News

SALES NEWS: It’s a sellers’ market thanks to a shortage of supply

15/02/17

One of the most authoritative monitors of the housing market says the ball is firmly in the court of sellers in the coming months thanks to a shortage of homes on sale. The Royal Institution of Chartered Surveyors says the stock on the market of most estate agents is nearing a historic low, even taking into account the winter weather – and the East of Exe agency…

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LETTINGS NEWS: Two months to prepare for landlords’ tax relief changes

31/01/17

It’s now just two months before some landlords with buy to let properties will encounter the first phase of changes to how their mortgage interest tax relief is applied. Currently tax is due on profits at your highest rate of income tax. But from April this year, and each April until 2020, this system will be changing gradually. The government’s goal is that by 2020 all landlords…

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SALES NEWS: Mortgage market improves as lenders cut rates to woo more buyers

31/01/17

The amount of money lent as mortgages last year across the whole of the UK hit £246 billion – that’s 12 per cent higher than in 2015, and the largest total for the past 10 years. In another sign that the housing market remains strong despite economic and political uncertainties, a spokesman for the Council of Mortgage Lenders says: “Approvals for house purchase have recovered strongly. The…

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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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