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Posts Tagged ‘Property insurance’

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 | 1 Comment »

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 | 1 Comment »

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 | 3 Comments »

Landlords and residents set to sign groundbreaking agreement

Thursday, November 24th, 2011

Social landlords in a village in the North East of England are setting out on a social experiment that could spread across the UK if it proves successful.

Groundbreaking document

Accent Foundation, the main housing provider in former colliery village Horden, near Newcastle, are launching a Good Landlord, Good Neighbour scheme that will require tenants to sign an agreement that will hopefully improve the austere conditions in the village. The agreement is still at the draft stage and local residents have been invited to input their own ideas as to what should be in the document.

All parties will sign

Once agreed, the document will be posted to all the population of the village, whether they are tenants or property investors with an interest in landlord insurance. Michael Fishwick, an employee of Accent, is behind the plan and he is adamant it can work and be the blueprint for other schemes across the country.

Residents asked to play their part

He envisages residents working with landlords and letting agents to drastically reduce anti-social behaviour, a problem that has blighted the village for some time. He wants tenants to know the whereabouts of their children at all times, to put bins out correctly on collection days and to be responsible for their pets and any mess they may make in the streets. He wants them to report anti-social behaviour whenever they see it and to maintain good relations with their neighbours when at all possible.

Landlords promise to maintain high standards

In return he promises that landlords will play their part in the scheme by taking part in monthly visits where they will listen to any complaints tenants may have. He promises landlords will take swift action against anti-social tenants and will undertake to get any maintenance work done in quick fashion. Property insurance will be kept up to date which will ensure money is available when repairs are urgent. He envisages landlords and letting agents supporting local groups within the area and three monthly meetings of all landlords to discuss any problems that arise from the agreement.

Beating anti-social element is the key

Mr Fishwick has already managed to get local residents’ organisations involved and is keen for the scheme to start before the New Year. He believes once anti-social elements are controlled the rest will fall into place. It is a brave idea and one that the silent majority will support. It remains to be seen however, if the villagers can pull it off.

Tags: Good landlord, Good neighbour, Landlord Insurance, Property insurance
Posted in Advice, Best Practice Guides for Landlords, Landlord Insurance, Property Insurance | No Comments »

Dining area important in fully furnished let

Tuesday, November 15th, 2011

Landlords looking to impress prospective tenants who want to rent on a fully furnished basis should spend lots of time preparing their property before advertising the vacancy. No-one wants to spend money on empty property insurance for too long, but it is worth spending a little time in between clients to give the house a spring clean and partial refurbishment.

Dining space important to tenants

One of the most important areas is the dining room. If you have a spacious dining room then you can arrange a formal, proper layout. Centre the dining table in the room below the main light fixture, preferably a chandelier. It is useful to have a dining room cabinet that can serve different purposes such as storing napkins and candles. As a formal dining room is primarily for eating, the dining layout such as place settings indicated by mats, a floral centre piece decoration or candlesticks are laid out permanently even when the room is not in use. Use heavy curtains and keep the lighting subdued. Also keep a sideboard or buffet in a corner to place extra dishes and bottles. Tenants will love to see an orderly room that epitomises the basis of family life.

Create the space

If you have a smaller property and a dining area in a living room but want to create an atmosphere of a formal dining room, use a small corner cabinet, sideboard or buffet instead, and choose furniture with fine details. Keep TV and other entertainment equipments away from the area, possibly out of sight. If it is difficult to place the dinner table below the main light fixture, consider installing recessed lights or a big sconce, or use a tall floor lamp or two. It is important to many would be renters to have a separate eating area so this approach could pay dividends.

Contemporary kitchens fit for purpose

If you have a kitchen diner, having a built-in bench on one of the walls and placing a dining table opposite it will create a relaxed, convivial atmosphere as well as saving lots of space. If you have a contemporary kitchen, match your dining table and chairs/benches to the units and create a sleek, continuous feel which is unique and very different from a formal dining room atmosphere but will appeal to some families.

Remember to ensure your homeowners insurance includes contents cover and ensure all the furniture conforms to health and safety standards.

Tags: Dining, homeowners insurance, Property insurance, tenants
Posted in Property Insurance | No Comments »

Rent guarantee cover a good idea

Thursday, October 27th, 2011

With the continuing financial situation showing no sign of abating, property investors looking to rent out their homes, still look to be on a winner.

Banks still tightening purse strings

Despite continued haranguing of the banks by Government Ministers and leaders of the building industry to relax lending requirements inflicted on first time buyers, young couples are still finding it difficult to get a mortgage. Many have given up hope of ever owning their own home and instead are looking to become tenants on a long term basis. The prospects for professional and occasional landlords have never been better.

Countrywide boom

Almost a quarter of accommodation in London is now controlled by the private sector and with average rents well over the £1,000 a month mark, landlord property insurance brokers are busier than ever before. It isn’t just the capital that is enjoying the boom. Letting agencies from all corners of the UK are reporting high levels of business and in most areas increases in monthly rental prices are going up every quarter. So what can go wrong?

New landlords should tread carefully

Very little according to most letting agents, but newcomers to the sector should always tread warily. It is vitally important that a new entrant to any business thoroughly researches the venture before taking the first steps, but in the case of property investment, a comprehensive landlord insurance policy is extremely important. The financial climate may be the very reason why profits in the sector are so high, but it is also the reason why so many tenants are in arrears. With unemployment the highest it has been this century, many tenants are finding rental payments hard to find.

Extra cover well worth the cost

A good business property insurance arrangement may prove a little expensive but will pay the landlord when his tenant gets in arrears and will help him cover the costs of eviction if the situation deteriorates to such an extent. The policy should also include malicious damage cover as well as all the basic elements such as fire, theft and flooding. There is no reason at all why the new landlord can’t make his mark in the property business at the moment, it just makes good business sense to allow for the unexpected and cover for every eventuality.

Tags: business property insurance, landlord advice, New Landlords, Property insurance, Rent Guarantee
Posted in Property Insurance | No Comments »