Thursday 23 February 2012



PROPERTY SALES SOAR AT FISHPONDS

The Fishponds office of Besley Hill Estate Agents is celebrating record February property sales.

In fact, senior branch manager Mark Symonds (pictured) and his team have been so successful finding buyers that they are now urgently seeking more homes to sell.

“This sudden demand for property has resulted in the sale of 90% of our stock so we are actively looking for new instructions,” said Mr Symonds.

“People who have previously been cautious about moving are starting to feel that now is the time to do so. There is no more doom and gloom, more a feeling of an impending property boom.”

Consequently, an increasing number of homebuyers are registering with Besley Hill Estate Agents at Fishponds to ensure that they have an early viewing when new properties come on to the market.

“Although first-time buyers who are anxious to complete deals before the stamp duty amnesty ends next month partly account for the sales surge, the interest is across the board,” said Mark Symonds.

“Homes that are affordable for first-time buyers have been selling quickly, as one would expect, but we have been selling to all types of buyers, including buy-to-let investors attracted by the returns achieved by landlords.”

Typical of the local property being sought by clients registered with Besley Hill Estate Agents at Fishponds are 24 Symington Road, a 1930s semi close to Vassalls Park, and 116 Lawn Road, a mid-terrace Victorian property located on a tree-lined road.

Properties like these always sell quickly whenever they come on to the market so an early inspection is always recommended by Besley Hill to avoid disappointment.

“The sales that we have achieved this month show that the housing market is beginning to recover,” said Mark Symonds. “So, if you are thinking of putting your house on the market, now is a good time to do it.”

For details of the range of property services offered by Besley Hill at Fishponds and their other offices in Bristol and Gloucestershire, contact Mark Symonds, Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol, BS16 3UA, tel 0117 965 3162, email fishponds@besleyhill.co.uk.

Tuesday 21 February 2012

MORE 95% MORTGAGE DEALS AND EASIER FUNDING FOR FIRST-TIME BUYERS


There are now more 95% loan-to-value (LTV) mortgage deals available to first-time buyers than at any time since the start of the financial crisis, according to leading broker the Mortgage Advice Bureau (MAB).
The number of such deals currently open to first-time buyers from MAB representatives at Besley Hill Estate Agents’ network of offices throughout Bristol and Gloucestershire is at a four-year high, with 59 deals currently available from 21 different lenders. This is up from just 25 in February 2011, nine back in 2010, and only three at the same time in 2009.
Even using the most conservative estimates, The Mortgage Advice Bureau suggests there could be over £210million worth of mortgage finance available to first-time buyers with a 5% deposit. Based on the average house price bought by first-time buyers, this is sufficient for over 2,000 first-time buyers to buy their first home.
As an indication of what this would mean for the housing market, during the 1980s and 1990s there were typically well over 500,000 first-time buyers every year – well over 1,350 a day, whereas currently there are only around 520 a day.
Adam Offer, managing director of Besley Hill, says first-time buyers are being held back from taking up these deals only because they are unaware that they are available again.
“Well over 85% of young renters aspire to become homeowners but the vast majority of these say the fact they cannot raise a deposit is the key reason for not buying,” said Mr Offer.
“There is a widespread perception that a minimum 20% or 15% deposit is required and they just don’t realise that there are now a lot more competitive 90% and 95% LTV mortgages back on the market."
Mr Offer said that the first port of call for prospective borrowers should be to a mortgage broker like a MAB financial adviser at one of Besley Hill's offices as they can best assess which is the best product for their needs.
"The fact that lenders are open to first-time buyers again is a really positive sign and indicates that now is an excellent time for them to buy,” added Mr Offer.

Friday 17 February 2012

HOUSING CRISIS IS COMING TO AN END!


The housing crisis is set to end this year because of loosening credit, according to a new report.

Data from analytics firm Capital Economics reveals that market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings - up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics regards as “the clearest sign yet of an improvement in mortgage credit conditions”.
In contrast to a low of 74 per cent reached in mid-2010, banks are now lending at 82 per cent LTV.

The report notes the average credit score required to obtain a mortgage loan is 700 which, while higher than scores required prior to the crisis, is constant with requirements one year ago.

Welcoming the report, Adam Offer, managing director of leading South West estate agents Besley Hill, said he shares Capital Economics’ confidence in the future of the housing market.

“The level of current activity at our network of 15 branches throughout Bristol and Gloucestershire all points to the fact that the worst is over with the prospect of a much improved year ahead,” said Mr Offer.

Thursday 16 February 2012

NEW HOMES PRICES UP BY 3.2% IN PAST YEAR

The new homes market saw annual price growth of 3.2% in 2011, which is the first calendar year to see positive growth since 2006. The average price of a new home is now £7,029 higher than at the end of 2010.
The average asking price for a new home in December was £227,098, increasing 1.2% since November. The last quarter of 2011 saw consecutive monthly increases with prices up 2.6% over the three months.
The new homes market continues to show increasing price stability, although the number of new homes coming onto the market fell consecutively in the three months to December as housebuilders delayed new development and phase launches until the New Year. Annual growth of 10.2%, however, was still recorded.
Trading updates from some of the UK’s biggest housebuilders show that build completions in 2011 were up year-on-year and many have grown their landbanks but it remains to be seen what impact the new Localism Bill and the NPPF will have on build capacity.

£20MILLION FOR SAFETY NET AGAINST REPOSSESSION



Housing Minister Grant Shapps (pictured) has announced a new £20million safety net to help ensure that mortgage repossession remains the last resort for struggling homeowners.
This Preventing Repossessions Fund gives councils the opportunity to offer small interest free loans to struggling homeowners and ensure that court desks can offer on the day advice for those facing the prospect of repossession.
He urged anyone facing financial difficulty to use the range of free and independent advice available to get help and avoid losing their home.
The new funding includes £1million to ensure that free, on-the-day, legal advice is on hand in every county court for homeowners at risk of repossession. This much needed legal assistance is available at court to any individual facing homelessness and the cash will 'plug the gaps' in the Housing Possession Court Duty Scheme ensuring that all courts are able to offer a viable service, where it is not already provided by the Legal Services Commission or independently.
In many cases applications for possession orders are rejected or suspended when a householder has access on the day legal advice - last year over 30,000 households benefited from the court duty desks.
Mr Shapps also gave a £19million cash injection to councils, so they can ensure that local people have access to real financial support to help allay the threat of losing their homes.
The Preventing Repossession Fund, which is being allocated to every local housing authority in England, enables them to offer struggling homeowners small interest-free loans of less than £5,000 or grants to help ease debt pressures and give them the breathing space to get back top of their finances.
Having the right advice and support on managing debts is crucial in helping homeowners to regain control of their debt. Alongside financial support those at risk of repossession should be given the knowledge and help to manage their finances in the future.
Local authorities are encouraged to work innovatively and flexibly with other local authorities, lenders and homeowners to ensure that the Preventing Repossession Fund is sustainable and tackles repossession in the best way for their area.
Grant Shapps said: "Repossession should only ever be the last resort. No one in financial difficulty should be embarrassed to seek help if they need it. This cash ensures that no matter where you are in the country the advice and the financial support is on hand to help people get on top of their finances and keep them in their hard earned homes.
"Getting advice early is important but even for people facing a court hearing repossession is not a foregone conclusion. By extending the reach of the Court Desk scheme we are ensuring that no one is left stranded without the support of the free on the day legal advice that has already saved thousands of families from repossession."
The announcement comes as the latest figures from the Council of Mortgage Lenders show the number of homes taken into possession in 2011 to be 36,200, lower than the 40,000 originally forecast and the lowest since 2007.
Tackling the deficit to help ensure that homeowners don't face rapid increases in interest rates is a top priority for Government and interest payments for mortgages are currently the lowest as a proportion of total income since records began.
The Government is also investing more than £200 million into the Mortgage Rescue Scheme. The scheme, available through local authorities, is designed to offer a last resort to the most vulnerable families to avoid repossession.
For homeowners struggling to keep up with mortgage payments and worried about the threat of losing their homes the Directgov website -  www.direct.gov.uk/mortgages (external link) - has lots of free advice and information. Helpful advice is also on hand from organisations including Citizens Advice and the National Debtline.