk of subsidence from not only man-made causes such as coal mining activity, but also natural causes like clay shrinkage, running sand, compressible and collapsible deposits, landslide activity and soluble rocks.
The insurance loss due to all forms of subsidence reached £340 million this year and is expected to increase year-on-year. C-NLIS urges home buyers to ensure that authoritative searches on coal mining and ground stability are carried out to identify if a property is at risk.

Lettings market strong

NAEA lettings agents revealed that the rental market in the third quarter of 2006 was buoyant and strong. The increase in property prices that consistently acts as a barrier to first time buyers, matched with the influx of Eastern European immigrants is continuing to fuel this sector of the property market.

The time taken to let a property steadily declined over the last quarter with the average for the quarter at 12.2 days. This compares to an average of 13.2 in the first quarter and 13 in the second. The third quarter is traditionally the busiest time for lettings agents with many people aiming to occupy new homes before the start of the school year and many students returning to their studies. July and August were steady with the average reported at 12.6 days, pace increased in September with an average of 11.6 days.
Further evidence of an expanding buy to let market is the number of reported empty dwellings in the third quarter of 2006 compared with the same quarter last year. The last year has seen a significant increase in the number of landlords entering the market as more and more people choose to cash in on the booming property market. The average number of vacant properties reported per agent in the third quarter of 2006 was 14, compared with 6 empty properties per agent in the third quarter of 2005, yet the average time to let has decreased from 14 days in 2005 to 12 in 2006. A greater number of properties coupled with the increase in speed taken to let, indicates a strong sector.

The first time buyer segment of the market accounted for just 11.9 per cent for the third quarter. Industry professionals would hope to see this at a much higher level of 25 per cent. The rental market is benefiting from the many affordability barriers effecting potential first time buyers, as buy to let investors compete for the traditional first-time buyer properties.
Jan Bartlett, lettings expert at the National Association of Estate Agents (NAEA), says, ‘The lettings market has seen many significant changes in the last twelve months. The introduction of licensing of houses of multiple occupation, tenancy deposit schemes and the housing health and safety rating system, have and will have significant impacts upon the market.
‘On the whole the sector is performing well with many agents reporting significant improvements in business. The mass influx of Eastern European immigrants has boosted the market and of course, the ever increasing average age of the first time buyer has assisted in an increase of buy to let investments.’

HIP trials begin

A trial of new home information packs (HIPs) is starting in six locations around England. The packs will become a part of the home buying process, with the seller having any searches done before putting a property on the market.
Southampton, Newcastle, Northampton, Bath, Huddersfield and Cambridge are the six test areas; during this trial sellers will not have to pay for the packs. The government has set aside £4m to be used during the trial to encourage sellers to take up voluntary packs.
HIPs are set to become mandatory next June. The HIPs for England and Wales will shift the emphasis from the buyer to the seller to collate information about a property before it is sold.
Stephen Hayter, a chartered surveyor and sales director of a conveyancing firm, said: ‘It's a major change. It takes the emphasis away from the buyer and makes sure the seller puts information up front. Many sellers and buyers do appreciate seeing information early in the process rather than too late.’
In July, Housing Minister Yvette Cooper announced that the controversial home condition report element of the HIPs needed further testing and would not come into force in June 2007.

Inheritance tax affects more properties

Research from Halifax calculates that the number of properties in the UK valued at more than the inheritance tax (IHT) threshold  of £275,000 now stands at an estimated 2.1 million, or 12 per cent of all owner-occupied properties. There has been an almost threefold increase in the number of properties above the threshold over the past five years, from 800,000 in the third quarter of 2000 to 2.1 million in the same period in 2005.
The inheritance tax take is expected to more than double between 1996/97 and 2005/06, from £1.6bn to a projected £3.4bn, according to the government's own estimates. A properly drawn will, together with professional tax advice, are key factors in ensuring that owner-occupiers effectively manage their tax liabilities.
At a local level, Halifax calculates that the average house price is now above the threshold in one in ten local authorities. Compare this to five years ago, when the average house price was above the then threshold (then set at £234,000) in only one in 50 local authorities.
Halifax calculates that the IHT threshold of £275,000 would now be £406,600 if it had been increased in line with house price inflation over the past ten years. House prices have risen by 164 per cent in the past ten years, compared to only a 79 per cent increase in the IHT threshold.

Rural architecture ‘under threat’

The National Association of Estate Agents (NAEA) has called for a more uniform planning policy to combat poor-quality barn conversions and other threats to the quality of rural architecture.
In the wake of a recent report, which claims that misguided farm building conversions are contributing to the decline of England’s rural architecture, the NAEA believes that the emphasis should be shifted from the tastes of individual home owners to the planning departments whose responsibility it is to approve such developments. The NAEA calls upon those concerned about the ‘suburbanisation’ of rural life via unsuitable barn conversions to look to the planning departments of local councils for the introduction of more unified planning policies.
Stewart Lilly, Vice President of the NAEA with responsibility for land planning and development says, ‘In many respects this report is right, but the difficulty lies in the fact that planning legislation and policies vary significantly from one local authority to another … Planning legislation needs to be addressed on a national basis, with guidance given, as opposed to allowing local authorities their own diverse policies.’

New home construction down slightly

The latest survey by NHBC reveals that new build completions totalled 13,752 in October, a one per cent decrease on the same month last year.
Figures also show that there were 13,488 applications to start new homes during October, a six per cent decrease from October 2004. However, within this total there were 2,422 UK housing association applications, showing a 51 per cent increase on the previous October’s figure.
An average new homes were sold each day during October 2005, representing a nine per cent increase on the same month last year.

Imtiaz Farookhi, chief executive of NHBC, says, ‘The number of NHBC housing association applications to start new homes has risen substantially on last year. So far this year our figures show that there have been 25,353 housing association applications to start new homes, a rise of 36 per cent on the same period last year.’

The presence of water transforms any environment, giving it a calm no other element can provide. The Thames is a body of water that soothes London as it passes through it, and it creates a setting that is irresistible to all. Home buyers in particular are much swayed by its proximity: properties on the Thames are always very highly sought-after and it’s no mystery why.

The stretch of the river at Hampton Wick west of London is especially prized. Many who want to live by the Thames but would rather not put up with the bustle of central London find peace here, not to mention some of London’s most lovely neighbourhoods, shops and restaurants.
Howard Holdings has created Marina Place, the residential part of the Hampton Wick Riverside development.

Occupying a prominent position next to Kingston Bridge, this innovative riverside development is set to become an imposing landmark. As the name suggests, the scheme is centred around a private marina. It features a balanced mix of offices and restaurants alongside the 40 exclusive two-bedroom apartments, duplexes and penthouses, divided into the North and South Apartments.
Hampton Wick Riverside is designed to create a dramatic impact on the river. All apartments overlook the marina and have views towards the river from private balconies. Clever use of natural light is an integral component of the development, making the most of the riverside setting and emphasising space.

There are impressive entrance lobbies and communal areas. An on-site concierge gives the feeling of security, and all residents benefit from underground parking with direct lift access into the apartments.
The area is fabulous, packed with history and natural beauty. The development borders Home Park, the grounds of Hampton Court Palace. Its unique location allows residents access to the rich parklands of Hampton Court and Bushey Park, while Richmond Park and Canbury Gardens are nearby.
Marina Place’s contemporary design includes all the essential ingredients required to produce a vibrant, urban mixed-use waterside development. The development has created an active water frontage, with boardwalk access for the general public. It has also made an indirect contribution to reviving ‘dead public spaces’ at the rear of John Lewis on the opposite bank, where there is now also residential property.

This wonderful environment is only half an hour from central London, yet it feels a million miles from the stress of the capital. And this is the true measure of success of the environment.
For further information on Marina Place visit howardholdings.com.

City & Country Group’s Standon Mill project is one of Hertfordshire’s most unusual conversions. This collection of gorgeous apartments in a former flour mill, which is located in the picturesque village of Standon, is characterised by high ceilings, abundant light and top-of-the-range specification. This is a development that truly transforms the building, resulting in first-class homes and saving the historic structure to be enjoyed by future generations.
Standon Mill is an award-winning development which offers unusually large rooms and flexible space, two attributes that the buyer of today demands. Each apartment is unique and emphasises the industrial origin of the homes. These apartments have such distinctive touches original steel pillars, authentic floor-to-ceiling industrial windows and various high-design walls, such as curved, glass-block and fold-away options.

Built in 1901, this traditional period building stands in a rural location adjacent to the River Rib. Properties retain original features, including cast iron columns, exposed brick walls and brickwork arches. The development boasts landscaped communal gardens and allocated parking.
Standon offers easy access to the M25, via the M11 or A10. Trains also run regularly from Bishop’s Stortford to London Liverpool Street and Cambridge, with journey times in both directions approximately 40 minutes. Call City & Country on 01279 818900 for more information.

Convent court

History is in the air in Windsor, where Westcombe Homes have created Convent Court. From the former convent of St John, Westcombe’s development company HollyHedge Ltd has formed contemporary living spaces. HollyHedge invested a great deal of time and attention to restoring the magnificent gothic buildings and protecting their unique character.
Surrounded by sensitively landscaped grounds, Convent Court provides an attractive and welcoming environment which is perfectly suited for modern life.
Each apartment offers highly contemporary yet classic styling – the perfect blend of modern and historic influences. Prime European oak wood flooring sets a tone of elegance throughout the hallway and lounge, while fully fitted carpets to the bedrooms create a feeling of luxury. Stylish kitchens have superior specification including Neff appliances.
The Windsor area has royal connections, of course, as well as an association with Eton College. Nearby are Ascot and Windsor racecourses, as well as three international golf courses – Wentworth, Sunningdale and Royal Ascot Golf Club.

More modern attractions include fine high street stores and designer boutiques, antiques and art shops. There are wonderful restaurants and cafés with an upmarket feel and a wide range of cuisines. The Thames and Windsor Great Park are beautiful resources, where hours of relaxation can be found. The entire area, in fact, is suited to a leisurely lifestyle.
Transport is convenient. Convent Court is easily reached by car from junction 2 of the M40 or junction 6 of the M4, from where the M25, M11, M23 and M3 are quickly accessed. Windsor station offers journeys to Paddington in just 30 minutes, while Ascot has frequent trains to Reading and London Waterloo.

Formerly home to the Clewer Sisters and a place of help and shelter for outcast women. When the Sisters moved to new accommodation in 2001 the Convent closed its doors. Now the building is reborn as a collection of fine homes. It is the fact that such a delicate undertaking was done so well that has landed Convent Court on this year’s Awards shortlist.
Find out more about Convent Court by visiting westcomehomes.com.

As the dark nights draw in, Bovis Homes’ interior designer Louise Williams shares her thoughts on how to brighten up your home this winter:

Q I always feel a bit miserable when it gets colder and the days start to shorten. How can I brighten up my home this winter to make it feel warm and cosy?

A As autumn turns into winter, it is a great time to look at making some changes to your interior décor. What works well during the summer months might feel cold or out of place as the dark nights draw in. Look to enhance your décor and create a space which is a warm and welcoming, creating a sanctuary for you and your family as well as visitors.

Changing the look of your home doesn’t need to break the bank – a few well chosen accessories may be all that is required to add warmth and brightness.

Take inspiration from nature and update your décor with plush cushions and throws using Autumnal colours – with so many different hues of red, gold and brown for example you can add instant warmth to your living room and create a luxurious, cosy space in which to relax. Go for rich textured fabrics such as velvets and velour or warm chunky cord.

Warm, rich curtains can also transform a room for the winter as well as being extremely practical – why not invest in two different sets of curtains for key rooms to mark the change in seasons? Go for ready made and it shouldn’t be too cost prohibitive.

Q I would like to brighten up my children’s rooms this winter. Any ideas?

A While candles are a definite ‘no go’ for kids’ rooms from a safety perspective, it is easy to change the look and feel of a child’s bedroom by using imaginative lighting and accessories.

Strings of fairy lights create an element of wonder in a little girl’s room and, with so many different designs of string lights now available, you will find something for even the most demanding child from rows of football lights for budding young Beckham to a whole host of funky designs which will appeal to teenagers.

Again, cushions and throws can be used to add warmth to a child’s bedroom in the winter months, making it a space where they will want to hang out on their own or with friends. Match these to the existing theme of the room or take your children shopping with you to pick out one or two key accessories for their own personal space.

Q: I really miss my garden during the winter months. How can I bring a bit of outside living into my home?

If you can afford them, fresh flowers make all the difference to a home during the winter months. What could be more cheering that one or two bunches of bright coloured blooms strategically placed around the house?

A more cost effective solution is to invest in a couple of stunning flowering pot plants, chosen to match your new cushions and throws and to add further life and warmth to a room.

Don’t forget other types of outdoor foliage as well – get creative and use ivy, bracken or even colourful vegetables such as pumpkins and gourds to brighten up your living space.

And don’t neglect the outside of your house either.  A freshly painted front door decorated with a seasonal wreath is always welcoming. Create an even more stunning yet practical entrance by adding some outside lighting in keeping with the style of your house and neighbourhood.

Bovis Homes Central Region has a wide selection of properties across the region. For more details telephone 01675 437237 or log on to: www.bovishomes.co.uk

Buying to let is very much in fashion. Johnny Turner looks at the homes and the extras that are sure to attract investors.

The investment market is anything but static, as changing regulations, market fluctuations and new innovations force us to continually re-examine our best options. With the advent of SIPPs, due to come into effect in April, and various trends such as the rise of parental help to first-time buyers, the buy-to-let market is bringing both new opportunities and new potential problems.

Property investment has never been an exact science but there are ways to make sure you invest as astutely as possible. And one of those ways is to ‘buy smart’: choose a property that requires low capital outlay and minimal maintenance, is attractive to good-quality tenants. Newly built homes tend to tick all the boxes, as they don’t present buyers with the wear and tear that older homes do. And there are factors at the point of sale that make new homes the right choice for investors, from purchasing incentives and help with furnishings to specifically tailored guaranteed-rental schemes.
Location is an even more important consideration for buy-to-let purchasers than for owner-occupiers. After all, when your investment is also your home you are willing to forgive the idiosyncrasies of its placement; but when you have purchased with the express intent of getting tenants in, you can count on no such understanding from the marketplace. Simply put, popular, well-connected areas make good investment sense.

Docklands is one of those areas: perfectly situated for those who work at Canary Wharf or the City, near the Thames and within easy reach of both commuting and leisure opportunities, the Isle of Dogs is one of London’s fastest-growing enclaves. With Equinox, Telford Homes has introduced a brilliantly-placed residential complex at the tip of the Isle of Dogs, opposite Island Gardens DLR station – a location that has had buy-to-let purchasers flocking.

A new show apartment wonderfully illustrates the chic design to be found in Equinox’s 63 private-sale one- and two-bedroom apartments. Working with M & Y Interiors, an renowned interior design company, Telford Homes has created a show apartment at Equinox that inspires imagination of their visitors.
Sheena Ellwood, Telford’s sales and marketing director, says, ‘The new show apartment at Equinox is a great example of what can be achieved in an urban contemporary dwelling. I'm sure visitors to the development will be pleased with the interior design and will take inspiration from the apartment for their own future homes.’

Both investment buyers and owner-occupiers will find the show apartment a helpful visualisation aid. With two bedrooms and two bathrooms, the show apartment is located on the upper ground floor of the exceptional six-storey tower and illustrates the interior design opportunities that can be introduced in the other apartments, which range in size up to approximately 1,000 sq ft. The warm yet fresh colour scheme was inspired by the fantastic setting near the Thames. It has an outlook towards the Old Royal Naval College at Greenwich, which is a quick walk away via the famed Greenwich Foot Tunnel.
The show apartment kitchen, like the other apartments at Equinox, a contemporary design, including fitted German Systemat units from London designer Urban Myth and integrated appliances by Smeg and Siemens, including oven, hob, extractor hood, washer/dryer, fridge/ freezer and dishwasher.
Investment purchasers will be particularly interested in the en suite bathroom in the two-bedroom apartments, which feature pure white sanitaryware and high-quality polished chrome fittings by Grohe.
Prices start at £225,000 for a one-bedroom apartment and £320,000 for a two-bedroom apartment. The new show home and marketing suite are open daily. Call 020 7537 2302 or visit telfordhomes.plc.uk.
Crouch End has built up quite a reputation as a desirable London village. With equal parts good press and good word-of-mouth, this locals boasts a true community spirit, not to mention some fantastic shops, restaurants, parks and leisure facilities. Families, couples and singles are all fans of the N8 area, with its hilly north London feel and upmarket atmosphere.

At the area’s newest development, The Village, a new show apartment has been completed and enquiries are being taken through selling agents Castles. Viewings are by appointment only and will take place exclusively during allocated public and private launch dates for autumn/winter 2005-06.
The first-class contemporary interiors highlight what it will be like to reside at The Village, reflecting lifestyle appeal and a wealth of contemporary features designed to accommodate today’s discerning purchasers. The exclusive apartments will suit the living requirements of a myriad of purchasers: north London locals, first-time buyers and those upgrading to a larger property will be impressed, as will investment buyers – both those interested in starting a property portfolio and buyers wanting to add to their existing portfolio.

Comprising an exciting mix of 18 luxury two-bedroom apartments centrally located on Crouch End Broadway, The Village provides an exclusive address in one of north London’s finest postcodes. The benefits of living in Crouch End are second to none with excellent transport links into the City and West End.

Crouch End radiates bohemian cosmopolitan chic and is home to many writers, actors and other showbiz types who add glamour to an already impressive area. It is situated in a valley, which can be seen in picturesque views from Muswell Hill and Alexandra Palace. The local feel is chic and aspirational, with all the shops, facilities and local amenities you could wish for literally on your doorstep.
From boutiques to supermarkets, and specialist shops to coffee houses, Crouch End also boasts a large number of well established quality restaurants, bistros, wine bars and public houses. For leisure amenities, Holmes Place health centre offers a gym, daily classes, swimming pool, sauna, steam room, beauty salon, crèche, juice bar and café, while there are further pools and facilities at Park Road.
High specification features to these luxury properties include individually designed Veneta Cucine kitchens, modern stylish bathrooms and spacious living areas. Selected apartments have private decked areas. For those who require parking, there are a large number of allocated parking spaces for sale to the rear of the development, with prices at £7,500.
Prices start at £295,000, and there is a choice of apartments to suit a range of budgets and purchaser requirements, including four feature penthouses. Interest is already high, so early enquiries are strongly advised. For enquiries on all phases, and to register your details for an exclusive invite to the show apartment launches, call 020 8348 5515 or visit castles-estateagents.co.uk.

The 2012 Olympics have already livened up the regeneration of east London, and with it the buy-to-let market. Those homes with the best proximity to where the sporting action will be are finding buyers very interested indeed – and investors will be inundated with interest from prospective tenants. One of the best spots is Bow, where Widacre Homes and Circle 33 Lifespace have developed EastSide, a new residential scheme within walking distance of the future Olympic stadium site, where the opening and closing ceremonies are to be held.

Olympics aside, this is the ideal development for all seasons and will continue to be smartly placed long after the five-ring circus has left town. For commuting it is ideal, with easy access to Mile End and Bow Road tube stations and Bow Church DLR station. Further transport options will be enhanced with the arrival of the new Stratford International station, due to be in place years before the Olympic Games.
The stunning collection of 132 apartment incorporates a mix of studio apartments as well as one- and two-bedroom apartments set around a piazza-style garden square.
Prices currently start at a very affordable £157,500 for a studio apartment, £179,950 for one-bedroom apartments and £242,950 for two-bedroom apartments. Find out more by calling Strettons Residential on 020 7422 0989. Visit eastside-e3.com.

A much talked-about aspect of property investment is its upcoming link with pension provision. From 6 April 2006 it will be possible to count the purchase of residential property as part of your pension provision. This is making thousands of people in the UK re-think their position on buying to let and as a result there has been a rise in interest in sound investment properties.
A good candidate is Claremont Quays in Claremont Road, Seaford, East Sussex, which is being offered by Headfind Developments. These two- and three-bedroom apartments and spectacular penthouse have been built to the highest standards and offer owners a quality that has to be viewed to be appreciated.

The specification and build quality make these properties ideally low-maintenance for the buy-to-let purchaser. Kitchens are well designed and feature a wide range of appliances, while bathrooms have Villeroy & Boch sanitaryware and Hans Grohe taps and shower units. There is also a video entry system, secure basement parking, luxury lift and fabulous communal ‘interior’ garden which is discreetly lit at night.
Prices start at £225,950 for an attractive ground floor apartment with open-plan lounge/diner. A show apartment is open on Thursdays, Fridays, Saturdays and Mondays from 10am to 5pm. Call 01323 490300.

KingsOak is bringing help to the busy landlord in the form of a new limited-edition furniture pack offer at its Kings Reach development in Napier Road, Reading. Whether you are planning to live at this high-spec development yourself or are buying with a view to getting in high-calibre tenants, this will fully equip your new property with all you need, from curtains and carpets, furniture and light fittings, right through to duvets and bed linen. Even the knives in the drawers and the wine glasses to toast your new home are included.

‘This is a truly unbeatable offer,’ enthuses Bob Rutherford, sales director of KingsOak Thames Valley. ‘With prices starting from as little as £225,995, this is a fantastic way to start out in a new home or, alternatively, a great way to maximise your investment and fully equip your buy-to-let property.’
Kings Reach is well located for both natural beauty and city-centre convenience: it is adjacent to the green open space of Kings Meadow, yet only 700m from Reading’s newly regenerated, smart social and leisure scene, with the famous Oracle centre and a great choice of riverside shops, bars and restaurants.
The new development has 162 one-, two- and three-bedroom apartments. Prices currently start at £225,995 for a two-bedroom apartment. The development and show apartment are open daily from 10am to 6pm. Call 0118 939 3611 or visit kingsoakhomes.co.uk.

At George Wimpey’s Mathison Grange development in Bletchley, Buckinghamshire, the stylish four-bedroom, three-storey Kent home offers investors excellent rental potential.
The Kent is priced from just £260,000 and its spacious design makes it an appealing rental property for those looking to let a larger property for multiple tenancy.
The ground floor comprises a spacious dining area with French doors leading on to the rear garden, as well as a fitted kitchen, cloakroom and storage area. On the first floor are a large lounge and a master bedroom with en suite, with the second floor has three further bedrooms – one with en suite facilities – and a family bathroom.

All new homes at Mathison Grange have a high standard specification including gas central heating, double glazing and a fitted kitchen with built-in oven, hob and hood. The development is set in one of Bletchley’s most prestigious areas and is close to a huge selection of good local facilities. Milton Keynes is a short drive away, offering even more choice. For rail commuters, Bletchley railway station is within walking distance, offering regular services to London and the North. Call 01908 643466.

New home prices dip

New home prices in the UK dipped again last month as the housing market struggles to throw off the after-effects of a year-long slump, according to a report by SmartNewHomes.com. The average price of a new home in the UK was £255,327, down 2.4 per cent on the same time last year and a further marginal decrease of 0.2 per cent from the previous month.
The report dispels hopes that the housing market has fully recovered from the downturn in prices and activity which has affected it since the end of last year. Although the worst of the downturn looks to be over, with annual inflation now at -2.4 per cent compared to -8.0 per cent at its lowest point in spring this year, continuing negative quarterly inflation would indicate that a return to the strong positive growth rates of the last few years is some way off.

Average new home prices in London, the South West, West Midlands and the North suffered the worst of the wider market slowdown, whilst East Anglia and Wales saw prices rise. Measures of migration between regions in the UK shows a seasonal slowdown in the ongoing exodus to both the South West and Scotland although both remained popular regions, while the West and East Midlands went further out of favour with home buyers.

The readjustment in prices was mirrored across all property types with the exception of apartments which, as well as seeing prices rise 1.7 per cent over the last month, continue to dominate the market, making up over half of all new homes. Town houses saw the largest price drop of 6.6 per cent over the last quarter.

David Bexon, managing director of SmartNewHomes.com, comments: ‘It has been a difficult year for the UK housing market, reflected in new home price inflation and activity. Although the market is certainly out of the woods and the likelihood of a crash recedes significantly every month, it is still in a delicate state with buyers acting cautiously, slowing down activity across the board. This situation is unlikely to change much as we approach the festive season but once the new year is upon us, it is quite likely that buyers and sellers will have been reassured by the market’s stability and we could see prices begin to edge up once again.’

Dangerous roads devalue homes

During National Road Safety Week comes new figures released by the National Association of Estate Agents (NAEA) which reveal that a location on a dangerous road devalues a property by as much as £10,000.

According to road safety charity Brake, ten people die on roads every day. Campaigners are calling for speed cameras and 20mph safety zones outside all schools.
Peter Bolton King, chief executive of NAEA, says, ‘Calls upon the government and local authorities to endorse specially-designed “safety zones” to help drivers remember their responsibilities in residential areas will make these roads less hazardous. Safety is clearly at the forefront of residents’ minds and this is reflected by the impact on house prices. It is worth noting that any safety measures carried out may help to prevent some of the price differential.’
 In the NAEA poll, only three per cent of respondents believed that an unsafe road would not devalue a property.

North/South divide lessens

New research from National Savings and Investments (NS&I), the government-backed savings and investment provider, shows the North/South property divide is closing. First-time buyers in Scotland and the North of England have seen stark increases in the amount of time it will take them to save just a five per cent deposit for their first home. Despite the housing market stabilising in many parts of the UK this year, house prices in these areas have continued to rise strongly, far outstripping increases in income.

NS&I's research shows the average time taken to raise a deposit in the UK is now four years and nine months. This is a three-month increase on last year, but the time taken has been static in the last six months, illustrating the overall stabilisation of house prices.
In most regions in the South the time taken to save a deposit remained stable over the last six months. London was the exception with a small increase of three months to four years and nine months as house prices took off again. In comparison, for first-time buyers it takes an average of five years.
This contrast in regional fortunes can be attributed to a housing market that has generally peaked and now is stabilising in the south of the country while in the North it is continuing to rise to the levels set in the South.

However, despite these changes, the South was still home to the hardest pressed buyers. First-time buyers who live in the East of England take an average of five years to save for a five per cent deposit for their first home and buyers in London need to save for four years and nine months.

Moving day leaves pet owners stressed

New research from Battersea Dogs & Cats Home has found that over a quarter of pet owners moving house are unsure what to do with their pet on the big move day. Over 1.8 million house moves took place last year in the UK. Almost a half of these house moves involved pets, meaning that at least 228,750 pets could have suffered undue stress and been with owners who did not know how best to care for them on moving day.

Battersea Dogs & Cats Home surveyed over 1,000 pet owners in the UK – and nearly half of the respondents admitted that their biggest worry about moving house was how their pet would react. This concerned the animal-loving Brits more than the worry of the furniture not turning up in one piece (34 per cent) or potentially forgetting new keys (20 per cent).
Half of those surveyed felt that there was a real shortage of information and advice available to pet owners facing a house move. This was particularly the case amongst the younger age range (16–25 year olds) who were probably moving house for the first time.
In direct response to these survey findings, Battersea Dogs & Cats Home has developed an information guide designed to take the worry out of moving your pet. You can download the guide at dogshome.org.

The concept of community seems old-fashioned in these days when we have more choice about who we interact with. After all, we’re able to ignore someone we don’t know who is right in front of us in favour of a friend on the phone. Still, face-to-face interaction is important.
When searching for a home that promotes a community spirit, we look at the likelihood that we will be able to see and be seen, chat as we go about our routine.
The shortlisted developments in the Community category all have qualities that give them a tendency towards friendliness, the possibility of social interaction.

Russell Mews, Paddock Wood, Kent

The feeling of security goes hand in hand with community spirit; when the former is present the latter is easier to maintain. At Russell Mews, which is set in a private gated courtyard, South East Living shows its understanding of this principle. The design of the development strikes a good balance between the idea of home as sanctuary and as part of the community.
Although gated developments are more and more common, it is important that residents of such developments take care not to cut themselves off from the world around them. Whereas in many developments residents are whizzed in and out of the gates exclusively by car, Russell Mews is different from many in that it encourages public transport use. This allows residents to feel both secure and involved in their community.

This small scheme of just nine two-, three- and four-bedroom houses and apartments is set in a rural environment, close to local amenities and transport links. Russell Mews offers a lifestyle that allows for appreciation of the surrounding natural beauty and day-to-day dealings with neighbours, both within the development and in the wider village area.
The homes themselves have very high specification, including designer kitchens with a full range of integrated appliances. There is also a variety of flooring, from wood laminate to ceramic tiles and carpeting, as well as feature radiators and fireplaces and stylish lighting. The homes at Russell Mews also offer gardens, while security alarms and secure parking add peace of mind.

Prices are modest, starting at just £194,995 for a two-bedroom apartment and £245,995 for a three-bedroom house. For further information contact South East Living on 020 8851 3938 or visit seliving.co.uk.

Birch Tree Gardens, East Grinstead, West Sussex

The setting of East Grinstead is one that presents residents with the best of old and new. It has a true community feel, with its High Street offering a bustling environment and its beautiful surrounding countryside providing peace. The historic centre of town is a great place to meet up with friends and have a coffee or a meal.
Birch Tree Gardens, located on Sackville Lane to the north of the town centre, is wonderfully placed for any number of activities, from leisure pursuits to shopping, schooling to commuting. The abundance of nearby natural beauty includes the Ashdown Forest and Wire Mill Lake, and golf courses and other sporty pursuits make for an excellent leisure scene.
With just eight three-, four- and five-bedroom homes, Birch Tree Gardens is a cosy living environment that is conducive to being neighbourly. The individual homes are wonderfully appointed, with kitchens designed by Johnson and Johnson and including a wide array of integrated appliances. Each home is wired with CAT5 stuctured Octopus home cabling, which allows you to stay connected to countless communities via the internet.

Further price leaps

Average residential values grew by 0.4 per cent over October and are now 4.9 per cent higher than a year ago according to the latest monthly housing market survey by Hometrack, the housing information business. This is the fastest year on year rate of growth for over two years.
London and the south-east have seen house price inflation of more than four per cent this year, whilst Yorkshire and Humberside, the East Midlands and the North have recorded price rises of only one per cent or less.
 ‘The strong growth in house prices across London and the South East continues to put a major gloss on the apparent strength of the national housing market’ comments Richard Donnell Hometrack’s director of research. ‘Our latest survey shows that average prices rose across just a quarter of the country. The reality for many home owners is that house price growth across large swathes of the country has been extremely modest over the last 12 months.’
 The growth in London house prices continues to be driven by a lack of housing for sale and robust levels of demand. However, after what has been a year long bounce-back for the London market there are now growing signs of resistance to higher prices with the average time taken to sell property unchanged over the last three months (3.6 weeks) and price rises slowing for the fourth month in a row.
The number of properties coming onto the market in London has risen for the first time in five months as buyers look to take advantage of the current strength of the market. Whether sellers’ expectations on achievable prices are realistic remains to be seen. ‘A flood of potentially over-priced properties coming to the market would certainly put an end to the recent level of price rises,’ says Donnell.
 
The Russians are coming

A significant factor impacting on the UK property market is the growing importance of foreign money. Particularly notable is the increase in Russian, European and Middle Eastern buyers in Surrey and Berkshire. Figures recently released by Knight Frank Residential Research show that from the start of the year to June there has been a 38.2 per cent rise in enquiries from overseas purchasers looking to buy a country house in the UK.
North Surrey and Berkshire have traditionally attracted interest from international purchasers, but recent data suggests that this is now at an all time high and 63 per cent of prime property above £3 million is bought by foreign nationals, of whom a large proportion are Russian.
Antony Wardell, Partner in charge of the Knight Frank Home Counties offices, said: ‘Knight Frank has offices in Moscow and St Petersburg and a Russian desk in London. The favourite property type for Russian buyers is brand new, very high specification country houses in generous plots and the best locations. Many are sensitive to environmental noise, especially busy roads. Houses should have high ceilings and large windows. Staff accommodation is essential and good sports complexes with an indoor pool and gym are also much in demand.’
Security is also high on the agenda for buyers from abroad and the Russians, in particular, like to have fast access to central London and the airports, especially Farnborough and Luton for private jets.

The second three months of 2006 saw the boom in the UK’s prime country house market continue and on the back of an exceptional year in the central London, London buyers are taking money out of the capital and choosing to invest it in the country. Prices for all prime country house property (average price £1.73 million) rose 3.9 per cent in the second quarter, representing an annual growth of 8.9 per cent, the fastest growth rate recorded since early 2004. The same data source reveals that average prices for properties priced at under £1 million in the Thames Valley have risen 6.5 per cent to June.
Statistics also show that the average age of Knight Frank’s £3 million-plus purchasers, from home and abroad, is reducing, though the majority are above 50 years.

Advice for landlords faced with the problem of tenants who won’t pay up

As the first wintry blasts begin to rattle the roof-slates, some landlords are having to cope with the cold wind of reality.
September’s student rush delivered tenants to many vacant apartments and, a month or so down the line, landlords should now be enjoying the sweet reward of a rental income from their buy-to-let properties.
But not all of them. Right now, many landlords will be ruefully discovering that they have taken on a tenant who can’t, or won’t, pay the rent. They now face the hassle of taking action to recover the cash and, if necessary, to process an eviction.
Failure by tenants to pay their rent is one of the key risks faced by landlords, but that risk can be reduced. A few simple steps by landlords could protect their investment and give them peace of mind, according to Mairi Scott, managing director of risk consultants Leaseguard who offer specialist insurance and services for tenants and landlords in the rental sector.
‘The trick is to carry out ‘tenant referencing’ before you sign the lease. It’s an inexpensive way of checking the financial status of applicants, highlighting any adverse credit history such as CCJs, bankruptcies or Voluntary Arrangements. And it can cost as little as £17.55,’ she says. ‘For a small additional cost, landlords can request a reference from the prospective tenant's employer and their previous landlord.’
Leaseguard, who process large volumes of these references say, ‘Of the checks we do, just over 17 per cent of people fail the credit check alone. That’s one in every six people wanting to take out a lease’.

Most landlords require that the parents of students stand guarantor for the rent, but it is recommended that a guarantor reference is obtained to check they have the resources to honour the tenancy agreement if the tenant defaults.
And it’s not just students who should be checked out, professional people who are already well into their career should also be referenced. She says ‘The average age of the people we reference is 35, while the average salary is £20,400 per annum. We see an average rental amount of £516 and this type of person may take accommodation at even higher rents and therefore be more of a risk. If they have a poor credit history or even trashed their previous rented accommodation, this can be identified and reported back before the tenancy agreement is signed.’

Leaseguard carries out reference checks on behalf of landlords and letting agents. Results are available within 48 hours and, if tenants pass the reference, landlords qualify for Leaseguard’s Rent Guarantee & Legal Expenses insurance – which covers landlords for interruptions to rental income where the tenant defaults or has broken the tenancy agreement, as well as help with legal advice and eviction costs.
leaseguard.co.uk

As part of the modernisation of court services, claims for possession of residential property can be made online from today.

Possession Claim Online has been launched by Her Majesty’s Courts Service to enable property owners, such as landlords, local authorities and mortgage lenders, to apply electronically for repossession for non-payment of rent or mortgages.

More than 260,000 possession claims were issued in the county courts in England and Wales last year. The 24 hour service allows small and infrequent users, such as private landlords, to fill out their claim online, while frequent users, such as local authorities or mortgage lenders, can link their data system directly into the Possession Claim Online interface to automatically start new claims. Court fees are paid electronically either by credit/debit card or direct debit. Claims are issued straightaway and court hearing dates, to hear the claim, are scheduled automatically. Claimants and defendants can also track their claim online and once a possession order has been granted by a court, claimants can arrange for warrants to be issued via the online service. Currently the whole claim process must be done on paper direct with the court.

Launching the new service for England and Wales, HMCS Chief Executive Sir Ron De Witt said:
‘Possession Claim Online is putting the needs of courts users first - it's about accessing justice in a more efficient and convenient manner. The service is more convenient for users as it means that they can make their claim online and it is issued immediately, with a court date automatically scheduled. Those using PCOL no longer have to fill out a lengthy paper claim. And they can keep track of their claim at all stages, instead of having to contact the court.’

The new service follows on the back of the success of a similar service for small claims – Money Claim Online – which allows people to make small claims online. That service has been running since 2002 and has processed over 200,000 claims since then.

Possession Claim Online has been successfully piloted in courts in South Wales before its roll-out. Possession Claim Online is available at www.possessionclaim.gov.uk/pcol/

Advice for landlords faced with the problem of tenants who won’t pay up

As the first wintry blasts begin to rattle the roof-slates, some landlords are having to cope with the cold wind of reality.
September’s student rush delivered tenants to many vacant apartments and, a month or so down the line, landlords should now be enjoying the sweet reward of a rental income from their buy-to-let properties.
But not all of them. Right now, many landlords will be ruefully discovering that they have taken on a tenant who can’t, or won’t, pay the rent. They now face the hassle of taking action to recover the cash and, if necessary, to process an eviction.
Failure by tenants to pay their rent is one of the key risks faced by landlords, but that risk can be reduced. A few simple steps by landlords could protect their investment and give them peace of mind, according to Mairi Scott, managing director of risk consultants Leaseguard who offer specialist insurance and services for tenants and landlords in the rental sector.
‘The trick is to carry out ‘tenant referencing’ before you sign the lease. It’s an inexpensive way of checking the financial status of applicants, highlighting any adverse credit history such as CCJs, bankruptcies or Voluntary Arrangements. And it can cost as little as £17.55,’ she says. ‘For a small additional cost, landlords can request a reference from the prospective tenant's employer and their previous landlord.’
Leaseguard, who process large volumes of these references say, ‘Of the checks we do, just over 17 per cent of people fail the credit check alone. That’s one in every six people wanting to take out a lease’.
Most landlords require that the parents of students stand guarantor for the rent, but it is recommended that a guarantor reference is obtained to check they have the resources to honour the tenancy agreement if the tenant defaults.
And it’s not just students who should be checked out, professional people who are already well into their career should also be referenced. She says ‘The average age of the people we reference is 35, while the average salary is £20,400 per annum. We see an average rental amount of £516 and this type of person may take accommodation at even higher rents and therefore be more of a risk. If they have a poor credit history or even trashed their previous rented accommodation, this can be identified and reported back before the tenancy agreement is signed.’
Leaseguard carries out reference checks on behalf of landlords and letting agents. Results are available within 48 hours and, if tenants pass the reference, landlords qualify for Leaseguard’s Rent Guarantee & Legal Expenses insurance – which covers landlords for interruptions to rental income where the tenant defaults or has broken the tenancy agreement, as well as help with legal advice and eviction costs.
leaseguard.co.uk

-
As part of the modernisation of court services, claims for possession of residential property can be made online from today.

Possession Claim Online has been launched by Her Majesty’s Courts Service to enable property owners, such as landlords, local authorities and mortgage lenders, to apply electronically for repossession for non-payment of rent or mortgages.

More than 260,000 possession claims were issued in the county courts in England and Wales last year. The 24 hour service allows small and infrequent users, such as private landlords, to fill out their claim online, while frequent users, such as local authorities or mortgage lenders, can link their data system directly into the Possession Claim Online interface to automatically start new claims. Court fees are paid electronically either by credit/debit card or direct debit. Claims are issued straightaway and court hearing dates, to hear the claim, are scheduled automatically. Claimants and defendants can also track their claim online and once a possession order has been granted by a court, claimants can arrange for warrants to be issued via the online service. Currently the whole claim process must be done on paper direct with the court.

Launching the new service for England and Wales, HMCS Chief Executive Sir Ron De Witt said:
‘Possession Claim Online is putting the needs of courts users first - it's about accessing justice in a more efficient and convenient manner. The service is more convenient for users as it means that they can make their claim online and it is issued immediately, with a court date automatically scheduled. Those using PCOL no longer have to fill out a lengthy paper claim. And they can keep track of their claim at all stages, instead of having to contact the court.’

The new service follows on the back of the success of a similar service for small claims – Money Claim Online – which allows people to make small claims online. That service has been running since 2002 and has processed over 200,000 claims since then.

Possession Claim Online has been successfully piloted in courts in South Wales before its roll-out. Possession Claim Online is available at www.possessionclaim.gov.uk/pcol/