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Posts Tagged ‘Property insurance’

Winter Freeze

Friday, February 3rd, 2012

I’m sure you will have notice that some very cold weather is currently upon us, and unfortunately it is here to stay for a little while with snow falling around some parts of the country and snow forecast in other areas of the country too. For all property owners and tenants preparation for the cold snap should hopefully already be in full flow as there are a number of things you can do to ensure property safety.

Structural Safety and Pipes

Modern homes are built to be robust and withstand freezing temperatures, however some older properties may struggle in severely cold conditions if they are not looked after properly. Perhaps it will be worth investing in a structural survey if you have any doubts? It will also be extremely important to bear in mind a decent property insurance quote that will cover you in the event of seasonal damages.

In terms of the water pipes that run through your property, freezing temperatures can, naturally, cause the pipes to freeze, so it will be important to keep your heating on, at least very low, in order to make sure the pipes do not freeze. It may just be the case of turning it on for a few hours a day, and anyway, in such cold weather it may just be a necessity to have the heating on!

What to do Outdoors?

It’s not just the pipes internally that need looking after, it’s the external ones too! Guttering and drains can crack if they freeze so it will be important to make sure they are clear and clean and especially not broken as this could then cause a whole host of problems.

Furthermore, driveways and any paved areas outside your property can become slippery and dangerous due to ice. Therefore, if you own a property it may be worth investing in a bag of grit or a very large bag of salt to sprinkle across the surface. This will minimise the chance of anyone slipping over, and if you are landlord it will be in your best interests to ensure the safety of your tenants. Perhaps instruct them to get a bag of grit or salt and then reimburse them at the earliest convenience.

The winter weather can have an overwhelming impact on a property if it is not properly looked after. With some care and attention however, it will be more than possible to fight off the cold snap and prevent any damages befalling your property!

Tags: Cold Snap, Freezing Conditions, Property insurance, Winter Weather
Posted in Property Insurance | No Comments »

Data Reveals Small Decline in Property Prices

Wednesday, February 1st, 2012

An analysis of indices has shown that UK property prices were almost unchanged throughout 2011. It has been revealed that December saw the biggest monthly fall in prices last year as they dropped by 1%.

House Price Watch

Furthermore, the House Price Watch analysis of data from CLG, LSL Acadametrics, Halifax, Nationwide and Rightmove has portrayed that property prices, over the entire year, were almost unaltered with annual growth for 2011 being recorded at -0.1%. So, whilst less people may have been acquiring a new property insurance quote due to fewer people buying a home, actual property prices did not vary much at all it seems.

It has now been reported that the average price of a home in the UK is currently £195,166. This is around 9.6% lower than at the peak of the property market in October 2007 when the average price was as high as £215,089. That was however a time when the majority of people had more disposal income.

Rate of Growth

Meanwhile, this latest report has revealed the annualised rate of growth for each month’s data. Data is also regulated over three and six month periods, which provides a less volatile representation of market trends than individual monthly cut-outs. The annualised rates at three and six months show growth to be at -4.9% and -3.7% respectively.

Stuart Law, Chief Executive of Assetz, has been commenting on the House Price Watch data: “Property prices were relatively flat in 2011, recording a nominal annual price fall of 0.1% in December which translates as £268 in monetary terms. This lack of growth can be attributed to poorer job prospects, with unemployment now at its highest level since 1996 according to the ONS, and the ongoing Eurozone crisis which is impacting confidence and making lenders more cautious.”

Investors Returning

Mr Law went on to add that he expects a “Spring bounce” to occur and that London along with other major towns and cities have remained strong and on an upward curve despite the overall stagnation.

He also stated that the competitive nature of the mortgage market has resulted in more mortgage products becoming available on better terms.

It is expected that more investors will be, and already are, returning to the property market in a bid to take advantage of reduced prices. However, it is true that some landlords have seen minimal capital growth on their investment in the last few years.

Tags: House Price Watch, House Prices, Property insurance, Property Investors, Property market
Posted in Property Insurance, Property Market | No Comments »

Moving House?

Friday, January 27th, 2012

It’s a daunting task isn’t it? But with the economy (hopefully) beginning to pick up, we can expect more and more people to move home in coming months and years. Furthermore, in London, property sales have remained high as have property prices. So we do indeed know that people are still moving to new homes, despite economic doom and gloom.

In addition, it has been reported that in the first ten days of 2012 there were over 44 million property related internet searches, which is an encouraging 30% more than the same time last year. So it does indeed seem that more people are thinking about a new home.

Packing

The most daunting thing about moving house is, for me, the packing! I hate packing, as I’m sure a number of people reading this very blog do too. It’s just so tedious isn’t it? Now, when I say I hate packing, the only packing I’ve ever really done is when going on holiday, or moving into and out of fully furnished rented accommodation, and yes that is difficult and tedious enough! So I cannot even imagine how stressful packing up an entire house can be. Nevertheless, it’s just one of those things that we all need to get on with at some point!

However, moving can be a time to have a good clear out. Get rid of anything you know you will never need again – you may find that you can donate a large number of items to local charity shops, so before throwing things away maybe run them down to local charities to see if they are interested.

Removals

Furthermore, my advice is to get yourself a good, professional removal company in order to help you transport everything. This can only be done once everything is packed, but it could be easier to pack in stages, and thus transport your belongings in stages. It would be a wise idea to hire a removal company around two weeks before you are due to move as this will allow you enough to time to find one that is free on the date you need them! In order to try to save some money it will be worth hunting around for a good deal, or for any sort of discount they may be offering.

It will also be good to inform the removal company of the amount of large items you need to move, such as furniture for example.

Admin and Legalities

In addition, it will be important to make sure you carry out all the paper work and admin that needs to be done when moving house. You will need to arrange property insurance at your new home; you may find that you can simply transfer your existing policy to your new house without much of a change in the price. You will also need to inform just about everyone you know of your new address, along with banks and utilities companies. Basically any company you have any connection with needs to know your new address, just in case they send you anything important. It will also be worth leaving a forwarding addressing for the new occupants of your previous house, just in case anyone still sends post to the old address.

This is by no means an exhaustive list of things that need to be done when moving house, but as long as you are organised then everything should run smoothly!

Tags: Moving House, Property insurance, Removal Company, Removals
Posted in Property Insurance | No Comments »

Facebook Move into Property

Friday, January 20th, 2012

Some blog worthy news today comes fresh from Facebook, and that is the news that a property application has been launched on the social network. It is intended for selling, buying and renting property, and is simply called Property Place.

Having launched today the app has over 400,000 properties listed. Facebook obviously built up an extensive database of properties across the different markets before putting the app live.

Cost Saving

Property Place will allow users to advertise property that is for rent or for sale and is a means by which to cut out expensive estate and letting agent fees. It seems Facebook’s people in charge are aiming to create a platform whereby the average internet user can do almost everything they want via Facebook.

It must be said that this new venture from Facebook demonstrates some very clever, innovative thinking. They’ve found one of the most stressful tasks that people are faced with, moving home, and created an app on their site in order to simplify things and save property hunters time and stress.

Through Facebook viewings can be arranged either by the user themselves, or via a Property Place partner, Emoov, the online estate agency, as they can handle the logistics and management for a fee of £295. This is still at a fraction of the cost of a high street agent and so will save users thousands. With such big savings, more people may be encouraged to invest in more comprehensive property insurance, rather than just paying for the bare minimum.

Big Fans Already

Just one of the many people already familiar with the app is Jack Eddowes, from Leeds. He uses Property Place to let out his Sheffield student properties, and he has been commenting: “Typically students spend more time on Facebook than any other website so it makes sense to market my properties with Property Place on Facebook. It’s far more convenient for me and prospective tenants to communicate.”

The founder of Property Place has confidently gone as far as stating: “It’s the future of buying and renting property!” Is it now a case of move over Rightmove and Zoopla, Facebook is now making a very big splash in your relatively small pool? Or will people stick to using the more established online property portals, or alternatively, a good old fashioned estate agent and/or letting agent?

Tags: Estate Agent, Facebook app, letting agents, Property insurance, Property Place
Posted in Property Insurance | No Comments »

Who Wants a Games Room?

Monday, January 9th, 2012

Last week we blogged about our perfect, dream house, and today it has been reported, in a rather contradictory, ironic fashion, that apparently landlords are doing away with dining rooms in order to try to make their property more attractive to potential tenants. Well, in all honesty, I’d quite like a dining room!

Survey Carried Out

Lloyds TSB carried out a survey to determine whether property owners were considering a more open plan design, and whether a dining room was really necessary. The survey revealed that over a fifth of homeowners have already set about knocking down walls over the last ten years, and it is expected that around a similar number will do the same over the next ten years.

The study by Lloyds TSB also revealed that there are now several new rooms that are becoming increasingly attractive to potential tenants. For example, the utility room is thought of as a necessary addition, whilst the en-suite and the games room are added bonuses. Every young man would surely love their own games room, wouldn’t they? I know I would! I’d deck it out with a large flat screen TV, some computer consoles, a pool table, a darts board and a foosball table…maybe I’m just a big kid though?!

Update Your Insurance!

Now of course, for a property owner, such changes will need to be included within a property insurance quote as they may well affect the value of the property. So, be sure to update your policy! It will also be important, if you are a landlord, to advertise such fantastic additions such as a games room and an en-suite. They could be a real selling point for prospective tenants!

Simon Hamilton, International Director at the British Institute of Interior Design, has been commenting about such changes: “Property particulars are starting to look very different. Houses, especially older properties, were designed with people’s lives in mind, with set rooms for set activities, but as times change so does what we want from our homes.” I agree, however, surely a games room is a set room for set activities…

If I was a prospective tenant, a games room or an en-suite could definitely win me over, provided the price was right of course. What would work for you?

Tags: Attracting Tenants, Property insurance, Property Insurance Quote, Property Value
Posted in Property Insurance | No Comments »

Dreaming up a Perfect Property

Friday, January 6th, 2012

Today at PropertyQuoteDirect we are talking dream property! The news has recently been filled with property prices going up, down and sideways, but mostly down, and so today, in order to help stem the January blues, and to try to find some respite from the poor state of the economy, we have been thinking about some of the best property locations, and what would make the perfect dream property.

Location Matters!

Now in terms of location here in the UK, we decided the number one spot is somewhere in the countryside, away from the hustle and bustle of London, but not too far from it! Our perfect pad would be somewhere rural but with great transport links as well. After all you wouldn’t want to be unable to get into the centre of town, or be unable to quickly pop down the shops would you?

It would also be important for the property to be located near schools and in areas of low to nonexistent crime. This is something that will inevitably help when acquiring property insurance! In short, the outskirts of a beautiful little village with a friendly atmosphere, that wasn’t too far from the UK capital, would be a perfect location.

Now the Property

So what about the property itself? Well, this is a tricky one. Of course a lot of people would go straight for the large mansion, whereas others would prefer a smaller, prettier cottage for example. My own personal preference would be somewhere in the middle. Not too big, but big enough to house an average family.

The property would also be surrounded by beautiful scenery and greenery. Ivy would cover part of the front of the house and the driveway would be scattered with gravel. The property would also have its own private gates, and a private garage.

Upon entering the property you would be greeted with real wooden finishes and some grand art work on the walls. The main reception area would also be one of the top attractions within the house – a place to mingle perhaps?

The garden would be large enough for a decent number of people to get involved with a game of football and there would also be a couple of swings hanging in the corner.

At this point it is inevitable that people will be disagreeing with me, so we ask the question: what would your perfect property look like?

Why don’t you too start dreaming up your ideal home? It’s a lot of fun, and a good distraction from the harsh reality of our current economy. Feel free to let us know what you come up with!

Tags: Dream property, Prime Property, Property insurance, Property market
Posted in Property Insurance | 1 Comment »

House Prices at Eight Year Low

Wednesday, December 28th, 2011

A recent survey that was carried out by Halifax has revealed that the number of first time buyers in Britain has fallen to a record low in 2011. This news is somewhat unsurprising when we take into consideration the dire state of the economy and the particularly difficult year the UK has had financially.

House Prices

House prices have declined to their lowest levels in eight years; however this still hasn’t helped boost figures for first time buyers. This is due to the fact that those prospective first time buyers have struggled to raise enough money for expensive deposits and mortgages.

In 2011, it has been estimated that there were around 187,000 first time house buyers. That figure may sound like quite a lot, but when you compare it to last year, there has been a significant 7% drop.

Government Steps

These figures were released just a month after Chancellor George Osborne explained that he wants to do everything possible to help Britons get on the property ladder for the first time. The recession has been a very tough period for the UK housing market and Mr Osborne is clearly keen to work towards restoring the housing market. How long that restoration will take is anyone’s guess at the moment however.

In terms of steps the government is taking to help, Mr Osborne outlined details about a mortgage guarantee scheme. This is designed to help first time buyers with large deposits that would otherwise deter them from making the leap to get onto the property ladder for the first time. This would then inevitably help towards paying for property insurance as well.

What Will 2012 Hold for Housing Market?

Meanwhile, forecasts have already been made about house prices in 2012, and so far, it seems that they are set to continue falling. A 1.7% drop has been forecast with the housing market still vulnerable to any changes in the Eurozone. So, if the debt crisis worsens in mainland Europe, then we could see a further drop in UK house prices.

That would certainly make it easier for landlords to add to their property portfolio’s, which will only be a good thing for landlord insurance providers, but it would also make an increasing number of people even more reluctant to sell their home. Why sell at a cut price when you could wait to see if the housing market will bounce back is likely to be the attitude of many. What do you think will happen to the housing market, and the Eurozone, in 2012?

Tags: Eurozone, House Prices, housing market, Landlord Insurance, Property insurance, Selling Up
Posted in Landlord Insurance, Property Insurance | No Comments »

Property Sales Hit Year High

Friday, December 23rd, 2011

Figures that have been released by HM Revenue & Customs have revealed that home sales have hit their highest monthly level of the year so far in November. During last month there were 85,000 property sales, up from 79,000 in October.

Sales Have Decreased in 2011

However, before we get too carried away in thinking the housing market is about to lift off the ground, we must consider the fact that the number of sales between January and October this year were lower than the same period last year. Last year there were 810,000 sales between January and October, whereas this year, there were only 787,000 sales. It seems more people have stayed put this year and with it property insurance quotes will have remained unchanged.

Therefore this gives us evidence that the property market has been rather subdued for quite some time.

It seems that we are in the midst of a constant struggle between house prices that are too high for buyers to afford, and high mortgage requirements. Since 2007 sales have declined due to the rationing of mortgages and the reluctance of many sellers to reduce their asking prices.

Buyers have also been less willing to make large purchases due to the unstable nature of the economy and uncertainty surrounding their jobs. This has therefore resulted in hesitation and reluctance when it comes to buying property.

Turning Point?

These latest figures from HM Revenue & Customs have actually revealed however that there were 9,000 more property sales in November when compared to the same month in 2010. The monthly total of property sales in November was the highest it has been since July 2010. So when put like this, perhaps things are finally, after an awfully long time, looking up for the property market.

This is something that will be realised in coming months. If sales continue to stay as high, or even better, rise, then we can begin to feel positive about the property market moving out of the doldrums. This will hopefully give prospective buyers and sellers more confidence.

Tags: HMRC, Property insurance, Property market, Property Sales
Posted in Property Insurance | 1 Comment »

2011 Creates Property Millionaires

Monday, December 19th, 2011

2011 has been a mixed year for many home owners it seems, especially now with the news that this year has created 26,744 new property millionaires, despite the average property price in the UK falling by 3% to £221,128.

Millionaires Created Every Day

A high demand for prime properties from equity-rich buyers coupled with relatively low supply of large homes has helped to create 73 new property millionaires every single day in 2011. This information has been revealed by Zoopla.co.uk. Another rather astonishing figure is that one in every 108 homes in the UK is now valued at £1 million or more whereas during the peak of the property market in 2007 that figure stood at one in 97.

Research has found that there are now 253,118 homes in the UK that are worth more than £1 million. Unsurprisingly, the largest rise in the number of property millionaires was in London where the amount has increased by 18% over the year. London also now accounts for over half the national total of properties worth at least £1 million at 55%.

Steep Prices in London

Our capital city has consistently been one of the only places in the UK that has seen rising property prices during the economic downturn. Demand in London is still so strong despite the recession. It is, after all, the financial hub of the UK and one of the busiest, most popular and most loved cities in, not just Europe, but the world. So with that all in mind, it is really not a surprise in the slightest that property markets in London have remained so strong.

With the Olympics on the way next year, it is also likely that property prices will rise further, and it is expected that rental prices will also see an upward trend over the coming months.

Furthermore, London was home to nine of the top 10 areas in Britain with the highest property prices. The highest proportion of £1 million or more homes was Kensington W8 where 56% of all homes were worth more than £1 million.

Overseas Investors have Contributed

We must remember also that London has seen strong demand from overseas investors, especially Greeks and Italians this year due to the financial difficulties that their respective countries have faced. It is therefore little surprise that the number of property insurance quotes being taken out by overseas investors has increased.

Nick Leeming of Zoopla.co.uk has stated the following: “While most of the market is suffering from the impact of inflation, stagnant wage growth, the inability to secure mortgage finance and nervousness about the future of the economy, at the upper end of the market, cash and equity rich buyers are enjoying some of the lowest mortgage rates in recent history.”

It seems for some property owners, most of which are indeed in London, it should be a very fruitful Christmas period.

Tags: London Property Market, Property insurance, Property Insurance Quotes, Property market
Posted in Property Insurance | No Comments »

London Property Prices Rise

Friday, December 9th, 2011

A report has revealed that foreign investors seeking a safe haven for their money have helped boost property prices in London. The average value of a Greater London home has increased by 3.1% in November when compared with the same month last year.

Static Prices

Prices across England and Wales, on average, remained relatively static in November, and LSL Property Services Commercial Director, David Brown, has been commenting: “The resilience of property prices indicates that mortgage lenders and property buyers have not so far been spooked by the gloomy news emerging from the Eurozone.”

He added: “Although prices have declined by 0.7 per cent since November 2010, the rate of annual price decreases slowed everywhere except the North West and the East Midlands, with London buoyed by foreign investors seeking a safe haven in the capital’s bricks and mortar, showing an acceleration in price rises to 3.1% last month.”

Rise and Fall

The report also revealed that the three London boroughs with the largest growth are also among the top five in terms of price. The City of Westminster saw prices rise the most by 12.6%, whilst Kensington and Chelsea saw an 8.5% increase and Richmond upon Thames saw a 6.2% increase. It seems that there will be wealthy owners looking for property insurance quotes this winter!

The report also found that the five boroughs with the lowest price growth were in outer London. For example, Barnet experienced the largest decrease over the last 12 months as prices fell by 7.1%.

The number of properties sold in London between August and October this year has increased by 4.5% compared to the same period last year. This is good for the property market, however, this could actually be bad news for those hoping to get on the property ladder due to the fact that prices are now on the up again. This could potentially scupper plans of those who were saving for a deposit and a mortgage.

With the housing market a pretty tough environment currently, it seems that renting is still the most attractive option for many young professionals. How long will this continue though?

Tags: London Property, Property insurance, Property market, Property Owners
Posted in Property Insurance | 2 Comments »