Rightmove has put the fall in UK house prices at 0.8% and even more alarming is the dramatically low levels of transaction volumes. These are currently running at their lowest level since rightmove records began. The interest in property buying is defiantly there as rightmove reports a 27% increase in searches in the same period last year. This gives a search level above 44million, since records began in rightmove these are the highest ever seen. With London prices jumping 6 percent in the previous 12months the gap is getting bigger.
How to choose a builder for my home extension?
October 23, 2011
Many home owners are bombarded with sales letters when their planning application is passed. This is because building companies check on line and send out a standard letter asking to be considered to price up the home extension. The best way to find a reputable builder is through word of mouth from someone who has experienced their work. So what do you do if you cannot find a good builder for your house extension through word of mouth? Well it is easy to find a builder and easy to get them to price up the work. The most important thing on your wish list should be quality you are about to embark on a once in a life time project to your most valuable asset, your home. After you have paid the final bill the most important consideration is that you will have to live with the finish and quality forever. So ask your builder to provide you with photographs of home extension projects they completed. Ask for references from previous customers and industry professional. Good home extension builders will have good working relationships with structural engineers, surveyors and architects. These professionals are careful of who they recommend and will give you their honest opinion of a contractors performance.
Adverse structural survey scuppering your property sale or purchase?
October 22, 2011
Have you found your dream home only to find out it has some structural issues? Frightened by structural problems? Worried about underpinning? There are many issues that can affect properties but those affecting the structural integrity of a house or business premises are the ones that concern buyers and sellers the most. So what is the best course of action if the survey comes back with structural issues? There are two positive steps that can be taken dependant on the issues concerned. If it is a simple defect like a defective lintel most competent building contractors should be capable of pricing up a sensible structural solution. If the problems are more serious you need a good structural engineer who will be able to provide recommendations and the best value solutions. For just a couple of hundred pounds you could save thousands by avoiding unnecessary work or missing out on your dream property. Many people are very concerned about structural issues that can often be resolved for less than a year’s mortgage payments. Interestingly many people go ahead with property purchases only to find out later that structural problems exist that have been concealed. How often have we heard “we did not know anything about it until we took the render or plaster off”. Whatever the structural issue it is without a doubt sensible to get an expert opinion. Often there can be temporary fixes that might not last but can save thousands in the long term.
North South house prices at most disproportionate levels in history
October 18, 2011
Rightmove latest house price index shows price rising in the south by 4.7 percent this month as they fall by 0.7 percent in the North. Since the worst period of the economic challenges prices in the south have still risen by over 5 percent while prices in the North are down just short of 10 percent. Not surprisingly the figures mirror the regional unemployment figures with lower prices in those areas blighted by higher unemployment. Sentiment always drives house prices and when buyers are concerned they could lose out on their perfect home because competition from fellow house hunters is high they pay more. Those who chose to buy in areas with less buyer competition are more likely to try a cheeky offer and drive prices down further. Good news for all is that new UK mortgage approvals have hit the highest levels for two years.
Cracked or sunken concrete floors and driveways
October 8, 2011
Cracked concrete floors and drives can be repaired using various methods including resins and stitching bars. The repairs can vary in costs and complexity but they can often be the symptoms of other issues like cracked and damaged drains or poor subfloor infill material. So how can you tell if you have a more serious issue? There are several checks than can be done usually the excavation of trial holes or the drilling of bore hole concrete samples. These give indications of the areas that have been drilled or excavated but they cannot guarantee that the entire area of a floor or concrete is in a stable condition. There are various repair methods including slab jacking using polymers to force up the damaged floor and stabilise the sub floor. The only way to be completing sure you have resolved the issue is to remove the concrete excavate and reinstate the floor or concrete. The other consideration is the cause of the original issue very often damaged or leaking drains or poor original construction technique are the cause. Damaged underground water pipes can also be an issue, even water wells, Washery tanks, old dumps or tips can be are another cause. So what is the best thing to do if you face one of these issues? Find a good structural engineer or a building contractor who can put you in touch with a structural engineer.
15 months of falls for average UK house price
Home track have released figures showing that the average UK house price has been sliding since 2010 after rebounding slightly from the first collapse. Property experts have been predicting further falls as a buyers strike take hold. Although many still wish to buy stricter lending criteria and a general lack of available mortgage funding has keep property buyers at home. The figures show average falls of 3.5percent which reflects the changes in supply and demand. New properties coming to market are up by 22percent in contrast new buyers have only increased by 11percent. This points to faster falls in house prices as supply and demand changes. This is also reflected in the proportion of sale price achieved against asking price now running at around 90percent. The time on market is also increasing with the midlands showing an average time on market prior to an offer languishing at 11weeks.
Refurbishing and Maintaining Rental Properties Pays Dividends
October 6, 2011
If you have a slightly rundown rental property, then you might have been putting off its refurbishment and maintenance due to the costs involved. While a well maintained property might allow you to increase your rent slightly, there are other important factors to take into account. Any of the the letting agents in Nottingham will tell you a well maintained property is much easier to let, reducing void periods and increasing the likelihood of getting a good tenant who is more motivated to care for the property. Such tenants are likely to be happier and will stay for longer, which again decreases those empty periods. Another advantage of having longer term tenants is that they are a known quantity, and will already have established their trustworthiness. Void periods are something which a lot of landlords tend to overlook, but losing just one or two months’ rent a year could considerably reduce rental returns. If you have to keep re-advertising your property every six months or so, then it’s almost certain that you will have at least a month or two without rent coming in. Properties which haven’t received any regular maintenance reach a certain point where it becomes much more expensive to return the property to a reasonable standard, than spending a little over time to keep the standard high. Once you have refurbished your property you really need to make sure the tenants maintain your investment properly. The easiest way to do this is to conduct a thorough property inventory and to carry out quarterly inspections using photographs to track any wear and tear. Most good tenants will welcome this kind of inspection, and will be reassured their landlord takes an interest in maintaining their home; you are likely to build a better relationship with them which again increases the likelihood they will stay for longer. Finally, by maintaining your property you are protecting your investment and in the meantime a well maintained property should give you more peaceful and stress free life with improved rental returns.
Return of the enterprise zones set to concentrate property investment
August 16, 2011
The enterprise zones are designated geographical areas that are designed to stimulate economic growth. This is encouraged by a number of government back stimulus in the form of zero business rates for up to five years and simplified planning rules. These measured are often designed to make border line speculative property development deals tip the scales and go live. Banks look at lending on these property development sites more favourably as they have a more saleable asset to leverage.
Property investor’s appetite for commercial property ripples into the north
June 7, 2011
Commercial property investors are following the usual pattern of the ripple effect, as prime London commercial property yields are affected by increases in capital values. They are looking for the next hot spots and as the investors move their attention and funds to other areas, sectors and properties, so do property speculators. Data has shown an incredible increase in completed deals in Manchester office space with deals completed hitting two hundred percent. There are big similarities between the current commercial property market in Manchester and that of the London market as the recovery began. So where next for increases in lease uptake and capital values? Many believe there is good value in places like Birmingham, Nottingham, and Stoke on Trent, time will tell.
West Midlands Receive Construction Industry Boost
November 29, 2010
Construction firm Amey is set to provide a boost to the West Midlands region with the announcement of its new national Apprenticeship Academy. The company will create 100 new jobs in construction, predominantly in the rail industry, with its scheme of Civil Engineering partnerships.
Mel Ewell the Amey chief executive, effused about the new project which will provide opportunities for those looking for a career in construction: “The programme is designed specifically to help young people negotiate an extremely tough jobs market and learn practical skills that will give them real, long-term career prospects.”
Training will take place at The Network Rail centre in Walsall which features a ?mock rail environment?. Here experienced rail professionals will provide training and skills to apprentices seeking to work in engineering, a good alternative to those who wish to learn their trade in a vocational capacity. The firm is also looking beyond simply training apprentices though, with opportunities available to study National Vocational Qualifications (NVQs), undertake work placements, and complete the Gold Duke of Edinburgh’s Award.
Successful applicants on the scheme will be part of exciting projects such as CEFA – a national infrastructure project to examine every single bridge, signal box and tunnel owned and operated by Network Rail.
