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We try to offer a wide ranging array of various and frequently updated Blogs intended to cover both local and national matters of interest.

 

Some of the information and research in these articles do not represent either the views nor should they be seen as any type of recommendation by Paul Simon Residential.  

 

We hope the “viewer” will find these articles not only of interest to themselves, but contain information on subjects they might wish to share with family and friends.

 

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GLOBAL PROPERTY MARKET ABOUT TO POP?”

Published: 17/05/2017   Last Updated: 17/05/2017 14:56:33   Tags:

Ever since various Governments and their Central Banks have lowered interest rates to what is near zero in the wake of the financial crisis, the world has developed a healthy appetite for buying property!


Residential house prices from A for Abu Dhabi to Z for Zurich have spiraled as hot money travelled the world looking for a home! The global property bubble cannot blow much bigger – or can it?. Some pundits hope is that it deflates slowly… but others suggest the bubble could “burst!”


Prime Central London was considered the world’s raciest property market, but in recent months is now leading the charge in the other direction, falling it is reported by up to 6.4%. Other former hotspots such as Zurich, Moscow and Istanbul have also seen recent falls by up to 7% or more over the last 12 months.


It could be said “what goes up has to come down before it can rise again!” and certainly in the case of prime property locations around the world that has been true for many years! One thing for certain is if you buy in the right location, your property (residence) wherever it may be located will appreciate in value as the years advance!


DISCLAIMER: The news and research in the above article do not represent necessarily either the views nor should they be seen as a recommendation of Paul Simon Residential Sales

NEW BLOW for BUY-to-LET LANDLORDS

Published: 17/05/2017   Last Updated: 17/05/2017 14:45:14   Tags:

Landlords already hit by punitive stamp duty and new restrictions on mortgage interest tax relief are now facing rising borrowing costs. While residential mortgage rates continue to fall, last month saw rises in the cost of two, three and five-year fixed-rate loans for buy-to-let investors.


The average two-year fixed term loan was 2.9pc in April, up from 2.86pc in March. Three-year deals rose from 3.53pc to 3.56pc, while the average five-year buy-to-let mortgage went from 3.74pc to 3.76pc. It is the first time buy-to-let rates have increased this year, and the first time three-year fixed mortgages have risen since April 2016.  However, the average tracker mortgage fell, from 4.85pc to 4.74pc in April.


Shaun Church of brokers Private Finance suggested lenders could be offsetting rate cuts for residential customers by increasing them for buy-to-let properties. Likewise, Steve Olejnik, of Mortgages for Business, said: "For some time now buy-to-let mortgage lenders have been cutting rates to maintain lending volume in a sector that has been actively targeted by both the taxman and the regulator. "Rates can only fall so far, however, and figures from April suggest we may have reached the limit."


Both the Government and City watchdog, the Financial Conduct Authority have made changes that have made it much tougher for individual landlords. From April this year, higher-rate taxpayers can no longer offset all of their mortgage interest against rental income when calculating their tax bill. The move only applies to individuals, not limited companies, and will lead to higher tax bills even where landlords do not increase rents.


It is being brought in gradually (with investors losing 25pc of mortgage interest relief a year) until 2020-21 when it will be replaced by a flat 20pc tax credit. In addition, since January the Prudential Regulatory Authority has been applying new rules that mean lenders must apply a "stress test" when reviewing mortgage applications for landlords. They must check borrowers can afford to pay mortgages at hypothetical interest rates of 5.5pc. Lenders are now also requiring higher ratios of rental income to mortgage repayments.


This article was written by SamBrodbeck from The Telegraph and was legally licensed through the News Cred publisher network. Please direct all licensing questions to legal@newscred.com.


DISCLAIMER: The news and research in the above article do not represent necessarily either the views nor should they be seen as a recommendation ofPaul Simon Residential Sales

UK HOUSE PRICES FALL FOR A SECOND MONTH

Published: 08/05/2017   Last Updated: 17/05/2017 14:44:30   Tags:

UK house prices fall for a second month

U.K. house prices fell for a second month in April, according to the Nationwide Building Society, as reported by BloombergL.P. ©2017

  

According to the Nationwide Building Society this drop in house prices may be part of a wider trend showing weakness in consumer demand. The 0.4 percent decline, the biggest since 2012, followed a 0.3 percent fall in March. It reduced annual growth to 2.6 percent, the weakest since June 2013. 

 

Nationwide chief economist Robert Gardner said the softening in house-price growth may be a sign households are “starting to react to the emerging squeeze on real incomes or to affordability pressures in key parts of the country.”

 

With house-price growth outstripping wage increases, that’s making it harder for newbuyers to enter the market. On top of that, a pickup in consumer-price inflation is further hitting pockets, which may be adding to the pressure on demand.

 

Nationwide said the typical home now costs 6.1 times average earnings. That’s above the long-term average of 4.3 and close to the record 6.4 recorded in 2007, just before the financial crisis.

 

DISCLAIMER: The news and research in the above article do not represent necessarily either the views nor should they be seen as a recommendation of Paul Simon Residential Sales.

BEFORE YOU BORROW!     

Last Updated: 15/03/2017 12:41:33   Tags:

For many buyers obtaining a mortgage is an essential part of buying a property. Therefore before you embark on making an application there are a number of simple things you can do to make sure your application is not turned down, or the lender offers a reduced amount to the sum you originally applied for.

 

Several years ago the Financial Conduct Authority (FCA) following the financial collapse of 2008, introduced stricter lending criteria to encourage banks and building societies to lend more cautiously and avoid another potential financial crisis. For those intending to borrow to secure a property we offer some basic advice.

 

Today a number of Mortgage Market Review rules require lenders to “stress test” applicants with a view ensuring they would be financially able to survive should there be an increase in the mortgage rate which has for many years now been at a record low but will at some point in the future increase to higher levels than those currently charged.


With mortgages and their rates now featuring regularly in the Press, Bank of England and Government statistics mortgage applicants will be subjected to tougher rules regarding affordability and qualification checks. Therefore we strongly suggest the following advice – a relatively easy number of things you can do before applying for a mortgage.           

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BUYING – WHAT IS INVOLVED

Last Updated: 14/03/2017 19:15:20   Tags:

Whether you are a first time buyer or seeking to improve you family lifestyle in a new location, buying a house involves a multitude of decisions to be made and aspects to be consider. There are many aspects not always appreciated which often involve the entire family.


When seeking a new home ideally you are looking for a “space” in which you and your family can be happy and one that offers access to all the faculties you expect and want. First there is the area choice, then selecting the Estate Agents who are able to give you confidence - people you feel who know the area, the properties and who are most likely to represent your interests rather that the interests of others.


Clearly knowing what you can afford in the way of buying a property is important as it dictates what price bracket can be viewed. You may need to establish what mortgage facilities are available to you and importantly the repayment cost likely. Buying a property is not only the agreed buying price, but includes other additions such as Stamp Duty, removal cost and a number of often forgotten expenses such as the installation cost of SKY TV for example and changing door locks – a few pounds admittedly - but they soon add up!


Once you have visited and looked round a few properties you start to get more of an idea of what's on offer within your price bracket, and then hopefully there comes the point when one you view is “the one!” Now comes the stressful time waiting first for your bid to be accepted, and the time to elapse before the Exchange of Contracts. This is the period when a buyer feel "helpless" (unable to be in cont.) and is the time when the Estate Agent selling you the property can be really helpful and be on hand to regularly update you frequently with the latest information.


There may be a number of of changes or alterations contemplated to the new property and these need to be planned, and a reliable builder found how with a good reputation amongst the local population of the area. Here insider knowledge can be so useful, so do discuss in detail such matter with the Agent who will be happy to help you.

As experienced agents, we can help with many of these important decision whether actual or an acceptable compromise.


Remember…..we are here to help and give advice!

 

COUNTRYSIDE Plc

Last Updated: 14/03/2017 17:35:40   Tags:

Shares in Countrywide Plc, (CWD) the UK's largest Estate Agency chain of companies, fell dramatically to an all-time low following the company's announced of a 59pc fall in their profits. Countrywide, which operates more than 55 High Street brands including names such as Bairstow Eves and John D Wood, said in a statement that there had been a 1pc increase in the number of homes sold last year compared to 2015, but in London there was a fall of 14pc.


The Company which is currently listed in the FTSE 250 blamed a variety of factors including the EU referendum, the impact of changes to stamp duty for landlords and high-end homes. According to Countrywide, 2016 had been an "unprecedented year," which had created a "volatile residential property market." It will be remembered that Countrywide had previously issued a profit warning in January, and had added that this volatility was likely to continue into 2017. In their opinion they saw the likelihood of fewer transactions and took the view house prices would be lower than 2016.

Another Estate Agent listed, Foxtons Group plc (FOXT) also reported a dramatic fall in their full year’s pretax profits – revealing they were more than halved! According to Foxtons harder times look set for the London property market in the year ahead. A new analysis of the housing sector confirmed increasing levels of financial distress among a number of UK estate agents. According to the professional services firm Begbies Traynor, nearly 1,000 estate agencies could be wiped out over the next three years.


What does this mean for both buyers and sellers in London? Well as we all know the property market rises and falls periodically only to rise once again, during which opportunities will be present for those who are smart enough to take advantage!


Perhaps one lesson to be drawn out of this is whether you are a buyer or sell it may be wiser to stick with the dependent Estate Agent who you can see daily operating in your High Street, rather than the obscure Plc?


DISCLAIMER: The news and research in the above article do not represent necessarily either the views nor should they be seen as a recommendation of Paul Simon Residential Sales.


DOWNSIZING. 

Last Updated: 18/03/2017 16:54:39   Tags:

Downsizing apart from the obvious benefits to the owner has many advantages that affect both themselves and the community. A smaller living space is more practical! (You may well find that you have several rooms in your house rarely use.) Smaller living space eliminates stress and reduces the outgoings as well as freeing up monies which can be used elsewhere. Downsizing often enables people to become mortgage free as well as lowering everyday costs such as energy bills and maintenance costs.


Understandably, the idea of selling your home has a strong emotional factor and is a hard choice for many. It may well be the home your children grew up in, and within the walls echo the sounds of grandchildren. Your home will naturally have many memories of past times, and the thought of leaving those memories, neighbour’s and long established friends, plus an area which has become part of your daily life - has a considerable impact! Above all the most off putting for the elderly is the thought of sorting out what to keep and what to packing.


From a practically point - of course deep down you know it is the right decision. We humans often have a built in reluctance to moving out of our comfort zone and will anticipate many things that often never materialise.


The key factor to getting the most out of selling your property is to achieve the best deal possible!


What you want is a sensible valuation which is achievable in the market of the day. Don’t be tempted by a valuation along with selling fees which is more about the Agent providing you with a something they assumed will be pleasing to you, rather than figures which they know are achievable in current market conditions.


If it is cheaper than the average valuation – be suspicious - unless the Estate Agent's  valuer gives you confidence! Corner cutting invariably leads to cuts in the service you received!


Should you be considering the question of downsizing or selling, why not contact the Sales Director – Richard Bartelous at Paul Simons Residential Sales for a valuation without obligation! If nothing else you will get a realistic idea of what your property is currently worth in the market of the day.


or pop along to our offices at….

38 Grand Parade, Harringay, London N4 1AQ

Office Hours

Mondays to Thursdays: 9am – 6.30pm

Friday: 9am – 6pm

Saturdays: 9am – 4pm

Sunday: Closed all day


IS TOTTENHAM BECOMING THE NEW SHOREDITCH?

Last Updated: 14/03/2017 19:17:14   Tags:

Shoreditch is part of the historic East End of London situated north of the City of London. The etymology of "Shoreditch" is constantly debated. One popular legend holds that the place was originally named "Shore's Ditch", after a lady called Jane Shore, the mistress of Edward IV, is supposed to have died or been buried in a ditch in the area.


For those perhaps not familiar with Shoreditch, the area is renowned for the Street Art, Shoreditch Street Art Tour Its Incredible Street Food Pump Street Food Market – a Food Village is located on Shoreditch High. Then you have those Quirky Boutique Shops - shopping in Shoreditch is an experience! Le Labo You can Enjoy London’s Craziest Nightlife at many clubs such as Cargo, Others like the Bedroom Bar offer a quirky but lively clubbing experience, 333Mother is a good place to go if you’re looking for a night that lasts until the early morning.


Historically, Shoreditch has always been known for - nightclubs and bars. Shop and Eat at Boxpark the world’s first popup mall – this shopping/eating/drinking experience is located in shipping containers! East London Juice Co. Football at Bar Kick For football fans you head over to Bar Kick. Lastly Study or Work in Silicon Roundabout this is home to numerous tech hubs. Try Google Campus London to feel part of the thriving tech world; Timberyard is another great option. Cafes such as the Counter Albion and the lobby of the Ace Hotel

 

Many London areas can be accused of alternating between being “sought after” and not “sought after.” Remember Notting Hill Gate back in the 1970’s? Fashions and demands change as do areas. Today as you emerge from Seven Sisters Tube station, you are greeted by the many sights, sounds, and smells which perhaps remind and tell you how fast Tottenham is changing and the resemblance it has with a place like Shoreditch.


Of course each area retains an aspect of life which is peculiar to that place alone such as the famous White Hart Lane and The Emirates stadium or Alexandra Palace (fondly known as Ally Pally) both of which are famous to many, but those many residents both past and present who remember Tottenham some thirty years ago will see a huge change in so many of the facilities offered today.


To read more click on
 http://www.telegraph.co.uk/travel/destinations/europe/united-kingdom/england/london/articles/forgotten-tottenham-awaits-its-big-london-future/

 

DISCLAIMER: The news and research in the above article do not represent necessarily either the views nor should they be seen as a recommendation of Paul Simon Residential Sale

Social Network

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Last Updated: 28/02/2017 09:33:46   Tags:

Join our Facebook community to find out about local events in your area. You can follow us on our Twitter account and engage directly with our Director Richard Bartelous. Also watch our “You Tube” channel for all our video guides and link with us on “Linked In” to find out about the latest job opportunities at Paul Simons Residential Properties.

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