November 2015 – Page 4 – homesinhants.co.uk

Autumn awakens the property market

November 19, 2015 Property News 0

The advancing autumn is bringing a repeat of last year’s market trend with buyers seizing residential opportunities.

Kevin Prince, partner in charge of residential sales for Carter Jonas in Winchester, said: “Last year I went on holiday in late October and early November anticipating a quiet period but had to come back early because I was getting so many calls. This year I decided to keep working and the decision is paying off. We are now taking offers and exchanging contracts on several properties a week.

“Looking forward, I think that 2016 will get off to the same busy start as this year. To date, the market has been buoyed by parents wanting to demonstrate that they live in areas served by schools that they consider to be the better-performing. As the cut-off date for school applications looms, parents want to at least exchange contracts by the end of January, even if they don’t complete the sale until afterwards.

“This month’s news that the Bank of England is unlikely to implement a Base Rate rise before early 2017 has also spurred people into action. Buyers have greater confidence that they can arrange a mortgage and cover the expenses of a house move before having to deal with an increase in their mortgage payments.

“The housing market has always been cyclical but, like the seasons, we are seeing a difference in the dates when those cycles kick in. The summer market slumber returned and lasted longer both this year and last while the late year activity and the more vigorous early months of the new year also seem to be carrying through.

“The start of this year saw a definite trend for sales to pick up and houses that were a little late for the 2015 market surge are now finding buyers. Autumn is traditionally a quieter time but there’s no sign of hibernation in the Winchester property market!

“Anyone tempted to sell would be well advised to prepare now for a New Year launch.”

For more information on a property appraisal, contact Carter Jonas on 01962 842742 or email winchester@carterjonas.co.uk…

A shining beacon

November 19, 2015 Property News 0

Lantern Cottage is a delightful, detached country house, which has been constructed to a high standard and designed by the current owner. Built of beautiful brick and flint elevations under a thatched roof, the property offers spacious accommodation of more than three thousand square feet with all the charm and character of a period property but with the easy maintenance of a modern house. Lantern Cottage has also been quoted as a fine example of an eco self-build property.

An impressive entrance hall with travertine flooring creates a welcome scene and an oak staircase rises through the house from here and oak panelled doors lead to the various reception rooms. The spacious and light accommodation is centred around the kitchen/breakfast room, which is extremely well fitted with bespoke oak units, complete with a central island, granite work surfaces and integrated appliances with an Aga set within a brick recess. There is also a large utility room and separate boiler room, both with access to the garden; a ground floor shower room and additional guest cloakroom.

The superb dining room could easily be divided to create two rooms and has French oak flooring and connects with the kitchen. The oak flooring reappears in the triple aspect drawing room across the hall which also has a feature fireplace with a cast iron wood burning stove and French doors to a south easterly terrace.

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A wonderful first floor landing branches off to a principal bedroom suite with a well fitted bathroom, a guest bedroom with built-in wardrobes, again with its own bathroom, two further double bedrooms, with wardrobes, family bathroom and a fifth bedroom or study.

Sitting in delightful gardens of about half an acre, which surround the house on various levels, intertwining paths and steps, lavender beds and interesting raised planting set the scene with swathes of lawn, a choice of seating areas and a backdrop of mature trees. There are two double garages, one at the front and one with access from the rear, which provide great parking and plenty of storage.

Upper Chute is the idyllic setting for Lantern Cottage and is a delightful hamlet in the midst of rolling countryside and comprising a church, village hall and public house.

A guide price of £950,000 is quoted by Savills. Contact the team in Winchester for further details on 01962 841842.…

Move in for Christmas at Mayflower Mews in Southampton – and make this a festive season full of comfort and joy!

November 16, 2015 Property News 0

If a new home’s at the top of your Christmas wish list, contact Lovell Homes and you could be celebrating in a brand-new property at the company’s super-popular Mayflower Mews development in Sholing, Southampton.

Following exceptional demand, Lovell now has only two beautiful, contemporary homes for sale at this sought-after development which is only a short drive from the city centre – and all are available for you to move in ready to enjoy December’s festivities.

Lovell field sales manager Melanie Richards says: “Christmas is fast approaching but there’s still time to snap up one of these fantastic properties if you act now. Just call our friendly team on 0808 274 8246 and find out how we can help you get settled into your new home, ready to make 2015 a Christmas to remember!”

Tailor-made for festive entertaining

A superb selection of homes at Mayflower Mews include two impressive three-bedroom homes – the Ely house style – which deliver the perfect setting for celebrating the season with family and friends. Both are priced at £259,950 (£207,960 after a Help to Buy Equity Loan*), including carpets.

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Tailor-made for entertaining, whether you’re planning a quiet get-together or a larger gathering, the Ely’s ground-floor layout features the attractive open-plan kitchen and dining room, with French door leading on to the garden. The kitchen itself is fitted with high-quality Bosch appliances including gas hob, built-in oven and cooker hood. When you’re ready to kick back, move to the first-floor living room to chill out and chat. The first-floor double bedroom provides a spacious and private haven for overnight guests with the family bathroom handily located on the same floor. On the second floor, is the master bedroom with fitted wardrobe, the third bedroom (perfect if you have a young child and want them sleeping next-door to you) and a convenient modern shower room, preventing any bathroom battles at busy times. In addition, the Ely benefits from an integral garage, with electric up and over door.

Located in an established, residential neighbourhood, Mayflower Mews is just three miles from the M27 and just under four miles from Southampton central train station. As well as excellent transport links, the neighbourhood offers plenty of green space, including Mayfield Park and the Miller’s Pond nature reserve while Southampton city centre with its busy nightlife, restaurants and first-class shopping facilities is within easy reach – just take the A3025 across the River Itchen.

To find out more, call the Lovell team on 0808 274 8246 to arrange a viewing. Alternatively, visit lovellnewhomes.co.uk – don’t miss out on owning one of these final homes this Christmas.…

UK govt to crackdown further on rogue landlords

November 13, 2015 Property News 0

A new £5 million fund for councils is being made available by the UK government to stop rogue landlords who let out substandard homes and make tenants’ lives a misery, it has been announced.

The worst affected councils which have a large proportion of private rented stock in their areas and significant problems will be able to bid for a share of the fund to tackle irresponsible landlords who provide unsafe living conditions, exploit innocent tenants and blight communities.

The fund will also target ‘beds in sheds’ which are often rented to vulnerable migrants by ruthless landlords who charge them extortionate rents to live in cramped conditions.

Councils can use the money to increase inspections of property, carry out more raids, initiate more enforcement action and prosecutions, and demolish sheds and buildings that are prohibited.

‘We’re determined to keep the country building and increase the supply of good quality homes that families want, both to buy and for rent. Key to this is rooting out the minority of landlords in the private rented sector that let out poorly maintained and unsafe properties to vulnerable tenants, making their lives a misery,’ said Communities Secretary Greg Clark.

‘Council led efforts mean more than 3,000 landlords have faced enforcement action and even prosecution in the last two years. This £5 million funding, combined with the extra powers we’re bringing forward, will help them go even further,’ he added.

Housing Minister Brandon Lewis pointed out that while the majority of tenants are happy with their home, the private rental sector is still afflicted by too many rogues who rent dangerous, dirty and overcrowded properties without a thought for the welfare of their tenants.

‘That’s why we are inviting the worst affected councils to come forward and apply for extra funding, so they can root out the cowboys and rogue operators. The government is determined to crack down on rogue landlords and this funding, alongside measures in the Housing and Planning Bill, will further strengthen councils’ powers to tackle poor quality privately rented homes in their area,’ he explained.

There are more than 4.4 million households renting privately and since 2013 nearly 40,000 inspections have taken place in properties, with more than 3,000 landlords now facing further enforcement action or prosecution.

‘The measures will not hamper the vast majority of landlords who are diligent and responsible. They avoid strangling the industry in red tape which would deter investment, increase rent and reduce choice for tenants,’ added Lewis.

Additional measures being taken forward in the Housing and Planning Bill include seeking banning orders for the most prolific and serious rogue landlords, issuing penalty notices of up to £5,000 for breaches, a new process for abandoned tenancies, which would allow a landlord to recover the home without the need to go to court and creating a database of rogue landlords and letting agents.

According to Landlord Action, which has been part of Government think tank on buy to let legislation, is backing the move. Founder Paul Shamplina said that in particular landlords who carve up properties to creative multiple sub-standard sized rooms in a bid to maximise their rental income need to be dealt with.

He believes imposing a minimum square footage per room as a legal requirement will help reduce the number of overcrowded, unsafe properties. However, he warns it will not prevent sub-letting scams, which are often the lead cause of rabbit hutch rooms, and will require greater enforcement resources to be effective.

‘There is in fact only a small proportion of landlords who abuse the system in this way. Nevertheless, they are guilty of …

UK housing supply crisis deepens as new stock falls to post economic downturn low

November 13, 2015 Property News 0

The total stock of property for sale in the UK has fallen to a new post economic crisis low with 45% fewer properties for sale than in November 2007, according to the latest index report.

It also shows that average annual asking price growth in England and Wales increased further to 7.3%, driven by lack of supply with the shortage affecting all regions but particularly London, the South East and the East of England.

Consequently, prices in these regions continue to rise at an alarming rate, well ahead of the national average. Over the last 12 months, asking prices in London, the East and South East of England have risen by 12.5%, 9.8% and 9.4% respectively. Meanwhile, the number of properties coming on to the market in the same regions is down by 15%, 13% and 10% respectively.

However it is not a uniform picture, according to the asking price index from Home.co.uk. Prices have slid in the North East and Yorkshire during the last month. Asking prices were down 0.1% month on month in Yorkshire and Humberside and down 0.5% in the North East where prices are also stagnant compared to a year ago.

Indeed, as a whole prices in the northern regions and Wales continue to stagnate. Annualised price changes for the North East, North West and Yorkshire of just 0.0%, 1.2% and 1.9% respectively indicate that demand levels remain depressed relative to the South.

Welsh property has fared a little better with home prices rising by 2.7% over the last year, but still a long way behind the mix-adjusted average price rise for England and Wales of 7.3%.

Overall, the current mix-adjusted average asking price for England and Wales is now 25.8% higher than it was in November 2010. Further upward pressure on this headline figure will come from London, the East and South East of England over the next year.

North of the border, Scottish home prices are rising more quickly, up 4.7% over the last year and 6.4% since November 2010. Sellers there are obviously patient, as the typical time on market is 114 days, 16 days longer than the figure for England and Wales.

The Aberdeen property market has been adversely affected by plunging oil and gas prices, and properties on the market there have been piling up. Meanwhile, the Edinburgh market is experiencing a boom, with prices driven up 13% over the last year and supply falling away. Further south, the northern English regions show relatively poor home price growth.

Of those, the North East property market has suffered the most over the last five years. Prices are falling in many towns in the region, such as Billingham, mainly due to the downturn in the petrochemical industries. Crime and joblessness continue to adversely affect many of the larger urban areas. However, pockets of significant growth do exist, such as prosperous market towns like Yarm.

The South East continues to show massive price growth and the report says that this overheating region has been the fastest moving property market in the UK since February, when it displaced London from pole position. The typical time on market for unsold property there is just 63 days. Correspondingly, prices have risen 9.4% over the last 12 months and 33% over the last five years.

There are ever fewer properties for sale is because there are fewer owners who wish to sell, according to Doug Shephard, the firm’s director.

‘The last large dip in the number of properties for sale was in 2010, when 30 months of perpetual monthly price falls had eroded confidence in the market. Thanks …

Sales of affordable homes in London fall substantially, new data shows

November 13, 2015 Property News 0

Sales of affordable homes in London more than halved in the first eight months of 2015 compared to the same period last year, according to a new analysis.

The lowest value segment of the market, homes under £250,000, saw a 51% decline in sales, the steepest of any price point across London, the report from Cushman & Wakefield also shows.

The data shows that just 10,449 homes in this band were sold in the first eight months of this year compared to 21,337 in the same period in 2014 as the supply of homes coming to market below £250,000 dries up.

Total sales of London residential properties fell from 79,226 to 58,322 with volumes in the first eight months declining across the board. A range of factors have contributed to the decline including mortgage availability, the General Election and changes to Stamp Duty which have made buying property over £1 million more expensive.

However, the contrast in the rates of decline between price bands is stark. Sales of homes over £250,000 declined by an average of 17%, far less than the 51% drop off below the quarter of a million mark.

‘While Stamp Duty’s impact on sales is undeniable, the rate of decline for homes below £250,000 is far more severe than above the much talked about million pound threshold. Even sales of London’s most expensive homes, above £10 million, where Stamp Duty costs are highest haven’t dropped off to the same extent,’ said Candice Matthews, a director in Cushman & Wakefield’s London residential team.

‘The biggest problem at the value end of the market in London is lack of supply and our analysis is a clear indictment of London’s increasing unaffordability. Rising prices have steadily eroded the number of homes coming to market for less than £250,000. Londoners with this budget are instead being locked into renting where they often face much higher monthly outgoings as a result,’ she added.

Since December 2014, stamp duty has been applied like income tax: 0% up to £125,000 of the purchase price, at 2% between £125,000 and £250,000, at 5% over £250,000 to £925,000, at 10% over £925,000 to £1.5 million and at 12% for everything above.

David Ramsdale, research analyst at Cushman & Wakefield, believes that the Government is likely to look at revising the tax over the next 12 months, particularly once the Stamp Duty revenue figures for the financial year are released next summer.

‘We believe the greatest focus needs to be on homes below £250,000. One thing that would help affordability in London would be to adjust the Starter Homes Initiative. This helps first time buyers under 40 years old get on the property ladder by making homes available at 80% of the market value up to a limit of £450,000 in the capital,’ he explained.

‘The transaction figures suggest this should be lowered to the national figure of £250,000 in order to have a significant impact,’ he added.

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