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Twitter for Isle of Wight property |
29 January 2009 10:37 |
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Not only can you get this blog via RSS fee (see left hand side of page) I now have the blog going through to a twitter page http://twitter.com/IsleoWightHomes - with a lovely picture of Sandown bay as the backdrop - Would welcome any followers! Regards Simon |
Amendment to the regulations quietly slipped through last week |
26 January 2009 14:40 |
So last week was "Obama week", what a perfect week to slip in new rules re the Hip’s.
The SPLINTA GROUP provided the information below, if you are thinking of selling put your house on the market as soon as possible – gives us a ring today!|
And dont forget we do not get any kick backs from suggesting HIP providers - so they are as low as £240 + NO VAT for a complete HIP.
Regards
Simon |
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25th January 2009
Dear Subscribers
Home Information Pack Regulations amended.
Last week the expected amendment to the Regulations was quietly slipped through and as we have expected all along the Property Information Questionnaire will be a required document at first point of marketing from April 6th.
The HIP will also need to contain the Index, Sales Statement, Title documents and plan and of course the Energy Performance Certificate. All these and the PIQ must be in place before any marketing commences. Note that Searches and leases will still be required but, as now, not at first point of marketing.
Surveys in the HIP
It is our belief that the recently introduced Single Survey in Scotland is going to be used as the basis for promoting the inclusion of a survey in the English/Welsh HIP at some point in the not too distant future. RICS has already announced a new form of survey which would be recognizable as a Home Condition Report and of course it wouldn't need lots of new-style quasi surveyors to produce - because the RICS members are already in existence. Very convenient. The timing of such an introduction will be crucial in relation to a general election. More on this in due course.
HIP Companies
I am aware that several HIP providers are in serious financial trouble and therefore counsel you to be very careful about entering into arrangements that involve payments of commission or kickbacks from the HIP provider . Those payments could all too easily not be forthcoming if the HIP provider goes out of business - and in the next few months several will.
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Buyers are 'flooding back into the market' - perhaps? |
22 January 2009 10:03 |
On the Isle of Wight things are certainly a lot busier now in 2009 than in November & December (but then they couldn’t have got much quieter!).
Good news from the mainland estate agent below -
Simon |
****************************************** Wednesday 21st January 2009
Haart Estate Agents has claimed that buyers are flooding back into the market after registering a surge in the number of people making enquiries at the start of the year.
According to new research by the estate agency, the number of buyers showing interest in property on Haart's books rose by 54 per cent in the first two weeks of this year when compared with the same period in 2008.
Russell Jervis, Haart's managing director said falling prices were the driving force behind the renewed interest at the start of 2009.
Mr Jervis claimed: "Homeowners and first-time buyers played a waiting game in the second half of last year until they could be more certain of how the market was faring."
He added that with property prices falling to levels seen three years ago, it was a good time for first-time buyers to get their foot on the property ladder.
In related news, UK property website Rightmove said the number of enquiries from buyers in the past few weeks increased dramatically.
According to the property portal, enquiries more than doubled when compared with figures for the same period last year. EAT Copyright |
Land Registry warns investors off 'land banking' schemes |
20 January 2009 09:33 |
The type of scam mentioned below also happened on the Isle of Wight some years ago, plots of land + woodland were sold off just outside Newport – a few people put caravans on the land, but got moved off eventually.
Simon |
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As returns on property investment dip during the credit crunch the Land Registry is warning investors not to plough their cash into the UK's many so-called land banking schemes, many of which claim to offer attractive profits to investors.
Most land banks offer small plots of land for sale within fields that, it is usually claimed, are soon to be granted planning permission when the likelihood of permission being given to build on the land is almost zero, the Land Registry says.
The first sign that a land banking company is up and running on a field comes when paint or poles are used to identify the 'plots'.
These strips of land are offered for sale, often online, and sometimes with the claim that there will be huge returns when planning permission is obtained for housing or other development - all for just a couple of thousand pounds.
But the land is usually in areas near or within green belts protected from development by planning law, and those offering the schemes often boost their credibility by claiming that major banks and developers back their schemes, when in reality this is 'not the case', the Land Registry says.
"In some extreme cases forged Land Registry letters have been produced to suggest that there is official Land Registry planning approval," says Mike Westcott Rudd, head of corporate legal affairs at the Land Registry. "However, we play no part in the planning process."
Source: http://www.landreg.gov.uk
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House prices could start to rise by end of 2009 |
19 January 2009 17:01 |
Good News for us all perhaps? |
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"Affordability in UK housing has improved dramatically over the past year, meaning the property market could recover sooner than most economists expect.
The finding, from Lombard Street Research (LSR), contrasts markedly with the consensus City view, which is that house prices will fall by another 10 per cent - 15 per cent this year, taking their total fall during the current crash to over 30 per cent.
In fact, the LSR/Daily Telegraph housing affordability index shows that house prices are now moving back into affordable territory. The index rose from 93.1 points to 96.1 points in the third quarter of last year. According to LSR experts, it is now likely to be close to, or even above, 100 points, which signifies the average housing value over the past 50 years.
The indicator, which compares house prices to other financial factors, including earnings and mortgage rates, implies that those now buying a house are doing so at about its fair value.
"If you can get access to a mortgage, have managed to keep hold of your job and have a decent deposit for your mortgage, the affordability situation has improved greatly in the past year," said LSR's Jamie Dannhauser. "There are actual signs from the market that things are improving. There's no reason why you couldn't have a month by the end of the year where prices go up by 0.1pc."
However, the LSR's affordability indicator does not take into account the credit rationing by UK banks due to the financial crisis. Mr Dannhauser also warned that unless the Government and Bank of England embark on quantitative easing soon, it could provoke an even more dramatic fall in prices."
By Edmund Conway, Economics Editor
Telegraph.co.uk GMT 19 Jan 2009
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TRADING UP FROM A 2 BED TO A 3 BEDROOMED HOUSE EASIER |
13 January 2009 09:26 |
Interesting informative article from the telegraph,
Things are certainly busier on the Isle of Wight since the New Year
Simon |
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The decline in the value of two-bedroom homes has been sharper than any other property type, with such properties losing about 12 per cent of their value compared to a drop of eight per cent in the price of one-bedroom homes.
The difference in price between the average one-bedroom property and two-bedroom house is now some £31,000 - £10,500 less than it was a year ago and the lowest level for five years.
The figures also show it is relatively easier to trade up from a two-bedroom to a three-bedroom home, with the cost of making the move falling from £66,264 to £58,436, due to an average 11.9 per cent reduction in the value of three-bedroom homes.
However, it has become more expensive to move higher up the property ladder to a four-bedroom home because larger properties have held their value better, the figures show.
The average cost of a four-bedroom home has dropped from £390,343 to £370,276 during the past year, but because the price of three-bedroom homes has fallen faster, the average cost of trading up increased from £141,733 in 2007 to £151,235 last year.
Nicholas Leeming, the director of propertyfinder.com, said: "The real catalyst for house price falls has been a lack of mortgage availability, particularly for less credit-worthy borrowers.
"This means the bottom end of the market has been more impacted by the slow down and prices there have fallen more rapidly.
"People higher up the ladder will naturally find it easier to gain access to finance in order to move, but because of this the price of four-bed properties has only fallen five per cent, compared to around 12 per cent for two- and three-beds, so the financial gap has actually widened."
Figures from Nationwide showed that the average house price fell by almost 16 per cent in 2008 to £153,048. Analysts have warned that prices will fall by up to another 15 per cent this year.
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Bembridge, Isle of Wight |
12 January 2009 14:55 |
Just uploaded this five bedroom house in the centre of Bembridge priced at £395,000. |
Great location - you don't really need a car as you can get all the day to day items from the shops around the corner.
Simon
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Carisbrooke High Street, Newport, Isle of Wight. |
09 January 2009 12:33 |
Just uploaded this smashing 5 bedroom Grade II listed house at £275,000. |
This house also has a room to the rear that used to be used as a sweetshop, I used to walk down from the Junior school (now demolished & built on) & visit there several decades ago. There is a possibility that this could again be used for commercial purposes - if you are interested?
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Selling this year? - think of Isle of Wight Homes. |
09 January 2009 12:26 |
LIES, DAMNED LIES, AND STATISTICS |
Its always interesting for me to see how many people look at our site over the Christmas period. After our first year, back in 2000 I was so surprised that anyone was looking at our site on Christmas & Boxing Day – but once again this year the same trends, we got only a slight drop on Christmas Day from the average & Boxing Day was the really quiet day. The weeks in & around the holiday where average, except for last weekend, being the last days before most people go back to work & the children going back to school, the visits to the site were even quieter than Boxing Day!
Usually in December / January it is pretty slow, & you would expect this to be true this year especially with the credit crunch, but we have been arranging viewings right over the holiday period & taking on new properties (they will be live soon - still awaiting the written authority).
I don’t intend to be putting all the projections/forecasts of the housing market this year as not only are they depressing, looking at last years figures they are so inaccurate as to be a bit of a waste of time.
If you thinking of going on the market this year, I would suggest you do so a soon as possible & give us a ring on 01983 721831 - we can really show a property off, as it deserves to be shown, HIPS from £240 (NO VAT) + low commission rates.
Regards
Simon
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Welcome to 2009! |
02 January 2009 10:19 |
Hope you all had a Happy Christmas & New Year |
It looks like they had some smashing firework displays as shown in pictures below
(courtesy of Times online) in Athens, London, Sidney & Vienna. We had a quiet time during the Christmas break on the lovely Isle of Wight – shame it was quite so grey all the time, but at least it didn’t rain!
We checked the office everyday for phone calls & e-mails & ended up working a few mornings.
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Today the sun is just starting to show through the grey clouds; from our office we get some lovely views to Shanklin some seven miles away. I have some pictures to process for a large house in Bembridge, to be online soon, so must rush ….
Simon
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