Derbyshire is very fortunate to benefit from an enviable selection of period property, Derby particularly boasts some of the best examples of Georgian period property outside of Bath and London. There are some very good examples in the various market and small towns of Ashbourne, Matlock, Bakewell and Melbourne. When restoring a period property it is all about the details, these are the things that the untrained eye will miss but can make or break the overall quality of a period property renovation. There is little point getting the sash windows mouldings and glazing proportions to match perfectly and then fitting the wrongs style or period of window furniture or hardware. Even with the brick work it’s not just the correct type of brick and mortar it’s the bond and pointing. There is no point in laying a perfect row of the correct bricks in stretchers with 15mm weather strike pointing. When it should be brushed 5mm English bond, so ask yourself a question before you hand over your period property or renovation project to a building contractor are they really period property experts? You will only have one chance to get your renovation project right and leave a wonderful legacy for future generations to enjoy. So take the time to make sure you have the right renovation specialists managing your period property renovations.
Commercial landlord’s dismay at governments “U” turn on pre-packs
February 2, 2012
Many commercial landlords feel that pre-packs are often used as nothing more than an accounting procedure to avoid paying thousands of pounds on lease agreements. The original plan was to give creditors three days to review information from the insolvency practitioners prior to the pre-pack going ahead. Many in the commercial property world had expressed concerns that three days was insufficient and a longer period was required. This proposal for a notification to creditors prior to the pre-pack has now been completely abandoned. It is the “Phoenix pre-packs”, that are seen by many in the property industry to be the sharpest practice, when a company is cut up and the most profitable sections purchased out of administration by a pre-connected party.
House sales halved from 2007
January 30, 2012
Things are improving slightly up from the record lows of 2009 when only 848,000 properties changed hands. The three most restraining factors on transaction volumes and house prices are the usual suspects a lack of suitable mortgage finance, unemployment and consumer confidence. Both new build and normal sales are subdued because there are limited new houses and a lack of confidence that existing home owners will achieve the sale figures they want. The council of mortgage lenders is predicting further falls in lending this year which ultimately will lead to further falls in transaction volumes.
Commercial property set to recover in second half of 2012
January 27, 2012
Commercial property forecasters are predicting a revival in the commercial property sector later this year. They cite the Eurozone crisis as a delay to many companies expansion plans particularly in the London commercial property market. Many boards and directors are positive about signing new leases but are holding off. These decisions cannot be delayed indefinitely and analysts believe that many have held off expansion plans for as long as possible. Companies that are performing well are looking to be well placed for the recovery and will want properties in place to support their business plans. Some London post codes are seeing annual returns for commercial property of over eleven percent.
Commercial property transaction volumes drop by over 6% from 2010 to 2011
January 25, 2012
The values of commercial property transactions have dropped from just short of 36 billion to just less than 33 and a half billion. In 2011 there were just over 1700 sold mainly by banks or the customers of banks under pressure to stay within their facility agreements. University research estimates that a quarter of all commercial property has 100% outstanding property loans. They estimate that a further 35% are at 70% or more, this mean that 60% of all commercial property will not be re-financeable at the end of their facility terms. This has the knock on effect that banks cannot clear property backed loans off their balance sheets. So they have little or no appetite for speculative property development and new commercial property loans.
HSBC pledges 15 billion to UK mortgages market
January 19, 2012
Last year the HSBC lent approximately 6.7billion to home owners so this represents a large increase, which could tempt other lenders to compete. The new money to the mortgage market is thought to be enough to help a further 150,000 home buyers. The new funding promise will defy economists who have remained pessimistic about the future of the UK property funding market. It is thought that at least 3billion of this property funding will be reserved for first time buyers. This come at a time when many mortgage brokers are expecting a sizable increase in interest from first time buyers.
Underpinning specialists Derbyshire
January 13, 2012
Underpinning is a word that strikes fear into many home and property owners so why? Because in many cases it can be a slow and expensive process, this is because it requires repair, replacement and upgrading of the original footings. Some structural issues relating to foundation defects can now be resolved through the use of piles or mini piles. So how do you know if your property requires underpinning? Often the signs are bulges and leaning to the brickwork or cracks particularly around window and door openings. One very important consideration is like your own health certain issues and symptoms require more immediate attention. So if you have any concerns about the need for underpinning you should contact a reputable structural engineer or building contractor that specialises in structural issues.
Tenants get poorer as home owners pay less to live
January 2, 2012
Tenants are paying more in rent than their home owning counterparts are paying in mortgage payments. This come as little shock too many as interest rates stay at these historic lows and rent inflation soar skyward. At the beginning of 2011 it was cheaper to buy a home than rent in 80% of the biggest towns and cities. During 2011 the figure jumped to 94% this is a depressing statistic for those stuck in rented accommodation by the mortgage drought. With banks and big lending institutions happily rebuilding their capital reserves and balance sheets things look unlikely to change direction soon.
Vendors get jumpy before Christmas?
December 17, 2011
In November asking prices for houses coming to market have reduced by over 3% this takes the average asking price of property down by a over seven thousand pounds. This fall in asking prices in real terms has been the largest that Rightmove has seen since 2007 and the start of the economic down turn. Many blame the situation with the Euro as a key reason that sentiment and there for house prices are taking a turn for the worst. All this tailored with a 13% reduction in new vendors really highlights the population’s new aversion to large financial decisions and commitments.
Property market welcomes £4 billion pledged by government to kick start developments
November 29, 2011
The property market has been desperate for new build housing stock and assistance for first time buyers. The governments announcement that it will back the proposed new-build mortgage indemnity scheme coupled with the 4 billion it plans to invest to kick start stalled developments means Christmas has come early for the property sector? Well it is good news but is it what they really want? Developers, house builders, main contractors and surveyors are all keen to see a sensible return to 95% loan to value mortgages. Once home buyers can easily secure their dream homes with a 5% deposit the housing market will open up. This will really assist the UK’s economic recovery as it will increase employment in the property and construction sectors.
