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9th March 2010
Mortgage deals keep getting better
Mortgages for homebuyers have improved over the past month - according to Moneyfacts. At the start of March there were 1,798 mortgage deals available which required deposits of between 0% and 40%. That was 6% more availability than a month ago and 68% more than a year ago. There are a few mortgages available with just 0% or 5% deposits, but there are now 489 deals that ask for 10% or 15% down-payments. That is 90% more than a year ago when there were just 258 such loans on the market. "There are a growing number of mortgage providers who are becoming a little more accommodating with their credit criteria and this bodes well for consumers who will benefit from a growing competitive mortgage market," said Michelle Slade of Moneyfacts. "It is pleasing to see that the average mortgage rate is falling at the same time as deposit requirements are getting smaller," she added. Lower rates Among the lenders to cut the interest rates across their mortgage ranges in recent weeks have been Lloyds, RBS, Cheltenham & Gloucester, Northern Rock and Alliance & Leicester. The cuts have been between 0.1% and 0.5%. In another indication of more relaxed lending, RBS has raised its maximum advance for first time buyers from £150,000 to £300,000. The biggest reductions in interest rates have tended to be at the highest loan-to-value (LTV) levels, at 85% in particular - which would indicate lenders have more money to lend. House prices have risen in the UK over the past year, which means that lenders are again lending against appreciating assets and not ones that are going down in value. It would appear increasingly in the last few weeks, that some lenders have improved their offerings over 75% LTV, which is down to the consideration that it is more commercially viable as the risk is that much less. For up to date information on the very best mortgages available contact your local branch.
2nd March 2010
Brace of large homes near city centre
Two large houses close to the centre of Bristol and local amenities have come on to the market with Besley Hill Estate Agents at Bishopston. In need of refurbishment throughout, 12 Banner Road, Montpelier, is a three-bedroom house on three levels with potential for development into flats (subject to necessary consents) or use as a family home for those wishing to stamp their own mark on a property and restoring it to its former glory.Priced at £199,950, the agent, Darren Head, believes this is an opportunity for the canny investor as a house across the road has just sold for £279,950. Also requiring complete refurbishment at nearby Stokes Croft is 28 Brigstocke Road, a four-level town house for sale at £299,950. The substantial accommodation includes five reception rooms, four double bedrooms, front and rear gardens and gas central heating.“This property also needs lots of work but could be turned into a lovely family home or, with the relevant planning permission, into four one-bed flats,” says Darren Head. “It’s a great rental area.” Both these homes are conveniently situated close to shops, bars and restaurants along Gloucester Road (A38) and Picton Street as well as the Cabot Circus retail complex and the city centre. For further details or to arrange a viewing of 12 Banner Road or 28 Brigstocke Road contact Darren Head at Besley Hill Estate Agents, 66 Gloucester Road, Bishopston, Bristol BS7 8BH, tel 0117 924 4008, email bishopston@besleyhill.co.uk
2nd March 2010
Stylish living in the heart of the city
Fancy living at this iconic building with its stunning views across Bristol’s Harbourside and city centre? Well, now is your chance because five apartments at the new Quay Point North development, situated opposite Bristol Hippodrome, are available to rent from Besley Hill Estate Agents at Bishopston. One of the them, 70 Central Quay North, Broad Quay, comes furnished with two bedrooms and two bathrooms at a rent of £875 per calendar month. The others, numbers 43, 46, 48 and 58, are all one-bedroom with rents from £725-£750 pcm. Spread over seven floors, the 69 luxury studios, one and two-bedroom apartments at Quay Point North are extremely well presented and fitted to a high specification with a finish that is second to none. All have a balcony or terrace. The spacious rooms are furnished with leather sofas, wooden table and leather chairs, double beds, wardrobes/cupboards and chest of drawers, complemented by modern neutral decorations, light carpets and wooden floorings. The high quality, fully fitted kitchens include hobs, ovens, extractor fans, dishwashers, washer dryers and microwaves while the sleek bathrooms are fully tiled with shower over a white bath and contemporary wash hand basins. A limited number of two- double bedroom apartments have good-sized en-suite shower rooms. The apartments also benefit from 24-hour concierge and security video door entry phone with lifts giving access to each level. For further details contact Darren, Matt, Catherine or Jenna at Besley Hill Estate Agents, 66 Gloucester Road, Bishopston, Bristol BS7 8BH, tel 0117 924 4008, email bishopston@besleyhill.co.uk, website www.besleyhill.co.uk
2nd March 2010
Cottage with historic family links
A cottage that has remained within the ownership of the same Bristol family for almost a century is to be sold under the hammer next month (April). The property, 144 Manor Road, Fishponds, is one of the lots at Besley Hill’s auction sale to be held at the Kendleshire Golf Club, Henfield Road, Coalpit Heath, on Thursday 22 April.Open house viewing of the cottage, which has a pre-auction guide price of £140,000-£180,000, starts on Saturday 20 March from 10.00am to 11.00am. “Properties of this style and unique quality are seldom available because they rarely come on to the market,” says Mark Symonds, senior branch manager of Besley Hill Estate Agents at Fishponds, who is organising the viewings. Built in the 1800s, the end-terrace cottage retains some original character but is in need of refurbishment and modernisation. The accommodation comprises entrance porch, lounge, dining room, kitchen, utility, cloakroom/store and two bedrooms, together with a bathroom accessed from bedroom two. The extensive front and rear gardens stand within part-natural stone boundaries alongside a driveway and detached garage, offering potential for conversion and/or redevelopment (subject to the necessary building and planning approvals). The rear garden extends approximately 130ft in length and also contains a natural stone barn divided to form two workshops. The cottage occupies a position with walking distance of shops, services and a local training college as well as being well placed for access to the city centre and the motorway network via the M32. Auctioneer Nigel Freston is expecting interest to be shown in this property by a wide range of prospective buyers, including garden lovers, DIY enthusiasts, builders, developers and contractors. Meanwhile, he will be inviting bids for four properties at Besley Hill’s prior auction at the Kendleshire Golf Club on Thursday 18 March, starting at 7.00pm. They are: 4 Churchend Cottages, Churchend, Slimbridge, Glos, a brick-built terraced cottage (guide price £100,000+); 2-6 Mill Lane, Bedminster, a mixed commercial and residential investment comprising fully let ground floor shop and two flats (guide price £140,000-£160,000); Office Suite 4, Bowling Hill Business Park, Quarry Road, Chipping Sodbury, a modern open plan office suite ready for occupation (guide price £120,000-£140,000); and 43 Stoke Lane, Stoke Lodge, a semi-detached property with potential for improvement (guide price £130,000-£150,000). For a brochure or further information call the auctioneer’s office on 0117 970 1551 or access the brochure online at www.besleyhillsurveyit.co.uk To obtain details of specific viewing arrangements for 144 Manor Road, contact Besley Hill Estate Agents at Fishponds, tel 0117 965 3162, email fishponds@besleyhill.co.uk
19th February 2010
OFT probe shows more satisfaction with estate agents
Satisfaction with estate agents has improved, a study has found. The Office of Fair Trading (OFT) has given a largely clean bill of health to estate agents after a year-long study into standards in the industry. The OFT's report found that most buyers and sellers are satisfied with their estate agent's service. Market research estimated that the UK estate agency market was worth £6.7bn in 2007 from approximately 1.6 million transactions, although the subsequent house price slump has reduced this figure. The OFT found there was still little competition between traditional agents and the fees they charge to sellers, but stressed its report was not about "bashing traditional estate agents". It said it had found no evidence that estate agents colluded locally to keep up their commission rates. The OFT studied internet property sites, price competition between agents, and consumer protection. While it found greater levels of satisfaction with agents, it added that consumers could benefit from a shake-up in the market. "Encouraging new business models, online estate agents and private seller platforms could put useful competitive pressure on traditional models and lead to better value for buyers and sellers," said John Fingleton, chief executive of the OFT. "The government can help this process by updating legislation and making sure regulation only applies where it is essential to protect consumers." It found that only 30% of house sellers shop around among estate agents. The OFT said that existing legislation relating to traditional estate agents was "comprehensive and wide-ranging, and that further regulation was unnecessary". It found that in recent years people had become happier with the service that estate agents provided. In 2009, 88% of buyers and sellers were satisfied with the service they received. A similar study by the OFT into the housing market - but only in England and Wales - in 2004 found that there was widespread dissatisfaction. The consumers' association Which? has accepted that self-regulation in the industry could be appropriate and work for buyers and sellers. At the moment anyone can open up an estate agency without any qualifications or permission from any official body. However, they can be banned by the OFT if they subsequently break the laws about describing a property incorrectly, handling a client's money, not declaring an interest in a property, or engage in some other form of dishonesty. In a report published in June 2008, the former head of the OFT, Sir Bryan Carsberg, called for more regulation of the industry. The OFT found that despite the rise of internet retailing, property selling was still dominated by traditional estate agents - both online and in the High Street. It said that a key innovation would be to make it easier for businesses and individuals to sell their homes online. The current laws mean that businesses that might simply introduce private sellers and buyers to each other are classified as estate agents, which imposes unnecessary costs and regulations on them and deters them from setting up. It pointed to the example of the giant supermarket group Tesco, which had set up and then closed its online Tesco Marketplace service because of the cost of checking the accuracy of the property descriptions posted by individual home sellers. The OFT pointed out that in the US, online estate agents currently had 15% of the market, compared with only 2% in the UK. A specific change that the OFT is calling for the government to alter is the definition of an estate agency in the 1979 Estate Agency Act, so businesses that do not pose a risk to consumers are free from the burden and cost of the regulations. Source: BBC
9th February 2010
Chill January - but prices rise say RICS
Despite the chill in January...prices rise say RICS...for more information go to; http://news.bbc.co.uk/1/hi/business/8504959.stm
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