Property prices were increasing for four months with 1.5% rise in last month that moderated the annual property rate to -14.4%
According to Knight Frank Prime Central London Index, property prices in Central London have increased by 1.5% last month - which was resulted as a 5% jump since April. While London property prices increased for its fourth month, the annual property rate had dropped back to -14.4%.
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Report demonstrated a slight recovery in the buy-to-let market as indicated by the increase in average rent prices. However, an increase in unpaid rent is illustrated in the same report.
New statistics announced by a Property Service Association revealed an increase in average rent in June for the first time in three months. The average rent rose to £659 - up by 0.1% compared to the previous month. This figure is still down by 3.4% since the peak rental prices in August 2008, while the rental yields have reached the highest point of 5.1% in five years in June. Rent price increased at its fastest rent particularly in London with a rise of 1.7% in June - which has reached an average rent of £900 a month. Read more…
Social Networking is the fastest growing segment within the internet world in recent years. Individuals are using them to communicate with each other and to share common interests and values.
There are increasing number of debates and topics around the issue of the new-arising marketing strategy - Social Networking. Nowadays, consumers are empowered by Internet, which provides another platform for them to participate and be involved in every aspects of each other’s daily lives. Due to the power of Internet, consumers are not only the recipients of different marketing strategies and messages, but they also play an important part to review and influence companies’ business plans and decisions through suggesting and expressing their views. Read more…
Latest updates on average property asking prices showed a alight increase of 0.6% in July; while the gross mortgage lending rose by 17% to £12.3 billion in June, revealed by the Council of Mortgage Lenders (CML).
Report showed a slight increase in the average property asking prices across the county by 0.6% in July - standing at £227,864 from £226,436 in June; where the asking prices in 7 out of 10 regions recorded an increase, with East Anglia on the lead by 6.1%. The rise of property asking prices in July is as a result of the fifth rise in six months. Other than that, the gross mortgage lending in the county has risen by 17% to £12.3 billion, which hits the 6-month high of mortgage lending since December 2008. Read more…
Landlords can now track the details of tenants - who had records of falling into rent arrears - by browsing on a particular services provided by a website, Surerent.
Internet website, Surerent, launched special services for landlords by establishing a directory list that can identify rent dodgers. Landlords can browse through the list of reported tenants, which can provide them with the precise amount of rent the tenants owe and the town they are now residing. Furthermore, contact details of the previous landlords who dealt with the tenants are also available. Read more…
London-based estate agent, Foxtons, defeated under its unfair terms imposed on landlords - announced by the High Court on 10th July 2009. Landlords can now reclaim the overpaid charges for the past 14 years.
The Office of Fair Trading (OFT) had finally won over suing Foxtons’ unfair terms imposed on landlords, announced with High Court ruling on 10th July 2009. The small print on Foxtons’ agreement for rental properties was described as a “trap” and “timebombs”, which it required landlords to pay commissions even when the initial lease agreement expired. National Landlords Association (NLA) also hailed the ruling against Foxtons as it has been campaigning on this issue for months. Read more…
Estate Agents’ Associations revealed the figures of sales in June - signalling a steady and strong position of the housing market.
National Association of Estate Agents (NAEA) stated that sales within the housing market remain strong in June, whilst the housing supply within the property market has demonstrated a slight decrease from an average of 69 properties available in each estate agent in May to 65 properties available in June.
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Figures showed that the average rent prices for a room in London has dropped fastest this year - especially in the City with a decrease of 19%.
Average rent for a room in London have dropped 1.7% in the second quarter this year with 2.6% decrease annually - that resulted in a drop in rent of a room in London from £554 to £544 per month. In particular, the rent prices in the City have dropped tremendously with 19% fall this year. Experts suggested that the main reason for the downfall of rents in London was due to over-supply within the market. Read more…
Seeing that the credit crunch is starting to ease, Nationwide (Britiain’s biggest building society) introduced 125% loan-to-value mortgages for their existing customers who suffer from negative equity and are planning to move.
With 25% drop in house prices, an estimate of 1 million households resulted in negative equity, according to the Council of Mortgage Lender (CML). In order to tackle or reduce the problem of negative equity, Nationwide - the UK’s biggest building society - introduced 125% loan-to-value mortgages to individuals who are suffering from this situation. This offer can only be applied to the existing customers in negative equity who are in need to move. The introduction of providing mortgages more than the house value was last found in 2007 when housing market was at its peak. Read more…
The Land Registry, the governmental body, decided to increase the land registration fees first time since 1993. It is claimed that the increase is due to the downturn of the property market.
Effective from 06/07/2009, the Land Registry had enforced an increase in the new land registration fees since 1993 - claiming that the downturn of the property market and the recession of the economic climate had caused a heavy fall and unsustainable reduction in the fee income of the organisation. The governmental body maintains a record and guarantee the ownership of all the domestic and commercial properties in the UK - in order to cover the operation costs; an increase in fees is inevitable.
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