News

LETTINGS NEWS: Local rents rose in 2016…but may rise still more in 2017

19/01/17

Rents in the south west region have risen 2.1 per cent in the past year – but may rise 4.0 per cent in 2017 according to the country’s largest property portal, Rightmove. The portal tracks rental movements in over 300,000 properties across the country, including over 20,000 in the south west. It says a surge in buy to let properties being let during 2016 – after landlords…

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SALES NEWS: Many first time buyers choose 30 or 35 year mortgages

19/01/17

The traditional 25 year mortgage could be on the way out, according to a major mortgage lender, as growing numbers of first time buyers now choose deals lasting 30 or 35 years. The Halifax says that in 2016, some 28 per cent of all first time buyers with a mortgage opted for a 30 or 35 year term – the highest proportion ever. A decade ago, only…

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LETTINGS NEWS: It’s true – letting agents save landlords almost £2,000 a year

13/01/17

A new independent survey has revealed that using a letting agent saves a landlord an average of £1,910 a year, contrary to some perceptions that agents actually cost money.  Insurance company Endsleigh questioned 500 landlords – roughly half managed their own rental property directly, and the other half paid a professional letting agent.  By calculating the rental income for equivalent properties, and the fees paid to agents,…

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SALES NEWS: Local housing market benefit from new infrastructure improvements

13/01/17

There’s plenty to look forward to in 2017 in terms of improvements for Exeter, East Devon and the broader south west – and all likely to strengthen the local housing market.  Firstly, a decision is expected in the new year from the government on which route is preferred for improvements to the A30 and A303 roads through the Blackdown Hills, aimed at making this a faster and…

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LETTINGS NEWS: Tougher penalties if landlords miss immigration checks

05/12/16

There are new tougher penalties for landlords who fail to make the correct checks under Right To Rent – the name for the immigration procedures conducted on new tenants. Failing to make the checks, or allowing tenants to rent a property when they are not qualified to do so, now becomes a criminal offence. Landlords falling foul of the regulations face a fine of up to £3,000…

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SALES NEWS: 2017 may be the perfect year for a move – with expert help

05/12/16

Experts ranging from economic forecasters to business consultancies and estate agents say the housing market in 2017 is unlikely to see major price movements. A string of forecasts from organisations like Price Waterhouse Coopers and the Centre for Economics and Business Research suggest house prices will remain roughly static during the year, varying only one or two per cent up or down, including in the south west…

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LETTINGS NEWS: Details of letting agents’ fees ban still to be worked out

02/12/16

The government’s statement that letting agents’ fees on tenants will be banned has received huge publicity – but in fact the exact details are still to be decided. Firstly there will be a consultation process by the government, starting in the New Year and likely to last around two months; secondly, depending on how government responds to the consultation results, there may then be a new law…

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SALES NEWS: Consumer confidence in housing market still high

02/12/16

The economy, Brexit and even the election of US President-elect Donald Trump have all failed to dent public confidence in this country’s housing market according to a new survey. Over 1,500 households were questioned in the survey by polling company Ipsos-MORI for the financial information company Markit. A large majority in every region of the UK said they were confident that house prices would rise in the…

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LETTINGS NEWS: Confirmed – stiffer mortgage lending for landlords next year

18/11/16

The government has given the Bank of England more powers to control mortgage lending in the buy to let sector – and that means tougher tests for landlords wanting to borrow. The controls have been in the pipeline for some time but the Bank has now made it clear that from early in 2017 it will impose maximum ‘loan to value’ limits. This means it will tell…

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SALES NEWS: South west house prices up 7.5 per cent in a year

18/11/16

The latest official government house price index has revealed that average values in the UK increased 7.7 per cent in the past year. According to the report, from the Office for National Statistics, the average UK home now costs £218,000 – that’s £16,000 more than a year ago. The market in the south west region closely mirrors the national picture. Prices here have risen 7.5 per cent over…

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