Home asking prices hit five year high
The average asking price across England and Wales is now £241,710, the highest level since July 2008. The July 2013 Home.co.uk Asking Price Index also found that annual house price inflation hit 4.0%, the highest annualised increase since March 2008. The survey also mentions the impact of falling supply to the market particularly with regards […]
Could solar panels be acting as a sales deterrent?
The blows just keep coming for the government’s environmental objectives as research finds roofs fitted with solar panels could cause sales to falter. Solar panels can either be owned outright by the householder or fitted and rented out to a utility supplier. According to research by independent home finding company County Homesearch, purchasing homes with […]
Closure notice: Doubleday Property Lawyers Limited
The Council for Licensed Conveyancers (CLC) has advised that Doubleday Property Lawyers of 20 High Street, Halstead, Essex, closed on 11 July. All current and past files have been passed to Ross Coates Solicitors along with all client monies retained by Doubleday at the time of closure. Doubleday Property Lawyers only undertook conveyancing work. Current […]
Consumer expectation that house prices will keep rising
52% of consumers think average property prices in the UK will rise over the next 12 months. Just 12% think they will fall according to the latest Housing Market Confidence Tracker from Halifax. Halifax use the difference in these figures to establish a House Price Outlook (HPO), the balance of +40 this month is the […]
Second charge lending continues to increase
The second charge mortgage market saw a 43% increase by value and 23% by volume in May. According to the latest figures released by the Finance & Leasing Association (FLA) there was a 5% increase in new consumer finance in May 2013. Fiona Hoyle, Head of Consumer Credit at the FLA, said: “These figures show […]
Reduction in amount of house sales falling through
The number of house sales falling through has reduced from 29.74% in the first quarter of 2013 to 19.77% in the second quarter. According to the house sale fall through index from home buying company Quick Move Now, house sale fall through rates have been a steadily decreasing since July 2008. Donna Houguez, Market Analyst […]
First time buyers continue to increase
Mortgages granted to first-time buyers reached 25,100, their highest monthly figure since late 2007 in May. This was up 42% from the same time last year and 29% from April. First-time buyers now account for 45% of all loans for house purchase, accounting for £3.4 billion in value in May. According to the latest data […]
Chancellor dismisses suggestion of “house-price bubble”
The Chancellor of the Exchequer George Osborne has defended the Help to Buy scheme designed to boost home ownership. Critics of the scheme have warned that it could create a house-price bubble. When addressing the Treasury Select Committee last week Mr Osborne said: “It’s a three-year scheme. “I don’t want to create uncertainty that it […]
LMS announces partnership with Marsden Building Society
LMS, one of the UK’s leading conveyancing panel management specialists, is pleased to announce its partnership with Marsden Building Society, further strengthening its connection with the building society sector. The Marsden operation today continues to be true to the principles of its founders, remaining focused on home ownership and savings. They have a strong affinity […]
Chancel Repair Liability (CRL) DOESN’T stop after 13/10/2013…
The Land Registration Act 2002 has meant that overriding interests must be registered by midnight on 12th October 2013. However, because the liability only falls away at the point of first or next registration, there is in fact no deadline date when CRL stops. If the liability has already been registered it is an […]
SearchFlow launches new Energy Report for conveyancing search due diligence
SearchFlow, the UK’s leading property search information provider, has today launched a brand new search report that will provide conveyancers with more information on current and planned energy developments in the vicinity of their client’s property. The report includes information supplied by Groundsure on all forms of existing energy infrastructure, such as nuclear, gas, coal […]
Government report suggests complicity in money laundering “rife” in legal sector
The Law Society Gazette have published an article indicating that lawyers are shocked about the publication of an inter-governmental report which suggests complicity in money laundering and terrorist financing is “rife in the legal sector”. The report, Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals, which was published last month by a body called […]
Part exchange increasing in popularity
The number of part exchange sales has increased 11% year on year. According to the latest data from Move with Us, a change in the types of property being built and schemes such as NewBuy are behind the increase. Robin King, Director at Move with Us, said: “We’ve seen some encouraging signs for the property […]
Move away from traditional searches
Over the last two years 89% of the top independent solicitor and Licensed Conveyancer firms, identified by the Land Registry, have chosen to use searches from personal search providers rather than those supplied by Local Authorities. The data was gathered from a survey of Council of Property Search Organisations (CoPSO) search code subscriber members. CoPSO […]
Supply and demand imbalance continues
New buyer enquiries in June increased to +38, the highest level since August 2009, whilst sales to stock ratio edged down. According to the June RICS Residential Market Survey rising demand is at least partly due to increased availability of credit. The relatively small amounts of stock coming onto the market, has resulted in this […]
SRA launch Risk Outlook
The SRA has launched its “Risk Outlook”, a document detailing their assessment of the market and the key risks they see in providing legal services. The Outlook is a key foundation of their approach to tackling risk and the hope it will provide firms and consumers with a clear view of the SRA’s assessment of […]
HMRC unveil Stamp Duty Avoidance plans
The HMRC has unveiled the details of the new Annual Tax on Enveloped Dwellings (ATED), an initiative designed to clamp down on Stamp Duty avoidance. The tax is aimed at companies, collective investment schemes and partnerships that have purchased property in the UK worth £2m or more. These types of bodies will now have to […]
Former housing minister launches Bill to introduce agents licensing scheme
Former Labour housing minister John Healey has launched a ten minute rule bill which seeks to establish a national mandatory licensing scheme for letting and managing agents. The Letting Agents (Competition, Choice and Standards) Bill 2013-14 will establish standards and redress for landlords, tenants and leaseholders, and prohibition of letting and management agent fees. Local […]
Calls for Scottish Home Reports reform
Estate Agent Today has reported that some leading industry figures are calling for the Scottish equivalent of Home Information Packs to be reformed. The measure was introduced five years ago with the Home Reports going even further than HIPS in requiring a property valuation which must be redone every three months that the property remains […]
Fraud up a quarter to over £0.5bn
In the first half of 2013 fraud cases have totalled £0.5bn, up 38% from the same period in 2012. According to latest KPMG ‘Fraud barometer’ the average fraud case value has increased dramatically from £2.8m to £3.5m. They also found that professional criminals had become more involved in fraud with responsibility for frauds totalling £290m, […]