House prices rebound in June

The latest data and analysis from Nationwide has revealed that UK house prices rose 1.1% month-on-month in June, reversing the previous three months’ falls.

According to the lender, annual house price growth has risen to 3.1% and the gap in house price growth between the strongest and weakest performing regions in Q2 is now the smallest on record.

Robert Gardner, Nationwide's Chief Economist, had this to say: “UK house prices rebounded in June, with prices rising by 1.1% during the month, erasing the decline recorded over the previous three months. However, monthly growth rates can be volatile, even after accounting for seasonal effects.

The annual rate of house price growth, which gives a better sense of the underlying trend, continues to point to modest price gains. Annual house price growth edged up to 3.1% from 2.1% in May. In effect, after two sluggish months, annual price growth has returned to the 3-6% range that had been prevailing since early 2015.

There has been a shift in regional house price trends. Price growth in the South of England has moderated, converging with the rates prevailing in the rest of the country. In Q2 the gap between the strongest performing region (East Anglia, which saw 5% annual growth) and the weakest (the North, with 1% growth) was the smallest on record, based on data going back to 1974. Nevertheless, when viewed in levels, the price gap between regions remains extremely wide.

London saw a particularly marked slowdown, with annual price growth moderating to just 1.2% - the second slowest pace of the 13 UK regions and the weakest pace of growth in the capital since 2012."

How does the uptick in prices accord with other signs of a slowdown?

The emerging squeeze on household incomes appears to be exerting a drag on housing market activity in recent months. The number of mortgages approved for house purchase has slowed a little in recent months and surveyors report that new buyer enquiries have softened.

At this point it is unclear whether the increase in house price growth in June reflects strengthening demand conditions on the back of healthy gains in employment and continued low mortgage rates, or whether the lack of homes on the market is the more important factor. While survey data suggests that new buyer enquiries have softened, it also indicates that this has been matched by a decline in new instructions. Indeed, the number of properties on estate agents’ books remains close to all-time lows.

Given the ongoing uncertainties around the UK’s future trading arrangements, the economic outlook remains unusually uncertain, and housing market trends will depend crucially on developments in the wider economy.

Nevertheless, in our view, household spending is likely to slow in the quarters ahead, along with the wider economy, as rising inflation squeezes household budgets. This, together with ongoing housing affordability pressures in key parts of the country, is likely to exert a drag on housing market activity and house price growth in the quarters ahead.

However, the subdued level of building activity and the shortage of properties on the market are likely to provide support for prices. As a result, we continue to believe that a small increase in house prices of around 2% is likely over the course of 2017 as a whole.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman, commented: "These figures are a little surprising when you consider some of the mixed messages that we have been receiving from the housing market over the past few months. But they do demonstrate that activity is happening where buyers and sellers are prepared to be realistic and take advantage of the low mortgage rates available.

However, looking forward the shortage of supply and lack of housebuilding are certainly two of the factors supporting the market. These will need to improve if we are going to see more sustainable growth in housing transactions.

Last month Nationwide reported that house prices rose at their slowest rate in almost four years so this is a welcome change but does underline the dangers of looking at one month’s figures in isolation as the market can be quite volatile."

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: "The gap in house price growth between the strongest and weakest performing parts of the UK is closing. With prices in London spiralling out of control, and the market now entering a period of correction, buyers are looking outside the capital either for investment properties or to live and commute from. A city such as Birmingham is just over an hour away, for example - with people prepared to commute for that long if it means a more affordable property.

Debate is starting to grow over whether interest rates need to rise but while the monetary policy committee was split at the last meeting, the majority still feel that the recovery is too tentative to justify a rise at this stage. With Brexit negotiations likely to be long and complex, it may be that an interest rate rise will be delayed as long as possible. In the meantime, mortgage rates continue to look extremely competitive, as lenders remain keen to lend."

source http://blog.evolutionproperties.co.uk/2017/06/30/house-prices-rebound-in-june/

Rising rent costs indicate continuing upward trend: ARLA

More than a quarter (27%) of letting agents saw rent costs rise for tenants in May – the highest level since July 2016 when 28% saw rents increase, according to data from ARLA Propertymark.

For the second month running, only 2.8% of tenants successfully negotiated a rent reduction – this figure rose to 3.6% in March from 2.2% in February.

Over the last 12 months, the supply of rental stock has risen by 11%. In May 2016, letting agents managed 171 properties on average per branch whereas in May this year they managed 189.

The number of landlords selling up fell in May – in April agents reported four sales per branch, but this figure dropped to three in May

David Cox, ARLA Propertymark Chief Executive, said: “Private rents rose by 1.8% in the 12 months to May 2017, and the last thing tenants need is for them to get even higher. With the new government confirming a Tenants’ Fee Bill in last week’s Queen’s Speech, we can expect them to rise by up to £103 a year, hitting loyal tenants looking for long-term agreements hardest.

"This is on top of any natural organic rent growth as well. The only thing which could offset this would be to significantly increase rental stock, but until this happens and supply and demand meet in the middle, rents will only become more and more unaffordable.”

source http://blog.evolutionproperties.co.uk/2017/06/30/rising-rent-costs-indicate-continuing-upward-trend-arla/

Sale Of The Week

If you want easy access to local amenities whilst being quietly tucked away at the end of a private drive, this superb FOUR BEDROOM DETACHED FAMILY HOME must be on your viewing list! Call or email us today to book your appointment!

http://www.rightmove.co.uk/property-for-sale/property-67184273.html

source http://blog.evolutionproperties.co.uk/2017/06/27/sale-of-the-week/

Rental Of The Week

Located in the highly sought after BELMORE PARK development is this stunning example of a large 4 bedroom detached family home. The property is available for immediate occupation so call or email us today!

http://www.rightmove.co.uk/property-to-rent/property-67270127.html

source http://blog.evolutionproperties.co.uk/2017/06/27/rental-of-the-week/

High end shed sales on the rise

Sales of sheds, cabins and outbuildings costing £2,000 or more have risen by 217% over the past year, according to new data from online shed and garden storage website, Shedstore.co.uk.

Shedstore believes the toxic combination of stubbornly high property prices, punitive stamp duty costs and the rising cost of living is causing many people to be more cautious about upsizing. As a result, homeowners are looking to alternative ways to create extra space in their existing homes.

High-end and luxury outhouses make an attractive investment for cash-squeezed homeowners, coming in considerably cheaper than the conventional alternatives of loft conversions and ground floor extensions. One 26’ x 16’ £13,000 ultra luxury cabin currently for sale on Shedstore.co.uk has seen a notable uplift in demand, with interest rising 36% since June of last year.

Meanwhile, the two most popular selling sheds costing £2k or more are the Berkshire Virginia Log Cabin and the Berkshire Alsace Log Cabin. Both are large and robust enough to act as temporary accommodation for weekend guests.

Former PM David Cameron recently purchased a premium £25,000 shepherd’s hut to use as a writing studio, which comes as further proof of the growing trend for high-end, in-trend outhouses.

 

Tracey Hartwell, Sales Manager of Shedstore.co.uk, comments: “With stamp duty, house prices and the cost of living so high, more and more people are turning to high-end sheds, cabins and outbuildings as a more affordable way to create extra space in their homes. A shed can be so much more than simply a place to store garden tools. The more luxury products on the market can easily be turned into an office, workshop or occasional room for guests kitted out with electricity, heating and even water.

Robust and weatherproof outbuildings can give all-important additional square footage at a fraction of the cost of traditional options such as extensions, loft conversions and conservatories.

It also helps that you can erect an outbuilding quickly and without generally having to worry about planning permission, which can be a slow and costly process.”

source http://blog.evolutionproperties.co.uk/2017/06/27/high-end-shed-sales-on-the-rise/

1 in 3 second steppers rely on the bank of Mum and Dad

The latest data from Lloyds has revealed that nearly a third (32%) of second steppers believe they will still rely on financial help from family and friends to move up the property ladder despite improved conditions for homeowners.

According to the report, second steppers plan to raise the deposit required for their next move by borrowing money not just from the ‘Bank of Mum and Dad’ (17%), but also grandparents (9%) or friends (6%). Of those who require financial help from their parents, almost half (47%) believe that their parents have had to make sacrifices in order to help them move up the property ladder.

The price difference between a typical first time buyer home and a Second Stepper’s ideal home – typically a detached property – is £126,000. However, the average equity level of £105,068 from the sale of their first home can help to reduce this gap by 83%, meaning that Second Steppers need only add an extra £21,005 to their existing mortgage.

Parental contribution continues

In order to get the deposit for their next move, the majority of Second Steppers plan to use the equity from their current property (63%), while two-fifths (41%) will plunder their savings. And those considering turning to family members to help them out (26%) are typically looking to borrow more than £20,000. Over a third (35%) of these Second Steppers felt that they wouldn’t be able to make the next move on the property ladder without this financial assistance.

The research revealed that half (50%) also required help with the deposit on their first property. The average loan size first time buyers received from family and friends the first time around reached £21,512, only slightly more than they are hoping to borrow again (£21,231) from parents or grandparents to take the next step on the housing ladder.

Almost a quarter of first time sellers put off having kids until they have sold their first home

First time sellers have stated that they will have children later in life than originally planned (23%) or have fewer children than originally planned (12%) whilst they experience the challenges that first time sellers face. Whilst over half (56%) said that the challenges had no impact on their social or personal circumstances, 13% have had to, or will have to, change their career as a result.

Second Steppers plan ahead to make their move

One in four Second Steppers think it’s now harder to move up the property ladder than to get on it in the first place. As such, 41% have been overpaying their mortgage to increase their equity and a third (34%) have increased the amount that they save every month. The research also revealed that 65% have either continued to save or started to save since they moved into their first property.

Andy Mason, mortgage director at Lloyds Bank, commented: “Parental support continues to play a vital role in helping young people to get on the property ladder. However, it is clear that despite improved conditions for this part of the housing market, Second Steppers will still rely on the ‘Bank of Mum and Dad’, with hard-pressed parents being once again called on for financial help. Without this extra financial support, Second Steppers believe that they wouldn’t be able to make the next move on the property ladder for some time.

However, it is encouraging to see many Second Steppers planning ahead by overpaying their mortgage and making bigger contributions into savings accounts to prepare for when the perfect home becomes available.”

Not finding the right property remains the biggest issue

Just under a third (32%) of Second Steppers said that not finding the right property remains the biggest issue that may delay the sale of their current property. Lack of affordable property (26%), the cost of stamp duty tax (24%) and potential changes to interest rates (22%) are other notable issues on Second Steppers’ minds as they plan their next move.

Similar to the challenges faced by all Second Steppers, the size of deposit required (29%), tighter lending criteria (28%) and potential interest rate changes (28%) are the key issues first time sellers face. Other challenges also include a low supply of family sized properties on the market (27%), concerns over the economic environment (26%) and the cost of moving (25%).

source http://blog.evolutionproperties.co.uk/2017/06/27/1-in-3-second-steppers-rely-on-the-bank-of-mum-and-dad/

Could the 'golden period' of house price growth be nearing its end?

New research from online estate agents, HouseSimple.com, has revealed that UK homeowners have seen the value of their homes increase by more than 40% and almost £60,000 over the past eight years, as they’ve benefitted from a “once-in-a-generation” record low interest rate environment.

According to the report, UK property prices have risen 41.2% since the Bank of England dropped interest rates to 0.5% in March 2009, and then dropped them further to 0.25% in August 2016.  Average prices in Cambridge have almost doubled since March 2009, while average London prices have broken through the £500,000 ceiling.

But this golden period of house price growth could be drawing to an end.

With three members of the Bank of England’s Monetary Policy Committee (MPC) voting for an interest rate rise in June, and inflation steadily rising, we could be close to the first rate rise in almost 100 months.

HouseSimple has analysed how much UK house prices have risen or fallen since March 2009, by looking at average house prices* in 100 UK towns and cities between March 2009 and April 2017. During this period, interest rates remained at 0.5% for over seven years before falling to 0.25% in August 2016, and homeowners across many parts of the country have seen the value of their properties rocket.

The South East has fared particularly well, with seven of the 10 biggest property price rises since March 2009. Cambridge, London and Slough have all seen average house price growth in excess of 90%. However, at the other end of the performance chart, Hartlepool (9% drop), Durham (6.2% drop), Middlesbrough (4.5% drop) - all in the North East - have seen prices fall.

London

Across the Capital, average house price growth has been particularly strong during this unprecedented time of record low interest rates, with prices rising on average 90.8%. The borough of Kensington and Chelsea tops the chart, with average prices increasing by 128.9%, while the less glamorous boroughs of Haringey and Waltham Forest have witnessed impressive price growth since March 2009, with price growth of 111.7% and 106.4% respectively.

Surprisingly, the trendy borough of Camden (74.9%) was one of the worst performing boroughs, although average prices have still grown over 30% more than the UK as a whole.

Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “While UK savers have suffered over the past eight years, millions of homeowners have increased their equity in their homes substantially in this once-in-a-generation low interest rate environment. It’s been a golden period for UK homeowners, but there are signs that it could be coming to an end as the MPC narrowly voted to hold interest rates at 0.25%.

House prices are also under pressure from the political and economic uncertainty of Brexit and the fallout from the disastrous General Election result for the Conservative Party. There is no evidence to suggest that property prices are about to plummet, but homeowners and home buyers do need to plan ahead, and make sure they can cover the impact of interest rate rises on their monthly mortgage payments.

Many homeowners will have never seen an interest rate rise, and may believe rates will never rise. But they will eventually, and when they do, we could see rates rise by 1%-2% quite quickly. With many households already feeling the strain of higher day-to-day costs, monthly mortgage payments going up by several hundred pounds a month could tip them over the edge.”

source http://blog.evolutionproperties.co.uk/2017/06/20/could-the-golden-period-of-house-price-growth-be-nearing-its-end/

10 ways to beat the tax man for landlords

A successful landlord, amongst other things, is a tax efficient landlord. So London based estate agent, Portico, asked the experts for 10 legitimate ways to reduce your tax bill and the results are below.

1. Expense, expense, expense

The first step in making your property tax efficient is knowing what expenses you can offset.

Seasoned landlord, Richard Blanco, has this to say:  “Religiously keep all of your receipts so that you can offset absolutely every expense against your profits. Talk to your accountant about travel costs, certain motoring expenses or types of vehicles that can be set against your profits.”

Here’s a list of some of the most common types of expenses:

• Water rates, council tax, gas and electricity
• Business and contents insurance
• Letting agents' fees
• Legal fees for lets of a year or less, or for renewing a lease of less than 50 years
• Accountant’s fees
• Rents, ground rents and service charges
• Direct costs such as phone calls, stationery and advertising for new tenants
• The associated costs of running a home office

2. Reduce your stamp duty bill

Richard advises to “Avoid mega stamp duty by extending or expanding your current rental property(ies). Ultimately, the more expensive the property, the greater the theoretical savings.

Now is a good time to extend because permitted development rights are more generous than they have been in the past. However, be mindful of the change in the HMO definition due to come into force in October. From then on, any property with 5 or more sharers will need an HMO license, so if you extend your property and it becomes suitable for more sharers, check it's up to mandatorily licensable HMO standards. Ask your council's licensing department if you're in doubt.

The golden rule for expanding an existing property is that the uplift in value should be more than the cost of the works. There will be a ceiling price for properties in some areas however, which means your property may not increase over a certain price even if you expand it - unless the area improves.  We're in a tricky market at the moment so do your sums and expect conservative price growth.”

3.  Transfer your assets

Another way to potentially cut your tax bill is to use your spouse's 0% and 20% tax bands.

Richard explains that “Generally no Capital Gains Tax is payable if you transfer assets to your spouse, plus if their earnings fall into a lower tax bracket you could pay less tax on the rental profits.”

Stamp duty land tax is not payable on the so long as the property is not mortgaged, and the husband or wife who is passing on the property doesn’t want any money for it.

4.  Save when you sell

If you are selling your rental property, make sure you claim all of the available relief.

Richard states: “If you’re a multi-property landlord, it's often more tax efficient to sell one property in each tax year to take advantage of the 0% CGT band up to £11,300. Effectively this means you can make gains of up to £11,300 in a given tax year without any tax being due.”

5. Landlord Ltd?

Some landlords find it is more tax efficient to manage their properties through a limited company which effectively acts as a letting agent.  The Company could employ the landlord, relative or member of staff to manage the properties.  Richard advises you to talk to your accountant or tax adviser about this before proceeding.

6. Restructure your portfolio

You can also set up an LLP and Ltd company as a way of allowing all finance costs to be set against profits. This is complex and expensive to set up but it might be a positive way forward for landlords with larger portfolios.

Always be wary of spending a lot of money restructuring your portfolio around tax legislation. The government could change the rules in the next budget and you might then kick yourself for spending money on an expensive restructure.

7. Buy property through a company

If you’re thinking of buying property, setting up a limited company is more tax efficient in the sense that all finance costs can be set against profits. Richard urges landlords to “Beware of the extra cost of commercial mortgages.  This could offset any savings you make in tax.”

If you’re considering setting up as a company to save tax, make sure you read and digest our landlord’s guide to incorporation.

8. Remortgage!

Landlord and property expert Mark Lawrinson says that “A great way of cutting your interest costs is by re-mortgaging. Buy-to-let mortgage interest rates have fallen significantly in recent years, so deals currently on the market may well be substantially better than on products arranged a few years ago.”

9. Get your rental property revalued

With large increases in property prices in London, another tip is to get your rental property re-valued. This will make your lender recalculate your loan to value, and a lower loan to value means a better interest rate and a larger choice of lenders.

10. Fill the voids

If your buy-to-let property is empty for any period of time, remember that expenses such as utilities or council tax incurred can be claimed as an expense.

But more importantly, rather than losing money while your property sits empty, why not Airbnb the property until your find a long-term tenant?

Hosts typically earn up to 50% more on a short-term let than a long term-let, and we offer a premium Airbnb Management service in London so we can take care of the whole process. All you need to do is let us know when the property is available and we’ll organise guest bookings, arrange for 24 hour access, take care of cleaning and organising hotel standard towels and linen, and even kit it out with furniture if needs be.

Portico are keen to point out that they do not provide tax, legal or accounting advice and that this material has been prepared for informational purposes only. Please consult your own tax, legal and accounting advisors before engaging in any transaction.

source http://blog.evolutionproperties.co.uk/2017/06/20/10-ways-to-beat-the-tax-man-for-landlords/

12 Most Beautiful Waterfalls in the World

It's not easy to put together a Top 12 Best Waterfalls List because it's completely subjective and limited to each person's experience with the falls being named. We've created the Regional Top 12 Beautiful Waterfalls Lists to give you an idea of what to look forward to if you're waterfalling in some of these special places. And like any exclusive list, there's sure to be deserving ones that are left out.

1. Angel Falls: (Canaima Venezuela)

image by berrucomons

This is considered as the tallest permanent waterfall of the world having a total drop of 979m. comes from the lap of Tepuy Mountain of Venezuelan equatorial rainforest. It’s a mere adventure to visit this water fall which always leaves an everlasting impression on the tourists.

2. Sutherland Falls: (Fiordland, New Zealand)

image by startzell

In a country that holds a special place in our hearts, this gorgeous 580m waterfall is easily New Zealand's most spectacular waterfall and makes our list. Given its remote location deep in the wild and beautiful Fiordland National Park (also a World Heritage Area), it's one of many highlights of the Milford Track - said to be one of the finest walks in the world.

3. Dettifoss: (Jökulsárgljúfur, Iceland)

image by tbc

It is Europe's most powerfull waterfall sending glacial meltwaters over its 44m precipice unchecked at a flow of around 500 cubic meters per second. It epitomizes the wild and raw Icelandic Nature and is a favorite amongst Icelandic Nature lovers. Its position at the head of the impressive Jökulsárgljúfur (the Icelandic version of the Grand Canyon) surrounded by three other major waterfalls on the same river makes it a no-brainer for this to make our Top 10 Waterfalls List.

4. Gullfoss: (Haukadalur, Iceland)

image by simon cole

One of the more unique waterfalls you'll ever see in the world, this wild and wide waterfall tumbling on the Hvítá River in two tiers at 90 degree angles to each other is one of Iceland's iconic natural attractions. Part of the Golden Circle of Iceland's main attractions in the Southwest, this is a must on anyone's itinerary. In addition to the falls' unique shape, you can see rainbows arcing over the falls when your timing's right and the weather cooperates.

5. Niagara Falls: (Ontario, Canada/New York, USA)

image by saffron blaze

Easily the most famous waterfall in North America, this powerful waterfall also ranks as the biggest one by volume with a whopping average of about 750,000 gallons per second (2.8 million Liters per second)! In addition to its raw power, the falls is easily one of the easiest to access and view from all sorts of angles. While its surroundings are a bit less naturesque for many, it clearly makes the upper tier of our list of Top 10 Waterfalls.

6. Vistoria Falls: (Livingstone, Zambia/Victoria Falls, Zimbabwe)

image by  zest-pk

Easily deserving of the top spot on this list (though it finished a very close second), it's the largest singular waterfall in the world spanning a width of 1.7km, a height of 108m, and an average flow of 1 million liters per second! It's no wonder this "smoke that thunders" is considered one of the seven natural wonders of the world and is a UNESCO World Heritage site. Indeed, it's got power, beauty, and it will make you humble and awestruck.

7. Iguazu Falls: (Puerto Iguazú, Argentina/Foz do Iguaçu, Brazil)

image by mitchipr

With its brink spanning a distance of an incredible 2km in its average flow of 1.3 million liters per second, this falls tops our list of favorites. The falls actually consists of some 275 individual waterfalls and cascades. Catwalks make it easy to get closeup and intimate views and the rainforest surroundings make the scenery feel right for a natural attraction such as this. Put it all together and Julie and I believe this falls is heads and shoulders above the rest (except Victoria Falls) that we've seen!

8. Yosemite Falls: (California, USA)

image by ctdunstan

It is also considered as one of the tallest waterfalls, having a height of 2425 ft but don’t falls round the year. View is very convenient from different angles and trails, its magnificent glory made it look like as crown jewel in YOSEMITE VALLEY.

9. Aspat River: (Russia)

image by sergey bulanov

This fall seems a miracle of Nature, located in the Kodar area of Russia. Travelers always left astonished with its naturesque glory and unmatchable beauty, because of its rough terrain.

10. Upside Down Falls: (Oahu, Hawaii)

A site always admired by visitors. As its name indicates it falls down magnificently from the top of Mount Konahuanui in Hawaii but on the way nearly at middle strong wind forces it backwards, making it true to its name Upside Down.

11. Kaieteur Falls: (Potaro River, Guyana)

image by own work

Said to be one of the tallest single-drop waterfalls in the world, this rectangular-shaped monster (said to be 741ft tall 370ft wide) sits atop the ancient Guyana Shield amidst some of the most pristine rainforest left on earth! Indeed a visit to this world wonder can yield rare wildlife settings as well as the reassurance that there are still places on the planet where nature is still allowed to thrive. Thus, Julie and I had to make room for this waterfall on our Top 10 List!

12. Plitvice: (Northern Dalmatia, Croatia)

image by own work

When it comes to the overall waterfalling experience, it's hard to beat this world famous attraction. While the rest of the waterfalls on our Top 10 List are primarily singular waterfall attractions, this one is really a network of countless waterfalls (some of which are impressive enough to stand out on their own). The waterfalls themselves segregate the many clear and colorful lakes that bring life to this lush and protected ecosystem. Plus, you have boardwalks that take you under, over, and around almost all of the notable waterfalls for some of the most intimate waterfalling experiences to be had. Add it all up, putting these waterfalls on this list was an absolute no-brainer as far as Julie and I were concerned.

source http://blog.evolutionproperties.co.uk/2017/06/18/12-most-beautiful-waterfalls-in-the-world/

Top tips for tackling sealed bids

According to a new report from Stacks Property Search & Acquisition, despite low property transaction levels, there is still a significant number of properties going to sealed bids.

George Barkes of Stacks Property Search & Acquisition's Cotswolds office, has this to say: “Sealed bids are a device used when demand significantly exceeds supply, especially for a 'special' property.

Agents don't only use sealed bids for the top dollar property; it's a method of sale used across all price brackets. But it's a badly outdated system. In our view, they should be restructured, formalised and made more transparent. Buyers should have to prove they can proceed in advance, and like an auction, a winning bid should be financially binding.

The current system is virtually impossible for a buyer. Submitting the highest bid won't necessarily secure the property; the vendor and agent will weigh up all the information and make a choice on the basis of the size of the offer AND the situation of the buyer. And because it's not a legally binding decision, if another buyer appears with a higher or better offer, it may all change.

If you do find yourself in a sealed bid situation, the following advice may help:

1: Read the 'rules' that will be issued by the estate agent carefully, and adhere to them

2: Try and get the vendor to accept an offer before it goes to sealed bids

3: Your bid needs to be the top price you would be comfortable paying. Base it on this, rather than on what you think you need to pay to secure the property.

4: The bid itself is important, but equally important is the dressing of your offer, demonstrating your commitment, proceedability, ability to exchange quickly, flexibility of terms. Be prepared to enter a beauty parade as well as a bidding competition. Vendors can choose their buyer; cash is king, but failing that, a buyer who has documented proof that they have immediate access to funds will move up the pecking order.

5: Your bid won't only be judged on the amount; it will also be judged on how easy you're going to make it for the vendor.  The more information you have about the vendor, their motivation and needs, the better, then tailor your presentation to fit.

6: Get a survey done before the date for sealed bids, so your offer doesn't have to be subject to survey. Again, this will make your bid very attractive.

7: Attach a list of advisors (solicitors, finance providers etc) which will further reassure the vendor;

8: Quiz and badger the agent to get information. It helps to know how many other bidders there are, where they come from, what else they've been looking at. Agents cannot discuss bids — but they can reveal how many bidders there are, and what offers were made before the auction. All this may help you assess how the bids are likely to turn out

9: Don't expect an immediate result – you may well not hear the outcome for three or four days, so spare yourself the pacing and stressing.

source http://blog.evolutionproperties.co.uk/2017/06/18/top-tips-for-tackling-sealed-bids/

Where in the UK does it cost the most to be a landlord?

According to new data and analysis by specialist mortgage lender, Kent Reliance, the average cost to run a property in London(excluding mortgage costs and tax, but including void periods) is £6,535 per year, or 32% of the amount that they receive in rent.

It probably comes as no surpirise but the data reveals that London has been identified as the most expensive region in Britain to be a landlord.

The average UK landlord spends £3,632 per year, which equates to 34% of average rental income; almost half of the cost of London.

While London emerged with the highest average costs at £6,535 per property, the Capital’s high rents mean that this equates to less than a third (32%) of landlords’ rental income, the lowest cost to rent proportion in the UK. Trailing behind with the second highest running costs is the South East, where landlords spend an average of £3,691, or 37% of rental income, followed closely behind by the East of England with average costs of £3,212, or 35%.

The North East of England has been identified as the cheapest region, where the average cost is £1,895 per property per year, or 34% of the amount that they receive in rent. The region with the second lowest average costs is Wales, with landlords spending an average £2,211. However, in an area with lower rents, costs equate to as much as 41% of a Welsh landlord’s rental income. The third cheapest region is the North West, where landlords spend £2,483, or 33% of rental income.

When looking at local authorities, landlords have the lowest running costs in Blaenau Gwent, Wales, where they average at £1,495, while the nineteen local authorities with the highest average costs are in London. Outside of London, South Bucks in the South East tops the list, with landlords spending an average £6,078 per property.

Landlords are faced with rising tax burdens following stamp duty changes introduced last year and mortgage tax relief changes which came into effect in April. In light of this, over a third of UK landlords surveyed will be looking to cut costs, targeting letting agent fees, property maintenance and mortgage costs. However, one in five are considering raising rents to recoup some of these costs from their tenants.

John Eastgate, Sales and Marketing Director of OneSavings Bank, comments: “With a fifth of UK households living in rented accommodation, landlords play a crucial role in supporting the housing market as they bridge the gap between housing supply and demand.

While taxes may seem to be a simple way to tackle the UK’s housing crisis, they will have a ripple effect, and will impact businesses who support the property industry as landlords apply cost cutting measures, or cause rents to rise as tenants cover the cost of rising taxes, or even both.

Another effect that will emerge is a rise in professionalisation of the sector as amateur and accidental landlords leave the market, leaving fewer, bigger landlords. But this alone will not solve the nation’s housing crisis.”

source http://blog.evolutionproperties.co.uk/2017/06/18/where-in-the-uk-does-it-cost-the-most-to-be-a-landlord/

House prices gain 5.6% according to UK HPI

The latest data and analysis from ONS and Land Registry has revealed that average house prices in the UK increased by 5.6% in the year to April, up from 4.5% in the year to March.

According to the UK HPI, the monthly price change for a property in the UK was recorded at 1.6% with the average UK house price now standing at £220,000.

The figures also revealed that the East of England showed the highest annual growth, with prices increasing by 8.1% in the year to April 2017. This was followed by the South West at 6.8%. The lowest annual growth was in the North East, where prices increased by 0.6% over the year.

However while up against March 2017, the Index notes that there has been a "general slowdown in the annual growth rate since mid-2016".

Jeremy Leaf, north London estate agent and former RICS residential chairman, also noted that the figures are a "little historic and compare a relatively strong period this year with a relatively weak one last year following the introduction of the stamp duty surcharge".

Jeremy Duncombe, Director at Legal & General Mortgage Club, commented: “Although the General Election result may bring a period of caution, our housing market has remained resilient to recent geo-political changes, with the wider economic factors being strong. We saw this through the UK’s decision to leave the European Union around this time last year.

Instead, the main factor behind continued house price inflation is still the vast difference between supply and demand. Quite simply, we need to build more affordable homes to allow a greater number of buyers to take their first steps onto the property ladder.”

Paul Smith, CEO of haart estate agents, comments: “House price growth remained persistent in April, with buyers paying on average £12,000 more for their homes than they did pre-Brexit, and borrowing on average 19% more – once again proving the Brexit scaremongers wrong.

Clearly buyers still hold faith in the steadfast UK property market, even amidst political and economic uncertainty – however problems still persist.

As house prices rise we continue to rely far too heavily on the good nature of Bank of Mum and Dad, and stamp duty continues to frustrate both first-time buyers and downsizers. The next Government has the opportunity to commit to more radical structural changes to increase home ownership levels, especially among young people.

However the delay in naming a new housing minister is not a good start.”

Jeff Knight, Director of Marketing at Foundation Home Loans, commented: “Naturally, it will take a while for the dust to settle following the election result, but it’s crucial that the focus on housing supply solutions are not derailed in the meantime. There is clearly cross-party appetite to address supply and affordability, but in the meantime, those aspiring to own their own home can only sit back and watch prices steadily increasing as a result.”

The growth of the PRS is both a sign of progress in meeting demand, and the sheer scale of this demand in the first place. Having a diverse mix of rental property is therefore incredibly important, as is continuing to attract motivated landlords to the sector so that we can maintain a high standard for tenants saving up for that first deposit.”

Russell Quirk, founder and CEO of eMoov.co.uk, commented: "The latest government data seems to portray a healthier market than other industry sources on the surface, with the monthly rate of growth bucking the downward trends seen in the previous month to climb 1.6%.

That said, transactional volume was down on a month on month basis and it is reported that both buyer and seller demand dwindled, no doubt a knee-jerk reaction to the news of a snap election.

Although the events of the last year, particularly the changing political landscape, do not seem to have had a long-lasting detrimental impact on the UK property market, they have certainly stunted the rate of price growth.

Many UK homeowners and buyers for that matter would have been waiting for the election outcome to provide an air of stability in which to conduct their transaction. The reality, for the immediate future at least, will not provide that and it is likely that the unpredictable swings in house price growth seen over the last few months will now persist for a while longer.”

John Eastgate, Sales and Marketing Director of OneSavings Bank, had this to say: “House prices have been galloping upwards for the past five years, but it seems that softening demand might be starting to rein-in the pace of that growth. Mortgage approvals fell once again in April, reflecting falling consumer confidence that will hardly have been helped by the election outcome.

Until we get some clarity around how the political landscape will unfold, it is difficult to envisage a material change in consumer confidence, so we should expect the pattern of reducing house price growth to continue.  Falling real incomes will remain a challenge for affordability although we should expect to see mortgage rates remaining at record lows for some time to come and this will no doubt support a core level of demand and ensure a modest level of house price growth in the medium term.”

source http://blog.evolutionproperties.co.uk/2017/06/18/house-prices-gain-5-6-according-to-uk-hpi/

Property of the week For Sale!

Guide Price £220,000 to £240,000

The sheer size of the lounge and bedrooms really GRABBED OUR ATTENTION! The stunning garden at the rear really finishes this apartment off but don't take our word for it, call or email us today to arrange your viewing!

Located in the popular and sought after West End of Folkestone is this stunning 2 bedroom first floor apartment. The property is well presented throughout and has very well proportioned rooms, modern fitted kitchen and also bathroom. You will find high ceilings with original style cornice works, plenty of storage and the added benefits of gas central heating and UPVC double glazing.

The main door is located at the side of the building and has stairs to the first floor landing with personal access door to the apartment. Once inside you will find yourself in the entrance hall which has doors to all rooms and a useful cloak cupboard. The lounge / diner is amazing with a large UPVC double glazed bay window, feature fire surround and useful shelving. The kitchen has a superb range of contemporary white wall and base units and there is plenty of space for the fridge freezer and washing machine too along with a built in electric oven, hob and extractor over.

The master bedroom is situated at the rear of the property and has 2 built in double wardrobes and a unique bay style window overlooking the rear gardens. The second bedroom is at the front and has more than enough space and also benefits from a built in double wardrobe and stunning windows. The family bathroom has a fitted white suite with contemporary shaped bath which has a shower and screen over.

At the rear of the property, which is accessed via a communal driveway, you will find the carport with parking and a good size garden shed which has power and light, The side gate leads to the rear garden which is fully enclosed, has an amazing decking area and also lawn with a superb BBQ fitted as well.

Folkestone West Train Station is only a short walk away and the main town centre is within easy reach as well as local schools.

This property really does have to be viewed internally to fully appreciate the size, condition and all that is on offer so call or email us today to arrange your appointment!

Lease Details;

The property comes with a 1/3 share of the freehold and has a 999 year lease commencing 29th September 1966. The current owner pays £50pcm for maintenance charges.

http://www.rightmove.co.uk/property-for-sale/property-66955070.html

source http://blog.evolutionproperties.co.uk/2017/06/15/property-of-the-week-for-sale/

Property of the week to rent!

£1195pcm

+++ HALF PRICE APPLICATION FEES +++

Located on the popular Bridgefield development is this stunning family home. The property has 3 GOOD SIZE BEDROOMS and is arranged over 3 floors. Call or email us today!

 

 

 

If you are looking for that extra special family home, this has got to be on your viewing list!

Located in the popular Bridgefield development is this stunning family home that is arranged over 3 floors. Our client purchased this home from new and arranged for extras and upgrades which include high end kitchen units, integrated washer machine, dishwasher and freezer and upgraded tiling to the bathrooms. The owner has also added blinds and curtain fixings to all the windows as well as mirrors and essentials to the bathrooms.

The ground floor entrance opens to the hallway with stairs to the first floor and doors to the under stairs storage cupboard, cloakroom, modern kitchen and large lounge / diner.

The first floor landing has stairs to the top floor and doors to the airing cupboard, bedrooms 2 & 3 and also family bathroom.

The top floor is arranged as the master suite with en-suite shower room, storage cupboard and generally a good size and light and airy master bedroom.

At the front of the property you will find it is set back from the road and there is plenty of off road parking with the added benefit of a car port and access to the fully enclosed rear garden with patio and lawn areas with a very useful garden shed.

Other benefits to note are gas central heating, newly fitted carpets, UPVC double glazing and neutral decor throughout.

Don't delay, call or email us today!

http://www.rightmove.co.uk/property-to-rent/property-66865754.html

 

source http://blog.evolutionproperties.co.uk/2017/06/15/property-of-the-week-to-rent/

Alok Sharma appointed as new Housing Minister

Alok Sharma, MP for Reading West, has been appointed as the new housing and planning minister.

After Gavin Barwell lost his seat in last week’s general election, Sharma was yesterday appointed to Minister of State for the Department for Communities and Local Government.

A qualified accountant, Sharma entered parliament in 2010 as an MP for Reading West and was previously minister for Asia and the Pacific at the Foreign and Commonwealth Office as well as serving as a member of the Treasury Select Committee.

In the past, Mr Sharma has campaigned to secure infrastructure investment for his constituency, including the extension of Crossrail services to Reading from the project’s original western terminus of Maidenhead.

He has also fought controversial local housing proposals, including plans for 750 new homes on a greenfield site known as Pincents Hill, a scheme rejected by then-communities secretary Eric Pickles in 2011. In 2010, Sharma gave his backing to residents campaigning against proposals to build 96 homes at Thames Water’s Bath Road Reservoir site.

Barwell lost his marginal Croydon Central seat to Labour candidate Sarah Jones in last week's Election and has since been appointed as Theresa May's chief of staff after Nick Timothy and Fiona Hill resigned.

source http://blog.evolutionproperties.co.uk/2017/06/14/alok-sharma-appointed-as-new-housing-minister/

Britain's most popular homes for sale

Britain's most popular homes for sale: From a seven-bed wreck with a £140k price tag to a luxury four-bed terrace costing £11m

• All 10 of the most viewed properties for sale can be found on property website Zoopla
• The cheapest property in the list at £140k is in South Yorkshire's Barnsley and the most expensive at £11million is in London's Belgravia
• Top of the list is an eight-bedroom home in Surrey's Oxshott, which is on the market for £5.5million

The price tags on Britain's most popular homes for sale vary significantly in price, ranging from £139,000 for a seven-bedroom home needing an complete renovation to £11million for a luxury four-bedroom terrace house.

It means there is something for a variety of tastes - and budgets - concerning the 10 most viewed properties for sale on property website Zoopla in May.

The cheapest property in the list at £139,000 is in South Yorkshire's Barnsley, while the most expensive at £11million can be found in London's exclusive Belgravia.

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Most viewed: This eight-bedroom mansion in Surrey's Oxshott is on the market for £5.5million

Top of the list is an eight-bedroom home in the wealthy area of Surrey's Oxshott, which is on the market for £5.5million.

Oxshott is an area popular with celebrities, wealthy business moguls and celebrities.

Here we reveal Zoopla's top 10 viewed homes on its website last month.

1. Eight-bedroom house in Oxshott, Surrey, for £5.5million

The most viewed property for sale in Britain is possibly one of the most secure as it comes with CCTV, as well as an extensive intruder, firm alarm and access control system.

Such a high level of security will undoubtedly be appealing as the multi-million pound mansion is in the heart of the footballer and celebrity home territory of Oxshott.

The property is being sold via estate agents John D Wood.

Live like a footballer! This impressive home is in Surrey's Oxshott, near to Chelsea Football Club's training ground in Cobham

Fit for a king! The house is currently decorated with chandeliers in the shape of a crown

The spacious master bedroom includes a seating area and balcony overlooking the garden

2. Six-bedroom house in Wilmslow, Cheshire, for £2.5million

The next property in the list is this six-bedroom property that stretches across 6,000 sq ft.

It includes a modern kitchen, a spacious driveway and a large garage.

The sale of the property is being handled by estate agents Benson Bunch.

A grand entrance: Electronic gates open out onto a large sweeping driveway

The kitchen and family room are combined in this large space at the back of the property

The house sits in almost an acre of land that includes a large lawn area with several trees

3. Seven-bedroom detached house in Bolton, Greater Manchester, for £3.25million

The third most popular property for sale this month still has not sold despite attracting almost 400,000 views since first being listed in November 2014, according to Zoopla.

Back then, it was advertised for sale for £6million but has since had its asking price cut by almost 50 per cent.

It is currently being sold by estate agents Fine & Country.

The property's asking price has been slashed by almost 50% since November 2014

The impressive 'wishbone' staircase leads to the first floor of this new build property

There is a bespoke wine rack and shelving in the dining room with a french window to the terrace

4. Four-bedroom mews house in Belgravia, London, for £11.75million

If you're looking for one of the most exclusive addresses in London, this mews property fits the bills.

South Eaton Place is in the heart of London's Belgravia, just off Eaton Square.

The property is being sold via estate agents Hamptons International.

The £11,750,000 family home is in the heart of London's Belgravia in South Eaton Place

A bottle is to hand: Expect nothing but high spec interiors with this designer wine storage being a prominent feature

The expansive property spreads across four floors and more than 4,000 sq ft of space

5. Seven-bedroom house in Barnsley, South Yorkshire, for £140k

You'd be forgiven for thinking that it is impossible to buy a seven-bedroom property in Britain for less than £150,000.

But this property ticks the box - although it needs a full refurbishment and so you'll need a substantial renovation budget.

The property is likely to attract investors as it has a low asking price but needs a substantial sum spent on the renovation

Look past the decor and you'll find seven spacious bedrooms and three bathrooms

Not a small job: There is also a kitchen area which is large enough for a dining area

6. Five-bedroom house in Huntington, Cambridgeshire, for £1.425million

This Victoria house is accessed via electric gates and a sweeping tree-lined driveway.

It sits in more than three acres with formal gardens, an extensive wooded area and meadow land.

The sale is being handled by estate agents Peter Lane & Partners.

The pretty Victoria house came onto the market for sale in February, according to property website Zoopla

Some of the rooms require updating but the spacious rooms have plenty of potential

The house sits in more than three acres of mature gardens that include a wooded area

7. Six-bedroom house in Sunderland, Tyne and Wear, for £200k

This terrace house is arranged across four levels and comes with off-street parking.

It has many original features including cast iron and marble fireplaces in most of the rooms. It is being sold via Patterson.

This property has an asking price of just £200,000 despite having six bedrooms

It needs some updating as it appears little has changed over the years at the property

The property extends into the roof where one of the bedrooms has space for a television and seating area

8. Seven-bedroom house in Barnsley, South Yorkshire, for £1.2million

This beautiful mansion in South Yorkshire is Grade II listed and features landscaped gardens.

The sale of the property is being handled by estate agents England Residential.

Three floors of country grandeur! The Garde II listed property is on the market for £1.2million

The colourful interior has high ceilings and is flooded with light due to the large sash windows

There are seven bedrooms in total, with the master suite enjoying an en suite bathroom

9. Five-bedroom house in Kingston-Upon-Thames, Surrey, for £2.15m

The luxury home is on the exclusive Coombe Estate in Kingston and boasts appropriately features such as a large driveway with space for up to four cars.

The property also has underfloor heating on the ground floor and external CCTV. It is being sold by estate agents Hamptons International.

The refurbished and extended property is on a desirable cul-de-sac in Kingston-Upon-Thames

The monochrome look: Black velvet dining chairs contrast with the white walls and floors

Spotless! There are four bedrooms, one with a luxury en suite shower room

 10. Four-bedroom house in Poole, Dorset, for £2million

This new build property has been inspired with the Georgian period in mind, with pillars at the front door and large spaces inside.

It comes with an intruder alarm and four large bedrooms, all with en suite bathrooms.

The sale is being handled by estate agents Key Drummond.

The new build property is just a short distance from Poole Harbour on the south coast

The large designer kitchen includes granite worktops and integrated appliances

The master bedroom has a walk-in wardrobe and French doors to a balcony that has a seamless glass screen

 

 

source http://blog.evolutionproperties.co.uk/2017/06/11/britains-most-popular-homes-for-sale/