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Two days in the life of Isle of Wight Homes |
25 September 2008 09:52 |
Things are still ticking over at Isle of Wight Homes – we got one offer for the semi-detached house in Lake (just outside Sandown) & one offer for a bungalow in Winford (just outside Apse Heath) yesterday. I was darting about in the car, the farthest viewing being in Yarmouth. |
I have just uploaded this house in Rookley below, although its on the market with a few agents for some time, our details are by the far the best – it’s a really nice house - so I have got over 24 quality pictures with 3 full screen pictures (you have to look at the “Slideshow” to see them all!).
Please remember this is a multi-agency property, we receive nothing if you see a home here, then view & offer via another agent.
Have a good day – It looks like it’s going to be splendid weekend on the Island
Simon
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Isle of Wight aerial survey |
23 September 2008 13:28 |
On two properties I am really keen to upload, I am waiting to get written authorities back from clients (to comply with the Misdescriptions Act), and in addition, for one, we are waiting for confirmation that the EPC has been commissioned – frustrating times!
An interesting article from the Isle of Wight County Council website attached below.
Simon |
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An airborne geological survey of the Isle of Wight is set to be carried out by the British Geological Survey.
Due to commence at the end of September, the three week survey will involve a specialist plane flying at low levels along a regular series of lines 200 metres apart.
The De Havilland Twin Otter aircraft, with a distinctive red-striped tail-plane will fly no lower than 56m (185ft) as it surveys the Island to record rock types and structures, land quality, soil type and condition using an advanced electromagnetic system.
The information gathered will be used by the British Geological Survey which is part of the Natural Environment Research Council to provide impartial and up-to-date geological expertise to governmental, commercial and individual users.
The plane, which will be based at Bembridge aerodrome for the duration of the survey, will fly in daylight hours between Mondays and Saturdays in mostly north-south directions. Due to the low altitude at which the plane will fly, noise will be generated similar to that of a passing lorry.
Cllr George Brown, Isle of Wight Council cabinet member said: "The work being carried out by the British Geological Survey will update some very early survey work. They will map out the Island’s geological make up in much greater detail, providing valuable information particularly useful for the assessment of ground stability and coastal erosion."
For further information about the aerial survey please contact the British Geological Survey on 0115 936 3143 Isle of Wight County Council Website
Date published: 22/09/2008 |
White Air Extreme Sports weekend on the Isle of Wight 2008 |
20 September 2008 11:26 |
The red arrows are due to do a display Sunday 21/09/08 at 11am.
Have a good weekend
Simon |
SOME of the UK and Europe’s top extreme sportsmen and women have descended on Yaverland today (Friday) for a weekend of high-octane action. The three-day White Air festival, in its 12th year, is a feast for anyone interested in watersports and other extreme pastimes. The highlight of the programme for the three days will be the European Thundercat Powerboat Championships, where tiny boats manned by two brave crew navigate and testing course just off the shore. Further out to sea will be those powered by wind alone, with the UK Windsurfing Freestyle Championships taking place. Competitors will be looking for good gusts of wind and choppy waves to achieve some breathtaking stunts. On land, the European Mountain Board Freestyle Championships will be taking place in the main arena. In addition to the serious competition, there will be plenty of demonstrations for people to enjoy, including wakeboarding, BMX, jet skiing, and motocross. But one of the main attractions and aims for the festival organisers, is to lay on a whole variety of sports for members of the public to try. Last year nearly 5,000 people tried a new sport for the first time and this year organisers will hope to top that. Organiser Nigel Howell said: “It is a shorter festival than last year but there is so much more going on. It will be much more intense over the three days, which I think is a good thing actually. We have three days we’ve got between 20 and 25 sports for people to try as well, plus all the competition.” Among the sports to try will be free running, or parkour, wakeboarding, kayaking, land yachting, and windsurfing. There are also graffiti art sessions, DJ mixing taster lessons and Disney games. All the action starts at 10am today, and runs throughout until 5.30pm on Sunday. • For more information, visit www.whiteair.co.ukCounty Press Release
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HBOS merger |
17 September 2008 12:56 |
I just learned about a possible merger, interesting when you see the activity that HBOS has had recently.
Simon |
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Lloyds is in advanced merger talks with HBOS to create a giant UK super retail bank, I have learned.
The deal, if it goes through, would end the uncertainty about the strength of HBOS following the calamitous run on its shares.
And the valuation of HBOS will not be at the current rock bottom price but at a level much closer to the price of last week - so nearer 300p a share.
I'll elaborate later.
UPDATE 09:45AM:
The merger of Lloyds TSB and HBOS would end the uncertainties about the future of HBOS, whether it would be strong enough to withstand the downturn in the housing market.
The deal, which could be announced tomorrow, would create a bank valued at around £30bn.
It has the blessing of the City watchdog, the Financial Services Authority, because the enlarged bank would be perceived as better placed to withstand the storms raging through financial markets than either of them on their own.
But the Office of Fair Trading is bound to raise concerns about whether the enlarged bank would have excessive and unfair shares of the mortgage and savings market.
If the deal weren't to happen, there would be a risk that that the extraordinary slump we've seen in HBOS's share price would spook wholesale providers of funds to HBOS - which would be little short of calamitous.
So HBOS depositors should be reassured that Lloyds wants to buy HBOS (because to all intents and purposes it would be a takeover).
The one group weeping would be those who have sold HBOS's shares short - and will now suffer big losses, as HBOS's shares soar.
Robert Peston Blog BBC News
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Financial Turmoil over the last two days - (scam e-mail 12/9/08 below) |
16 September 2008 09:57 |
I thought I would put the financial news of the last two days on the blog (below) so I can look back at it some time in the future. Quote of yesterday must be from President George W Bush who said: "In the long term I am confident that our financial markets are flexible and resilient and can deal with these adjustments”, well that’s alright then, no worries!
Simon |
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Global Market Turmoil
16th Sept 08 9.46 Hrs
Losses on major stock markets have continued following the collapse of top US investment bank Lehman Brothers. European markets opened sharply lower for a second day, while major Asian stocks tumbled.
Shares in Japan, South Korea and Hong Kong fell more than 5%, having been shut on Monday for public holidays.
The fourth-largest US investment bank, Lehman filed for bankruptcy protection on Monday, becoming the latest victim of the global credit crunch.
The FTSE 100 of leading UK shares was down 1.4%, or 75 points, at 5,129.5 points. French and German stock markets also opened lower.
The US stock market on Monday had its worst day's trading since 9/11.
Earlier, Japan's benchmark Nikkei 225 index dropped 5% to a three-year low, shares in South Korea and Hong Kong shed almost 6% in value and Shanghai's index fell by about 3%. Markets in Taipei and Singapore were also sharply down, and the pattern was repeated in Australia and New Zealand, although the falls were smaller.
'Crisis'
Central banks in Asia attempted to calm markets after similar steps on Monday by their US and European counterpartrs.
The Bank of Japan injected 2.5 trillion yen ($24bn; £13bn) into the banking system. Australia and India also pumped cash into their money markets.
The collapse of Lehman, which had incurred billions of dollars of losses from the failing US mortgage market, threatens to deal further blows to other financial institutions, as they unwind deals with the former investment giant.
"We're in the middle of a crisis," said YK Chan at Phillip Asset Management in Hong Kong.
Stock markets in Europe plummeted on Monday as Lehman's failure raised fears about the strength of the global financial system. Banking shares were hardest hit. On Wall Street, the Dow Jones industrial average fell nearly 4.5%, while the FTSE 100 index of leading UK shares closed down 4%.
Meanwhile, there were fears AIG, once the world's largest insurers, could also face collapse.
The State of New York has announced a "multi-billion dollar financing plan" to stabilise the insurer's finances.
Central banks in Europe and the US have also moved to reassure markets.
The US Federal Reserve has broadened its emergency lending scheme and the UK and European central banks have injected a total of $39bn into the financial system
Meltdown Monday 15th Sept 08 6.53 HrsThere has never been a weekend like it in my 25 years as a financial journalist. For Wall Street, it has probably been the most extraordinary 24 hours since the late 1920s. As I said would happen yesterday evening, Lehman has announced that it is filing for bankruptcy protection under Chapter 11. To prevent contagion to the next most vulnerable investment bank, mighty Bank of America is buying Merrill Lynch for about $50bn. That Merrill is steering itself into safe harbour, no longer confident of its future as an independent, is almost as shocking as Lehman's demise. And one of the world's biggest insurers, AIG, is reeling from losses on its exposure to real estate and credit default swaps, or complicated financial insurance - and, according to the New York Times, is seeking a $40bn bridging loan from the Fed. As for the US central banking system, the Fed, it is endeavouring to minimise the damage to the financial system from these shocks by allowing securities firms to swap shares for short-term loans, to tide them over. The Fed is also increasing by $25bn the amount it is prepared to lend to bond dealers. And a group of 10 banks, including Citigroup, JP Morgan and Goldman Sachs, have created a $70bn collaborative fund, to try to prevent market liquidity from evaporating in the coming anxious hours. The global financial economy has never in recent years been tested by quite such a combination of accidents and jolts to confidence. In a way it's fortunate that most Asian markets have been shut today. But the dollar has inevitably fallen in what little trading there's been, Australian stocks have fallen, and futures prices are pointing to a very weak opening on Wall Street. For most investors and bankers anywhere in the world, today will be a day to endure and survive.
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A minute in the life of Isle of Wight Homes - (scam e-mail 12/9/08 below) |
15 September 2008 10:47 |
I am in the middle of uploading this splendid chalet house in Shanklin at £460,000 (picture shown below) so I can’t be long, - but we have just got a sale agreed following a sunny weekend viewing, what a great start to the week!
Simon |
Its now 11.05 am & we have just got our third offer of the day (one was refused) - must get back to work.
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Isle of Wight gives go-ahead for 1,000 eco-homes - (scam e-mail 12/9/08 below) |
13 September 2008 10:09 |
I must admit that the site www.Building.co.uk, isn't a site I usually visit, but I did find a local snippet of information that is interesting
Have a good weekend,
Simon |
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Isle of Wight gives go-ahead for 1,000 eco-homes
Miller Homes receives council approval for code level four homes development at Newport
An exemplar eco-housing development on the Isle of Wight has been given the go-ahead in a move that the local council says will mean 1,000 homes being built despite the credit crunch.
The council has approved the Pan Regeneration project at Newport, and says that it will receive £9m from housebuilder Miller Homes for the site, as well as a range of community benefits.
The development will be built to above level four of the Code for Sustainable Homes, with heating provided by an on-site biomass combined heat and power plant.
The council said it would receive the cash from Miller Homes “despite the credit crunch and its detrimental effect on the construction industry”, having consulted agent Knight Frank to get the best possible deal in the economic climate.
Some 240 of the homes will be affordable.
George Brown, Isle of Wight council cabinet member for economy, planning and property, said: “It is a great credit to all those involved in this scheme that this agreement has been drafted.
“At such a difficult time for the construction industry, to have an agreement where all the original scheme objectives can be met is tremendous testament to the hard work of all.”
The council said that phasing of the scheme is under discussion but it hopes to have the first homes completed by 2010.
Building.co.uk
12 September, 2008
By Joey Gardiner
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Yet another scam e-mail |
12 September 2008 17:09 |
Another scam e-mail picked up straight away by one of my colleagues, DO NOT telephone any of the numbers. In addition this has a variation re the e-mail address not only is the aquasita.com set up as a sham company which is not contactable by the owner, admin or technical contact (see the WHOIS details) it diverts you to another company which again is not contactable, based in Holland, but the company that owns that seems to be based in India! |
If you want to look at the the other Telephone/e-mail scam looks at the blog dated 5th Sept 2008 below
Good luck
Simon
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COPY OF SCAM e-mail, other variations to Bread & Breakfast/Hotels are listed in the comments. Stephen Morris stephen@aquasita.com Fri 12/09/2008 11:59 (COPY OF SCAM - DO NOT PHONE!!) Hi there,
I am potentially interested in a property I think you have on your books
and I could do with arranging a viewing next week. Please can someone from
your sales department give me a call on 07099 800152.
Thank you
Stephen
Stephen Morris Investment Director Aquasita
Tel: 07099 800152
International: +44 (0) 7099 800152
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IF YOU WANT TO LEAVE A COMMENT PLEASE CLICK ON THE BUTTON BELOW
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Huge storm |
12 September 2008 17:05 |
We have just had the biggest storm we have had in Gatcombe for the last 20 years!
We had a black cloud come over from the North West at about 1.30 pm it started raining & then the thunder struck right over us , we had a couple of power cuts for a few seconds, then fantastic lightning shot right over the fields & it continued raining harder & harder, followed by hailstones, & after about an hour it slowed up & now its bright & totally calm!
We have been told that about 5 miles away to the South of us, in Chale, they had no rain at all today.
Simon |
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Isle of Wight Properties re the compulsory EPC |
11 September 2008 15:59 |
Another mess up as expected (in my blog of the 9/9/08 “MORE CONFUSION BY THE GOVERNMENT”) - all properties have to have an EPC from the 1/10/08.
It is the Seller's responsibility to make an EPC available, not the Agent. If a Seller does not comply they may risk a fine (this is policed by the trading standards authority) I'd be surprised if it happened, especially on the Isle of Wight!
The e-mail below is from our Association the NAEA.
Simon |
----------------------------------------------------------- "Domestic Properties For Sale. – After much confusion the Minister has confirmed that all residential properties for sale, marketed after the 1st October, will need an EPC. This does not mean that pre-HIP properties now need a HIP, only an EPC. In addition the pre-HIP properties can continue to be marketed from 1st October whilst you sort out the EPC and, unlike properties with a HIP, there is no requirement to display the EPC graph on particulars although CLG would like you to. The EPC has to be made available “as soon as possible”. The EPC for the house/bungalow/flat lasts up to 3 years."
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Electricity Cut |
11 September 2008 07:53 |
The Southern Electricity Board is changing our meters at sometime between 8.30 & 1.00 today.
We don’t anticipate any problems, the phones will still work, but we have limited computer time – should they take all day we may struggle!
Should you have any queries please e-mail or telephone in the usual manner
(the contact details are at the bottom of this page)
Simon
All down by 12pm - no problems at all & also had a staff meeting! |
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Nationwide interview to the BBC |
10 September 2008 11:18 |
The Nationwide in June 2008 (If you see the blog 3rd June) said
“However, the strength of house price growth up until last year means that prices are still 5% higher than two years ago and 10% higher than three years ago."
Yesterday Nationwide said (article listed below) “property prices could fall by up to 25%”.
So over say 7 years it’s likely that house prices will still be higher than they were at the beginning – but of course no one knows!
Simon |
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The chief executive of the Nationwide Building Society has told BBC News that he thinks house prices could fall as much as 25% from their peak.
This prediction implies that 2.5 million homeowners could be pushed into negative equity.
Graham Beale also said he does not expect to see signs of recovery in the housing market until 2010.
Nationwide is by far the UK's biggest building society and is closer to the housing market than many others.
Over the course of the business cycle it provides slightly fewer than one in ten of all the mortgages in the UK - though its recent share of new home loans has been a bit less.
So Nationwide's chief executive, Graham Beale, carries weight when prognosticating.
What he said in an exclusive BBC interview on Monday is that he does not expect the housing market to show signs of recovery till 2010.
"I think we are into 2010 [before we see signs of recovery]," Mr Beale said.
"I think that next year we will see a similar pattern to this year...we will see further falls in house prices. And I think before we really get to the new world, whatever that is, I think we will be into 2010."
Negative equity
He also forecasts the peak-to-trough fall in prices will reach 25%..
That is a very significant drop.
It would mean that a typical house would have decreased in value by a quarter during the two-and-a-bit years from last autumn, when prices peaked, to some time in the next decade.
If Mr Beale is right, some 2.5 million homeowners would suffer from negative equity, according to research by Michael Saunders of Citigroup.
That would mean 22% of all householders with mortgages would have home loans greater than the value of their respective homes.
Beale believes that there is little the government - or anyone else - can do to stem in any significant way what he believes is a necessary adjustment of prices.
Confidence boost
He says that the US Treasury's colossal scheme to shore up the two great providers of housing finance, Fannie Mae and Freddie Mac, should help to restore confidence in financial markets.
But, he adds, it won't swiftly revitalise the UK housing market - even though Britain's prospects are inextricably linked to prospects for the US residential property market, because of its importance for the funding of the global financial system.
That said, the UK government is under pressure from banks and building societies to help them raise money so that they can lend a little more to us in the form of mortgages.
Treasury battle
The two options being considered at the Treasury are to provide a taxpayer guarantee for mortgages packaged up as bonds for sale to investors, or to extend an existing Bank of England liquidity scheme so that it could help banks to refinance new mortgages.
Both options would be designed to increase the confidence of global investors that money they provide to banks for lending in the form of mortgages would be safe.
And both options are loathed by the Governor of the Bank of England, Mervyn King, because he believes they could distort the housing market.
This creates the tantalising prospect of a serious showdown between the Bank of England on the one hand and the Treasury and 10 Downing Street on the other over the best way to revive our housing market, our banking system and our economy.
And it is one which needs to be resolved by 1 October, when the existing Bank of England liquidity scheme runs out.
BBC News exclusive
Robert Peston
BBC business editor
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More confusion caused by this Government |
09 September 2008 09:29 |
The way the Government has dealt with these HIP’s has been messed up right from the start, its cost us all in our taxes tens of millions of pounds. The committees set up for consultation did little consultation, everyone we have come across who where part of it (estate agents) said that they basically ignored any suggestions, “the committee was doing it their way”.
And we now get to the latest mess up, from the 1st October we don’t know what should be happening re the people who are on the market , but have no Energy Performance Certificates (EPC) |
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EMAIL TO CLG FROM NICK SALMON 1830hrs 8th September 2008
I have just received copies of the two emails today from CLG to Peter Bolton King, chief executive of the NFOPP. Your department has written:
“From 1 October all properties when rented, bought or sold will need an Energy Performance Certificate. The small number of homes that have been on the market before the introduction of Home Information Packs will be required to produce an EPC as soon as possible, bringing them in line with all other homes on the market. This would not affect or prevent sellers from continuing to market such properties”
AND
“Non HIP properties can be marketed without an EPC graph on the particulars; however, CLG recommends that EPCs do accompany them on a voluntary basis.”
I am afraid that the wording of the first email is so far open to interpretation as to be meaningless and as a matter of great urgency I would ask that you issue clarification to me. From the first email please define 'as soon as possible'. If I have a client selling a property without a HIP and they tell me they will not pay for an EPC until an offer is accepted from a purchaser, or perhaps not at all, am I able to continue marketing the property - as you appear to indicate in the last sentence of the email?
Can you further confirm that Trading Standards will not warn or prosecute an agent who has not obtained a standalone EPC for whatever reason by say, Christmas?
I note from the first email the words 'the small number of homes that have been on the market before the introduction of Home Information Packs'. Can you confirm that you have alerted the Minister to the content of my email to you last Friday? I estimate there are as many as 250,000 properties for sale without a HIP. Indeed one agency group informed me today they have over 1,000 properties on their books without a pack.
Your reply by return would be much appreciated by me and the entire residential property market.
Nick Salmon FNAEA (Honoured)
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Weekly E-mail from our Association (NAEA) |
06 September 2008 09:45 |
Sorry for the length of this e-mail from the NAEA it is very relevant to Estate Agents.
Have a good weekend
Simon |
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GOVERNMENT’S ANNOUNCEMENTS ON “HELPING THE MARKET”
On Tuesday the Government drip fed news on how they were going to try and revive the market.
The mains points stated were:-
1. Mortgage Rescue: for those most affected by the international credit crunch. By comparison with the 1990s, repossessions do remain low, but there has been a recent increase in numbers. The impact on family life can be immense.
The £200 million mortgage rescue scheme being announced tomorrow will go significantly further, helping 6,000 of the most vulnerable families avoid repossession. This will not help those who have acted recklessly or irresponsibly. It is firmly targeted on those families who can no longer afford their repayments, and who would be eligible for homelessness assistance.
Local authorities will have a major role in this scheme assessing applications. Depending on their specific circumstances, eligible home owners will be offered one of three options:
Sale and rent back: a registered social landlord (RSL) clears the secured debt completely and the applicant pays rent to the RSL at a level they can afford.
Shared ownership: a registered social landlord buys a share (enabling the purchaser to pay off some of their mortgage) and coverts the property to shared ownership by issuing a shared ownership lease.
Shared equity: a registered social landlord provides an equity loan enabling the householders mortgage payments to be reduced.
The level of support the RSL will offer depends on the assessment of the individual’s circumstances, which will include a review by a money adviser.
2. HomeBuy Direct, a £300 million scheme which will help up to 10 000 first time buyers into affordable homeownership over the next two years.
HomeBuy Direct will give eligible first time buyers keen to own a place of their own the chance to buy some newly built properties. Buyers will be offered an equity loan of up to thirty per cent of the value, co-funded by the government and the developer, free of charge for five years. As with other HomeBuy schemes, any first-time buyers whose household income is under £60 000 will be able to apply.
Not only will this help first time buyers, but it will also support the industry by identifying buyers for their new homes. This will help the housebuilding industry weather difficult conditions, so that, when the market recovers, they are ready to expand and get back on with building the new homes the country needs for the long term.
3. An immediate £400 million boost in spending power for affordable housing schemes. The Government is committed to a major increase in affordable and social housing to meet demand and cut waiting lists. But with current challenging market conditions, providers are finding it more difficult to deliver their affordable housing schemes. The Government has decided to bring forward £400 million for social housing from existing budgets, delivering up to 5,500 more homes over the next 18 months. For the first time local authorities with existing stock will able to apply for this grant to build social housing, alongside registered social landlords. As well as delivering the social housing so desperately needed in many areas, this will also help to maintain capacity within the housebuilding industry, and help prepare the ground for the recovery in the market.
4. Working with Regional Development Agencies to support the most critical regeneration schemes with the most potential to transform their communities. Market conditions have led to some regeneration schemes slowing down or stalling. This can limit the potential of these schemes to transform lives in deprived areas. We are keen to take action where possible to alleviate these effects. As part of this package we will be working with RDAs and the HCA to look at possible interventions on projects that will deliver the most significant regeneration benefits.
5. New support measures to help vulnerable homeowners meet their mortgage interest payments. The DWP announced it would be reforming Income Support for Mortgage Interest (SMI) by shortening the waiting period before SMI is paid from 39 weeks to 13 weeks for new working age claims from April 2009. The capital limit for new working age claims will also be increased to £175,000 from April 2009.
6. The Chancellor of the Exchequer has also today announced a Stamp Duty Holiday and that the tax will not apply to purchases of residential property of £175,000 or less for a period of one year.
Obviously the Association had been pushing for an end to the uncertainty over Stamp Duty which members had reported was causing major problems. We clearly helped to persuade the Chancellor to take action now although the proposals fell far short of our wishes and there is a concern that the real beneficiaries of this will be investors.
In addition whilst we are pleased that help is being offered to developers and first time buyers but there is a danger that this could have an adverse effect on the second hand market.
The general feeling appears to be that whilst we welcome any good news these actions are unlikely to have the desired effect if stimulating the market and have been described as tinkering around the edges.
Thank you to all those who helped us out with the tremendous amount of press coverage.
THE ONGOING SAGA OF EPCs!
I reported last week that CLG and the Minister were considering the 1st October deadline. I am aware of very confusing messages coming out from numerous sources and I am sorry if we have also sounded confused. Unfortunately we can only pass on what we believe to be the situation.
Following several conversations with the Department, I have been given the following information:-
DOMESTIC EPCs – The 1st October date stands and all property being marketed after this date will require an EPC even if they do not require a HIP because of the initial marketing date. I asked when the EPC had to be available and was told as soon as possible. E.g. you need to get on and get one and cannot wait until just before exchange of properties. However you can continue to market. I am told that, assuming your details have photo or floor plan and description then the EPC graph needs to be included as normal.
In answer to a question Caravans and Park Homes are not dwellings under Building Regulations and do not therefore require an EPC.
NON-DOMESTIC EPCs – The Department clearly understand there is an issue here and are still deliberating. I believe there will be an announcement next week and, although I am guessing, I would not be surprised to see a further transitional period. Sorry there is no clear answer but as soon as we are notified I will let Members know.
POLICY AND POLITICAL REPORT
Monday 1st September
• Inside Housing reports that politicians from the leading opposition parties have called for the Government to stop ‘dithering’ over support for the housing market.
• The Council of Mortgage Lenders has introduced new measures to help ensure that conveyancing and valuation processes capture the true value of newly-built properties.
• A study by the Chartered Institute of Housing suggested that a nationally funded and administered mortgage rescue scheme would offer the most effective and efficient solutions to homeowners faced with mortgage repayment difficulties and repossession.
• Shadow Chief Secretary to the Treasury, Philip Hammond warned that thousands of families are being forced to "put their lives on hold" as the number of mortgage approvals hits a record low. Figures from the Bank of England show that the number of home-buyers approved for new mortgages was just 33,000 in July, a 71% decrease from a year ago.
• Hometrack announced that House prices in August fell for the eleventh month - down 0.9%, compared to 1.2% the previous month. On a year on year basis prices are down by 5.3%, the lowest level since the survey began in 2001.
Tuesday 2nd September
• A major cross–Government package of new measures to meet current challenges in the housing market was announced. A £1 billion housing package announced by Communities Secretary Hazel Blears was designed to help first time buyers struggling to get onto the housing ladder, support vulnerable homeowners at risk of repossession, and support the house-building industry.
• The Chancellor of the Exchequer announced that stamp duty land tax will not apply to purchases of residential property of £175,000 or less.
• The Council of Mortgage Lenders welcomed the integrated package of housing market measures announced by the Government. At the same time, the CML urged the Government to focus on the mortgage funding markets as much as on the consumer-facing initiatives announced.
• The National Housing Federation has hailed the Government’s proposed mortgage rescue scheme as a way of saving thousands of households from the nightmare of repossession.
• The Housing Corporation announced that £306.9 million has been allocated to deliver 4,001 affordable homes for rent and 2,185 for sale (6186 total) following the second round of its regular market engagement.
• The Chartered Institute of Housing (CIH) has welcomed the Government’s announcements to support the housing market. CIH have stated that they believe the measures offer important support for the construction industry, first-time buyers and some of the most vulnerable households facing repossession.
• Sarah Webb, Chief Executive of the Chartered Institute of Housing, assesses the impact of the Prime Minister's announcements to support the housing market.
• The Chartered Institute of Housing announced that their mortgage rescue model has played a key role in informing the Government’s decision to introduce a new scheme.
• Inside Housing comments on Blears £1billion rescue package to give an immediate boost to social housing supply.
• Shadow Chancellor, George Osborne dismissed Labour's Stamp Duty announcement as a "short-term survival plan for the Prime Minister" rather than a long-term recovery plan for the economy. The Shadow Chancellor said he welcomed this "small step" on Stamp Duty, but pointed out that most families would not be helped by it.
• Gordon Brown’s proposals to deal with the economic slowdown are too little too late the Liberal Democrats said. The party has published its own package of proposals designed to help people struggling from the credit crunch. The Liberal Democrat measures include tax cuts for low and middle income households, stopping unnecessary repossessions, action to cut energy bills and moves to stop reckless banks jeopardising economic security.
Wednesday 3rd September
• The Council of Mortgage Lenders has sent a letter to the Chancellor following the announcement of the Government's housing market package.
Thursday 4th September
• The Bank of England’s Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 5.0%.
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Press release from SPLINTA |
06 September 2008 09:20 |
I anticipate another “climb down” by the Government re the note below. Interestingly in this case the homeowner himself or herself are responsible for ensuring that they have the EPC, not the agent. |
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AN ESTIMATED QUARTER OF A MILLION HOME SELLERS CAUGHT BY 'BURIED' LEGISLATION
ENERGY PERFORMANCE CERTIFICATES MANDATORY FROM OCTOBER 1ST 2008
A little-publicized Government Regulation comes into effect on October 1st 2008 requiring almost all residential properties on the market for sale to have an Energy Performance Certificate (EPC) produced at a cost to the seller of between £50 and £150 + VAT. Estate agents, surveyors and solicitors - already struggling to cope with the controversial and deeply unpopular Home Information Pack, which contains an EPC - have only recently become aware that the Energy Performance of Buildings Regulations 2007 makes it mandatory that almost every property - even if it does not require to have a HIP because it came on the market before the pack legislation took effect - must have an EPC from 1st October.
In recent days property industry bodies have been urging the Housing Minister, Caroline Flint, to delay the implementation of the new Regulations until the end of the year but as of this morning her department of Communities and Local Government has failed to give any public indication of whether or not the delay will be sanctioned.
Nick Salmon, head of the SPLINTA (Sellers' Pack Law is not the Answer) Campaign called the lack of prompt direction from CLG a 'disgrace'. Nick said:
"The Regulation is buried in complex energy performance legislation which many believe conflicts with HIP legislation and CLG has done nothing to clarify it. It is a disgrace that with just three weeks to go they are still silent on the issue, which is set to cost home sellers collectively a huge amount of money. However, the whole Home Information Pack and Energy Performance Certificate implementation has been so appallingly badly handled by the Government that I suppose we should not be surprised that the farce continues."
SPLINTA estimates that the new Regulation could affect as many as 250,000 properties currently on the market without a Home Information Pack and therefore without an EPC. At an average of £100 each the cost to consumers of obtaining the EPC will amount to £25 million pounds and the tax take to the Government in VAT will be well over £4 million. SPLINTA suggests that this vast sum would be better spent on home insulation rather than requiring inspectors to visit each property in hundreds of thousands of polluting car journeys.
Nick Salmon said: "There will be many hard-pressed owners already in debt and struggling to keep repossession at bay who must find the cash to pay for the EPC by October 1st. Having to pay out for a document that no-one looks at and which shows energy cost estimates that bear no relationship to current soaring energy prices because the software used to produce them is totally out of date will be the last straw for a lot of people. The Government must delay the introduction."
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E-Mail scam |
05 September 2008 16:48 |
(PLEASE ADD COMMENT AT THE BOTTOM)
An update on the Estate Agents, Realtors, or Real Estate scam.
From the contacts we had from Turkey to Virginia USA, this e-mail scam seems to be a growing problem & we are all having enough problems! (see original blog 1 September 2008)
You get an e-mail (from a genuine unconnected & not liable company) with one of the e-mails below but the contact numbers are the important thing – they are always the same – don’t ever phone the numbers it will cost you a packet.
087112311236 or
07531121516 |
I am just publicizing it again so it gets more coverage re google
Regards
Simon
Director
Isle of Wight Homes Ltd
The Island's first & favourite Internet estate agency
.........................................................................................
Hi,
Please could someone call me, or let me know when would be a good time to call as I couldn’t get through earlier. We are looking to buy a property and would like to arrange some viewings this week if possible. We are available tomorrow through to Thursday for viewings.
I can be reached on either number below.
+44 (0)871 2311 236
+44 (0)7531 121 516
Hi,
We are looking for a property in the area, is there anyway you could send me a list of available properties or let me know when would be a good time to speak to someone? One or both of us can possibly make appointments to see places next week.
I can be reached on either number below.
+44 (0)871 2311 236
+44 (0)7531 121 516
(I am adding variations as & when people report them - Simon)
Please could someone call me, or let me know when would be a good time to call as I couldn’t get through to speak to someone earlier. We are looking to introduce a insurance scheme for our existing and new employees, and I would like to get an idea of the options open to us and how we can offer a insurance scheme to our employees.I can be reached on either number below.
Please could you let me know who to speak to and when to call. We're launched a business sometime ago and we are looking to develop more of a corporate identity. We would like to consult with some external providers asap.
I can be reached on either number below.
Please could you let me know who to speak to and when to call to have a quick chat. We're starting a business and we need some professional photography work doing for our web content and for some offline marketing materials.
I can be reached on either number below.
(PLEASE ADD COMMENT HERE ON THE RIGHT - any more business types?))
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The Bestival 2008 |
04 September 2008 10:32 |
The Bestival (pop festival) is on the Isle of Wight at Robin Hill, from the 5th to the 7th September 2008. Live acts include My Bloody Valentine, Amy Whitehouse (if she turns up!) Pendulum etc etc & lots of DJ’s & comedians (including Phil Jupitas our local – Newport born - comedian)
Also Rob da Bank, Zane Lowe, Annie Nightingale & Nihal from Radio 1 will be visiting. |
The weather does not look good, lets hope the forecasts are wrong & its bright sunshine like all the Island’s festivals!
Here is a direct link to the appropriate site http://www.bestival.net/ If you intend to visit the Island with a car this weekend & have not booked in advance you might not get over - or back.
Simon
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Stamp duty: Lukewarm welcome for Darling's £600m housing gamble |
03 September 2008 09:13 |
So at last the Government stopped all the rumours re stamp duty, but how unimpressive. I enclose the Guardian opinion. (I have also changed the price listings on our site to reflect the changes)
Simon |
· Homes under £175,000 exempted from 1% tax
· Critics say market rescue plan will have little impact
The Guardian
,
Wednesday September 3 2008
Article history
Half of all housebuyers will now pay no stamp duty, according to the Treasury, following confirmation yesterday by the chancellor, Alastair Darling, that the tax threshold will be raised, exempting more purchasers from the levy.
Starting from today, anyone buying a home costing less than £175,000 will escape paying the lowest stamp duty rate of 1%. This figure is raised from the previous starting level of £125,000.
It has been confirmed that the higher threshold will continue only for a year. The hope is buyers will be encouraged to take advantage of the exemption amid tumbling property prices and transactions.
But if Gordon Brown and his beleaguered chancellor were hoping their £600m initiative would reinvigorate the moribund housing market - and kickstart Labour's much-trailed autumn economic "relaunch" - observers yesterday gave a muted response to the measure they predicted would have only a minimal impact on the housing crisis.
"We do welcome this," said Martin Ellis, an economist at HBOS, Britain's biggest mortgage lender, "but the housing market is not going to start recovering next week as a result of these changes. It comes down to more fundamental factors, and it's difficult to see what the government, or any agency, can do, given the fundamental problems with the market."
The number of new mortgages approved for homebuyers in July fell to a historic low of 33,000, a 71% decrease on last year. Bank lending to mortgage borrowers also shrank by £12.1bn in the same month, the biggest monthly contraction on record, while figures from HBOS show the credit crunch wiped 11% off property prices in a year, the steepest annual fall in a quarter of a century.
Ray Boulger, of the mortgage specialists Charcol, suggested the only benefit of the announcement was that it cleared up confusion following a leak last month of the proposed change. "This has at least cleared the air. But when you look at the impact ... as a whole it will be minimal."
Peter Bolton King, chief executive of the National Association of Estate Agents, said: "I don't want to decry any good news but if you look at the average price in the UK ... £175,000 doesn't buy you a shed. In London and the south-east it's not going to make a ha'penn'orth of difference."
The latest house-price figures from Nationwide Building Society show the average price of a house in Britain is now £164,654. The new stamp duty rate will help only 12% of properties in greater London, but in some areas most properties will be exempt from the levy. In Yorkshire and Humberside, for instance, 72% of properties cost less than £175,000.
More than 475,000 houses were sold below the new stamp duty threshold in the 12 months since the autumn, of which more than half cost less than £125,000 and were therefore already exempt. But while buyers of lower-priced properties might welcome savings of up to £1,750, any benefits are dwarfed, say experts, by bigger problems in the market.
Few believe the fall in house prices has bottomed out yet and, with predictions of further falls of 10% or more, the incentive to buy now and save 1% could be minimal. And the mortgage market for first-time buyers has altered drastically: there are now only two 100% mortgages available. At 95%, there are only 98 deals compared with more than 1,000 just over a year ago. To get favourable rates buyers may now need deposits of up to 10%, or £17,500 at the new threshold.
Some critics yesterday said the government should have suspended all stamp duty for the year. The thresholds at which higher rates kick in - 3% at 250,000, and 4% for properties worth more than £500,000 - remain unchanged.
The altered stamp duty level is just one of several measures aimed at easing the burden on homebuyers and owners.
The communities secretary, Hazel Blears, yesterday unveiled a £200m "rescue" package, aimed at helping 6,000 people with mortgage repayment problems enter shared ownership schemes. Plus, 10,000 first-time buyers earning less than £60,000 will benefit from loans of up to 30% of the price of a new home, while £400m already committed for new council homes is to be released early.
Richard Lambert, the CBI's director-general, said the government had limited room for manoeuvre though had "sensibly" channelled help towards social housing. But he added: "The changes to stamp duty may turn out to be largely symbolic and will not be cost free."
Ellis said that, given the economic climate, there was little the government or buyers could do but wait for things to improve. "We are in for this economic downturn at the moment ... it's crystal ball stuff to guess when it might end."
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Job Cuts & Rightmove |
01 September 2008 12:07 |
Re the two articles below,
We know that most agents on the Island have “let staff go” – (we are ok).
Regarding Rightmove – most agents hate the way they have bumped up the rates & not got anything extra – they are currently using their monopoly strength, but is being diluted by other companies such as Globrix, who will in time take over.
Simon |
Job cuts could top 10,000Friday 29th August 2008
With the continuing decline in the housing market up to 10,000 estate agents could lose their jobs by the end of the year, according to the Times.
The paper claims that an estimated 4,000 agents have lost their jobs since the start of the year - accounting for 15 per cent of the industry's workforce.
Warnings of impending redundancies came after Halifax announced it would close 53 of its estate agency offices across the country - many of them in the south – as the number of sales dropped by half when compared with the previous year's figures.
Ben Yearsley, an investment manager at Hargreaves Lansdown, told the publication: "If the housing slump continues much longer, we are likely to see 10,000-plus jobs going."
"The only thing that will free things up is if banks and building societies come back to the mortgage market," he added.
According to the Council of Mortgage Lenders, lending was down by 27 per cent in July when compared with last year.
Rosalind Renshaw
Estate Agent Today
News Story
Boom times for Rightmove as members pay moreFriday 29th August 2008
Rightmove has today (Friday) issued a strong set of interim results, showing that its advertisers are paying heavily increased rates to the site.
Its customers – estate agents, letting firms and developers – are paying an average of £317 per month, up 35% from last year.
The jump, in conjunction with an overall 5% rise in membership numbers, has helped boost Rightmove’s revenues by 49%, while its profits shot up 58% in the six months to the end of June.
Rightmove’s revenues for the period were £37.8m, of which £20.8m were profit.
The stunning results come despite the downturn in the industry, which has seen estate agency membership of Rightmove dip by 3%, down to 11,984.
However, the increase in overall membership has more than made up for this fall.
It is also clear that Rightmove has actually profited from the housing market downturn as more and more agents turn away from advertising in local and regional press to spend online instead. The interim report underlines the fact that Rightmove has spent the last eight years – all its existence – focused on the migration of advertising from print to online.
Ed Williams, chief executive, said the strong results were “evidence of the strength of the Rightmove proposition and the loyalty of our advertisers”.
However, the site, whose principal shareholder is the Connells group with 17.9% of shares, said the UK housing market was in the grip of a major downturn. It said that falling house prices and increasing repossessions would eventually restore the market, but that there was “little immediate prospect of an improvement”.
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