housing market
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Housing Market
Housing market picking up despite political uncertainty
The residential property market is showing signs of improving as “data points to a stronger pre-election housing market than we had anticipated,” according to a leading analyst. Concerns regarding a pre-election hit to the UK housing market appear to have been overemphasised, according to the investment bank, Jefferies, which has upgraded the residential property sector ahead of next month’s General Election following indications that the housing market is improving in spite of political uncertainty. The UK broking arm of the US bank estimated that residential property prices in London and the South East could fall sharply on the back of lower transaction levels. But despite a slowdown in the market, Jeffries has now changed its view on the sector, which includes listed estate agents and house builders. The reverse in views is largely thanks to a greater supply of mortgages, the Help to Buy scheme which has helped the new-build sector “punch above its weight”, and a strong lettings market which has offset the fact that fewer homes are changing hands on the sales market, helping to support estate agents in the process. Anthony Codling, property analyst at Jefferies, told the press, “The latest data points to a stronger pre-election…
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Housing Market
Scrapping non-doms could harm London’s housing market
Labour’s plans to close down what they call a loophole for the super-rich, by scrapping non-dom tax status in this country, would be a terrible mistake as it could have an adverse impact on the housing market in the capital, along with many other sectors, according to a leading estate agent. Nicholas Leeming (left), Chairman of national estate agents Jackson-Stops & Staff, which has 44 offices nationwide, believes that Labour Leader, Ed Miliband, is intent on “closing down London to international business” if he abolishes the non-dom tax status. Mr Leeming argues that Labour’s policy will effectively deter many wealthy foreigners from buying property in this country, particularly in the capital. He said, “The Labour party is out to target the wealth creators in this country and will effectively close down London to international businesses and investors if it continues to punish this sector. We have created a world-class city and we want to continue to encourage people to buy homes here and invest in the capital. The move to scrap the non-dom tax status will impact on every aspect of life in the capital – jobs, the property market, shops, restaurants and businesses. London needs to remain open for…
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Features
Regional round-up
Each month we visit three agents across the country to discover what is happening in their businesses and local markets. This month we visit Norfolk, Gwynedd and London.
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Features
What next for Scottish property?
Scottish independence may have failed but major changes still lie ahead for the country's property market.
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Features
Regional round-up
Each month we visit three agents across the country to discover what is happening in their businesses and local markets. This month we visit Kent, London and the Isle of Wight.
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Features
Home… and away
If you think the UK is lagging behind other countries with its new build programme... you are right, says Andrea Kirkby.
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Features
Is there any value in a mansion tax?
It has been more or less been killed off by the Chancellor's new Stamp Duty regime - but did the mansion tax ever have much currentcy?
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Guest Blogs
Is the market on the turn?
My most sophisticated clients monitor their key performance indicators on a weekly or even a daily basis and they are all telling me that statistics such as the conversion ratio of instructions to sales, the average percentage of the sale price versus the asking price and the average number of days on the market are all deteriorating quite markedly. There is no need to panic about this. A less buoyant housing market need not mean that your income will decline but 33 years’ experience tells me that when the market changes, the first agents to change their working practices will win market share from their competitors. How to prepare for a tougher market The first thing you need to do is to start valuing properties more cautiously. During the last four or five years, many agents, particularly in London and the Home Counties, have got into the habit of over-valuing by as much as 20 or even 30 per cent. This will have to stop. The second strategy should be to improve both the frequency and quality of your vendor care calls. Try doubling the frequency of your calls and try to do every other review in person rather than…
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Features
Will UK housing transactions hit a million in 2013?
The property market recovery is underway, with many experts projecting that UK housing transactions could hit the one million mark for the first time since the 2007 peak.
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