Sentence predicts house prices will bounce back

Andrew Sentence, a member of the Monetary Policy Committee (MPC), has commented that he believes house prices will recover relative to inflation following the recession.
He made the comments at the British Property Federation Conference in London on January 26th, City Wire reported.
The news provider quoted Mr Sentance as saying: "In terms of the balance of demand and supply in residential property, most of the evidence suggests that the current position is closer to the early 1980s than the early 1990s."
He explained that this means the housing market is expected bounce back rather than fall further, noting that MPC fiscal policy had helped to restore confidence to the market and the wider economy.

Who can I turn to if I have a complaint against an estate agent?

Under the Consumer Estate Agents and Redress Act (2007), which came into force in October 2008, all practising estate agents are obliged to belong to a redress scheme approved by the Office of Fair Trading. Currently, there are two such schemes: the Surveyors Ombudsman Service – which, as its name suggests, was set up under the auspices of the Royal Institution of Chartered Surveyors specifically to deal with complaints against its own members – and The Property Ombudsman, formerly known as the Ombudsman for Estate Agents Scheme, which covers all other agents. Although you will need to check which of these two schemes the firm in question belongs to, both are designed to fulfil broadly the same function – ie. to provide sellers and buyers alike with access to a free, fair, and above all independent, complaints handling and redress system.

In practice, this means that if you have a dispute with your agent, which cannot be satisfactorily resolved through the firm’s own complaints handling procedures, then you can take the matter to the relevant Ombudsman, who will consider it and arrive at a judgement. Where appropriate, he can even award compensation – in the case of The Property Ombudsman, up to a figure of £25,000. What’s more, although the agent concerned is bound by the Ombudsman’s decision, the complainant isn’t – so, if you’re still not happy, you’re free to take the matter further; for example, to court.

Of course, despite the legal requirement, it’s always possible that there may still be one or two rogue agents out there who don’t belong to either of the two approved schemes. Fortunately, however, they’re reasonably easy to spot: they won’t display the relevant logos on their shop windows or stationery, and they will probably be rather evasive if you ask them about their membership. They may even try to convince you that they belong to another “similar” scheme! Whether or not you decide to report such firms to your local Trading Standards Office is up to you. But at least it means you have a clear choice – between those agents who abide by laws specifically designed to provide you with real peace of mind, and those that don’t!

53% of people surveyed thought house prices would continue to rise.

U.K. house prices will extend gains over the next 12 months as supplies remain constrained and the economy improves, Rightmove Plc said, citing a survey of consumers.
Fifty-three percent of respondents forecast that average house prices will increase over the year, the U.K.’s biggest property Web site said in a statement today in London. In a similar survey a year ago, just 10 percent of Britons expected prices to rise.
The U.K. property market is rebounding after its worst slump since the early 1990s, with reports from Rightmove and Nationwide showing prices are increasing. While the economy is showing signs of recovery from the recession, Prime Minister Gordon Brown and opposition Conservative leader David Cameron are battling to convince voters they are best placed to reduce a ballooning budget deficit and revive growth ahead of an election that must take place by June.
“Given the looming election and the talk of pending austerity packages ahead, this consumer survey highlights a surprisingly positive property price outlook,” Miles Shipside, commercial director of Rightmove, said in the statement. Consumers have the “impression that we are over the worst of the recent price falls and that there is likely to be upward pressure on prices.”
Rightmove surveyed 32,771 people from Jan. 4 to Jan. 18 for the survey.
Bank of England policy makers this month kept the benchmark interest rate at a record low of 0.5 percent. U.K. unemployment fell at the fastest pace since April 2007 last month.
“Employment seems to be holding up, and forced sales have been below forecasts,” Shipside said. “People hear these positive stories in the news and also directly feel the benefit of base rates being at record lows.”

For further information on the sales market go to www.trustintudor.co.uk

What do I need to do before renting my property out ?

Here is a useful checklist I give to my clients
CONTACT:
Mortgage lender for permission to let.
Freeholder if property is leasehold, for permission.
Buildings/Contents insurers inform them of change of circumstances.
( i.e. property now empty, you are going abroad, going to let )
Utilities and service companies
Local authority (council tax)
Mail redirection service.
Inform them all of the date you are moving.
Energy Performance Inspector for an Energy performance certificate.

MAINTENANCE:
Complete any outstanding repairs and Health & Safety modifications.
Arrange Gas safe inspection - obtain Landlord safety certificate.
Electrical inspection - obtain a portable appliance test, and (if the property has not been inspected within the last 5 years) a wiring certificate.
Smoke alarms (if fitted). Test and ensure they are working correctly.

SUPPLY YOUR AGENT WITH:
Your new contact details (address, phone, fax, email).
2 sets of keys to the rented property.
Any service agreements and signed tenancy agreements prepared by Tudor.

GOING ABROAD?
Inform your Accountant.
Apply to your Tax Office for an Exemption Certificate.
Ask your Solicitor to draw up a Power of Attorney
(for signing agreements and insurance claims)

Is there any evidence now is a good time to sell ?

There is normally a surge in the number of sellers putting property up for sale at the start of the year and we have certainly seen, at Tudor, an increase in the number of new properties coming to the market.
However, overall there are typically fewer people looking to sell in January compared with other years, which is good news for those looking to move now.
Less property on the market means less competition and a greater possibility of selling. Combine this with the fact that the number of mortgage products available passed the 2,500 barrier for the first time since May 2009.
You have the reasons to believe that a higher number of sales are likely to be negotiated.
Certainly as we pass through January we are see higher levels of interest in the new properties we are listing and it is clear purchasers requiring a mortgage are finding more and more choice.
At Tudor we have purchasers in good positions, right across the price range out actively viewing properties and making serious offers.
Our advice has to be to any body wishing to sell, now is a very good time to place your property on the market.

For further information on selling go to : http://www.trustintudor.co.uk