Profits double at Chestertons | Property Reporter

Estate agents, Chestertons, has announced that its profitability doubled during 2018 largely thanks to strong performances from its Sales and Lettings departments. According to the firm, a range of structural changes aimed at increasing efficiency and streamlining processes and has stepped up its search for suitable acquisitions. With one of the largest Lettings departments in London, Chestertons grew its revenue from this division by 9% over 2018, which was underpinned by a 7% increase in the number of tenancies agreed and by increasing…

Welsh house prices hit all-time peak

According to newly released figures from Principality Building Society, house prices in Wales have reached an average all-time peak of £186,699. The society revealed that the new peak in Wales recorded in December is some £2,000 higher than the previous highest average in September 2018. Price growth in Q4 of 2018 slowed down to just 0.3% compared with the previous quarter at 3.6%, however the number of house sales in 2018 compared to 2017 remain broadly the same at just over 48,000. Three…

What are the implications for Section 21 after the Tenant Fees Ban?

After many months of speculation surrounding the date, on June 1st this year the Tenant Fees Bill will finally become law resulting in a wide range of services that landlords and letting agents currently charge for becoming unlawful. So what do landlords and agents need to know? Andrew Turner, chief executive at specialist buy to let broker Commercial Trust Limited, takes a look at some of the implications and advises that landlords and letting agents can get ahead by ensuring that any new…

BTL criteria enhanced at Teachers BS

Teachers Building Society has announced that it has amended and enhanced its Buy-to-let criteria providing clearer guidelines on requirements for all BTL mortgages and remortgages. According to the lender, the new changes include an increase in maximum age at end of term to 83, an increase maximum term of mortgage to 40 years, on a standard BTL – coverage ratio for lower rate tax payers is reduced from 145% to 125% and an increase LTV for remortgage of existing BTL to 75%. Andy…

Annual house price growth at 7 year low

The latest data and analysis from LSL has revealed that, despite further price rises during December – equating to £875, annual price growth now stands at its lowest level since April 2012, at just 0.6%. According to the report, the latest CPI inflation figures are at 2.2%, meaning house prices are falling in real terms. However, the data shows that average house prices are up by £1,690 over the last twelve months, meaning the average property price in England and Wales at the…

Make landlording great again in 2019

CEO of Hamilton Fraser Total Landlord Insurance, Eddie Hooker and founder of Landlord Action and Brand Ambassador at Hamilton Fraser, Paul Shamplina, kickstart 2019 with a brand new property podcast. The latest offering is part of a series featuring episodes offering practical tips for landlords and letting agents on how to better manage the renting process and navigate the property industry. The first of 2019, titled ‘Make Landlording Great Again in 2019’, Paul and Eddie review the changes experienced by landlords and letting…

1 in 5 house sales fell through during 2018

New data on the UK housing market released by TwentyCi has shown that there was an overall market slowdown during 2018 resulting in a largely subdued market. Property exchanges for under 35-year olds saw a 2% year-on-year rise – a good indicator of growth in first time buyer numbers. However, there was a decrease in overall exchanges across all other age groups, with a fall of 7% in 36-45-year old exchangers and 6% fall in 66+ year old exchangers. Colin Bradshaw, Chief…

Skipton announce revamped BTL products amid range update

Skipton BS has announced that from today they will be offering two BTL Tracker products that have been stripped of their early repayment charges. The newly updated deals are part of a refreshed range including residential purchase, remortgage and Buy To Let. According to the lender, the revamped residential range includes attractive 5-year 95% LTV fixes for purchase at 3.43% with no fee or 3.34% with £495 fee, while for buy-to-let customers a 5 year fix is available for both purchase and remortgage…

Allsop announce first commercial auction catalogue of the year

Auctioneer, Allsop, has released its February commercial auction catalogue containing 144 lots and the potential to be the highest value February commercial auction for five years. According to the firm, London and the South East predominates and the average lot size of the top 20 lots offered has increased to £2,500,000 compared to an average of £1,600,000 in the last sale in December. Overall, there are 30 lots included over £1m, 7 of which are guided at £2m or more. The largest item…

UK build-to-rent housing sees 40% rise

The latest research published by the British Property Federation has revealed that the total number of build-to-rent homes under construction across the UK has increased by nearly 40 per cent. To aid transparency on the sector and its growth, the research has been produced by Savills, commissioned by the BPF, and is published quarterly as an interactive map on the BPF’s website. The findings follow a significant year of new housing policy from the Government, including a revised National Planning Policy Framework that…