UK property prices flat-line

During the 12 months leading up to  April 2012, UK property prices pretty much flat-lined according to data just published by the Office of National Statistics shows, which showed growth of just 1.4 % over the year.

England's tiny growth  of 1.7% was canceled out by declines in Scotland, Wales and Northern Ireland of  0.3%, 1.1%, and 8.1%.

The majority of England's increase was driven by the were driven by a 4.9% rise in London, and other lesser increases across the rest of the South of England. The Midlands and the North saw small declines.

Let's hope the English team fares a little better in tonights final euro group game.

Read more in This is Money
 

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Property at auction cheap shocker

Auctions properties stills seem to be  selling  below average house prices.
Of the 2,034 properties sold at auction in May the average price was just £128,466, according to stats from the EI Group.

Twenty percent less than the 20%  average house price of £160,417 in England and Wales.
 
EI Group managing director David Sandeman commented that  “Lots offered and sold in the month were both up on last year (by 7.3% and 8% respectively), whilst larger increases are evident in the rolling quarter and year,”

Interesting stats but what does it tell us that we don't already know, ie, it tends to be the duff property that cant sell that ends up at the property auctions. So expect to pay less for property at auction, but also don't be surprised by subsidence, finding your property is directly under a flight path, rowdy neighbours, rising damp, seventies decoration ( that's pretty much a cert, dog smells, sitting tenants, infestations, Homes under the Hammer TV crew... I'm sure you can think of a few more.

But don't let me put you off, there are true bargains to be had, but be cautious.


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Arbitrage opportunity Durham

Landlords looking to engage in a little bit of arbitrage by splitting up an investment block of 19 apartments and houses in Durham and selling them off individually should check out Paxton Court.  The rental yield on the projected asking price is 8.5%.  Not fantastically high for the north but given the potential capital raising opportunities potentially high enough to tempt some interest who wants to actively trade their investments.

Paxton Court, Pity Me, Durham DH1 5DE
Freehold Investment Sale of 19 properties
Excellent break up opportunity 8 x 2 bedroom apartments, 5 x 4 bedroom townhouses and 2 x 5 bedroom townhouses 4 x apartments sold off on long leases.  Total income £119,900 (to include ground rent income)
Fully Let

For sale £1,400,000

For further information, please contact:

Anthony Hart
Email: anthony.hart@allsop.co.uk
Tel: 0113 243 7950

James Wilson
Email: james.wilson@allsop.co.uk
Tel: 0113 236 6679


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Building a property empire

Many landlords harbour dreams of building a vast property empire.  Well it's perfectly possible.

We have covered in the past an interview with Fergus Wilson the King of buy-to-let giving his tips on  how to turn a few buy-to-lets into a vast lettings empire.

Paragon Mortgages reported recently in their quarterly survey that 21% of landlords were planning to buy more buy-to-let properties indicating a decided appetite for landlords to increase their portfolio size.

So you still want to build a buy-to-let empire.  What are the secrets?  Firstly have a look at the 3 pillars of buy-to-let.  You need to get organised if you are looking at scaling up your lettings business so have a look at our FREE property management software. But above everything else in the current climate it's access to finance that is going to enable you to expand and grow your property empire. Without the finance landlords can't do the deals to make their lettings business grow.  Property Hawk Mortgages has been set up especially to target the needs of landlords and buy-to-let landlords.  So why not register to day and start talking to real buy-to-let finance experts to make your buy-to-let empire become a reality.

Finally one other thing.  To build a portfolio you will need patience.  Rome wasn't built in a day and neither will your buy-to-let empire be.  Good luck and happy investing.

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Landlords need tax cuts

I've mentioned before that real improvements in the conditions in the private rental sector are going to need changes in the tax system to incentivise investment in their buy-to-let by landlords.  It seems that I'm not the only one that thinks this way.  The Rowntree Foundation have just issued their report Housing Options and Solutions for Young People in 2020.  It concludes that young people are the ones that are suffering from the current high cost of housing and lack of mortgages.

One of their suggestions to solve the emerging problem is smarter incentives for landlords including tax breaks.

Kathleen Kelly of the Rowntree Foundation comments:

“Our badly functioning housing system will see those on the lowest incomes really struggling to compete in the competitive rental market of 2020.
“Renting is likely to be the only game in town and young people are facing fierce competition to secure a home in what is an already diminished supply of housing.
“With 400,000 vulnerable young people, including families, on the bottom rung of a three-tier private renting system we need to avoid turning a housing crisis into a homelessness disaster.”

There is no doubt that it's 'tough times' if you are young and this especially applies to securing housing.  It is nice to see that the Foundation are talking about landlords and buy-to-let as being part of the solution not just the problem.

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3.85% 2 year discount 75% LTV

A new buy-to-let mortgage product is available through PropertyHawk Mortgages -  a 3.85% 2 year discount up to 75% LTV with a flat fee and no early repayment charge!

This excellent buy-to-let mortgage is with Hinckley & Rugby Building Society. This 3.85% 2 year discount with a flat fee is highly competitive in the 75% LTV bracket and could be a great choice for landlords.

Andy Young at Property Hawk Mortgages says: “We are continually looking to develop our range of exclusive buy-to-let products with lenders and have written a substantial level of business with Hinckley & Rugby during the last 12 months. This specially designed exclusive is very competitive in the 75% LTV bracket and should attract a high level of interest from brokers and their landlord clients.”

Gill Vernau at Hinckley & Rugby Building Society says: “There is currently strong demand from landlords in the UK looking for buy-to-let finance. We are looking to attract good quality applications for loans up to 75% LTV and this product should deliver our target levels of new business.”
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