Welcome to the Property Advice Newsletter
Written by Independent Chartered Surveyors
of the UK wide network of Property Professionals
Publication date: April 2017
In this month’s edition … we comment on the general election and how it might affect the property market, highlight some of the issues around renting and tenants, look at the current levels of affordability, and show how important it is to look after your property …
The property market fact file is a collection of data compiled each month by our Chartered Surveyors and the propertysurveying.co.uk team; collating survey data, statistics, trends and information from the property market. This aims to provide a single place where anyone with an interest in UK property can find the information they need.
The prime minister, Theresa May, has announced a general election on 8th June, saying: “At this moment of enormous national significance, there should be unity here in Westminster, but instead there is division. The country is coming together, but Westminster is not,” adding that “division in Westminster will risk our ability to make a success of Brexit.”
How will the property market be affected?
In October 2016, our PropertySurveying newsletter reported on research which revealed that the property wealth of England’s over-55s was greater than the GDP of Italy. And they’re still on the move!
As more and more adult children are prevented from leaving the parental nest by the rising cost of housing, some households are re-thinking the options.
Karen Buck, MP for Westminster North, has warned that illegal sub-letting and property magnates are using Airbnb and other sites to collect tax-free income.
The owner of a holiday park which houses around 200 people in Beverley, East Yorkshire, has been accused of misleading buyers of his chalet homes. William Flannigan is alleged to have sold the properties as permanent homes, when they had planning permission for holiday use only.
With borrowing costs at an all‑time low, and new mortgage customers being incentivised by attractive interest rates, the Office for National Statistics (ONS) has issued the gloomy news that the affordability gap is still increasing. The typical property now costs 7.6 times the average earnings of working people in England and Wales.
Most car owners will ensure their vehicle is well maintained and that it has an up to date MOT, but how many home owners routinely check their houses for maintenance issues? Routine maintenance is just as important in the home, and making regular checks can help to keep things under control – and also ensure that you stay protected by your home insurance.
Draped Seated Woman (or ‘Old Flo’, as the sculpture is known), was created by Henry Moore in 1957 to reflect his wartime experiences during the London blitz. After spending the last twenty years in Yorkshire Sculpture Park, she will now return to London.
A survey of 2,000 homeowners has looked at how the way we use our homes has changed over the last five decades. Despite technological advances – including home appliances, telecommunications and the internet – warmth and comfort were felt to be the most important improvements.
Over the last fifty years, the most loved revolution was … (find out here)
Over half of Londoners have bad neighbours, and they can seriously devalue your home – in fact, bad neighbours can cost more than broken or boarded up windows.
This newsletter is a free service by PropertySurveying.co.uk for those with an interest in the UK Property Market. As well as being posted online here,
it is emailed straight to our subscribers all across the country.