Britons are falling out of love with property, with the number of people who see bricks and mortar as the best long-term investment falling by almost a third in the final three months of 2010.
Of 2,500 people surveyed, 34% rated property as the best long-term investment, down from 49% in the previous three month [...]
Property
Britons lose faith in property investment
New rules for councils seizing empty homes
Communities Secretary, Eric Pickles, has announced changes to rules that have allowed local authorities to seize homes that are left empty for six months and more.
In 2006, the previous Government introduced Empty Dwelling Management Orders, which according to Mr Pickles give councils the right to seize empty property after too short a period, and even [...]
Communities Secretary Eric Pickles has lost a court battle over his decision to scrap the last government’s regional housing targets in England
Eric Pickles housing move ‘unlawful’
Eric Pickles said he wanted to return power to local authorities
Communities Secretary Eric Pickles has lost a court battle over his decision to scrap the last government’s regional housing targets in England.
The move was ruled unlawful by the High Court.
Housing developers had asked the court to block it, arguing Mr Pickles had abused his powers.
Mr Pickles had said he wanted to return planning powers to local communities. An aide said that no appeal was planned.
The ruling means that controversial plans for building thousands of new homes in each English region could be back on – but a government source said the court ruling was only a “technicality” and would not change anything.
That is because legislation will be published next month that will deal with the issue, he suggested.
‘Parliamentary democracy’
Housing developer Cala Homes (South) Ltd argued that Mr Pickles was wrongly seeking to revoke regional planning strategies through discretionary powers.
Mr Justice Sales, sitting in London, ruled that the Cala Homes argument was “well founded”.
“What today’s judgement identifies is that he (Mr Pickles) wasn’t entitled to make the decision in the way that he did” Ian Ginbey Cala Homes’ lawyer
The developer argued primary legislation should have been introduced, giving MPs the opportunity to debate an issue crucial to future planning in England.
It claimed Mr Pickles’s decision “struck at the heart of parliamentary democracy”.
The government argued that regional strategies were made by regional assemblies, an undemocratic tier of regional government, and this undermined directly elected local authorities.
Ian Ginbey from Cala Homes’ lawyers, Macfarlanes, said the legal challenge to Mr Pickles’s decision “wasn’t an attack on localism at all”.
But he said scrapping the targets without anything to replace them had “left a policy vacuum, caused confusion throughout the industry and directly resulted in proposals for tens of thousands of new homes being abandoned”.
He conceded that the High Court ruling might only succeed in delaying the scrapping of the targets until next autumn, when planned new legislation is likely to come into effect.
‘Embarrassing questions’
But he said it could mean that many housing developments rejected on appeal since the targets were scrapped in July could now be back on the cards.
“What today’s judgement identifies is that he (Mr Pickles) wasn’t entitled to make the decision in the way that he did,” Mr Ginbey told BBC News.
“We will work with local communities to build more homes” Bob Neill, Local Government Minister
David Orr, chief executive of the National Housing Federation, which represents housing associations, said the decision to get rid of the targets was “a hasty and damaging move, which has already seen plans for over 180,000 homes scrapped”.
Shadow communities secretary Caroline Flint said the court ruling “raises embarrassing questions about the way Eric Pickles ripped up plans for desperately needed new homes”.
She added: “The coalition’s housing policies are doing little to meet the aspirations of the hundreds of thousands of families who want to live in a decent home.”
The court’s decsion was welcomed by the Home Builders’ Federation which said it would help local authorities plan new housing developments using the old targets while a new “locally-based” planning system is put in place over the next two years.
But junior communities minister Bob Neill said it “changes very little”.
“Later this month we will be introducing the Localism Bill to Parliament, which will sweep away the controversial regional strategies.
“Top-down targets don’t build homes – they’ve led to the lowest peacetime house-building rates since 1924.
“The government remains firmly resolved to scrap this layer of confusing red tape.
“Instead, we will work with local communities to build more homes. This was a commitment made in the Coalition Agreement and in the general election manifestos of both coalition parties. We intend to deliver on it.”
The court heard Mr Pickles decided in July to revoke the regional strategies, which include house-building targets, introduced under the 2009 Local Democracy, Economic Development and Construction Act.
James Eadie QC, who represented the Communities Secretary, argued in court that Mr Pickles had power to revoke the entire regional strategy tier of planning policy guidance and was entitled to do so as it was not operating in the public interest.
Mr Pickles has been at the forefront of the government’s efforts to decentralise power – and has fought a series of high-profile battles with quango and council bosses over alleged extravagance with public money.
Paragon returns to lending
The Paragon Group of Companies is delivering on its commitment to return to new lending and aims to re-establish its market leading position in the buy-to-let mortgage sector.
New funding
Paragon has arranged funding via a new warehouse debt facility and will resume buy-to-let lending with immediate effect. These will be the first new buy-to-let mortgages that Paragon has offered since February 2008 when it withdrew from the market due to conditions in the global financial markets.
Macquarie Bank is providing the £200 million warehouse facility. The Group’s intention will be to use the facility to warehouse loans prior to arranging term funding in the mortgage-backed securitisation markets, where the Group has considerable experience stretching back over 20 years. There has been increasing evidence of a recovery in the asset-backed market with numerous securitisations being launched by a number of major UK and European banks.
Paragon has held bond investor roadshows during 2010 and there is strong investor demand for Paragon residential mortgage-backed securities given the excellent performance of its historical mortgage assets. The number of accounts more than three months in arrears across Paragon’s portfolio of buy-to-let loan assets has continued to fall and is currently 0.86% of the book. This is significantly below buy-to-let market peers and also the wider mortgage market.
Lending strategy
It is Paragon’s aim to return to its market-leading position in the buy-to-let sector, specifically targeting professional landlords. This is an area of the market currently under served by buy-to-let lenders and one in which Paragon is well positioned given its expertise and experience in buy-to-let lending.
Paragon will offer a range of buy-to-let products through the Paragon Mortgages brand.
Paragon will continue to maintain a prudent and risk-averse approach to new lending, placing greater value on long-term customer relationships, credit quality and profitable products rather than simply market share.
This strategy has proved successful for Paragon and is a driving factor in the excellent credit performance of the Group’s assets.
During the eleven months to 31 August 2010, only £231.1 million of Paragon’s buy-to-let loan book has redeemed and the size of the warehouse facility, and its revolving nature, will provide the basis to support the expansion of the lending business.
Buy-to-let market
Competition in the buy-to-let mortgage market has reduced dramatically since the start of the credit crunch and the new lending sector has been dominated by just two lenders, accounting for up to 80% of new business written.
The number of available buy-to-let products has fallen from over 3,600 in July 2007 to under 280 in September 2010. Many of these products are focused towards the novice or small scale landlord, failing to cater for professional landlords’ more complex financial needs.
Strategy
The acquisition of loan portfolios and loan servicing of third party clients will remain a core part of the strategy going forward.
Trading
In addition to announcing its return to new lending, Paragon also today gave a trading update for the eleven months to 31 August 2010. The Board expects operating profits (before exceptional and fair value items) for the year to 30 September 2010 to be above the current market consensus forecast (£58.2 million) and around the upper end of analysts’ current expectations, which range from £40.5 million to £65.0 million. In addition, as previously disclosed, pre-tax profits will include an exceptional profit of £5.7 million on the purchase of Group securitised bonds.
Commenting on today’s announcement, Nigel Terrington, Paragon Group’s Chief Executive says:
“Despite the difficult environment over the past three years, Paragon has remained steadfast in its commitment to return the business to new
lending when conditions permitted.
“We are delighted to have secured funding on acceptable and sustainable terms to enable us to return to new lending and to work with Macquarie on this significant transaction. They are an ambitious and innovative institution and this transaction demonstrates clear evidence of their intentions to develop a leading role in the UK debt and equity markets.
“This is not only a significant development for Paragon; it is also significant for the wholesale funding and specialist lending markets. Paragon is the first independent non-deposit taking mortgage lender to secure funding to enable it to return to new lending. This shows that investor confidence is returning and the wholesale funding markets are recovering.
“Competition in the mortgage market has been sorely lacking, particularly as specialist lenders have largely been unable to secure funding or Government support to enable them to compete against high street lenders. Nowhere is this more evident than in the private rented sector where tenant demand is strong and expected to grow.
This is an increasingly important part of the UK housing market and competition is vital for a healthy and vibrant buy-to-let market and we aim to provide that competition.”
ENDS
For further information contact:
Paragon: Nigel Terrington
Chief Executive
0121 712 2024
Fishburn Hedges Andy Berry 020 7544 3044 / 07767 374421
Jane Padgham 020 7544 3061
Michelle James 020 7544 3056
City College Brighton and Hove is urging local construction firms to take on apprentices
City College Brighton and Hove is urging local construction firms to take on apprentices as there is currently a shortage of Brighton and Hove employers in this sector participating in the apprenticeship framework. Taking on an Apprentice can have a hugely positive impact on a business, and during a tough financial climate, it is a cost effective way for a business to invest in their work force. Matthew Carver, Director of local electrical contractors Lucas Electrics, is bucking this trend and encouraging others to follow suit.
Matthew says:
“I think it’s important to train kids properly in a hands-on way. Joe, the apprentice we’ve taken on, is learning really fast while he’ll also be picking up the theory side at College. In the first six months an apprentice will be shadowing you a lot but if you treat them well and train them well, at the end of the day they’ll be making money for you and it’s a good move for any business in the construction industry to take one on.”
Apprentice Joe Cole says:
“I went to a mainstream College to take A levels and it didn’t really work out for me. I just prefer doing practical stuff, its going really well and I enjoy learning, working and earning money at the same time.”
As an additional incentive, a new grant is currently available for businesses who take on an Apprentice aged 16-24 before the end of October 2010. The grant, a sum of £1,500, is in addition to City College’s customer service, including a dedicated skills advisor who guides employers and apprentice through every stage of their training.
For more information on taking on apprentices, contact City College’s Apprenticeship Co-ordinator Krystle Holford on 01273 667788 x 303 or email KHO@ccb.ac.uk
For media enquiries, please call Brian Bell, Marketing Communications Officer, on 01273 667788 Ext. 488 or email bb1@ccb.ac.uk website www.ccb.ac.uk
About City College Brighton and Hove: Situated in the heart of Brighton, City College Brighton and Hove has become an international centre of vocational excellence. Every year 2,000 full-time, 10,000 part time, over 500 Higher Education and 250 14-16 year old students as well as many international and European students choose City College as their place of further and higher education training. In addition, the College provides training to over 2,000 businesses via its ‘City Business Skills’ department which focuses on employer training needs. Offering over 700 courses from basic level right through to business and postgraduate training, City College is working with its partners to develop the workforce of the future.
Contact Name: Brian Bell
Role: Press Officer
Company: City College Brighton & Hove
Contact Email: click to reveal e-mail
Contact Phone: 01273 667788
Company Website: http://www.ccb.ac.uk
More details: http://www.ccb.ac.uk/public
Nationwide: House Prices Now Less Than 10% Below Their 2007 Peak
- House prices increased by 0.5% month-on-month in May
- Annual rate of price inflation drops from 10.5% to 9.8%
- Prices up 12.2% since February 2009 trough
| Headlines | April 2010 | May 2010 |
|---|---|---|
| Monthly index * Q1 ’93 = 100 | 334.0 | 336.0 |
| Monthly change* | 1.1% | 0.5% |
| Annual change | 10.5% | 9.8% |
| Average price | £167,802 | £169,162 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide’s Chief Economist, said:
“The price of a typical UK property rose by a seasonally adjusted 0.5% month-on-month (m/m) in May, following a 1.1% increase in April. The smoother 3 month on 3 month rate of increase rose from 1.1% in April to 1.7%, as February’s fall in house prices dropped out of the most recent three month average. The annual rate of house price inflation dropped from 10.5% to 9.8%, which reflects the weaker pace of increase in May 2010 relative to May 2009. Since reaching a trough in February 2009 – following a drop of 19.3% from their October 2007 peak – house prices have risen by 12.2% and are now just 9.5% below the October 2007 peak.
“Housing market conditions remain characterised by thin transaction volumes and a relative scarcity of properties for sale, despite a slow return of more sellers in recent months. The current supply-demand balance on the market is still consistent with relatively stable to modestly upward trending prices.”
Impact of capital gains tax changes on house prices depends on timing of implementation
“The coalition agreement between the Conservatives and Liberal Democrats contains plans to increase the rate of capital gains tax (CGT) charged on the disposal of non-business assets, potentially including second homes and buy-to-let investment properties. Currently the CGT rate on such assets is 18%, and the coalition plans are to raise the rate to a level “similar or close to those applied to income.” Precise details, however, will not be known until the Emergency Budget announcement on 22 June.
“With regard to what the short-term impact will be on the housing market and house prices, the key question is around the timing and implementation of any CGT increase. If there is a significant time lag between the announcement of the increase and its actual implementation, then some second home owners and buy-to-let landlords may decide to sell in advance of the higher rate being introduced. Such a development could lead the supply-demand balance to shift more in favour of buyers and relieve the current upward pressure on house prices. However, it is difficult to know with any precision how many people would bring forward a decision to sell.
“The incentive to try to beat the higher tax rate is most pressing for those who have owned their properties for a relatively long period of time and therefore have relatively large unrealised gains. Conversely, those who bought their second homes or investment property within the last five years have little incentive to sell early in order to beat the tax change. House prices have only risen back to their mid-2006 level and the first £10,100 of capital gains is currently tax free.
“If the new rate comes into effect immediately on 22 June, then supply conditions are unlikely to be affected materially as any potential sellers would not have time to react.
“There are some examples of where tax changes have had a significant short-term impact on the housing market. Most prominent was the March 1988 announcement to end double Mortgage Interest Relief At Source (MIRAS) for cohabiting couples. The implementation of the tax change was postponed until August of that year, which prompted a rush of buyers to try to beat the deadline. The result was a temporary surge in property values, with house prices increasing by 18% between Q1 1988 and Q3 1988 alone.
“However, the most recent change in CGT rates announced in the 2007 Pre-Budget Report did not have any discernable impact on the supply of property on the market. At the time, the existing CGT rates of 24-40% – depending on taper relief and income status – were cut to a flat rate of 18%. New instructions to sell property remained very low even after the tax changes were introduced, although this may also have been due to the very weak market conditions prevailing at the time.”
Monthly UK House Price Statistics
| Monthly % Change Seasonally Adjusted | 3 month on 3 month % change | Annual % Change | Average Price | |
|---|---|---|---|---|
| May-08 | -3.0 | -3.3 | -4.4 | 173,583 |
| Jun-08 | -1.1 | -4.3 | -6.3 | 172,415 |
| Jul-08 | -1.9 | -5.4 | -8.1 | 169,316 |
| Aug-08 | -2.2 | -5.4 | -10.5 | 164,654 |
| Sep-08 | -1.8 | -5.6 | -12.4 | 161,797 |
| Oct-08 | -1.4 | -5.4 | -14.6 | 158,872 |
| Nov-08 | -0.1 | -4.8 | -13.9 | 158,442 |
| Dec-08 | -2.5 | -4.2 | -15.9 | 153,048 |
| Jan-09 | -1.3 | -3.7 | -16.6 | 150,501 |
| Feb-09 | -1.5 | -4.4 | -17.6 | 147,746 |
| Mar-09 | 1.2 | -3.6 | -15.7 | 150,946 |
| Apr-09 | -0.3 | -2.5 | -15.0 | 151,861 |
| May-09 | 1.2 | -0.1 | -11.3 | 154,016 |
| Jun-09 | 1.0 | 1.1 | -9.3 | 156,442 |
| Jul-09 | 1.4 | 2.6 | -6.2 | 158,871 |
| Aug-09 | 1.4 | 3.2 | -2.7 | 160,224 |
| Sep-09 | 0.9 | 3.8 | 0.0 | 161,816 |
| Oct-09 | 0.6 | 3.5 | 2.0 | 162,038 |
| Nov-09 | 0.6 | 2.9 | 2.7 | 162,764 |
| Dec-09 | 0.6 | 2.3 | 5.9 | 162,103 |
| Jan-10 | 1.3 | 2.1 | 8.6 | 163,481 |
| Feb-10 | -1.0 | 1.7 | 9.2 | 161,320 |
| Mar-10 | 1.0 | 1.6 | 9.0 | 164,519 |
| Apr-10 | 1.1 | 1.1 | 10.5 | 167,802 |
| May-10 | 0.5 | 1.7 | 9.8 | 169,162 |
Nationwide: House Price Inflation Reaches Double Digits
- House prices increased by 1.0% month-on-month in April
- Annual rate of price inflation moves into double digits for first time since June 2007
- House prices are 10.0% below the October 2007 peak
| Headlines | March 2010 | April 2010 |
|---|---|---|
| Monthly index * Q1 ’93 = 100 | 330.6 | 334.0 |
| Monthly change* | 1.0% | 1.0% |
| Annual change | 9.0% | 10.5% |
| Average price | £164,519 | £167,802 |
* seasonally adjusted
Commenting on the figures Martin Gahbauer, Nationwide’s Chief Economist, said:
The price of a typical UK property rose by a seasonally adjusted 1.0% month-on-month (m/m) in April, leaving house prices 10.5% higher than a year earlier. Over the lifetime of the last Parliament (May 2005 to April 2010), house prices have risen by 6.7%. This compares to a 13.5% increase in the consumer price index, the official target measure of inflation.
April’s figures show the first double-digit annual growth in UK house prices since June 2007. The year-on-year rate in this month’s figures, however, received an additional boost from the fact that April 2009 was one of the weaker months last year. Given the very strong performance of house prices from May 2009 onwards, it will take monthly increases in excess of 1% for the annual rate of inflation to be maintained in double digits going forward. The smoother three month on three month rate of inflation edged down further from 1.5% in March to 1.1% in April, which primarily reflects the impact of February’s 1.0% decline in house prices. April’s figures leave UK house prices exactly 10% below the October 2007 peak.
For further information please see April 2010 report (PDF 64KB).
NAEA: Success of Stamp Duty Campaign a major victory for first time buyers
THE National Association of Estate Agents (NAEA) today welcomed as a major victory Alistair Darling’s decision to raise the threshold of stamp duty land tax for two years.
The NAEA has long campaigned for a major rethink on stamp duty – which it believes to be a tax on aspiration. Today in the final Budget before the election, Mr Darling listened and raised the threshold to £250,000 from midnight tonight.
Peter Bolton King, chief executive of the NAEA, said: “For thousands of first time buyers the dream of getting onto the property ladder was slipping out of reach.
“This announcement has added a new rung to the property ladder, one within reach of thousands of young families.
“We have long argued that stamp duty is a tax on aspiration that smothered the natural demand of the market. We still believe that more reform is needed and there is more work to be done, but this is a good first step – a major victory for first time buyers.”
The NAEA has for years called for a major reform of stamp duty land tax, beginning with the threshold being raised. Most recently in the run up to this Budget the association led a coalition of property organisations in calling for reform, under the banner of the 1808 campaign. More information on the 1808 campaign can be found at http://www.nfopp.co.uk/1808/
ENDS
Spanish Banks to put “huge quantity” of homes on market says expert
Spanish banks will have to put a “huge quantity” of repossessed homes on the market over the next few months, said Juan Iranzo, Managing Director of the Institute of Economic Studies (IEE), during the presentation of a new book on the Spanish economy and housing market, sponsored by the savings bank Bancaja.
According to Iranzo, the banks are sitting on 100,000 of Spain’s 700,000 unsold new homes, which they will now have to dump on the market. Thanks to new rules from the Bank of Spain forcing banks to increase their provisions on unsold properties, which took effect in January, Iranzo also expects the banks to drop their prices in search of sales. He pointed out that banks need to improve their balance sheets by selling property, though it is unclear how selling property at a loss will help do that.
What green shoots?
There has been some talk recently in the mainstream Spanish media about an incipient recovery in the housing market, but according to Iranzo the housing sector will get “quite a lot worse” this year, thanks to the recession and increasing unemployment. “The outlook doesn’t favour the house purchases,” remarked Iranzo. He warned that prices still have room to fall, and that interest rates will go up towards the end of the year, putting further pressure on prices.
“Never again”
A glut of newly-built properties isn’t the only problem the market is having to deal with. Demand has also retrenched massively, and may not pick up until 2012 or 2013, says Iranzo.
When does he expect demand to return to the boom levels of 700,000 homes a year? “Never again,” says Iranzo, who expects demand to stabilise around 450,000 homes per year in 2012.
It is important to note that Iranzo is basically talking about the market for primary housing in and around Spanish cities, not holiday homes on the coast. Some experts expect the quality holiday home market to recover much quicker, thanks to supply limits and internationally diversified demand.
Link to original article and more Spanish property information
Future housing conference – Council of Mortgage Lenders
Future housing conference information
24 February 2010
Conference time: 0845hrs – 1630hrs
Background
The CML compile and publish a range of statistics on the UK housing and mortgage markets including key data on mortgage lending, arrears and possessions and market segments such as buy-to-let. This unparalleled knowledge and insight into the important role housing plays in the economy is the basis on which this conference programme is built.
The detailed content will help all organisations, not just lenders, operating within the world of housing. The content discussed will be crucial to understanding current and future housing market conditions.
Chaired by Sue Anderson, head of external affairs, Council of Mortgage Lenders
Expert speakers will include:
- Michael Coogan, Director General, Council of Mortgage Lenders
- Rt. Hon John Healey MP, Minister for Housing and Planning
- Peter Williams, housing consultant and Chairman, IMLA
- Steven Hall, director, KPMG
- Bob Pannell, head of research, Council of Mortgage Lenders
- John Stewart, director of economic affairs, Home Builders Federation
- Rob Thomas, senior policy adviser, Council of Mortgage Lenders
Delegates currently booked on include:
- Technical director, Allied Surveyors
- Head of sales, Halifax Intermediaries
- Head of product delivery, HBOS plc
- Team leader, housing regeneration and third sector team, HM Treasury
- Business project manager, Legal and General Assurance Society
Cost:
£275 for members (VAT exempt)
£325 for non-members (VAT exempt)
Our event fees remain highly competitive with prices for members and associates not having increased since January 2007
Location:
The Westbury Hotel, Bond Street, Mayfair, London, W1S 2YF
This event is open to press
Latest Bank mortgage lending figures may point to slower January – Council of Mortgage Lenders
The latest Bank of England mortgage data published today confirms the likelihood that there may have been a “bunching” of house purchase transactions in December to beat the stamp duty concession deadline.The gross lending total of £13.4 bn in December 2009 was in line with the CML’s estimate (£13.5 bn) and seems to confirm the CML’s view that much activity was “rushed through” to beat the stamp duty deadline. Gross lending totalled £143.5 bn in 2009.
Net lending remains up from the near stagnation in the middle of the year. For 2009 as a whole net lending totalled £11.5 bn. This was the lowest level on record (back to 1987), but higher than the CML forecast of £8 bn. It was largely driven by the relative strength of house purchase activity, which picked up over the latter part of the year, and weak levels of repayments. The CML sees little if any evidence that households, in aggregate, are using low interest rates to pay down mortgage debt more quickly.
CML economist Paul Samter said:
“These figures confirm that the mortgage market ended 2009 in much better shape than it started, but it still looks like a slow haul back to meaningful levels of activity. It should be no surprise if January and February this year appear particularly slow, if we are correct in our view that many buyers rushed to beat the stamp duty concession deadline in December.”
Notes to editors
1. The December lending data is available from the Bank of England website.
- Contact details
- Name: Sue Anderson
- Tel: 020 7438 8924
- Email: sue.anderson@cml.org.uk
- Name: Bernard Clarke
- Tel: 020 7438 8923
- Email: bernard.clarke@cml.org.uk
- Name: Jayne Chichester
- Tel: 020 7438 8922
- Email: jayne.chichester@cml.org.uk
Effects Of The End Of The Stamp Duty Holiday – Decision Homebuyers Report
London, England (Jan 11, 2010) – Decision Homebuyers, one of the UK’s most trusted and flexible home buying specialists, comment on the impending end of the stamp duty holiday and the effects it will have on the current housing market conditions.
Surveyors in the West Midlands, East Midlands, Wales and Scotland predict that the end of the holiday will have a “detrimental effect” in areas that are yet to see a recovery from the recession, and widely expect to see a drop in market activity when the threshold reverts back to its previous ways. The temporary stamp duty holiday was implemented in September 2008 and will finish at the end of the year.
The 1% tax will be reintroduced for properties sold over £125,000 compared with the £175,000 currently in operation, with The Royal Institution of Chartered Surveyors calling for the tax to be restructured. The Council of Mortgage Lenders calculates that 132,500 houses that were bought funded with a mortgage had escaped paying stamp duty in the past year.
“This is one of those situations where we will have to wait and see what the long term affects are to the housing market, but there can be no doubt that the stamp duty holiday has been a huge help to various regions in the UK,” says Laurence Smith of Decision Homebuyers. “People looking to sell a house quick or who are looking to buy a property are now working under different market conditions, and will have to cater their budgets accordingly as a result.”
To find out more about Decision Homebuyers and their services:
Please call 08456 341 456
or visit: http://www.decisionhomebuyers.co.uk/
About Decision Homebuyers:
Established in 2006 and specialising in fast property purchase, Decision Homebuyers are experts in their field. Decision Homebuyers can buy your house fast and guarantee to make cash offers on all types of residential and commercial property, no matter what the condition.
USA – Another Big Gain in Existing-Home Sales as Buyers Respond to Tax Credit
Washington – Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally adjusted annual rate1 of 6.54 million units in November from 6.09 million in October, and are 44.1 percent higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.
Lawrence Yun, NAR chief economist, said the rise was expected. “This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead,” he said. “We expect a temporary sales drop while buying activity ramps up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires and balance should be restored to the housing sector with inventories continuing to decline.”
An NAR practitioner survey2 shows first-time buyers purchased 51 percent of homes in November, compared with an upwardly revised 50 percent of transactions in October.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.88 percent in November from 4.95 percent in October; the rate was 6.09 percent in November 2008. Last month’s mortgage interest rate was the second lowest on record after bottoming at 4.81 percent in April 2009.
NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz., said conditions are optimal for buyers in the current market. “Inventories have steadily declined and are closer to balanced levels, which indicate home prices in many areas are either stabilizing or could soon stabilize and return to normal appreciation patterns,” she said. “This means buyers still have good choices but are purchasing near the bottom of the price cycle with historically low mortgage interest rates. Throw a tax credit on top and it really doesn’t get any better for buyers with secure jobs and long-term ownership plans.”
Total housing inventory at the end of November declined 1.3 percent to 3.52 million existing homes available for sale, which represents a 6.5-month supply3 at the current sales pace, down from an 7.0-month supply in October.
Raw unsold inventory figures are 15.5 percent below a year ago. The last time there was a lower supply of homes on the market was April 2006 when it was at a 6.1-month supply.
“Nearly all markets experienced a solid sales gain from one year ago,” Yun said. “The only markets with measurably lower sales were in San Diego, Riverside, and Sacramento, where inventory shortages for lower priced homes are limiting sales.”
For the second month in a row, sales have risen in all price classes from a year earlier. Prior to October, the only consistent gains were in the lower price ranges.
The national median existing-home price4 for all housing types was $172,600 in November, which is 4.3 percent below November 2008. Distressed properties, which accounted for 33 percent of sales in November, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.
Single-family home sales jumped 8.5 percent to a seasonally adjusted annual rate of 5.77 million in November from a level of 5.32 million in October, and are 42.1 percent above the pace of 4.06 million in November 2008. The median existing single-family home price was $171,900 in November, down 4.4 percent from a year ago.
Existing condominium and co-op sales in November were unchanged from a seasonally adjusted annual rate of 770,000 in October, but are 60.1 percent above the 481,000-unit pace a year ago. The median existing condo price5 was $178,000 in November, which is 3.1 percent below November 2008.
Regionally, existing-home sales in the Northeast rose 6.6 percent to an annual level of 1.13 million in November, and are 52.7 percent higher than November 2008. The median price in the Northeast was $223,400, down 13.1 percent from a year ago.
Existing-home sales in the Midwest increased 8.4 percent in November to a pace of 1.55 million and are 53.5 percent above a year ago. The median price in the Midwest was $140,800, a decline of 0.4 percent from November 2008.
In the South, existing-home sales rose 4.8 percent to an annual level of 2.39 million in November and are 44.8 percent higher than a year ago. The median price in the South was $151,400, down 1.4 percent from November 2008.
Existing-home sales in the West increased 10.6 percent to an annual rate of 1.46 million in November and are 28.1 percent above November 2008. The median price in the West was $231,100, which is 4.1 percent below a year ago.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, and is posted with other tables at: www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.
1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2First-time buyer and distressed sales data are from the Realtor® Confidence Index; prior month first-time buyer data was revised due to a computational coding issue after the questionnaire was updated to obtain more specific breakouts.
3Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982.
4The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
5Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for December will be released January 25. The next Pending Home Sales Index is scheduled for January 5; release times are 10 a.m. EST.
Serious Fraud Office – Swoop on 19 properties in International commercial loans fraud
Six suspects have been arrested during a search operation on 19 properties throughout England. Three are being held in custody to appear before magistrates. The action relates to an investigation into suspected advance fee fraud and commercial rent fraud. The searches, involving more than a hundred investigators and police officers, took place to prevent further loss to victims.
Outline
Operating as Gresham Ltd and Gresham Finance (London) Ltd (see note 1) the company offered commercial loans of up to £250 million. It promoted its services by advertising in newspapers, magazines and on the internet. Applicants for loans were charged between five and fifty thousand pounds for a due diligence check. Most of the applications came from overseas for commercial projects such as developing resorts and building hotels (in Austria, Turkey and other countries).
Once an applicant had paid the due diligence fee there was a next-stage payment (a security deposit) set at between 1% and 5% of the loan amount. Various other company names were also used to offer a similar service.
The same suspects were also involved in a retail property renting business operating as Gresham Ltd, Park Regent Ltd and Castlereagh London Ltd (see note 2). The suspects used a complex number of company names in their business dealings, including the following: 45 Oxford St Ltd, Renaissance Trust, Cutting and Company (Investments) Limited, Paul Street Media Limited and the Alliance Trust (see note 3).
Searches and arrests
Search warrants were executed at eighteen addresses in London, Surrey, Cheshire and Derbyshire in a mixture of commercial and residential properties. The searches involved 70 personnel from the SFO and 40 officers provided by the City of London Police, the Derbyshire Constabulary and the Cheshire Police.
Five men and one woman have been arrested and three will appear in court later today at City of London Magistrates Court.
The SFO are continuing enquiries into this case.
SFO Appeal
The SFO would like to hear from anyone who believes that they might have information useful to the investigation. The number to call is 0207 239 7079
Notes for editors:
1. Gresham Finance (London) Ltd is not to be confused with Gresham Finance Ltd, which is an unconnected company and not under investigation.
2. Castlereagh London Ltd is not to be confused with Castlereagh Ltd of Dublin, which is an unconnected company and not under investigation.
3. Alliance Trust is not to be confused with the Alliance Trust PLC, the FTSE 100 investment trust, which is an unconnected company and not under investigation.
Serious Fraud Office, Elm House, 10-16 Elm Street, London, WC1X 0BJ
Press Office tel: 020 7239 7045/7000/7004/7132 or mobile: 0796 655 8903 or 0777 616 0985
Main switchboard tel: 020 7239 7272
press.office@sfo.gsi.gov.uk – or via – www.sfo.gov.uk
Help is still at hand for Stamford Homes first time buyers
ALTHOUGH the past few months have seen a return to the UK housing market by first time buyers, research still suggests that more than a quarter believe it will take them five years to raise a deposit.
A recent study of more than 3,000 potential first time buyers reveals that 28 per cent feel they will need to save for at least five years before finally getting the keys to their own home.
One in 10 respondents have been saving for more than five years and still do not have enough deposit, while 30 per cent have no savings to put towards a deposit at all.
However, there is still help at hand, with new homes builder Stamford Homes offering its own incentives as well as Government shared equity schemes to get first time buyers onto the housing ladder.
These include;
Easystart where customers can own 100 per cent of a brand-new home for 80 per cent of the price with just five per deposit required.
HomeBuy Direct a Government home purchase scheme to help first time buyers onto the property ladder where you own 100 per cent of your home for just 70 per cent of the price, and just five per cent deposit required. This offer was to come to an end in March 2010 but has now been extended until September 2010 and has limited availability.
Stamp duty exemption on homes under £175,000. However, the Government’s exemption holiday ends on December 31.
Stamford Homes regional sales and marketing director Peter Bond said: “While the statistics by themselves do make fairly depressing reading, it is still encouraging that so many people are thinking about buying a home.
“There is evidence that many of our first time buyers have been able to afford their dream home through one of our many incentives schemes available across our developments.
“We recognise that raising a deposit does have its difficulties, but there are other scheme which can take away that pressure of the house buying process.”
For details of new homes around the region, visit www.stamford-homes.co.uk
- ENDS -
Notes to the Editor:
Stamford Homes operates throughout the East Midlands and Lincolnshire and forms a part of Galliford Try’s Housebuilding Division: Galliford Try Homes.
www.stamford-homes.co.uk
Galliford Try Homes operates through four strong regional brands: Linden Homes, Stamford Homes, Midas Homes, and Gerald Wood Homes specialising in brownfield development. The business is capable of developing over 3,000 homes per year, covering the entire region from the West Country to Lincolnshire and the South-East.
www.gallifordtryhomes.co.uk
For further information please contact:
Cetti Long
Media Matters PR
Stamford Homes
Tel: 01733 371363.
E-mail: cetti@mediamatters-pr.co.uk
Don’t let the cost of Christmas put you off buying a new home
IT’S not only the tingling of jingle bells many of us hear over the festive season – but the ringing of the tills as we spend our way through the festive season and well into the January sales!
However, for potential buyers who are putting off moving until after Christmas, buying a brand new dream home is now easier, and less expensive, than you think.
Stamford Homes can help curb the cost of moving to many of its developments in and around the region – with savings and incentives to help customers make their money travel further.
Among the most popular are Stamford Homes’ own EasyStart scheme, and the Government’s shared equity HomeBuy Direct incentive.
Both of these are currently available on selected homes across the Midlands’ developments. However, as the HomeBuy Direct initiative – which has already helped numbers Stamford Homes customers to afford their dream home – comes to and end next September but has limited availability, so now is the time to act.
These include;
- Easystart where customers can own 100 per cent of a brand-new home for 80 per cent of the price with just five per deposit required.
- HomeBuy Direct a Government home purchase scheme to help first time buyers onto the property ladder where you own 100 per cent of your home for just 70 per cent of the price, and just five per cent deposit required. This offer has limited availability.
Stamford Homes regional sales and marketing director Peter Bond said: “The housing market doesn’t seem to be following tradition of late – whereby all goes quite at the start of December until the New Year.
“We are experiencing high levels of interest and sustained reservations as serious buyers who recognise just what amazing incentives are on offer to help them move efficiently and cost-effectively.”
For details of new homes around the region, visit www.stamford-homes.co.uk
Pic cap
There is still time to put a Stamford home on your Christmas wish list.
- ENDS -
Notes to the Editor:
Stamford Homes operates throughout the East Midlands and Lincolnshire and forms a part of Galliford Try’s Housebuilding Division: Galliford Try Homes.
www.stamford-homes.co.uk
Galliford Try Homes operates through four strong regional brands: Linden Homes, Stamford Homes, Midas Homes, and Gerald Wood Homes specialising in brownfield development. The business is capable of developing over 3,000 homes per year, covering the entire region from the West Country to Lincolnshire and the South-East.
www.gallifordtryhomes.co.uk
For further information please contact:
Cetti Long
Media Matters PR
Stamford Homes
Tel: 01733 371363.
E-mail: cetti@mediamatters-pr.co.uk
Stamford Homes – the benefits of buying new when home-hunting in Lincolnshire
When it comes to moving or buying a first home, many people are faced with the dilemma of old versus new.
A serious debate is which one will give them the best value for money – a new or second-hand home?
Re-decorating, installing a new bathroom or kitchen and laying new carpets are just some of the DIY jobs many of us plan when we move into a ‘used’ home.
However, buying a new home can cut down the cost and also put customers in the driving seat when it comes to those finishing touches – and save them a small fortune in domestic repairs.
And there is no better place to buy a brand new home that in rural Lincolnshire, particularly in the market towns of Wragby and Horncastle – where prices for a three-bedroom terraced home start from just £149,995.
Now is a great time to buy a brand new dream home at these locations.
As well as prices being at their most affordable for years, customers can benefit from the last throes of the Stamp Duty exemption holiday on homes below £175,000 and many Stamford Homes money-saving incentives to help existing home owners and first time buyers.
New homes also offer fantastic value in terms of energy efficiency, security and design – both internal and external. They are a blank canvas allowing customers to stamp their own mark and personality on what is the most important purchase of their life.
Other benefits include:
- Less maintenance – old homes may have more character but they may also need more costly things doing to them, which could see the owner paying out for items such like new guttering, replacement windows or extra roof insulation.
- Energy efficiency. New homes are well insulated, and include double-glazing as standard, making them cheaper to run than older homes. All new homes are fitted with a water meter. Studies show that new homes, on average, are four times more energy efficient that older homes, so producing lower energy bills.
- A blank canvas – depending on build stage of the new home, you have an option of choosing kitchen units, worktops and wall tiles – you can even pick your own carpets with certain incentives!
- All of Stamford homes’ new homes come with an insurance-backed 10-year warranty from the National House Building Council, giving new owners real peace of mind. That’s something else you simply can’t get when buying second-hand.
Stamford Homes regional sales and marketing director Peter Bond said: “In today’s market place, with so many incentives available, the argument for buying new as opposed to old has never been greater. We have some amazing homes and incentives at our Lincolnshire developments – with reservations now being taken well into next year.”
For details on prices and availability at the Bell’s Yard development in Horncastle and Carpenter’s Lodge in Wragby, visit www.stamford-homes.co.uk
Pic cap
The benefits of buying a brand new home are endless – and there are plenty to choose from with Stamford Homes in Horncastle and Wragby.
- ENDS -
Notes to the Editor:
Stamford Homes operates throughout the East Midlands and Lincolnshire and forms a part of Galliford Try’s Housebuilding Division: Galliford Try Homes.
www.stamford-homes.co.uk
Galliford Try Homes operates through four strong regional brands: Linden Homes, Stamford Homes, Midas Homes, and Gerald Wood Homes specialising in brownfield development. The business is capable of developing over 3,000 homes per year, covering the entire region from the West Country to Lincolnshire and the South-East.
www.gallifordtryhomes.co.uk
For further information please contact:
Cetti Long
Media Matters PR
Stamford Homes
Tel: 01733 371363.
E-mail: cetti@mediamatters-pr.co.uk
Home insurance – Beware problems arising from cancelling or failing to renew
Beware Of Dumbing Down Your Home Insurance Cover
Unlike many other home insurance policies, Sainsbury’s Home Insurance offers unlimited buildings cover, a no claims discount of up to 30% and does not apply charges for paying by direct debit.
LONDON, ENGLAND, December 02, 2009
Customers taking out Sainsbury’s Home Insurance qualify for Double Nectar points on their Sainsbury’s shopping for two years
Over the past year in order to save money, one in four people have cancelled or not renewed their home insurance. Sainsbury’s Home Insurance is warning people not to go without home insurance as it could have disastrous consequences leaving them in further financial dire straits. To help pay for their home insurance, Sainsbury’s Finance is urging people to spread the cost of cover over a year, something it does not charge customers for doing. However, its research reveals that 68% of policies do.
Ben Tyte, Sainsbury’s Home Insurance Manager, said:
“In the current economic environment many people are looking to dumb down on their insurance or do away with it completely in order to save money. However, this is a false economy because if disaster strikes they could be left in ruin. Rather than risk inadequate cover, they should shop around for better deals – it is possible to find quality cover at a competitive price – and find a policy that does not penalise them for paying on a monthly basis.”
However, when reviewing policies, Sainsbury’s home insurance warns that it is very important to look closely at the quality of cover being offered. For example, its research reveals that only 8% of home insurance policies offer unlimited buildings cover and only 12% offer a no claims discount of up to 30% or more. Furthermore, less than one in ten (8%) policies provide no claims discount protection. These are all features offered by Sainsbury’s Home Insurance.
Sainsbury’s shoppers are rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out Sainsbury’s Home Insurance. For example, customers who spend GBP50 a week with Sainsbury’s and have Sainsbury’s Home Insurance as well as a Nectar card would receive GBP52 worth of Nectar points a year.
About Sainsbury’s Home Insurance:
As well as being competitively priced, the bank also offers an extensive range of cover and benefits. This includes:
Unlimited buildings cover
Unlike some home insurers, Sainsbury’s Bank does not apply charges for customers paying their premiums by direct debit
Maximum no-claims discount of up to 30%
No-claims discount protection
Cover for accidental damage – even by pets
Sainsbury’s provide a wide range of financial services including credit cards, loans, personal loans, savings account, pet insurance, life insurance, home insurance and car insurance, visit www.sainsburysbank.co.uk now to find out more
For further information, please contact:
Phil Anderson / Ian Morris
Citigate Dewe Rogerson
020 7282 1031/1037
Notes:
(1) Defaqto research commissioned by Sainsbury’s Finance, September 2009
(2) ABI, June 2009
(3) Dependent on the number of years you have remained claimed free
(4) Terms and conditions apply – additional premium required
Sainsbury’s Home Insurance is underwritten by St Andrews Insurance ltd.
Nationwide: House prices edge up further in November
• House prices rose by 0.5% in November, the same rate as in October
• Year-on-year house price inflation increased from 2.0% to 2.7%
• Labour market has so far held up better than expected
Martin Gahbauer
Commenting on the figures Martin Gahbauer, Nationwide’s Chief Economist, said:
“The monthly rate of house price inflation was unchanged in November at a seasonally adjusted 0.5%, leaving the average price of a typical property 2.7% higher than a year earlier.
At £162,764, the average house price is at a similar level to where it was in early 2006. The 3 month on 3 month rate of change – generally a smoother indicator of the near term trend – dropped to 2.8% from 3.5% in October and 3.8% in September.
This suggests that house prices are now rising at a more moderate pace than in the spring and summer months, when they experienced a very strong bounce from the early 2009 lows.
Labour market has held up better than expected but uncertainties remain.
“The outlook for the housing market remains crucially dependent on labour market conditions, and here recent developments have been somewhat more encouraging than might have been expected. With the UK experiencing its longest and deepest recession since WWII, most economists expected unemployment to increase very sharply in 2009, perhaps breaching the psychologically important three million mark by
the end of the year.
While unemployment has indeed increased noticeably, the rise has not been as rapid and pronounced as previously feared.
Based on the latest labour market figures from September, it now looks unlikely that the jobless total will reach three million before the year is up.
“Part of the explanation for why unemployment has not risen to the levels implied by the recession’s depth is that in many cases employers have opted to reduce working hours and pay rather than make employees redundant. This is reflected in rising part-time employment at the expense of full-time employment , and record low growth in average earnings.
The strategy of cutting hours and pay rather than headcount probably reflects a fear among many employers that they could find themselves short of labour when the economy recovers, thus leaving them less competitive in the longer term. Whether this strategy is sustainable will depend on how quickly the economy recovers.
If output is too slow to recover, then firms may find it necessary to reduce their payrolls further in order to improve productivity and profitability.
Another reason to remain cautious about the future outlook for employment is that the public sector has not yet experienced any significant job losses, but presumably will begin to do so when fiscal policy is tightened from next year onwards.
“Despite continued uncertainties about the future, the better than expected performance of the labour market has probably contributed to the surprise rebound in house prices this year. Even though workers who have been forced from full-time employment into part-time work will have experienced a reduction in income, the impact has been less severe than it would have been if they had lost their jobs completely.
Together with the fact that mortgage rates have fallen sharply as a result of base rate cuts, this has meant that far fewer borrowers have
fallen into arrears than would normally be the case in such a deep recession. In fact, the percentage of borrowers in arrears across the mortgage
industry has even edged down slightly in the most recent quarterly figures (chart 3). As such, the downward pressure on house prices from distressed sales has so far been significantly lower than expected.”
Martin Gahbauer,
Chief Economist
Tel: 01793 655434
martin.gahbauer@nationwide.co.uk
CFA Roy Beale
External Communications Officer
Tel: 01793 655689
roy.beale@nationwide.co.uk
Notes:
Indices and average prices are produced using Nationwide’s updated mix adjusted House Price Methodology which was introduced with effect from the first quarter of 1995. The data are drawn from Nationwide’s house purchase mortgage lending at the post survey approvals stage. Price indices are seasonally adjusted using the US Bureau of the Census X12 method. Currently the calculations are based on a monthly data series starting from January 1991. Figures are recalculated each month which may result in revisions to historical data.
The Nationwide Monthly House Price Index is prepared from information which we believe is collated with care, but no representation is made as to its accuracy or completeness.
We reserve the right to vary our methodology and to edit or discontinue the whole or any part of the Index at any time, for regulatory or other reasons.
Persons seeking to place reliance on the Index for their own or third party commercial purposes do so entirely at their own risk. All changes are nominal and do not allow for inflation.
More information on the house price index methodology along with time series data and archives of housing research can be found at www.nationwide.co.uk/hpi
Property Developers say: Zero Carbon Buildings won’t help meet emissions targets as Government ignores existing stock
- The country’s biggest property developers have welcomed government plans to introduce zero carbon commercial buildings from 2018, but have warned that carbon reduction targets will be missed unless existing buildings are tackled.
Property giants including British Land, Hammerson, Hermes, Land Securities, Legal and General. Prupim and SEGRO, who own and manage the country’s biggest shopping centres and offices, want to see display energy certificates (DECs) which clearly show the performance of building when in use, should be made mandatory for all buildings.
Patrick Brown, assistant director for sustainability at the British Property Federation, said:
“We really need clarity now given that the development process can start over a decade in advance of a brick being laid. This is a welcome consultation but the bottom line is that our 2050 target of reducing carbon emissions by 80pc will be missed unless a greater level of attention is given to existing buildings.
“The consultation prioritises energy efficiency which is a good thing since building regulations are readily understood by developers and the bar is raised over a gradual period of time. But the overwhelming focus on new buildings must be accompanied by a greater level of attention to existing stock. The majority of buildings with us now will still be in use in 50 years’ time and side-stepping the difficult questions will cause us more problems in the long term.”
Real estate is responsible for around half of the UK’s carbon emissions.
The industry however, believes government policy has ignored the fact that the majority of commercial property is rented out.
This means landlords cannot simply walk into a tenant’s shop, for example, and turn the lights off. Therefore, any incentives and responsibilities for improving energy performance are widely split between the two groups.
The BPF wants to see measurement based on actual energy use made obligatory for the private sector. This could happen by expanding display energy certificates (DECs) – which measure the operational performance of a building – so that they do not just cover public buildings. (See notes).
Property is responsible for a massive 50 per cent of the UK’s carbon emissions, but one of the easiest places to make savings if data is shared and landlords and tenants work together.
Energy use needs to be made transparent if the industry has any hope of meeting green energy targets, believes BPF chief executive Liz Peace. The BPF is pushing for EU law to be changed so that landlords and tenants will be obliged to share energy data. If this happens, then both sides can work together to support real change.
However, Peace admits there is a critical need for firms to change the way they view energy and reduce usage via more effective management before looking at refitting buildings with expensive new gadgets. It is also vital to ensure that any newly installed kit delivers the promised energy and carbon savings, as there is evidence that some developments employ it at planning stage but often don’t use it properly. Essentially, it comes down to effectively measuring what is used.
Experts believe a third of energy use can be cut without any major expenditure, but want research carried out into what financial incentives could spur landlords on to undertake higher cost improvements, looking at where costs and benefits currently do not add up, when all other factors are balanced.
Despite setting up the new Department for Energy and Climate Change there has been no clear policy direction in government with various other departments all covering the same ground. A staggering 70 national and 96 regional bodies currently offer energy efficiency advice. The BPF therefore wants greater clarity on grants and advice that could help green the nation’s buildings. An array of financial benefits already exist (see notes) but few people really know about them.
Peter Clarke, executive officer at British Land, said:
“We have found that simple improvements in energy use can be made by sharing data, which often reveals that changes to behaviour can yield big savings on energy and carbon. The key barrier is that, in many cases, landlords and tenants are unaware of where the opportunities lie. The BPF’s www.les-ter.org toolkit, developed with the Carbon Trust, provides a set of tools and a process to enable landlords and tenants to measure, understand and reduce their emissions.”
Dave Farebrother, environmental director at Land Securities, which has recently announced it will voluntarily introduce DECs across its London portfolio, said:
“At Land Securities we are finding a high degree of willingness among our clients to engage on matters of energy efficiency, and as existing buildings form the larger part of the ongoing carbon problem the quickest, cheapest and biggest wins for the sector come from changing attitudes and behaviours. DECs, which reflect how buildings actually operate, are much more helpful in this regard than a theoretical EPC.”
Bill Hughes, managing director at Legal and General Property, said:
“There is a clear desire at all levels for greener buildings, but this won’t be achieved by focusing exclusively on new build and it won’t be achieved unless the government begins to understand how the market in existing property actually works. Designing new efficient buildings is relatively easy, but without a government-backed initiative to manage down energy use in old stock, targets will remain aspirations.”
Martin Moore, chairman of the BPF’s sustainability committee and chief executive of Prupim, said:
“We need to focus on methods to improve our understanding of what energy we’re actually using. Expanding display energy certificates and providing support to firms to help them measure and reduce energy use is vital. If you cannot measure it, you cannot manage it and if you cannot manage it, you certainly cannot reduce it.”
Claudine Blamey, head of sustainability at SEGRO, said:
“The most significant amount of carbon used during the life of a building is in its use phase. At the moment there are no real drivers for occupiers to reduce their energy. We need incentives to change behaviour if we are going to become a low carbon economy.”
Notes for editors
General background
The government will fail to achieve an overall reduction in total UK carbon emissions by 80 per cent by 2050 compared to 1990s levels.
The government is due to produce a big policy paper later in the year on how it intends to deliver these savings. This will be based on consultations like this Heat and Energy Saving Strategy report and the advice of a body called the Committee on Climate Change, composed of independent experts and led by Adair Turner (at the moment).
As buildings account for around half of UK and European emissions, the property industry can most likely bank on having to make sizeable emissions reductions. Certainly the prevailing direction of policy would suggest it.
In its report, the Committee on Climate Change advised the Government to pretty much decarbonise the energy supply in this country. There are significant issues with that, not least the ones experienced by developers who are essentially having to build power stations next to developments. Many want to see a proper national energy strategy to manage the transition to such a low carbon energy supply. In any case it will take time – and so energy efficiency is important to manage energy demand and emissions until we make that transition to low carbon energy supplies.
The adoption of DECs in the private sector could:
• expose the benefits of better management and motivate users to make improvements;
• tackle existing as well as new non-domestic buildings;
• at relatively modest cost, offer recommendations for improvement;
• incentivise local generation or onsite renewable energy production;
• offer a comparison with the rating for the building’s EPC would act as a neat barometer of ‘potential’ versus ‘actual’ energy performance, promoting understanding of this issue; and
• assist in the generation of a database of true building energy performance, which would lead to better policy.Awareness among possible beneficiaries of Government fiscal support is limited. A report by Element Energy detailed that the following percentages were previously aware of the fiscal support mechanisms listed below:
• Landlord’s Energy Savings Allowance (LESA) – 19%
• Enhanced Capital Allowances (ECA) – 22%
• 5% VAT on energy efficient purchases – 57%
• Grant from the Low Carbon Buildings Programme – 49%
• Climate Change Levy Exemption – 46% - Downloadable documents
Zero Carbon – 443kB.
Lambert Smith Hampton say flexibility the future for commercial property
Lambert Smith Hampton say flexibility the future for commercial property
Andrew Gordon, Director of Lambert Smith Hampton’s (LSH’s) Cambridge Office, believes it’s not just the biotech companies that need flexibility when it comes to office accommodation.
CAMBRIDGE, ENGLAND, November, 2009
Andrew thinks more business incubators are needed for start-up and fledgling companies rather than traditional office space. He warns that Cambridge will have to diversify in the future, and reduce its reliance on the R&D and professional services sectors.
Andrew said that the digital and media sectors are far more relevant, and they are going to require a different focus in terms of property. He feels that the market needs to develop its technology centres so that business can function successfully in the 21st Century.
Difficulties arise when smaller traditional office units are occupied by companies that experience rapid growth. It is these fast-growing companies that need flexibility rather than to be restricted by traditional lease structures. A solution needs to be found to enable such businesses to develop and change quickly.
Andrew said:
“Old fashioned lease structures, where tenants take on a lease for a lengthy period of time, have disappeared for good. It is now important to look at new flexible lease structures. However, this will present difficulties for developers and investors resulting from a lack of certainty of income.
“From my experience, most occupiers will pay more for flexibility and operational efficiency which will result in higher rents per square foot. It is a question of changing the mindset of landlords.”
Andrew sees diversity as the key to future economic growth, and believes there is now a pressing need for a new type of building to meet demand.
The next stage is to consider how to invest in property offering flexible terms, as many companies don’t wish to occupy traditional buildings. Fast growing companies need buildings that will evolve with product development, and following ongoing investment present a better whole life cost.
Andrew goes on to say:
“Developers have provided bespoke buildings in the past, but in these turbulent times investment and funding markets are going to have to get their heads around the implications before they appreciate the opportunities. That said, I don’t believe speculative building will return for at least 12 months. We will need to demonstrate that occupier demand has returned before that happens!
“The banks haven’t been doing any major lending in the commercial property sector recently, and, going forward, they will be looking for developers to take more risk and put more money into projects. A traditional approach, but one that is unlikely to facilitate the changing face of commercial property.”
Andrew Gordon
Director
Lambert Smith Hampton
Cambridge Office
Tel: 01223 276336
Email: agordon@lsh.co.uk
LSH is a leading commercial property consultancy with an unrivalled national network focused on the UK and Ireland property markets. Its expert teams deliver a full spectrum of transactional and consultancy services and business-driven solutions for clients. LSH is the ‘UK’s most active national agent’ and ‘Top National Office and Industrial Agent’ (Estates Gazette’s ‘EGi Deals Competition’).
Lambert Smith Hampton’s (LSH) Cambridge office is a commercial property consultancy providing property services and advice in Cambridge, the surrounding area and nationally. With LSH clients have the added advantage of each office being backed by the strength of a national office network. For clients, this means 10 key divisions and over 850 professional staff working together to address the commercial property difficulties you may face, anywhere in the UK.
Lambert Smith Hampton is a founder member of the Elite Cambridge Business Circle.
6 Wellbrook Court
Girton Road
Cambridge
CB3 0NA
UK
Tel: + 44 (0) 122 327 6336
Fax: + 44 (0) 122 327 6226
For more information contact:
Andrew McGahey
Director, Head of Cambridge Office
Lambert Smith Hampton
Tel: 01223 276336
Email: amcgahey@lsh.co.uk
Issued by:
Murdoch MacDonald
Fame Publicity Services
E-mail FamePublicity@gmail.com
Web: http://www.famepublicity.co.uk
http://www.CambridgeshireBusinessNews.com
Telephone: 01292 281498
Mobile: 07833 667322
Five free tree seedlings worth £10.00 with every order over £40.00 – GardenSupplies.co.uk offer
Part of commitment to the environment & carbon neutrality
As part of a commitment to the environment and the reduction of their carbon footprint, GardenSupplies.co.uk are offering customers the opportunity to claim five free tree seedlings worth £10.00 with every order placed over £40.00.
Running from 16th November 2009 to 31st March 2010, qualifying customers will have the option of selecting from 11 different species; including English Oak, Ash, Green Beech, Silver Birch, Field Maple and Norway Maple, with the trees supplied as bare-rooted seedlings, 2-3ft in height.
Andrew Henderson, Managing Director, keenly explains the reasoning behind the scheme:
“Since the launch of our business, we have always been acutely aware of our carbon footprint, and have worked hard to minimise such where possible. The free trees promotion is an extension to that commitment, and presents a tangible benefit to our customers.”
“The planting of trees not only takes in carbon dioxide, but creates oxygen – which is why trees are widely regarded as the lungs of the earth. Not only that, but trees can make a marked improvement to the look and feel of a garden, and our primary aim is to ensure that customers get the very best from their garden. The trees would also make a very thoughtful gift for the gardener who has everything,” he added.
Further information on the promotion can be found at the following address: http://www.gardensupplies.co.uk/content/free-trees.aspx
About GardenSupplies.co.uk:
Launched by husband and wife team Andrew and Zoe Henderson, GardenSupplies.co.uk has been developed to provide an extensive range of quality garden supplies for every gardener.
With the provision of first-rate customer service at the core of the e-commerce operation, GardenSupplies.co.uk dedicates itself to complete customer satisfaction.
The inclusion of a no quibble, free of charge return policy allows customers to purchase with abundant confidence, whilst the implementation of carefully selected secure technologies safeguard every transaction.
With an extensive and exciting range of over 900 products that cover all aspects of gardening – from Grow Your Own products from the likes of Burgon & Ball, Haxnicks, Garland and Stewart Garden Style, to organic compost from Vital Earth, and ranges of garden footwear and gloves from Town & Country and Laura Ashley – GardenSupplies.co.uk offers products that will allow customers to grow, decorate and maintain their outdoor space, but, above all, allow them to get the very best from their garden and contribute to the enjoyment of spending time within it.
With three fully functional warehouses and efficient order processing and stock management systems, all orders are picked, packed and dispatched without unnecessary delay.
Press Release Contact Details:
Garden Supplies Ltd.,
Norton Road, Snitterby, Gainsborough, Lincolnshire, DN21 4TZ
Telephone: 01673 818046
Fax: 01673 818444
E-mail: enquiries@gardensupplies.co.uk
Web: www.gardensupplies.co.uk
The CO2-Neutral Public Building of the Future Has Now Opened: Green Lighthouse
All the houses are part of a VELUX Model Home 2020 concept. Green Lighthouse is located in Copenhagen, Denmark and leads the way for the next generation of CO2-neutral public buildings. Green Lighthouse is Denmark’s first CO2-neutral public building.
COPENHAGEN, DENMARK,
Of a total of six CO2-neutral houses in five countries in Europe, the second experiment; Green Lighthouse, has now opened. All the houses are part of a VELUX Model Home 2020 concept. Green Lighthouse is located in Copenhagen, Denmark and leads the way for the next generation of CO2-neutral public buildings. Green Lighthouse is Denmark’s first CO2-neutral public building.
Today the construction industry is facing great challenges for future construction work. Figures from the EU Member States show that 90% of our time is spent indoors, and in buildings that account for 40% of energy consumption. The VELUX Group considers it our duty to enter into a solution-oriented dialogue to meet this challenge. Model Home 2020 is part of the VELUX Group strategy to actively participate in the development of future sustainable buildings, designed to ensure balance between energy efficiency, the indoor climate, daylight, architecture and front-line clean tech-solutions.
The VELUX Group has built Green Lighthouse; the first CO2-neutral public building in Denmark, in cooperation with the Ministry of Science Technology and Innovation, the City of Copenhagen, the University of Copenhagen and VELFAC. The house is a lighthouse for the major UN climate conference in Copenhagen in December, COP15, and it is open to visitors. Green Lighthouse is part of the Faculty of Natural Sciences at the University of Copenhagen, and will contain a student service facility and a faculty lounge.
CEO of the VELUX Group, Jorgen Tang-Jensen, said at the opening of Green Lighthouse: “Green Lighthouse provides an excellent indication of what we can accomplish in future construction work. The lighthouse shows that we can do something for the climate without compromising user comfort and health. We have built a climate-friendly building with fresh air and amazing daylight conditions. And we were able to build it using products already available to us.”
An experiment is worth more than…
The VELUX Group has a long tradition for working with experiments, and Model Home 2020 is a continuation of this tradition. The founder of the VELUX Group, Villum Kann Rasmussen, once stated that: “An experiment is worth more than 1,000 expert opinions.” Each of the six houses in Model Home 2020 constitutes an experiment with ideas for future construction work based on different requirements for climate, architecture and daylight conditions and offering new inspiration for new standards for CO2-neutral buildings.
The Green Lighthouse is also input for the UN Climate Conference in Copenhagen in December. The house is displayed here as a lighthouse for CO2-neutral public construction work and as a unique public-private partnership.
The sun constitutes the central point and primary energy source of Green Lighthouse. The house is 950 m2 and it has been erected in accordance with the “active house” principle, which means that it generates energy. The house has its own energy supply consisting of an unprecedented combination of solar energy, heat pumps and district heating. Green Lighthouse is an energy-efficient construction work of high architectural quality and with a large intake of daylight. The house is filled with plenty of fresh air deriving from natural ventilation, which ensures a healthy indoor climate.
By means of the building’s energy design, the building has cut down 3/4 of its energy consumption in relation to Danish building standards. This means that the building is better than other buildings in Low Energy Class 1 under the EU standards applicable since 2006. These standards are expected to apply across the EU for all new construction work by 2020.
“In cooperation with our partners we have built an energy-efficient house that is comfortable to be in, beautiful to look at and which is focused on the future approach to energy. We are exploiting renewable sources in the form of solar energy in completely new ways. We do not merely use our products to draw light and heat into the house during the day; we also limit heat loss from the house during the night while operating and controlling the indoor climate,” says Jorgen Tang-Jensen.
Green Lighthouse has set up a visiting service, which in the coming year is to ensure that interested parties can look and learn from the house and building process.
Conditions for daylight and indoor climate in the Green Lighthouse
• A good indoor climate is important for the health and wellbeing of the people living and working in our buildings. Unhealthy buildings may cause headaches, fatigue and depression as well as more severe health problems such as allergies and asthma. Aspects such as fresh air, light and a window view help make it nice to work, study and live in a building. This is also apparent from studies of absenteeism due to sickness among employees in an enterprise.
• Daylight is the primary light source in the Green Lighthouse. Technically, the daylight aspect must be a minimum of 3% for all workplaces and a minimum of 2% for corridors and similar. This means that daylight will be visible from all rooms. Automatic venetian blinds/window blinds are shaped so that they reflect sunlight right into the core of the building.
• Natural building ventilation ensures fresh air. The top-end part of the windows opens and closes automatically to let in fresh air. The heated air rises up through the central atrium and out through the skylight windows. The solutions chosen for heating and cooling help keep a pleasant temperature in the building all year round.
This is how the Green Lighthouse minimises energy consumption
• The base form of the building is cylindrical, ensuring the optimum relationship between minimal surface-area and maximum volume.
• The base form reflects the sun as the dominant energy source in the house, e.g. the venetian blinds in front of the windows adjust themselves in relation to the sun to ensure optimum energy recovery.
• The building is generally cooled through natural ventilation and concrete flooring that absorbs the heat. The natural ventilation derives from the top-end part of the windows, which open automatically to let fresh air into the building without using ventilation machines. The heated air rises up through the central atrium and out through the skylight windows. The skylight windows are also used to cool down the house during the night during the warm part of the year.
• Tight constructions and highly insulated walls and a roof minimise the need for heating. Thermal material will ensure that the house keeps warm during the night.
• Efficient windows with highly insulated window frames and differentiated thermo glass minimise the heat loss and at the same time ensure that the sun heats up the building during winter. Base lighting of the building is carried out with LED lighting, which has a long life and low electricity consumption. The energy for base lighting is supplied by the building itself. A manual has been prepared for the users with instructions on how to use low-energy products.
Renewable energy sources in the Green Lighthouse
• The shape of the roof faces South in order to use the sun as the primary energy source. The roof surface is coated with solar cells and solar heating panels.
• The solar cells generate all the necessary current to operate the pumps, base lighting, heat pumps etc., which are part of the normal operation of the house.
• The solar heat panels create warm utility water and heat for the building. The heat is accumulated so that it can be used in a thermo-active deck on the ground floor which is the only “radiator” in the house during winter, and which can also be used to cool the building during warm summer days. During the summer the panels generate surplus heat for use during the winter.
• The varying intensity of the sun is integrated into the entire energy system of the house. During the summer surplus solar energy is stored underneath the building to be used when the strength of the sun subsides.
Facts about Green Lighthouse
Green Lighthouse is Denmark’s first CO2-neutral public construction work. The house is a 950 m2 round, green building for the Faculty of Sciences of the University of Copenhagen. Green Lighthouse is the students’ house.
Green Lighthouse is the result of a public-private partnership between the University of Copenhagen, the Ministry of Science Technology and Innovation, the City of Copenhagen, the VELUX Group and VELFAC.
• Contractor: The Ministry of Science Technology and Innovation
• User: The University of Copenhagen
• Turnkey contractor: Hellerup Byg
• Architect: Christensen og Co. Arkitekter A/S
• Engineer: COWI
• Size: 950 m2
• Year of construction: 2008-2009
More information
At the VELUX website: www.velux.com/modelhome2020, you can read more about Green Lighthouse and the Model Home 2020 concept.
More about experiment # 1 Home for Life
Home for Life was developed by VELUX and VELFAC in cooperation with aart arkitekter and Esbensen Consulting Engineers. Home for Life is the result of an interdisciplinary project to incorporate the issues of energy consumption, comfort and architecture into a holistic entity, with these parameters being mutually complementary and maximising quality of life in the home and the world around it. Home for Life is the first of six buildings in Europe to be constructed by VELUX as part of the Model Home 2020 experiment.
You can read more at www.velux.com/modelhome2020
About Model Home 2020
Model Home 2020 is an experiment launched by VELUX as part of our strategy to contribute actively to the development of future sustainable buildings. This is our vision for how daylight and fresh air can render buildings of the future climate-neutral while providing a good indoor climate and being attractive to reside in. The project supports the ideas of the coming generation within building design – often called “active houses”. The purpose is to create a balance between energy efficiency and an optimum indoor climate by means of a building that dynamically adapts to its surroundings whilst being climate-neutral.
Model Home 2020 covers six out of eight demo-houses financed by VKR Holding A/S; the owner of the VELUX Group VELFAX A/S, Sonnenkraft and a number of other manufacturers of building materials. The two houses in Denmark were constructed by VELUX and VELFAC.
At VELUX we are convinced that experiments are better than a thousand expert opinions. Each house must reflect and take into account different climatic, cultural and architectural conditions in the countries where they are erected. The houses will remain open to the public for 6-12 months after construction, and then sold. They will be tested and monitored to show how the experiments work in practice. The two houses in Denmark – Home for Life in Arhus and Green Lighthouse in Copenhagen – as well as the house in Austria will be finished during 2009, and the houses in the UK, Germany and France will be ready in 2010.
About Green Lighthouse
Experiment # 2 Green Lighthouse
Green Lighthouse was developed by a strategic partnership consisting of the University of Copenhagen, VELUX, VELFAC, the Danish University and Property Agency and the City of Copenhagen. The building was designed by Christensen and Co Architects A/S, with COWI as engineers. The project aims to be CO2-neutral and to experiment with renewable energy applied to an office building. Green Lighthouse is the second of six buildings in Europe to be constructed by VELUX as part of the Model Home 2020 experiment. You can read more at www.velux.com/modelhome2020.
About VELUX
VELUX creates better buildings providing daylight and fresh air through the skylight. The product portfolio contains a wide range of skylight windows etc. as well as solutions for flat roofs. Moreover, VELUX offers many types of decoration and solar screens, venetian blinds, building installations and fittings, remote-control products and thermal solar collectors fitted inside the roof. VELUX, with production companies in 11 countries and sales companies in about 40 countries, is one of the strongest brands globally in the building material industry, selling its products worldwide. About 10,000 people are employed by VELUX, of whom about 2,500 are employed in Denmark. The head office of the VELUX Group is in Horsholm, north of Copenhagen, and in addition the VELUX Group has production, administration and development departments throughout Denmark. The VELUX Group is owned by VKR Holding A/S. VKR Holding A/S is a fund and family-owned limited company.
You can read more at www.velux.com.
Media Contact:
Keith Hobbs – Business Services Associates, Inc. – 9413 Greenfield Drive -
Raleigh, NC 27615-2306 – Phone – 919.844.0064 – E-mail – khobbs@nc.rr.com
CKD Galbraith offer Edwardian villa with Loch views on Arran
AYSHIRE, SCOTLAND – CKD Galbraith and Arran Estate Agents are marketing a most impressive and well appointed Edwardian House enjoying a superb waterside setting, lying in the heart of Lochranza on the North Eastern coast of the Isle of Arran, Scotland.
Benvaren is a superb family residence dating back to 1911. With delightful gardens, the villa has superb views set amid spectacular scenery. The accommodation includes 4 bedrooms, 3 reception rooms, kitchen, utility rooms, 2 bathrooms and 2 shower rooms. The beautiful wood panelling in the Reception Hall, together with feature fireplaces, cornicing and picture rails all show a style typical of Edwardian Houses.
A former laundry and toilet, together with former maid’s room have Planning Consent to convert to a one bedroom annex.
The mature and well kept gardens, which are a particular feature of the property, provide a wonderful backdrop slopping gently down towards the shore of the loch.
The village of Lochranza is truly stunning, lying snuggled in a sheltered valley along the edge of the loch, against an imposing backdrop of the surrounding hills. The nearby 17th century ruins of Lochranza Castle were once a royal hunting lodge and an earlier castle on the same site is believed to be where Robert Bruce stayed on his arrival from Ireland in 1306.
Often referred to as ‘Scotland in Miniature’, the Isle of Arran has the best of all the many characteristics of Scotland. From a rugged and mountainous interior in the north, green rolling hills and woodland in the south, the beautiful coastline with pretty villages and sandy bays benefits from the warm climate of The Gulf Stream. A ferry service from Lochranza provides a Summer link to the Kintyre peninsula, known as Arran’s “back door”, whilst a further regular service to the mainland operates from nearby Brodick.
Offers Over GBP485,000 are being sought for Benvaren. For further information please contact the selling agents.
CKD Galbraith
7 Killoch Place
Ayr KA7 2EA
Ayrshire, Scotland
Contact: R A Cherry BSc MRICS
Tel: 01292 268181
Fax: 01292 292300
E-mail: bob.cherry@ckdgalbraith.co.uk
Web: http://www.ckdgalbraith.co.uk/
CKD Galbraith is one of Scotland’s leading independent property consultancies, with expertise across a broad spectrum of property-related services.
CKD Galbraith operates from 12 offices across Scotland, bringing the firm’s clients a wealth of experience in:
* Residential property sales and lets
* Commercial property sales and management
* Estate, farm and forestry sales and purchases
* Estates, farming and land management
* Building surveying
* Forestry
* Sporting holidays
* Holiday homes
Land Registry – October house prices up 0.6 per cent since September: average house price in England and Wales now £159,546
The October data from Land Registry’s flagship House Price Index shows a positive monthly house price change of 0.6 per cent, which is the fifth month in a row in which the movement has been above nought per cent.
The annual change stands at minus 3.4 per cent. This is the sixth month in a row in which the fall in annual change has decreased. The average house price in England and Wales is now £159,546.
All regions in England and Wales experienced a decrease in their average property values over the last 12 months. The region with the most significant annual price fall was the West Midlands with a movement of minus 6.3 per cent. The North West experienced the greatest monthly rise with a movement of 1.9 per cent. Wales was the region with the most significant monthly price fall with a movement of minus 2.3 per cent.
The most up-to-date figures available show that during August 2009 the number of completed house sales in England and Wales rose by 11 per cent to 53,236 from 48,109 in August 2008. Transaction volumes, while no longer falling at 2007 rates, remain relatively low.
For more information and to view the report in full, visit www1.landregistry.gov.uk/houseprices/
| Region | Monthly change | Annual change | Average price |
| North West |
1.9% |
-5.3% |
£119,463 |
| South West |
1.5% |
-1.0% |
£171,804 |
| North East |
1.5% |
-5.5% |
£110,596 |
| London |
1.4% |
-0.2% |
£317,601 |
| South East |
1.3% |
-1.5% |
£201,245 |
| East Midlands |
0.9% |
-3.8% |
£125,348 |
| England and Wales |
0.6% |
-3.4% |
£159,546 |
| East |
0.2% |
-3.1% |
£167,318 |
| Yorkshire & The Humber |
0.2% |
-5.6% |
£124,517 |
| West Midlands |
-0.6% |
-6.3% |
£131,893 |
| Wales |
-2.3% |
-6.0% |
£118,950 |
| Average prices by property type (England and Wales) | October 2009 | October 2008 | Difference |
| Detached |
£246,860 |
£253,438 |
-2.6% |
| Semi-detached |
£150,173 |
£155,076 |
-3.2% |
| Terraced |
£123,056 |
£129,212 |
-4.8% |
| Flat/maisonette |
£149,256 |
£153,507 |
-2.8% |
| All |
£159,546 |
£165,185 |
-3. 4% |
| Month | Sales 2008 (England and Wales) | Sales 2007 (England and Wales) | Difference |
| January |
57,858 |
87,686 |
-34% |
| February |
61,622 |
86,788 |
-29% |
| March |
57,955 |
106,151 |
-45% |
| April |
62,405 |
95,272 |
-34% |
| May |
65,037 |
108,042 |
-40% |
| June |
58,652 |
123,385 |
-52% |
| July |
52,631 |
116,817 |
-55% |
| August |
48,109 |
124,567 |
-61% |
| September |
41,297 |
98,087 |
-58% |
| October |
44,560 |
102,597 |
-57% |
| November |
36,085 |
100,731 |
-64% |
| December |
39,304 |
81,299 |
-52% |
| Month | Sales 2009 (England and Wales) | Sales 2008 (England and Wales) | Difference |
| January |
26,743 |
57,858 |
-54% |
| February |
27,801 |
61,622 |
-55% |
| March |
36,507 |
57,955 |
-37% |
| April |
39,203 |
62,405 |
-37% |
| May |
45,547 |
65,037 |
-30% |
| June |
51,956 |
58,652 |
-11% |
| July |
59,691 |
52,631 |
13% |
| August |
53,236 |
48,109 |
11% |
Notes
1. Since 2006, Land Registry’s House Price Index (HPI), which is available free at www1.landregistry.gov.uk/houseprices/ has gathered its own momentum to become a leading indicator of property movement within England and Wales. It is widely viewed as “the most accurate barometer of the housing market”.
2. The HPI is published on the twentieth working day of each month. The November index will be published at www1.landregistry.gov.uk/houseprices/ at 11:00 hours on Friday 30 December 2009.
3. The HPI uses a sample size that is larger than all other statistical measures available. It is calculated using Land Registry’s dataset of all residential property sales completed in England and Wales since January 1995.
4. Land Registry’s dataset contains details on 15 million residential transactions. Of these, over five million are identifiable matched pairs, providing the basis for the repeat sales regression analysis used to complete the index. This technique of quality adjustment ensures an “apples to apples” comparison between properties.
5. With the largest transactional database of its kind detailing over 22 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.
6. As a government department established in 1862, executive agency and trading fund responsible to the Lord Chancellor and Secretary of State for Justice, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been an open document since 1990.
7. For further information about Land Registry visit www.landregistry.gov.uk
Contacts
Marion Shelley 020 7166 4543
marion.shelley@landregistry.gsi.gov.uk
Esther McWatters 020 7166 4487
esther.mcwatters@landregistry.gsi.gov.uk
Press Office 020 7166 4215
