Property shares jump as bank predicts price rise

Property shares jumped today after a major investment bank said it expected prices to rise sharply in the first half of 2008.

Mike Phillips, Property Week - 17 January 2008

In a note entitled ‘UK property shares – it’s so bad, it’s good’, Martin Allen, property analyst at Morgan Stanley, changed his outlook on the sector from ‘cautious’ to ‘attractive’, saying that he expected property shares to undergo a ‘short, sharp counter-trend rally’ - full article

Landlords sit tight

Few buy-to-let investors are selling up and some are even grabbing bargains

Paula Hawkins, The Times - 18th Janaury 2007

The days in which anyone could make a killing in property investment are over. With net income yields as low as 3.2 per cent, and house prices in many areas starting to fall, the arguments for purchasing property as an investment look weaker than they have at any time in the past decade. But although we are likely to see an end to the rapid expansion of the buy-to-let sector, a large-scale sell-off by existing buy-to-let landlords is equally unlikely: research from Savills shows that only 5 per cent of investors are seeking to reduce their property holdings - full article

Landlords: Claim LESA and Reduce your Tax Bills by up to £1,500

The deadline for tax returns is looming. If you are a residential landlord and have insulated your rental properties, you can reduce your income tax bill by claiming a deduction against your profits of up to £1,500 per property.

The Landlord’s Energy Saving Allowance scheme (LESA) allows landlords to claim the cost of buying and installing the following items:
• draught proofing
• loft insulation
• floor insulation
• cavity wall insulation
• solid wall insulation
• insulation for hot water systems

It’s simple to do. When filling in the Land and Property supplementary pages of your tax return, you should include the costs of these items in box 5.36C. Guidance on LESA can be found in the supplementary notes for the Land and Property pages of your main self-assessment return. Visit www.hmrc.gov.uk/worksheets/sa105notes.pdf for further details.

Continue reading Landlords: Claim LESA and Reduce your Tax Bills by up to £1,500…

Occupier demand unaffected by property ‘crisis’

Occupiers are still keen to expand their property space despite the current market conditions, according to new research.

Jennifer Rigby, Property Week - 15 January 2008

The CBI/GVA Grimley Corporate Real Estate Survey, previously the Property Trends survey, found that 43% of occupiers are planning to expand their amount of property space over the next six months.

Howard Cooke, director at GVA Grimley, said: ‘This survey does not support the speculation about a crisis in commercial property. Firms are still expecting to expand their property occupation much as they have in recent months.’

No crisis

In the last six months, overall 22% of occupiers increased their property space, but some firms, including those in manufacturing sectors, saw a reduction in their space. These firms are expected to continue to reduce their property space in 2008. 22% of firms plan to reduce space, according to the twice yearly survey.

Banks, finance and insurance firms are also expected to reduce their property holdings in the first half of this year, with more than half looking to cut space and only around a quarter looking for expansion - full article

Fall in ‘over-inflated’ house prices inevitable

House prices in Britain are the most over-inflated in the world and a fall in the value of homes is inevitable, leading economists have warned.

Jonathan Wynne-Jones, Daily Telegraph - 14 January 2007

The cost of property in this country has risen faster than in any other affluent nation, making it increasingly difficult for first-time buyers and young families to own a home, an international study has found.

House prices in Britain have risen at an average annual rate at least 10 times higher than in other developed nations, such as Japan and Switzerland, and twice as fast as in the United States.

The research by Policy Exchange, a Right-wing think-tank, shows that since 1970, prices have gone up by more than four per cent a year over inflation - full article

Baby scalding death ‘avoidable’

The jury at the inquest into the death of Rhianna Hardie, the baby who suffered 95% burns when a faulty heating system exploded above her cot, ruled she would not have died had the Government informed her family’s landlords of a similar tragedy four years earlier.

Essex Gazette - 10th January 2008

Coroner Michael Rose, sitting in Taunton, went on to urge anyone with a boiler with an outmoded thermostat to check their heating system for a potentially fatal fault.

Mr Rose told the inquest: “If this incident gets the publicity that it appears to be receiving, virtually every householder in the UK should look at their thermostat and if it doesn’t comply with current British standards, replace it as a matter of urgency - full article

Bank keeps interest rates on hold

Bank of England policymakers have decided to keep UK interest rates unchanged at 5.5%.

Analysts said the Bank faced a tough decision, having to balance signs of a slowdown in consumer spending against growing inflationary pressures.

BBC News - 10th January 2007

The decision is likely to disappoint some retailers, who had called for a cut after poor Christmas sales figures.

While rates have been held this month, many analysts expect the cost of borrowing to be lowered in February - full article

Buy-to-let landlords remain confident despite the global credit crunch, figures showed today.

Buy-to-let landlords remain confident despite the global credit crunch, figures showed today.

Birmigham Post - 9th January 2008

Nine out of 10 landlords questioned during the final quarter of 2007 said they had no intentions of selling their properties, with people instead planning to hold on to them for an average of nearly 17 years.

Less than one in 10 people think they will sell up within five years, and only two per cent see property as a short-term investment of less than two years.

At the same time four out of 10 landlords said they planned to increase their investment in bricks and mortar this year, according to the Association of Residential Letting Agents - full article

Tenants and landlords get greater access to redress with NALS and OEA initiative

The New Year has brought positive change for the lettings market. With effect from this week, tenants and landlords of properties across the UK will benefit from a new partnership between the OEA (Ombudsman for Estate Agents) and NALS (National Approved Letting Scheme) – allowing them easier access to independent redress in order to settle disputes and seek early resolution to issues.

NALS Press Release - 7 January 2008

The enhanced service for NALS accredited firms follows the appointment of the Ombudsman for Estate Agents, Christopher Hamer, who together with NALS has responded to a growing need within the private rental sector for independent redress. A solution has increasingly been sought that is effective, simple and delivers results but without involving extended and costly procedures to all parties.

Previously, NALS accredited lettings firms* had used arbitration as the final stage in the complaints handling process. The new agreement with the OEA, now gives independent redress for both tenants and landlords at NO cost to either party and provides the lettings sector with a potentially faster, yet professional service, in line with best practice – for a small annual fee. The procedure is based on seeking early agreement by all parties through a more informal decision process. Where this is not possible OEA will carry out a full review of the complaint.

Continue reading Tenants and landlords get greater access to redress with NALS and OEA initiative…

2008 – I Must Stop Those Noisy Neighbours

Six out of ten people in the UK are annoyed by domestic noise and do not complain…Why not silence your noisy neighbours in 2008?

Sound Service (Oxford) Ltd has been supplying D.I.Y domestic soundproofing materials and advice for nearly 40 years.

Their products are easy to install with little or no experience and provide effective soundproofing for floors, walls and ceilings.

Many people think that soundproofing is a costly exercise when in fact you can treat most surfaces from as little as £30 per square metre.

Continue reading 2008 – I Must Stop Those Noisy Neighbours…