020 7538 0102
29th May 2015
There was a "significant pre-election jump" in the number of mortgage applications being approved, according to the High Street banks. The number of approvals rose 7% in April from March to 42,116, said the British Bankers' Association (BBA). That is the fastest rise since September 2013, and the highest number for 10 months. The BBA said one reason may have been the abolition of Stamp Duty on house purchases in Scotland. Some reports had suggested the housing market slowed down before the election, as richer buyers worried about Labour's proposed Mansion Tax on homes worth more than £2m. But the BBA figures indicate that was not the case. "There was a significant pre-election jump in mortgage approvals which we would expect to continue in the coming months," said Richard Woolhouse, chief economist at the BBA. However, Matthew Pointon, housing economist at Capital Economics, said the mortgage market was unlikely to take-off as it did in the second half of 2013. "A lack of available stock continues to dissuade buyers from the entering market," he said.
The Daily Telegraph
29th May 2015
A voluntary scheme aimed at improving rental standards has been criticised after only 12% of London landlords signed up in a year. City Hall said as of May 2015, 14,350 of private sector landlords had signed up to the London Rental Standard. Labour said the scheme was "failing renters" and the mayor's pledge to sign up 100,000 landlords by May 2016 would take decades. But, the deputy mayor of housing said the scheme had been a "huge success". The standard, launched last May, offers letting agents and landlords a badge if they meet a set of criteria, including improved property conditions and quicker repairs and maintenance. It combines seven separate accreditation schemes under a single framework.
BBC News
29th May 2015
A Grade II listed William and Mary house dating back to 1645 has just broken some price records in historic Greenwich, by going for a hefty £3.5m. Believed to be the most expensive property to ever sell in the area, the property sold just two weeks after hitting the market. The 3,800 square foot home had been comprehensively restored and came with plenty of original – and new – features, including a wine cellar, cinema room, magnificent double reception, wood panelling and original York stone flooring.
Prime Residential
29th May 2015
In its latest trading update, Telford Homes, the London-based housebuilder, revealed that it has sold 71 out of 120 flats in its new Manhattan Plaza development, near Canary Wharf, in the run up to the election. It also disclosed that 50% of the buyers came from China and Hong Kong, with 30% coming from the UK.
The Daily Telegraph
Explaining their decision to take out Client Money Protection, Clive Hawkes of Docklands Property Matters said:
"Client monies are one of those areas that many Landlords and Tenants take for granted until it is too late. We would recommend that any Landlord or Tenant always ensure that their Agent carries such cover so as to protect still further Tenants Deposits and Landlord rents held pending remittannce."
The Property Ombudsman (TPO) is the UK’s largest government-approved redress scheme, which offers consumers a free, fair and impartial dispute resolution, which has seen a 37% increase in the number of disputes against letting agents over the last year. Under new legislation introduced this year, every letting agent must be registered with an approved redress scheme.
Gerry Fitzjohn, TPO’s Vice Chairman, said: “While there is a legal requirement for agents to register a tenant’s deposit into a government-backed protection scheme, many tenants are unaware of how the agent passes on their monthly rent to the landlord.
“With more than £23 billion paid annually in rent, of which £6 - £10 billion is collected by agents on behalf of landlords, it is essential that landlords and tenants only use agents that have CMP cover or a method that guarantees the rent collected by their agent is covered against fraud and unlawful use.
“New legislation will require letting agents to display whether they have CMP cover, which is a huge milestone for the industry but we would still urge landlords and tenants to always ask their agent how the rent will be protected.”
The new legislation, known as the Consumer Rights Bill, is currently at ‘report stage’ in the House of Lords, will also require letting agents to display all fees and charges to landlords and tenants, which can be a major source of disputes between agents and consumers.
Oliver Wharmby of Lonsdale Insurance Brokers Ltd, which manages the PI + CMP scheme used by Property Matters Docklands said:
“Recent press headlines have really hit home how rental fraud can affect landlords and tenants. The media has covered several high-profile cases where landlords have lost thousands of pounds in rental income by dealing with an agent who did not have sufficient cover to protect consumers from rental fraud.
“Rather than choose to use an agent that charges the lowest fee, landlords must ask if the agent has a CMP policy in place to protect their rental income.”
ENDS
22nd May 2015
Boris Johnson is seeking a developer for Albert Island, a piece of land in the Royal Docks owned by the Greater London Authority, to turn it into a new boatyard and marina, with a small amount of housing included. Mike Luddy, managing director of Royal Docks Management Authority, said “Albert Island is the last remaining part of the jigsaw of regeneration in the Royal Docks, and it provides the last link to its history in the marine industry. We think this is a really exciting milestone”.
Property Week (21/05/2015)