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Rightmove House Price Index – Aug 2017

House Price Index for Aug for East Midlands has increased 6.8% on the year and the average time taken to sell a property is 61 days.
Plethora of Sold boards restricts choice as buyer demand remains strong.
Newly marketed property prices at virtual standstill, up by 0.1% (+£312) as we enter quieter holiday season
Fundamentals remain good mid year with robust demand, low interest rates and low unemployment:
Sales agreed numbers remain strong year to date in 2017, almost identical to 2016
Prospective buyers in many parts of the country are seeing the highest proportion of properties marked as sold than at any time in the last seven years. Even with 7.6% more sellers coming to market this month compared to this time last year, stretched buyer affordability acting as a price brake with national average at a modest +2.8%, with buyers very price sensitive and some properties hitting their price ceiling.

 

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Right Move East Midlands Houseprice Index-June 2017

Sales still strong, but prices fall in June for first time since 2009

  • The number of sales agreed at this time of year is the second highest for ten years, only slightly lower than the high of May 2014
  • However, spring price momentum stalls as price of property coming to market drops by 0.4% (-£1,172), the first fall in June since 2009 at the height of the credit crunch, and the first fall this year
  • Some markets struggling against headwinds, whilst others still have following wind despite uncertainty:
  • Markets performing at different speeds and levels depending upon geography and sector 
    • Northern markets motoring ahead with an 11% increase in sales agreed year-on-year, compared to only a 3% increase in the South
    • First-time buyer sector sees newly-listed prices surge 3.5% month-on-month and 5.5% year-on-year
    • East Midlands has shown a year on year increase of 5.1% and Average House Price is £208,000
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EPC – New Measures from Apr 2018

EPC Certifications will need to be reassessed.

As the introduction of new energy efficiency regulations moves closer, landlords are being urged to check the Energy Performance Certificate (EPC) ratings of their rental properties.

From April 1 2018, landlords will no longer be able to agree new lets or renew tenancies for properties with an EPC rating below an E

 

 

The legislation will be extended to all non-exempt domestic rental properties from April 1, 2020, including pre-existing tenancies.

Estimates for the number of rental properties that are currently rated below an E- range from one in six to 1 in 12

A legal expert is now urging landlords to improve EPC ratings in 2017 in order to avoid ‘huge problems’ next year.

Hughes confirms that the legislation covers self-contained flats and bedsits within properties which already have an EPC.

There are a number of exemptions, which include buildings officially protected as part of a designated environment or because of their special architectural historical merit, temporary buildings with a planned timed use of two years or less, residential buildings which are intended to be used less than four months of the year, and standalone buildings with a total usable floor area of less than 50 square metres.

A Survey – which canvassed the views of almost 4,000 buy-to-let investors – recently revealed that as many as 20% of participants are unware of existing EPC regulations and 17% are unaware of the changes taking place in 2018.

“Some properties may only need a couple of tweaks to bring them in line, while others may require substantial works, which come at a cost,” says Hughes.

“Landlords have to balance this work against the risk of them being in breach of the legislation and facing a criminal conviction and penalty fine.”

landlords can ensure they are compliant by undertaking a careful assessment and setting an appropriate plan of action over the next 12 months.

“Planning now will also have the obvious benefits of spreading the cost and making sure that the relevant third party contractors are available to undertake any necessary work,” she adds.

“Before scheduling a visit from a Domestic Energy Assessor, landlords should spend some time looking at the different methods of improving their property’s energy efficiency rating and chose which is right for them.”

Measures of improving heating, insulation and lighting and installing double glazing and draft-proof doors and windows are five of the most effective ways to increase a property’s EPC rating.

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Streets Ahead Estates celebrate new Client Money protection for Landlords and Tenants

 Streets Ahead Estates supports new Government measures on Client Money Protection

This week, Government announced that it intends to make Client Money Protection (CMP) mandatory for all letting agents. SAFEAgent has campaigned for the last six years for this decision, which will protect consumers by ensuring all agents holding rent money and deposits must protect it in a CMP Scheme.

Streets Ahead Estates, a professional letting agent with Client Money Protection already in place, is delighted at the decision, but is reminding consumers that mandatory CMP is not yet law, and their finances are at risk if their chosen agent does not have client money protection.

The market is huge, with an estimated £2.7 billion* held by letting agents in client accounts, but unfortunately there are still too many cases of criminal letting agents stealing landlord and tenant cash. This is why it is crucial that consumers check their agent is part of an agent regulatory organisation which already provides CMP.

Glynis Frew, Acting Chair of the SAFEagent Steering Group, says:

We did it! For all of those SAFEagents who have carried the banner for consumer protection – the Government has finally taken on board our call for all agents to be part of a Client Money Protection Scheme.

“It’s wonderful news that Government will make CMP mandatory, but it isn’t in place yet. That means both landlords and tenants are still at risk of losing money. It is so important that consumers understand that they need to choose their agent wisely by asking if they are part of a CMP scheme before entering into a contract with them.”

 This May, 3,000 professional lettings firms will unite for SAFEagent Awareness Week 15-19 May 2017 – continuing to highlight to consumers the importance of choosing an agent who is part of a Client Money Protection (CMP) Scheme run by an agent regulatory body or trade association.

Taj Gill,MD

Tenants and landlords / consumers should always look for the SAFEagent logo, an easily identifiable consumer mark denoting agents subscribed to a Client Money Protection (CMP) Scheme.

Go to www.safeagents.co.uk to find a SAFEagent in your area

 

About SAFEagent

SAFEagent – Safe Agent Fully Endorsed – is a reliable mark denoting firms that protect landlords and tenants money through Client Money Protection schemes.  Set up ‘by the industry, for the industry’ and recognised by the Government, it is supported by The Property Ombudsman, Ombudsman Services:Property,  My Deposits, TDS and DPS as well as industry suppliers Endsleigh.

All agents registered with SAFEagent are part of a Client Money Protection Scheme that reimburses consumers in the event of misappropriation of clients’ funds. There are several schemes in the sector operated by NALS, ARLA, NAEA and RICS to which agents voluntarily belong. The scope of these schemes varies and consumers should contact their agent for full details of the scheme of which they are a part.

 

 

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The 1st Agent in Derby to Sell In New Highfields Littleover Estate!

Streets Ahead Estates have just been instructed to sell a new build property in the sought after Highfeilds Estate in Littleover.

The new development is still undergoing works, however we’re proud to say we’re the first Estate Agent in Derby to be instructed to sell a property in the popular estate.

The 2 bed semi detached property has of-course never been lived in and has just been built. The property boasts dual thermostat control, allowing 2 different temperatures on different floors of the property! The property has also been customised to a high finish, such as the Kitchen with the vendor requesting additional extras through development.

This can all be yours for £169,950. Miller Homes are currently building the next phase, with the 2 bed properties set to fetch in excess of £170,000. The floor has been left to suit the buyers taste. So, the only question is, laminate or carpet?

Full details of the property can be found here  

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24 Tips When Selling Your Property

24 Things To Change To Help Sell Your Property

You’ve decided to sell your house and are excited to put it on the market, only to then be faced with a the biggest issue a vendor can face; the property is not selling. Here’s 25 tips on what we think you can chance to help you achieve that all important asking price.

  1. Asking Price

Price is the number 1 factor in houses not selling. Is your home overpriced? Has it been over valued? Get a second opinion from another agent to see what they think

  1. Lighting

First impressions count! Does your home let in natural light? If not, make sure your lights are on during viewings! A dark property can seem dull and a little uninviting.

  1. Estate Agent

With so many agents to choose from, trying to find the right estate agent can be difficult. An agent that isn’t proactive will really stall your sale. Do they advertise on all major portals? Do they provide you with regular feedback? Have they offered you advice on making the property more presentable for viewings?

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Case Study: Tenant Eviction

Around 2 months ago we were contacted by a distressed landlord who had a problem tenant who refused to pay rent. Today we assisted the landlord in Court to seek Possession for a room in a HMO under Section 8 Protocol. We’re pleased to say that possession was granted by the Judge!

Here’s a few tips for any landlord in the same position.

When you are seeking possession of your property back you must make sure that your paperwork is all there! If for any reason a judge cannot see an audit trail, then the hearing may get adjourned or thrown out! Back to square one, more time and money lost! As Benjamin Franklin once said, “by failing to prepare, you are preparing to fail”. Always be prepared!

You need to make sure that your Tenancy Agreement, Notice of Possession to the Tenant, Certificate of Service, Current Rent Account and the Grounds for seeking possession are all filed with your Possession Order.

Also under a Section 8 you are attending a hearing with the tenant and the Judge presiding! With a section 8 notice, you are filing a claim that the tenant has breached your agreement, so for this reason there is a hearing. That’s why we would recommend serving a Section 21 notice as it is all paper based but you will not be able to claim rent arrears from your tenant, just possession of the property back. Under the Section 8 you can claim for rent arrears and all costs.

If you need any advice with Possession of a Property please speak to us on 01332 202029 or click the Tenant Evictions link.