As more council house estates became excluded from the mainstream, policy makers in the UK feared that the country could follow the American example of developing ghettos on one hand, and gated communities on the other. A policy of social tenure was meant to diversify communities and thus produce a more healthy social mix and dynamic, whilst giving greater opportunities to those living in social housing, the term council housing having been dropped.
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on Friday, 01 October 2010
Publishing it interim policy on imposing financial penalties on estate agents and certain credit lenders, the OFT points out that those who fail to do so will be subject to fines that start at £2,000 and increase by £1,000 for each additional unregistered premise.
Posted in News Real Estate by .
Esther Shaw and Jill Insley; Sunday 26 September 2010
A housing forum aims to do more to empower buyers, but are the upfront costs any guarantee of success?
Homebuyers and sellers could have access to a new contract which reduces the risk of a sale failing as early as next year, according to former head of the Office of Fair Trading, Sir Bryan Carsberg.
Carsberg, who is president of the E-Homebuying Forum, said the organisation is working on a template for a contract that will deter buyers and sellers from welching on the deal before it reaches the point of exchange. “We are looking at providing a lock-out agreement that would, among other things, stop gazumping and gazundering. But it would be voluntary, not a requirement for the buyer and seller to sign up.”
The contract would require … continue
Posted in Landlord Law News Real Estate by .
Sep 10
28
UK mortgage lending down again
on Thursday 23rd September 2010
UK Mortgage … continue
on Thursday, 23 September 2010
It has fallen from 3.6 weeks to 3.2 weeks compared with the previous quarter, the latest figures from the Association of Residential Lettings Agent (ARLA) show.
The average number of new tenancies signed up compared to the preceding survey has also increased in line with seasonal trends. ‘The rental market is incredibly strong at the moment for those working within the industry,’ said Ian Potter, operations manager of ARLA.
Average void periods for rented residential properties are already short with nearly eight out of 10 ARLA member offices reporting averages of four weeks or less per year. The South East has experienced the lowest void period at just 2.9 weeks compared with 3.3 weeks for Central London and 3.4 weeks for the rest of the UK.
Private property rental continue …
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Sep 10
22
Report Warns of a House Price Crash
By Mark Johnston, Saturday, 18th September 2010
The Bank of England has released figures that show a large drop in mortgage lending. The figures reveal that net lending has plummeted from %18 million in June to just £86 million in July. Net lending is the totally UK mortgage market with repayments and redemptions taken out.
The shock figures are one of the lowest figures since the UK central Bank started to record figures back in 1993. Analysts are now warning of a further slump as banks and building societies tighten their lending criteria amidst pressure from Government to sure up their balance sheets and protect themselves from the type of risk that saw many financial institutions failing during and after the recent crisis.
Read full Raport
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By Katerina Nikolas
After 60 days of none payment UK mortgage lenders can apply to obtain a county court judgment, necessary before they can legally repossess a house and evict the home owners. However once a judge has ruled in favour of the lender it is usual that the bailiffs will contact the homeowner with a specific date to leave the property which can be any time from around 28 days of the judgment being issued.
More on home repossession
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By Lee Chyen Yee, HONG KONG | Wed Sep 15, 2010 8:59am EDT
(Reuters) – Without ever setting eyes on the property, Hong Kong resident Irene Chu snapped up a flat 6,000 miles away in London, a city she has visited but has no intention of ever living in.
“I’m not buying the high-end property. I just bought one close to the tube line and that’s a pretty safe investment,” said the 40-something business executive who paid 215,000 pounds ($322,500) for her apartment.
Chu isn’t alone.
Over the past year, Asians have invested a total of 761 million pounds, or more than $1 billion, in newly built apartments in central London, up from around 250 million pounds a year earlier, according to real estate company Knight Frank.
Further details on Asian investments
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By Tim Barwell, Monday 9th September 2010
U.K. homebuilders are profiting from cheap land purchases just as property prices start to fall.
Developers are able to buy land for as little as a third of peak 2007 prices, London-based Savills Plc estimates. Those savings will more than make up for any weakness in the property market in the next three years, according to a shareholder in the industry’s biggest company.
“Some investors feel like they’re buying houses and not operating businesses, which is a mistake,” Gary Channon, chief investment officer of Phoenix Asset Management Partners, said in an interview. “Right now, housebuilders are making hay.” Phoenix owns 5 percent of Barratt Developments Plc.
More details on homebuilders
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In a downbeat assessment of the UK property market, S&P stressed that house prices remained overvalued and many families were vulnerable to George Osborne’s budgetary squeeze.
The Treasury has acknowledged that attempts to reduce Britain’s deficit during this parliament will cost hundreds of thousands of jobs in the public sector, with knock-on effects in the private sector as well.
Further details on house repossessions
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