http://www.buyassociation.co.uk/homes/news-feed BuyAssociation News en-gb http://www.buyassociation.co.uk/homes/images/en/BA-logo-with-wording-small.jpg http://www.buyassociation.co.uk/homes/news-feed http://www.buyassociation.co.uk/homes/news/relocation/solution-for-the-credit-crunch-8586.html http://www.buyassociation.co.uk/homes/news/relocation/solution-for-the-credit-crunch-8586.html
While it now costs a little less to buy the cheapest houses on the market, the government measure have done nothing to increase the availability of finance for mortgage-seekers, and the banks have been very quiet about their own financial health in recent weeks. This leaves those who are looking for a change of scenery, or those who need to sell and relocate, in the position of being almost trapped in their property until the market pulls out its current sluggishness.

However, a new website has been launched that aims to solve some of the issues of the current property crisis, and will allow its ...]]> http://www.buyassociation.co.uk/homes/news/selling/market-to-bottom-out-8168.html http://www.buyassociation.co.uk/homes/news/selling/market-to-bottom-out-8168.html
The Royal Institution of Chartered Surveyors (RICS) has made the tentative and proviso-laden prediction in a new report this week, and suggests that activity in the UK property market may well be within sight of bottoming-out in the next few months. While this is hardly a reason for investors to be jumping around and celebrating, it is a fact that with things as they are, agents and developers are clinging onto any crumb of comfort and optimism they can.

The RICS report said that sellers were taking a more ‘realistic’ view of the property market and being more flexible in their pricing and their attitude to offers. At the same time, a ‘slightly’ raised number of people are visiting estate agents, giving the market renewed hope that there will ...]]> http://www.buyassociation.co.uk/homes/news/buying/stamp-duty-to-go-8125.html http://www.buyassociation.co.uk/homes/news/buying/stamp-duty-to-go-8125.html
At the same time, the Prime Minister and the Chancellor have been accused of causing even more unrest in the housing market by allowing rumours to persist without making an official statement on the matter, according to the opposition and a leading house building association.

There is little doubt the government needs to do something both to lift the property market, which should kickstart more activity in the banking and finance sectors, and to improve its own dismal approval among the general public. Following the loss of local elections, the London mayoral race and the Crewe & Nantwich and Glasgow ...]]> http://www.buyassociation.co.uk/homes/news/moving/who-has-your-spare-keys-8101.html http://www.buyassociation.co.uk/homes/news/moving/who-has-your-spare-keys-8101.html
Although this seems a trivial and amusing fact, the amount of goods and products we now store in our homes, and their significance in our lives is such that leaving the opportunity for keys to fall into the wrong hands is a real danger. Among the groups of people shown to have the spare entry keys to many properties are ex-partners, who come behind only family and next-door neighbours in the distribution of spare keys. More than ten per cent of the spare keys in the country are in the possession of former partners.

Other groups of people who have the privilege of free access to our properties are b...]]> http://www.buyassociation.co.uk/homes/news/buying/the-tentative-return-of-ftbs-8011.html http://www.buyassociation.co.uk/homes/news/buying/the-tentative-return-of-ftbs-8011.html
Nonetheless, FTBs made up 11.8 per cent of the property sold in June 2008, compared to 9.8 per cent in June 2007, and 10.6 per cent in May this year. This rise indicates that it is a good time for younger buyers to enter the market, and those with a deposit behind them are finding that there are some very good bargains to be had.
NAEA president, Chris Brown, believes that this is a good time for first-time buyers who have adequate funds in place to make a purchase. According to Mr Brown, while potential purchasers generally remain very cautious those courageous enough to jump do so because they realise they might benefit from current mark...]]> http://www.buyassociation.co.uk/homes/news/selling/asking-prices-dropped-7939.html http://www.buyassociation.co.uk/homes/news/selling/asking-prices-dropped-7939.html
The report, which claims to cover up to 90 per cent of the market with information culled directly from estate agents, shows that the number of properties on the market at each agent is also on the up, along with the amount of time each property stays for sale. At the same time, new instructions are also at a historical low as sellers opt to hold on and ride out the credit crunch and economic downturn without risking moving into a market that appears to be grinding to a halt.

Miles Shipside, commercial director at Rightmove, said: "Sellers are finally recognising that they need to under...]]> http://www.buyassociation.co.uk/homes/news/finance/a-l-to-be-swallowed-up-7857.html http://www.buyassociation.co.uk/homes/news/finance/a-l-to-be-swallowed-up-7857.html
Santander, the European banking giant that also bought Abbey in 2004, has reportedly offered around 317 pence per share for the building society, and is said to be in the advanced stages of negotiation. The deal would, if accepted, further contract the UK banking industry and make Santander even more powerful across the continent. Any deal of this type is likely to pose an issue with competition in the marketplace, and will probably need to be examined by the authorities before it is ratified.

Alliance & Leicester has been one of the quieter stories of the curren...]]> http://www.buyassociation.co.uk/homes/news/news/rates-held-at-five-per-cent-7840.html http://www.buyassociation.co.uk/homes/news/news/rates-held-at-five-per-cent-7840.html
With the economy stalling and little activity in the housing market, some groups will have hoped for the MPC to continue to cut rates as a way of stimulating both property sales and retail spending. In the wake of profit warnings from Marks & Spencer and disheartening trading statements from major house builders, any good news would have been welcome, but with inflation above the government targets the BOE opted for prudence.

Persimmon, Redrow and Bovis Homes all posted dismal trading figures to the Stock Exchange this week, with Redrow and Bovis announcing significant job cuts, and Persimmon admitting it had already shed mor...]]> http://www.buyassociation.co.uk/homes/news/news/auctions-hammered-in-crunch-7818.html http://www.buyassociation.co.uk/homes/news/news/auctions-hammered-in-crunch-7818.html
The one figure no-one in the property industry wants to see rising is set to continue its upward trend through the rest of the year. Mortgage lenders predict that up to 45,000 homes will be repossessed this year, some 20,000 more than in 2007. This should see a steady stream of properties making their way through the auction rooms to be sold on to new owners and investors.

In the current market conditions, it appears, sellers are setting unrealistic reserves on their properties while buyers, emboldened by almost daily news of price drops, feel more ready th...]]> http://www.buyassociation.co.uk/homes/news/news/persimmon-reports-to-the-market-7784.html http://www.buyassociation.co.uk/homes/news/news/persimmon-reports-to-the-market-7784.html
The company reported that completed house sales were down some 31 per cent in the first six months of the year, and that the current period was “the most challenging period of our recent history.” It cited the lack of customer confidence in the market and the difficulty in getting mortgages as the main reasons for the downturn.

This slightly optimistic news has helped to perk up the company following last week’s demotion of the company out of the FTSE 100 index of leading shares. The job cuts have the target of saving £65 million per year, allowing the comp...]]> http://www.buyassociation.co.uk/homes/news/news/flower-powers-gather-at-hampton-court-7746.html http://www.buyassociation.co.uk/homes/news/news/flower-powers-gather-at-hampton-court-7746.html
As the exhibits and stalls spread across the inspiring landscape of Henry VIII’s palace on the banks of the Thames, the innovative features and displays are laid out for the thousands of visitors to enjoy. As ever, there is something for all ages from the scarecrow competition organised by Blue Peter gardener Chris Collins to the Growing Tastes feature by the Royal Horticultural Society (RHS) Wisley, inspired by the different tastes and flavours of international cuisine that can be grown in the garden.

The international theme continues onto Long Water, the...]]> http://www.buyassociation.co.uk/homes/news/news/house-builder-fails-to-get-rescue-package-7729.html http://www.buyassociation.co.uk/homes/news/news/house-builder-fails-to-get-rescue-package-7729.html
The lack of additional funding for Taylor Wimpey means that it now risks breaching banking covenants within a year, and the news also dragged down the share prices of its competitors Barratt by some 30 per cent, and Persimmon by 20 per cent. The downward spiral of share prices in the building sector has led to analysts talking about a ‘vicious circle of doom and gloom’.

The property crisis could soon see its first major corporate casualty as, since the beginning of the year, more than £7 billion has been wiped from the values of the seven biggest house builders and developers in the market. Taylor Wimpey has long been labouring under the weight of £1.7 billion of debts following an aggressive and badly-timed period of...]]> http://www.buyassociation.co.uk/homes/news/news/save-water-and-stay-clean-7713.html http://www.buyassociation.co.uk/homes/news/news/save-water-and-stay-clean-7713.html
SanLamere UK is selling a unique integrated toilet and hand basin, which can save more than 70 per cent on total bathroom water usage. The Profile 5 integrated system provides a measured flow of water through the tap for the hand basin upon each flush of the toilet, which is then stored in the cistern for use in later flushes.

Saving water in the home is one of the most important things for the future of the environment as more and more properties are built to accommodate the increases in our population. The additional pressure that is put upon the systems not only for supplying clean and fresh water to homes, but also for dealing with waste water, could become an issue in...]]> http://www.buyassociation.co.uk/homes/news/news/home-offices-to-reward-winners-7694.html http://www.buyassociation.co.uk/homes/news/news/home-offices-to-reward-winners-7694.html
Imagine, then, being able to tell prospective buyers that the home office in your property has been named as the ‘home office of the year’ in the Enterprise Nation Home Business Awards 2008. Not only will it add kudos and individuality to the property, it opens up a whole new market of buyers who are home business owners, or need the ability to work from home, thus maximizing the opportunities to sell.

This year’s Home Business Awards are being run by website Enterprise Nation in order to highlight the best of this burgeoning sector of the economy, and will be judged by an independent panel of experts. Since last year, the ...]]> http://www.buyassociation.co.uk/homes/news/news/prices-continue-steady-fall-7675.html http://www.buyassociation.co.uk/homes/news/news/prices-continue-steady-fall-7675.html
Bank of England (BoE) figures show that mortgage approvals dropped in May by 28 per cent compared to the previous month, and are 64 per cent lower than the same period last year. The figures are the lowest since the BoE started recording the numbers of new approvals in 1993, and are lower than many analysts were predicting.

At the same time, the rate of prices falls in the UK property markets seems to be remaining stable for the time being. The Land Registry of England and Wales reported that prices were unchanged between April and May, and up 1.8 per cent on the same period a year ago. These figures are based on completed house sales, and contrast with the stats from leading mort...]]> http://www.buyassociation.co.uk/homes/news/news/move-to-zero-carbon-makes-progress-7652.html http://www.buyassociation.co.uk/homes/news/news/move-to-zero-carbon-makes-progress-7652.html
The organisation, which has been given funding by both the government and private building organisations like the National House Building Council (NHBC), is being headed by NHBC General Manager Neil Jefferson. The aim of the Hub is to make sure the government targets for sustainable building at met, but also that the process is achievable for house builders and developers alike.

The drive towards a zero-carbon future for the house building industry has been marked by skepticism in the industry, and many have welcomed the setting up of this independent, single-interest body which all parties can get behind and participate in.

The announcement of the Zero Carbon...]]> http://www.buyassociation.co.uk/homes/news/news/flood-checking-site-launched-7635.html http://www.buyassociation.co.uk/homes/news/news/flood-checking-site-launched-7635.html
Sir Michael Pitt, the senior civil servant appointed to look into the flooding emergency, called for urgent and fundamental changes in the way the country adapts to the increased risk of flooding and plans for increased resistance to the effects of future floods. His official and independent review of the crisis took in over one thousand written submissions from the public, and was scathing of the fact that thousands of people are still living in temporary accommodation one year after the floods.

Among the proposals he put to the government, to avoid what he called a ‘strategy of luck’ ahead of the next major flood event, were a Cabinet committee dedicated to dealing with floo...]]> http://www.buyassociation.co.uk/homes/news/news/ftbs-trapped-by-rising-costs-7614.html http://www.buyassociation.co.uk/homes/news/news/ftbs-trapped-by-rising-costs-7614.html
The collapse of Northern Rock, the sub-prime mortgage crisis and unwillingness among other mortgage lenders to allow young buyers to borrow under the same terms as they had in previous years has precluded large parts of the FTB market from considering buying at the present time. Banks are unwilling to increase their exposure to risk by lending only to the ‘super-prime’ end of the market, and are placing unrealistic rates and deals on the table to discourage new borrowers.

In this situation, any drop in the pri...]]> http://www.buyassociation.co.uk/homes/news/news/mortgage-approvals-hit-all-time-low-7609.html http://www.buyassociation.co.uk/homes/news/news/mortgage-approvals-hit-all-time-low-7609.html
BBA members account for more than 60 per cent of the total mortgage lending that happens in the UK, and these statistics signal the rapid decline in confidence in the current economic situation. Activity in the housing market has fallen at an unprecedented rate since the turn of the year as the credit crisis and over-inflated prices have bitten into consumer confidence.

The BBA said that numbers of mortgage approvals were the lowest since they began keeping records in 1997, and predicted the market would remain in the doldrums for the foreseeable future. David Dooks of the BBA said, "Measures of mortgage activity...]]> http://www.buyassociation.co.uk/homes/news/news/unlock-potential-in-your-home-7588.html http://www.buyassociation.co.uk/homes/news/news/unlock-potential-in-your-home-7588.html
With the launch this month of a new service called Betternest, homeowners are able to obtain a detailed reports on the potential that is locked up in a property, and how best to make the most of what they have. Founded by successful architect Simon Smith, Betternest provides a detailed report on the potential space that can be added to a property, how much it will cost to get the work carried out, and how much value the alterations will add to the property.

For a flat fee of £495, a 20-page rep...]]> http://www.buyassociation.co.uk/homes/news/news/new-way-of-selling-saves-fees-7549.html http://www.buyassociation.co.uk/homes/news/news/new-way-of-selling-saves-fees-7549.html
The fee remains the same regardless of the property value, and means that the average property seller saves in the region of £2,600 over traditional estate agents. WOW Property launches with a workforce of over 200 agents around the country who have the experience and knowledge of the local market to make sure your property is sold for a realistic price and in the best way possible.

The company has also promised to list all of the properties on its books on all of the major property portals in the UK, which according to figures published by Rightmove.co.uk, reach 94 per cent of serious ...]]> http://www.buyassociation.co.uk/homes/news/news/negative-equity-looms-7432.html http://www.buyassociation.co.uk/homes/news/news/negative-equity-looms-7432.html
The Royal Institution of Chartered Surveyors (RICS) said that in the three months to the end of May this year, the number of property purchases that had taken place was the lowest since records began in 1978. According to the survey, the average estate agent sold just 17.4 properties in that period.

At the same time, the BBC obtained information from the Council of Mortgage Lenders (CML) that over 23,000 homeowners who bought property in the last 12 months using a 100 per cent mortgage are at risk of negative equity. The term, the mere mention of which instills fear in homeowners across the country, refers to the situation when the mortgage owing on a property exceeds the value of the property itself....]]> http://www.buyassociation.co.uk/homes/news/news/buyers-offered-price-promise-7410.html http://www.buyassociation.co.uk/homes/news/news/buyers-offered-price-promise-7410.html
This regional division of the nationwide company has just launched its Silver Linings promise to give some degree more confidence to buyers on their developments. The scheme, aimed at giving some security to buyers across the Bedfordshire, Buckinghamshire and Cambridgeshire area, is a price promise that guarantees buyers their property will not drop in value over a period of 12 months.

The company promises that anyone buying a property before the end of July this year will qualify for the scheme, and can have complete confidence in their purchase holding value. After 12 months of ownership, three mutually-agreed estate agents are invited to value the property...]]> http://www.buyassociation.co.uk/homes/news/news/quarter-can-t-afford-to-buy-7369.html http://www.buyassociation.co.uk/homes/news/news/quarter-can-t-afford-to-buy-7369.html
Overall, more than 28 per cent of young working households in Britain cannot afford even the cheapest property in their area, while in certain parts of the country the figure is much higher. For instance, in London 41 per cent of young buyers are unable to get into the property market, while in South West England the figure is 40 per cent. Some towns reported that the figure rose to more than 50 per cent.

The report says that rising mortgage costs are primarily to blame for this situation, and that costs were increasing even before the credit crunch started to bite. Costs rose for first-time buyer mortgages by 12 p...]]> http://www.buyassociation.co.uk/homes/news/news/home-improvement-costs-soar-7329.html http://www.buyassociation.co.uk/homes/news/news/home-improvement-costs-soar-7329.html
The organisation cites the rise in transport costs and in the price of raw materials for bills rising so steeply, and as fuel costs continue to grow, the prices could continue to rise. All of this comes at a time when many families are considering carrying out improvement to their properties as a cheaper alternative to moving into a new or bigger home under the present market conditions.

Having a basement conversion done is now an average of 25 per cent more expensive than it was two years ago at £10,000, while loft conversions have risen in price by 21 per cent to £17,000. The prices of having work carried out on a conservatory and having double glazing installed have both risen by an average of 22 per cent.

The price rises have been revealed in the la...]]> http://www.buyassociation.co.uk/homes/news/news/bradford---bingley-posts-loss-7305.html http://www.buyassociation.co.uk/homes/news/news/bradford---bingley-posts-loss-7305.html
The figures came on a turbulent Monday morning for one of the leading suppliers of buy-to-let mortgages, which saw trading in shares briefly suspended and a sharp drop in the value of the company when they resumed, falling by 23 per cent. The loss marks the steady decline in fortunes of the bank, which posted a profit of £108 million for the same period in 2007.

Shares in Bradford & Bingley were briefly suspended by the stock exchange ahead of the announcement of the profit warning, and even with news of the new investment in the lender by US private equity giant Texas Pacific Group to buy a 23 per cent stake in the business. In addition to the money raised by this share sal...]]> http://www.buyassociation.co.uk/homes/news/news/rapid-drop-recorded-7263.html http://www.buyassociation.co.uk/homes/news/news/rapid-drop-recorded-7263.html
The figures, which show an average drop of 2.5 per cent over the past month in the UK, make gloomy reading for the public, house builders and politicians alike in the wake of more rises in fuel prices and continuing evidence of an economic downturn on the horizon. The drop in prices means that the average house in now worth some 4.4 per cent less than it was at the same time last year.

On top of this, there was further bad news for the industry with figures showing that even with a slowing housing market, less first-time buyers are being attracted to the market. Estate agents have reported that the proportion of first-time buyers in the market has dropped from 8.3 per cent in March to 7.7 per cent in April, according to National Association of...]]> http://www.buyassociation.co.uk/homes/news/news/opposition-for-grand-design-7227.html http://www.buyassociation.co.uk/homes/news/news/opposition-for-grand-design-7227.html
McCloud outlined his plans to local residents for the first time in a public meeting to gauge reaction to the project in Swindon. He has said that he started this scheme to bring sustainable and eco-development to a wider market due to his anger at the poor quality of new building that is delivered in the UK. The aim is also to create a successful eco-town that not only interacts with the local community but also succeeds in cutting down the use of cars.

The public meeting was put on ahead of the presenter’s development company putting for...]]> http://www.buyassociation.co.uk/homes/news/news/top-of-the-trees-at-kew-7203.html http://www.buyassociation.co.uk/homes/news/news/top-of-the-trees-at-kew-7203.html
The Rhizotron and Xstrata Treetop Walkway are unique in the world as they give visitors an insight into how the root structure of some of the oldest trees in the gardens works, before whisking visitors 18 metres up in the air to walk along the length of the treetop walkway. From this vantage point there is a superb view of the tree canopy, as well as great views right across London.

The steel structure is specially constructed to blend in with the surroundings and weather to become even more ‘invisible’. The walkway is made to appear transparent as you progress along it so the woodland floor is visible as well as the boughs and leaves of the treetops.

Kew have also i...]]> http://www.buyassociation.co.uk/homes/news/news/tesco-property-business-for-sale-7169.html http://www.buyassociation.co.uk/homes/news/news/tesco-property-business-for-sale-7169.html
Spicerhaart, the largest independent estate agency group, last week confirmed that it is in the final stages of discussions over a deal, but declined to talk about the prices or timings of any deal. The business is expected to generate profits in excess of £20 million by 2012, and is projected to gain a market share of around three per cent.

The business model of the TPM business was that a seller would pay £299 to list their property on the TPM site, which involves sellers themselves setting the asking price they would like to achieve. They would then be assigned a dedicated ‘case handler’ who would advise, liai...]]> http://www.buyassociation.co.uk/homes/news/news/grand-designs-brings-grand-crowds-7127.html http://www.buyassociation.co.uk/homes/news/news/grand-designs-brings-grand-crowds-7127.html
A total of over 102,000 people made their way to the exhibition to see some of the foremost exponents of design, energy saving and home technology solutions exhibit their wares. Some were there for ideas as to how to improve their existing property, but there were plenty of people who were planning their own self-build and were getting ideas and contacts to begin the process.

The TV show around the exhibition concentrated on an attempt to build a completely sustainable home in front of the Excel centre in just five days, with presenter Kevi...]]> http://www.buyassociation.co.uk/homes/news/news/government-to-share-ftb-burden-7086.html http://www.buyassociation.co.uk/homes/news/news/government-to-share-ftb-burden-7086.html
For the first time, the shared-ownership scheme for the part-purchase, part rental of new properties for first-time buyers has been extended across the board, and not just restricted to government-defined key workers. This move is aimed at helping more young people get onto the property ladder at a time when it is increasingly difficult for them to get hold of mortgage finance without a substantial deposit.

The shared ownership scheme has been a great success in getting key workers into the property market without exposing them to the full extent of the mortgage market, and the government has seen fit to extend the project several times.

While the move has been welcomed, industry figures are skeptical about the overall effect that it will have...]]> http://www.buyassociation.co.uk/homes/news/news/moving-made-easier-7043.html http://www.buyassociation.co.uk/homes/news/news/moving-made-easier-7043.html
As a way of trying to avoid this pain and stress, a new service has been launched to put this part of buying a new house into the hands of experienced professionals, allowing you to enjoy the excitement of a new phase in your life. MoveMinder is a family-run company that was started after the combined experience of 28 moves between them, and is one of the only companies out there to offer a start-to-finish service to their clients.

In fact, MoveMinder will appoint a ‘move manager’ to your case, who will act as a kind of PA to take on any move-related task you wish to delegate to them. This includes the nut-and-bolts of getting quotes for moving and storage, to helping with de-cluttering, being present on the day to manage the teams of mov...]]> http://www.buyassociation.co.uk/homes/news/news/interest-rates-held-7020.html http://www.buyassociation.co.uk/homes/news/news/interest-rates-held-7020.html
Despite calls from some figures in the mortgage lending and housing industries for a further quarter or half of a percentage point cut in rates, the MPC held firm to its established pattern of cutting rates one month and then letting the effects of the reduction take hold before making further moves.

Holding the interest rate at five per cent comes amid figures published almost daily showing the UK property market is shrinking at a rate not seen for almost 20 years, and that mortgage approvals at a startlingly-low rate. Experts predicted that the MPC would keep the rate the same for another month to avoid adding to the uncertainty and panic felt in some parts of the market.

The lack of new mortgage approvals is not quite as surprising as appears at first ...]]> http://www.buyassociation.co.uk/homes/news/news/first-annual-drop-in-12-years-6902.html http://www.buyassociation.co.uk/homes/news/news/first-annual-drop-in-12-years-6902.html
The first recorded drop in the year-on-year prices of property in England and Wales has prompted fresh fears over negative equity for homeowners, as it represents the first cases of a property being worth less now than it was 12 months ago. In fact, in extreme cases where people bought late in the boom in UK property, mortgaged themselves as far as was possible and are on an interest-only deal, there may be an immediate danger of the property being worth less than the borrowing taken out on it.

The price news comes hot on the heels of what many in the industry are saying is a marker point in the buy-to-let industry, with Inside...]]> http://www.buyassociation.co.uk/homes/news/news/mccloud-challenges-architects-6791.html http://www.buyassociation.co.uk/homes/news/news/mccloud-challenges-architects-6791.html
Speaking at the Des Res exhibition at the New London Architecture centre, McCloud said that there are some key issues that architects and designers need to consider if the projects that will shape the next century of housing in the capital are to leave a truly fitting mark on the appearance, use and distribution of housing in London. He challenged designers to create buildings that are not only fit for purpose, but that contribute to the lives of those who interact with them on a daily basis.

Interaction and context were two of the main themes that McCloud explored in his speech last night. One of his laments was to do with the process of renewal that takes place in all of the building and regeneration that goes on in a...]]> http://www.buyassociation.co.uk/homes/news/news/energy-deadeline-for-landlords-6788.html http://www.buyassociation.co.uk/homes/news/news/energy-deadeline-for-landlords-6788.html
From October 1st 2008, landlords will be required to make an Energy Performance Certificate (EPC) available to prospective tenants as part of the lettings process.

The EPC, which is valid for 10 years, will rate a property’s energy performance and make recommendations about how to improve the energy efficiency of the property.

The certificates have already been introduced into the home sales process and could play a valuable role in boosting energy efficiency across the housing sector when they are extended to the private rented sector.

Mark Batty of Mark Batty Estates in Nottingham, commented, “Landlords have been warned by the Department of Communities and Local Government that if they do not provide an EPC to a prospective tenant, then a ‘fixed penalty charge’ notice will be issued. This could be as much as £200 per dwelling, per day".

He added, “Sensibl...]]> http://www.buyassociation.co.uk/homes/news/news/halifax-hikes-rates-again-6682.html http://www.buyassociation.co.uk/homes/news/news/halifax-hikes-rates-again-6682.html
The rise, which is up to half of one percentage point, applies to the two-year fixed-rate mortgage deals and tracker mortgages that are taken out through intermediaries. Lending that is taken out directly through the bank itself is to rise by an average of 0.35 of a percentage point.

Halifax blames a rise in the cost of lending money in general, but it is yet to be seen whether any of the other major lenders are to follow suit and raise their own rates. Just two weeks ago, Halifax decided to raise the rate on a range of its existing mortgage deals, and the move comes against the backdrop of the decision of HSBC to match any other deals on the market for new customers who are coming to the end of their current fixed-rate mortgage deals.

The rise in rates will also ...]]> http://www.buyassociation.co.uk/homes/news/news/fixed-down-6679.html http://www.buyassociation.co.uk/homes/news/news/fixed-down-6679.html
The proportion of borrowers choosing fixed-rate loans has fallen to 52 per cent - its lowest level since March 2005, according to the Council of Mortgage Lenders (CML). At the same time, the popularity of tracker-rate mortgages is increasing.

The proportion of borrowers choosing tracker-rate loans increased to 35 per cent, from 33 per cent in January and 14 per cent in February last year. Floating-rate products have become increasingly attractive compared with fixed-rates as consumers expect further Bank base rate reductions in the coming months.

Fixed rate mortgages have long been popular with prospective buyers, as they provided an element of stability in the first few years of a mortgage. But with interest rates falling, it seems that buyers are hedging their bets.

CML director General Michael Coogan said, “The trend away from fixed-rate products continues as expectations of further Ba...]]> http://www.buyassociation.co.uk/homes/news/news/a-third-of-agents-to-close-6643.html http://www.buyassociation.co.uk/homes/news/news/a-third-of-agents-to-close-6643.html
The Bank of England is set to announce that it will allow retail banks and mortgage lenders to use a wider range of assets as security against loans that it makes, no longer having to rely on top-end mortgage securities to get extra finance in place.

The Bank is also ready to allow banks and building societies to borrow short-term funds for up to three months as opposed to concentrating on shorter-term lending to other institutions. These moves are hoped to restart the process of banks lending money to each other by providing a degree more liquidity in the markets for a short period of time.

At the same time, there are fears that u...]]> http://www.buyassociation.co.uk/homes/news/news/gazundering-returns-6641.html http://www.buyassociation.co.uk/homes/news/news/gazundering-returns-6641.html
Known as ‘gazundering’, some buyers are becoming more aggressive with sellers, and are demanding to be allowed to go back on agreements in order to continue the sale process. Many sellers are intimidated into agreeing to reduce the price of their property or risk it staying on sale for months in a declining market.

Essentially, gazunderers agree to buy a property for a set price and then demand a discount at the last moment from the vendor – either because they have discovered that prices have dropped since they agreed their purchase or just to try to secure themselves a better deal.

Sellers, who are often in a chain and have agreed on buying their next property themselves, are left with a stark choice betwe...]]> http://www.buyassociation.co.uk/homes/news/news/bank-cuts-rates-6598.html http://www.buyassociation.co.uk/homes/news/news/bank-cuts-rates-6598.html
This week has already seen a larger-than-expected drop in property prices in the UK and the introduction of a new scheme from HSBC to try to lure a large part of the fixed-rate mortgage business away from their rivals.

The cut in mortgage rates is expected to be passed on to borrowers by the major lenders, though in many instances they have been raising their own rates for new customers in the past week or so to discourage more lending. The banks fear they may become over-exposed to risk by taking on more new customers, so they are hoping to stop new customers and service only t...]]> http://www.buyassociation.co.uk/homes/news/news/price-drop-bigger-than-expected-6556.html http://www.buyassociation.co.uk/homes/news/news/price-drop-bigger-than-expected-6556.html
The figures from the Halifax suggest that house prices are just 1.1 per cent higher today than they were a year ago, which is the smallest year-on-year growth rate in 12 years, though prime minister Gordon Brown acknowledged that the housing market in the UK is now feeling the effects of the global credit crunch.

Some analysts have suggested that the drop in prices is possibly not a serious as it seems at first glance, as they feel many buyers are waiting for what they see as an inevitable drop in the base rates of interest from the Bank of England (BoE) when they meet to discuss their next move later on this week. In the past the Monetary Policy Committee (MPC) has erred on the s...]]> http://www.buyassociation.co.uk/homes/news/news/top-remodelling-tips-for-your-home-6534.html http://www.buyassociation.co.uk/homes/news/news/top-remodelling-tips-for-your-home-6534.html
Some of the results in the Frontdoor.com survey are surprising, with some of the most popular things that buyers undertake in order to make their home more attractive to potential buyers being revealed as giving a lower return on investment than people expect.

Top of the list for sellers to get the most back and improve their property for buyers is a minor bathroom remodel – along the lines of replacing the bathroom suite, tiles, flooring and fixtures. The survey suggests that carrying out this modification will bring something in the region of 102 per cent return on the outlay to get the work done, quoting figur...]]> http://www.buyassociation.co.uk/homes/news/news/mortgages-harder-to-source-6470.html http://www.buyassociation.co.uk/homes/news/news/mortgages-harder-to-source-6470.html
First Direct, part of the HSBC group has withdrawn from mortgage lending for the time being after one of its fixed-rate deals caused a run of enquiries. The two year fixed-rate deal had been at the top of the ‘best-buy’ tables for two months, and the unprecedented surge of enquiries from new customers caused the bank to withdraw the offering to avoid being over-exposed in one direction on the mortgage markets.

Other lenders are now beginning to follow suit, and the market is braced for further withdrawals of products and whole companies from the market. The Co-Operative Bank has withdrawn some of its products already due to higher than expected demand and investment bank Lehman Brothers has decided not to lend to any more new customers.

Halifax, the UK’s bi...]]> http://www.buyassociation.co.uk/homes/news/news/bonding-help-for-ftbs-6467.html http://www.buyassociation.co.uk/homes/news/news/bonding-help-for-ftbs-6467.html
A seemingly simple solution is at hand for those buying new-build property that avoids the need to pay for the deposit on the property up front, allowing them to invest or save the money until completion. The Exchange Bond is a way of buying a property with a company paying the deposit in a financially-secure scheme until completion of the property. The buyer then pays the 100 per cent purchase to the seller upon completion - and a fee for having paid the deposit is paid to Exchange Bond.

This solution to one of the fundamental problems faced by first time buyers in the current market is also available as a deposit for overseas property under a separate agreement.

The Exchange Insurance Company, which runs the s...]]> http://www.buyassociation.co.uk/homes/news/news/tesco-one-step-from-complete-coverage-6445.html http://www.buyassociation.co.uk/homes/news/news/tesco-one-step-from-complete-coverage-6445.html
The retail giant last week purchased stores on some of Scotland’s outlying Northern and Western Isles to secure the final areas north of the border without a store. The seemingly-unstoppable spread of the supermarket has now spawned a raft of protest groups across the country as some communities seek to challenge the power of the dominating force in British retail.

In Scotland, Inverness has been dubbed ‘Tesco Town’ due to the number of stores that serve the population. A bid by the company to build a fourth store in the area was last year blocked after a protest of more than a thousand people signed a petition opposing the project.

Last year, the Competition C...]]> http://www.buyassociation.co.uk/homes/news/news/mortgage-rates-up-to-discourage-buyers-6423.html http://www.buyassociation.co.uk/homes/news/news/mortgage-rates-up-to-discourage-buyers-6423.html
In a move which could lead to thousands of potential homebuyers struggling to get a mortgage deal of any kind, Nationwide and Halifax both raised their mortgage rates in an attempt to close the door to all but the most creditworthy customers. The rise in rates accounted for some of the most popular products in the portfolios of the lenders, to the tune of up to half a percentage point.

Following the move, some of the smaller lenders in the market also decided to follow suit and raised their own rates in turn.

Nationwide said that it didn’t want to take on too many more new customers at the present time as it would attract too much risk to the portfolio. The move came as news emerged from another mortgage lender that proper...]]> http://www.buyassociation.co.uk/homes/news/news/diy-comes-to-btl-6403.html http://www.buyassociation.co.uk/homes/news/news/diy-comes-to-btl-6403.html
According to the survey, around 54 per cent of people aiming to get a buy-to-let property said they would manage it themselves, rather than pay an agent to do it. 88 per cent admitted they would often drive past their property to check how well the tenants were keeping it.

More than a third of landlords also indicated that they would fix problems and carry out maintenance themselves, rather than pay a professional to do it. In the credit conscious times we live in, these apparent cost-cutting measure come as no real surprise.

The property investment market has increased exponentially over the last decade. Booming house price inflation and dampening stock market returns have encouraged people to put their cash into property, which is still seen as a more solid and safe investment.

At the end of last year there were nearly one million buy-...]]> http://www.buyassociation.co.uk/homes/news/news/uk-crash-worse-than-in-us-6318.html http://www.buyassociation.co.uk/homes/news/news/uk-crash-worse-than-in-us-6318.html
The study by Capital Economics, an influential financial forecaster, has suggested that an economic crash could be worse than in the US as there are significant parallel in the spending and credit habits of the two countries, and in many ways UK consumers are worse off than their American counterparts.

The company studied the effects of the US financial slowdown, triggered by falling house prices in the main, and has warned of ‘disturbing’ parallels. With the evidence of UK house prices beginning to slip downwards, the company warns of a bleak 2008.

Many of the problems stem from the amount that has been borrowed by UK consumers – here our debts are equivalent to 175 per cent of our disposable income, while in the States this level is at 128 per cent of disposable income. In addition, there is a st...]]> http://www.buyassociation.co.uk/homes/news/news/top-ten-property-investment-tips-6305.html http://www.buyassociation.co.uk/homes/news/news/top-ten-property-investment-tips-6305.html
The Do’s

1. Research, research, research – know the area you are buying into, regeneration plans and new tube stations are great indicators of up and coming areas and capital appreciation. Apply the 10 minute rule for access to transport links, bars & restaurants and local amenities.

2. Location – consider who your ideal tenants will be. To attract quality tenants you need quality locations.

3. Buy well – consider both price & content. Research prices in the area and look for comparables. Can white goods, flooring or furnishing be included in the purchase?

4. Make sure the numbers work – most wealth is created through capital appreciation, so buy a property that suppor...]]> http://www.buyassociation.co.uk/homes/news/news/greedy-agents-banished-from-new-site-6256.html http://www.buyassociation.co.uk/homes/news/news/greedy-agents-banished-from-new-site-6256.html
No Estate Agents Please has been created to cater for those who have had bad experiences with agents in the past, people who are unhappy paying the high fees that some agents charge for sub-standard work, or people who feel they can do a better job of selling their own home than any agent could ever do.

The site charges just £25 to property owners, instead of the thousands that agents can charge just for uploading property details to a website and then handling a few telephone calls. Founder Stuart Bayford came up with the idea for the business when selling his two-bedroom property and a local agent wanted to charge them over £3,500. He decided that for the service the agent would provide that he could do ...]]> http://www.buyassociation.co.uk/homes/news/news/morale-in-uk-market-falls-6195.html http://www.buyassociation.co.uk/homes/news/news/morale-in-uk-market-falls-6195.html
The figures will make grim reading for Prime Minister Gordon Brown who has boasted Britain's economy is in a good position to withstand the global credit crunch.

"It's somewhat disconcerting that sentiment hasn't improved after the rate cuts," said Philip Shaw, chief economist at Investec. "It suggests we could be in for an entrenched period of weak household consumption."

The Bank of England has cut rates twice in the space of three months, bringing them down to 5.25 percent. Research firm GfK NOP's consumer confidence barometer slid to -17 in February from -13 last month, the lowest reading since December 1994. Analysts polled by Reuters had expected a more modest decline to -14.

Britons are not alone in feeling the squeeze from tighter credit and rising household bills. French...]]> http://www.buyassociation.co.uk/homes/news/news/bank-of-mum-and-dad-battered-6036.html http://www.buyassociation.co.uk/homes/news/news/bank-of-mum-and-dad-battered-6036.html
The latest figures from Scottish Widows have revealed that around 55 per cent of parents help their children financially, either to pay off debts or to help them buy their first property. The average parental contribution is more than £12,500, and the ‘savings sap’ as it is being called, accounts for some £67 billion across the country. The proportion of parents who are contributing to the lives of their adult children is up some 39 per cent on last