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The National Approved Letting Scheme Accepts Government Report

The National Approved letting Scheme (NALS) welcomes the Department for Communities and Local Government (DCLG) committee report, which revealed Britain, requires 50,000 additional rented homes annually, above the present stock.

The report’s findings and recommendations are supported by the NALS who would like to see further regulation of letting agents through best practice accreditation. With increased Local Authority involvement, the NALS suggests the consumer’s rental experience, will be both ensured and enhanced.

Ms Caroline Pickering, NALS chair said,

“The NALS accreditation scheme is recognised and supported by the government and backed by key organisations within the private rented sector, and provides –what we believe to be- the answer to the challenge of ensuring that clearly defined management standards are provided to landlords and tenants by lettings and management agents.

“By encouraging streamlined working partnerships between Local Authorities, landlords and agents, we can improve and maintain the property management standards of those in rented accommodation with the minimum of bureaucracy being introduced.”

myfirsthomeltd-ServiceAtYourFinger-Tips

For more Housing market news register free www.myfirsthomeltd.co.uk

Buy A House, And Get A Free Mercedes Car!

That is just one of an unprecedented number of astonishing incentives dangled in front of UK prospective house buyers. This Mercedes car deal was recently offered by Consort Homes. Patricia Flemming, marketing manager, Consort Homes (Scotland) said,  “We offered the car just to be different. A lot of other companies are offering mortgages subsidies, so this was a way of us standing out.” Finding it difficult to get onto the property ladder? Myfirsthomeltd.co.uk is aware of the difficulties that are faced by first-time buyers in finding an affordable home, in a location that is desirable and within budget. Taking into account the best options presently available to UK first-time purchasers, new homes offer the best route onto the property ladder. Across England, Wales, Scotland, Ireland and Northern Ireland, builders and developers are intensifying their promotion and advertising campaign. It is now officially ‘a buyer’s market’ with house builders doing all they can with incentives, discounts and special deals to assist first-time buyers into their dream home.     Incentives by home providers now include:- 

• Offering free mortgage deals for a year
• Offering to contribute towards mortgage payments for up to 2 years
• Offering to pay deposit
• Offering to pay legal fees and stamp duty
• Buyers offered sales at 75% of the purchase price with the balance on interest-free loans for up to 10 years.
• Cashback offers
• Potential Landlords who want to purchase buy-to-let flats are being offered a guaranteed rental figure for up to four years.
• Move-in packages that involve floor coverings, interior design, furnishings and cash discounts.

 The range and volume of offers is a reflection of the slow-down in the housing market since last year. The number and variety of incentives being offered is unprecedented, largely because buyers are thin on the ground. With fewer buyers active, the builders have to work harder, which in turn will improve affordability for many first-time buyers.  myfirsthomeltd-ServiceAtYourFinger-TipsTo learn more about these offers and to be kept informed on future incentives, register free: www.myfirsthomeltd.co.uk to receive our regular newsletter. 

UK Housing Market Is Continuing To Slow Down!

The property industry is continuing to show signs of weakness. A sharp slow down in consumer spending in the last few months and following on from last year, has heightened fears that the UK is set for a much slower growth in 2008. In spite of worries over inflation, economists are predicting interest rates will come down to 4.5 per cent by the end of the year.

Investing in UK house builders in the past year has proved difficult, with share prices slumping as much as 50 per cent. Relative to the rest of the FTSE index, the share price of house builders today are back to levels experienced in 2003. The recent reporting season of financial interim results, could at best be described as reasonable for a challenging year. All builders are anticipating more difficult trading environment in the medium to long term. Furthermore, data is also showing activity in commercial construction and civil engineering also weakening.

Gross domestic product (GDP) grew by 0.6 per cent from October 2007 to December 2007, this was down from 0.7 per cent in the previous quarter, according to the Office of National Statistics. The slower quarterly growth was mainly down to a weaker service sector, which slumped from 0.9 per cent to 0.6 per cent. The impact of the credit crunch and rising interest rates took its toll on the business services and the finance sector.

Howard Archer, chief UK and European economist at Global Insight said, “The faltering in consumer spending, business investment and exports in the fourth quarter increases concern that the UK growth will slow markedly in 2008 and increase pressure on the Bank of England to cut interest rates again sooner than later.”

House builders are now becoming very wary about the outlook for the housing market. Average selling prices have fallen for the last five months in a row and with the credit crunch refusing to go away, lenders are more reluctant to lend. The UK property market will continue to slow markedly, in the face of increased affordability pressures and tightening lending practices. House prices are expected to fall further due to muted housing demand, little consumer confidence and the overall British economy slowing in 2008.

Although the risk of an American recession and the knock on effects to the UK economy are lurking, low interest rates will continue to support the housing market in the short to medium term. The genuine investment case for the house builders remains finely balanced. In the long term, the general shortage of housing in the UK and demographic changes will undoubtedly support a subdued demand. It is not yet clear how quickly the building sector will recover but we have to assume that there will be downward pressures on volumes and house price inflation this year.

For first-time buyers whom are still looking to get on the housing ladder and have the financial means to do so, with property prices expected to fall even further affordability will become less of an issue. Better opportunities and deals will emerge throughout the UK (as developers and home providers compete with each other to sell to a smaller audience), during the forthcoming months leading up to the autumn.

Like all previous ups and down, when consumer confidence returns, sentiments improves, a less-rigid lending criteria and mortgage availability to first-time buyers is reinstated, we anticipate a return to a strong and vibrant housing market.

Editor: Simon Weston-www.myfirsthomeltd.co.uk

Blog: www.myfirsthomeblog.com

Email: simon.weston@myfirsthomeltd.com

Credit Crunch Hits UK Housing Market Further

The Bank of England recently pumped £5billion into the markets, in an attempt to boost interbank lending. “Along with other central banks, the Bank of England is closely monitoring market conditions,” it said in a statement.

This ‘credit crunch’ is the consequence of problems in the American sub prime mortgages market. Last year many low income mortgage holders, defaulted after years of steady interest rate rises, combined with house prices flattening, meant banks had to write off sub prime loans valuing millions of pounds.

The Bank of England’s recent decision to put up £5 billion of emergency three-day loans heightened the sense of unease. The fund for British banks to borrow; to ease credit fears was five times over-subscribed. Banks were so fearful of each other’s solvency, that they were charging more than 25 basis points above the Bank’s leading rate for loans of even just one day.

Financial Economist Chris Gilchrist said, “Fear had taken over the markets, making it hard to predict what will happen next. The bottom line is sooner or later, there is going to be one piece of news which turns the psychology from negative to positive.”

Many economists have issued warnings of the threat to the world economy, this credit crunch will have. On the surface, the UK has all the problems of the United States with a housing market that is slowing down and an indebted consumer. Alarm bells are ringing with UK consumer debt totalling £1.3billion, more than the entire national output. Consequently, there is a feeling that the UK could next be in trouble. Speculation is now mounting as to whom is the next casualty in the British banking sector, following the demise of Northern Rock.

The point all speculators seem to agree on, is that they don’t actually know the full extent of the problem-no one does! Even the banks don’t know exactly how much their most risky asset types will fall in value; estimate range the losses to the banking system of between £40 billion-£500 billion.

It is far too early to predict what will happen, but the turning point will be the tightening criteria for consumer credit and the cost of mortgages increasing. The key to the housing market beginning to pulling through early in 2009 will be the Government’s tight reign on spending in the next two years. Secondly the Monetary Policy Committee’s handling of interest rates whilst maintaining a satisfactory inflation rate and thirdly consumer spending.

Editor: Simon Weston-www.myfirsthomeltd.co.uk

Blog: www.myfirsthomeblog

Email: simon.weston@myfirsthomeltd.com