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In areas 1/3rd of shops are empty

Tue, 07 Feb 2012 GMT

In areas 1/3rd of shops are empty

An estimated 48,000 retail sites are vacant around the country – a total expected to grow because of the rise of online shopping and out-of-town malls and on-line shopping.
The Local Data Company and the British Property Federation, which jointly commissioned the study, said urgent action was needed to rescue town centres from a ‘spiral of decline’.

Although nationally one in seven stores is empty the situation is much worse in places such as Margate in Kent and Leigh Park, Hampshire, which have a 36 per cent vacancy rate.

Figures of 30 per cent were recorded in Wandsworth in South-West London and Eccles in Greater Manchester.

Matthew Hopkinson of the LDC said: ‘The reality is that the odds are stacked against a positive take up of shops and as such the new reality of 48,000 empty shops is here to stay unless an alternative use or purpose can be found.

‘Technology is driving consumer behaviour to a world of engagement, entertainment and the ability to shop where, how and when we like.

'Town centres need to adapt to this changing environment if they are to survive and thrive.’ The proportion of consumer spending captured by the high street has fallen from 49.4 per cent in 2000 to 42.5 per cent today and is expected to fall below 40 per cent within two years.

Financial troubles at chains including Barratts and Peacocks have forced dozens of shop closures.

In its report, the LDC said that the rise of online retailing was the greatest threat to town centres.

‘All these trends point to less expenditure being available to high streets in the future which, in turn, indicates that there will be, if not already, too many shops on the high street,’ it said.

A recent government review by retail guru Mary Portas found there was an excess of shops in town centres.

She suggested high streets could be boosted by market days, gyms, libraries and schools. Liz Peace, of the British Property Federation, said: ‘Bringing empty shops back into use by allowing conversion to residential is one [measure] that could be implemented quickly and easily.’

In Nottingham the high street vacancy rate is 30 per cent, with the Broadmarsh Shopping Centre especially badly hit.

Many big names have pulled out of the landmark 1972 building, to be replaced by a series of discount stores such as Poundland.

Many retailers moved out ahead of a revamp that has never taken place.

Figures published by the British Retail Consortium show store sales in January were down by 0.3 per cent on last year – the second worst showing since 1995.

BRC director general Stephen Robertson said: ‘Reality has bitten again as concerns about jobs, wages and household costs reassert themselves.’

source: Mail on Sunday

Solicitor registered clients' property in his name

Tue, 07 Feb 2012 GMT

Solicitor registered clients' property in his own name

A mother and her daughter have secured High Court orders on consent against former solicitor Thomas Byrne after he allegedly registered himself as the owner of a property that they had instructed him, as their solicitor, to transfer to a relative.

Kathleen Mallon and her daughter Vera Madden brought proceedings against Mr Byrne over a portion of the property known as The Grotto, Tandy’s Lane, Lucan, Co Dublin.

The Irish Bank Resolution Corporation, formerly Anglo Irish Bank, was a notice party to the case in circumstances where it was alleged Mr Byrne had taken out a mortgage on the property with that bank.

Gerald Bloom, for the plaintiffs, said yesterday they had instructed Mr Byrne in 2004 to act for them in transferring the property to a relative but, unknown to them, Mr Byrne fraudulently registered himself as the owner and secured a mortgage on it. Mr Bloom said Mr Byrne had in a letter consented to judgment against him in default of appearance.

Mr Justice Roderick Murphy granted the orders and declarations sought, including an injunction restraining Mr Byrne from dealing with the property and a declaration that the transfer from the plaintiffs to him was null and void and/or voidable in fraud. Other orders required delivery of the title documents and removing Mr Byrne’s name as owner.

The plaintiffs claimed they instructed Mr Byrne, who had practised as Thomas Byrne Co, Walkinstown Road, to act for them in 2004 in connection with a verbal agreement for the transfer of a part of The Grotto property to a relative.

In 2008, they claimed their then solicitor Michael Hinkson, after carrying out Land Registry searches, found Mr Byrne had applied in May 2006 to have the property transferred into his name.

In doing so, Mr Byrne submitted false family home declarations in the names of the plaintiffs and also submitted a false deed of transfer of the property from them to him, it was alleged.

In September 2006, he also allowed a mortgage, entered into by him with Anglo, to be registered in his favour on the property, it was claimed.

source: Irish Times

Sale and rent back market shut down by FSA

Tue, 07 Feb 2012 GMT

Sale and rent back market shut down by FSA

The Financial Services Authority (FSA) has shut down the sale and rent back market after concluding that most deals were unsuitable and should never have been sold.

Under the deals, home owners struggling with the mortgage could sell their property to a company which would rent it back to them.

The FSA reviewed the sales practices of all regulated sale and rent back firms and found failings including:

- Failing to consider affordability and not giving customers enough time

- Giving incorrect information

- Financial promotions that breached FSA rules

- Inadequate training and record keeping.

Source: About Property

6,000 subsidised council tenants earn over GBP100k

Tue, 07 Feb 2012 GMT

How the taxpayer is funding 6,000 council houses for tenants who earn more than £100,000

Thousands of tenants living on six-figure incomes in council houses subsidised by the taxpayer are to be thrown out unless they agree to pay far higher rents.

A Whitehall analysis leaked to the Daily Mail suggests there are 15,000 tenants in social housing even though they have household incomes of more than £80,000 – with 6,000 earning more than £100,000.

Ministers are to target those who could afford to buy a house privately but instead choose to continue living in council homes at a vastly reduced rent.

Under plans being drawn up, they are to be hit with demands to pay the market rate or move out – a change which would save the taxpayer more than £100million.

Most are expected to decide to leave their properties rather than agree to massive increases in what they pay, since they could probably expect to live in better areas if they were paying the market rate.

Almost a fifth of council households – some 720,000 – earn more than the national average wage. For some London properties, tenants would have to pay £70,000 a year more than they are charged at the moment if they were renting their homes on the open market.

Ministers believe voters will be ‘staggered’ to learn that people on such high incomes enjoy council homes subsidised by the taxpayer.

The Conservatives have suggested they want to end the principle of council housing for life, but measures have been resisted by their Liberal Democrat Coalition partners. Under the current system, once granted tenancy, a resident can keep hold of a council house for life, regardless of whether their financial circumstances change.

Ministers are now understood to be considering introducing a ‘pay to stay’ policy which would apply to any households earning more than £80,000.

Anyone not prepared to pay the full market rent would be evicted. The money saved would be ploughed back into housing those on waiting lists, which doubled under Labour.

It is expected that the policy will apply to the two top earners in a house – in other words, either where one earner is on £80,000 or two are each on £40,000.

Tories highlight the example of Frank Dobson, the Labour MP who was still living in his council home, despite becoming a Cabinet minister under Tony Blair and drawing a six-figure salary.

Mr Dobson became a minister while living in a council flat in his London constituency. The three-bedroom flat is in a mansion block where properties once belonging to the council sell for between £900,000 and £1million.

Though he still earns an MP’s salary of £66,000 a year, he claimed last year that he could not afford to rent privately.

‘Market rents in our area are phenomenal,’ he said. ‘I wouldn’t be able to afford it.’

He added: ‘Very large numbers of people, who in any other part of the country would be regarded as reasonably well off, are not comfortably off in London because of house prices and rents, which are insane.’

Housing minister Grant Shapps said: ‘For higher earners on six-figure salaries we’re introducing “pay to stay” with a simple message: “You can keep your social home as long as you pay a market rent so that we can use your cash to build homes for the most vulnerable people on the waiting list”.’

source: Mail on-line

Most Brits confident about the UK property market

Tue, 07 Feb 2012 GMT

Most Brits confident about the UK property market, research finds

More people in the UK expect house prices to rise than fall in 2012, according to the third Halifax Housing Market Confidence Tracker that monitors public sentiment towards the housing market.

Over half said that concern over job security is a main obstacle to buying and Londoners are most optimistic about UK house prices, the survey also found.

Some 29% of Britons forecast that house prices across the UK will increase over the next twelve months, more than the 22% that predict a price decline over the same period. A large number, some 61%, also believe that house rents will increase over the next 12 months.

However, the outlook for the housing market remains subdued. The majority think that any house price movement over the next twelve months will be relatively small with around two thirds, 65%, expecting any movement to be between plus 5% and minus 5%.

Source: Property Wire

Peter Pan's home for sale

Tue, 07 Feb 2012 GMT

Peter Pan's home for sale

It doesn’t mention it in the estate agent’s particulars, but if you gaze up at the top floor of No 31 Kensington Park Gardens, you might spot three pyjama-clad children and a mischievous young boy flying out of the nursery window.

For this is the home of the fictional Darling children, Wendy, John and Michael, made famous by J M Barrie in his evergreen masterpiece Peter Pan. Not only was he a frequent visitor to the house in south-west London, which featured in both the book and subsequent films, but he went on to adopt the five real-life children who once lived there. They were the Llewellyn Davies family, whom Barrie brought up after the deaths of their parents Arthur and Sylvia in the early 1900s.

Today, the house is divided into flats and the garden apartment is on the market for just under £1 million. Back towards the end of the 19th century, though, No 31 was still one single, large house, inhabited by the Llewelyn Davieses between 1897 and 1904. And it was on one of the children’s regular outings to nearby Kensington Gardens that they came across a most unusual sight.

A tiny man, just 4ft 10in tall, play-wrestling with a giant St Bernard dog that was standing on two legs. The one without the tail was the celebrated author J M Barrie, the one with the thick fur and wet snout was his treasured pet Porthos.

That day marked the start of a long association in which the childless Barrie took an ever more active part in the Llewelyn Davies’s life, providing them not just with financial help, but volunteering to raise the children himself after the deaths of their parents.

source: The Telegraph

GBP1m Cornwall home perched on rock

Tue, 07 Feb 2012 GMT

£1m Cornwall home perched on rock comes complete with its own bridge

A property perched on a big chunk of granite that comes with a private suspension bridge is all you need to get away from it all - but you'll need to stump up £1million to get your hands on it.

The 1930s house has been put on sale by its owners, Lord and Lady Long, who say they are struggling to cope with the 100m (30ft) bridge.

‘This is one of the most incredible spots,’ said 83-year-old Viscount Long, who bought the unusual property as a holiday home for £500,000 in 2001.

The rock is surrounded by the sea when the tide is in and the home’s terracing follows the path of the Sun throughout the day.

The house on Towan Island at Newquay, Cornwall, is being sold by estate agent Sarah Lillicrap, who said: ‘It must be one of the most photographed homes in the country.

‘The bridge is an amazing structure but, as I understand it, Lord Long is ready for something with a slightly more accessible front door.

‘The bridge was built in 1901 and is the only privately owned suspension bridge in the country.

‘There is a small garden and a terrace so you can follow the Sun around all day.’

Past owners include Sir Oliver Joseph Lodge, inventor of the spark plug. Sir Arthur Conan Doyle is thought to have visited the house.

‘It is an iconic property and there has been a great deal of interest in it,’ added Ms Lillicrap.

Source: Metro

Single-person council tax allowance under threat

Tue, 31 Jan 2012 GMT

Single-person council tax allowance is under threat

The single-person council tax allowance is under threat from Labour-run councils.

Plans to scrap the 25% council tax discount for eight million people, forcing those living alone to pay the same rate as couples, have been condemned by Communities Secretary Eric Pickles.

Local authorities throughout the country have written to Mr Pickles suggesting that he scraps or reduces the Single Person's Discount for council tax. It is estimated that 7.7 million people receive the relief, costing town halls roughly £2.7 billion a year.

Removing the 25% discount would push up bills by nearly £360 a year on the average Band D home.

Local authorities who have suggested changes to the Single Person's Discount include those in Liverpool, Sheffield, Nottingham, Burnley, Islington, Southwark, Oxford, South Tyneside and Exeter.

Punishing
Mr Pickles has hit out at the proposals, saying the unfair "widows tax" would affect millions of pensioners living alone after the death of their spouse.

"There is clearly a well-orchestrated campaign being run by the Labour Party to target the elderly, single mothers and the most vulnerable," Mr Pickles said, according to the Daily Telegraph.

"They want to punish people who have worked hard all their lives and paid their taxes simply because they live on their own. There is a gross sense of injustice at raising taxes that could force people out of their homes. This is a widows tax and shows how out of touch Labour is."

Means-tested
The call from Labour-run town halls to scrap the discount, which has been in place since council tax was introduced in 1993, emerged from a Government consultation on how to save 10% of the cost of council tax benefit.

In scores of letters from Labour councils, town hall bosses argued that working single people or pensioners not on benefits could afford to pay the full council tax bill, with many councils suggesting that the SPD should be means-tested.

Unfair hikes
Mr Pickles has attacked a growing group of town halls that have announced council tax bill increases later this year. Local authorities in Brighton, Darlington, Leicester, Middlesbrough, Preston, Redcar, Cleveland, Stockton-on-Tees, Stoke-on-Trent, Nottingham and Scarborough have all said they intend to raise council tax by 3% or more later this year.

In a speech to town hall finance directors on Friday afternoon, Mr Pickles called on councils to think of public sector workers, who have endured a pay freeze and face having to pay higher pension contributions.

New Record as Bond Street hits GBP3m rent

Mon, 30 Jan 2012 GMT

New Record as Bond Street hits £3m rent

The fashion retailer Belstaff, owned by luxury group Labelux, has leased the entire building at 135/137 New Bond Street on a 20-year lease and will pay £3m a year in rent.

The rent equates to £840/sq ft for zone A space - £170/sq ft higher than the previous record rent set on the street by Missoni in February last year.

The Grade II listed building, which totals 25,000 sq ft over six floors, will be renamed Belstaff House.

Anthony Selwyn, retail director at Savills who acted on behalf of the freeholder, said the deal “demonstrates the continued expansion northwards of the prime pitch on Bond Street.

source: PropertyWeek

Landlord fined GBP8,500 for gas safety failure

Mon, 30 Jan 2012 GMT

Landlord fined £8,500 for gas safety failure

A Pembrokeshire landlord has been fined £8,500 for failing to maintain a gas fire safely at one of his properties.

David Ian Douglas-Law, aged 63, of Penally, was also ordered to pay costs of £1,500 by Haverfordwest magistrates following a prosecution brought by the Health and Safety Executive (HSE).

The court heard Mr Douglas-Law’s tenant had originally raised a complaint with Pembrokeshire County Council environmental health officers over cold and damp conditions at the property in Oakridge Acres, Tenby.

On viewing the conditions at the property, council officers served Mr Douglas-Law an Improvements Notice under the Housing Act and reported concerns about the condition of the gas appliances to the HSE.

An HSE investigation discovered he had failed to maintain the gas fire in a safe condition, as well as failing, over a period of six years, to ensure the appliance was checked for safety every 12 months.

While no injuries were sustained, Mr Douglas- Law’s tenant and her son were prompted to visit the hospital to check for exposure to carbon monoxide (CO) after an alarm at the property indicated a high CO reading.

In summing up, the magistrate said Mr Douglas-Law had been extremely lucky that no harm had come to his tenants.

He had pleaded guilty to breaching clauses of the Gas Safety (Installation & Use) Regulations 1998.

Landlords have a legal duty to ensure gas appliances in any property they rent out are safetychecked once a year and that they provide a copy of the gas safety record to their tenants, said Paul Johnston, chief executive of the Gas Safe Register. It is also a requirement that they use a suitably qualified Gas Safe registered engineer to carry out the work.

HSE inspector, Stephen Jones, added: “Where the evidence indicates that landlords such as Mr Douglas-Law have failed to meet their important safety responsibilities, HSE will take enforcement action including prosecution in the courts.”

source: Western Telegraph

Property seller drops GBP1,000 per week till sold

Mon, 30 Jan 2012 GMT

Property seller: I'll drop price of home by £1k every week

A home seller has taken an unusual approach to selling an East Yorkshire property by slashing the price by £1,000 each week until it is sold.

John Parker, who runs property part-exchange company Home To Home Exchange, is testing the resolve of buyers with his bizarre offer.The asking price of the one-bedroom flat at 42 Ingle Court, Market Weighton, has already plummeted from £135,000 to £89,500.

Now, in a last-ditch attempt to trigger interest in the property, Mr Parker is prepared to take an extreme approach.

He said: "I run a part-exchange company buying and selling properties.

"This one-bedroom property is ideal for a young professional.

"I have had this property for a while now and it was originally on the market for £135,000.

"That has now dropped to a very competitive £89,500, but it is still on the market.

"From today, I am going to bring the price down by £1,000 each week."

Mr Parker has tried this approach a couple of times before which has proved successful.

He said: "I have done it a handful of times in the past four years in other parts of the country.

"I would like to think this kind of approach is unique. I have certainly not come across anyone else doing it, certainly not in East Yorkshire.

"It is a way of drawing attention to a property that already represents great value.

"I came across this idea after seeing someone selling a three-piece suite by dropping the price by about £20 each week."

The state of the current housing market is the only reason Mr Parker can think of for the property failing to sell so far.

He said: "How house sales go always depends on the local market and what people in that area are looking for.

"I have had quite a few viewings and almost sold it a few days ago.

"I am surprised it hasn't gone yet, but I expect it will now."

Mr Parker won't reveal how far he is willing to go before withdrawing the offer.

"I cannot give a figure on what will be the lowest price, as I don't want to show my hand," he said.

"But this is a determined campaign and will go on for a few weeks.

"It is a case of whose resolve is the strongest – mine or the buyer's?"

Chris Clubley & Co Ltd is acting as agent for Mr Parker.

Sales negotiator Angela Midwood said: "This is certainly an unusual approach and not something I have come across before.

source: Thisis

Housing stalemate as young people can't buy

Sun, 29 Jan 2012 GMT

Housing market stalemate as young people can't buy And 10% of the people under 34 who were interviewed said they didn't want to own a home. Of the others, 29% said they couldn't raise a deposit, 15% said they were concerned they wouldn't be able to get a mortgage and 14% were worried about their employment prospects. The HSBC survey found that people in London were most likely to buy or sell in the next six months. That finding is echoed by a Santander survey that found that people in London were most positive about being able to buy a property this year. People in the east of England and Northern Ireland were least confident they would be able to buy. But this survey also highlighted young people's worry that they wouldn't be able to raise a deposit, with 42% of 18- to 34-year-olds saying this is the main reason they won't be buying. The Santander survey's respondents were pretty mixed about prospects for the housing market this year. Nearly half (48%) thought their home's value would stay the same, with 29% thinking it would rise in value, 17% predicting a fall and 6% saying they didn't know. Unsurprisingly, given prices in London have held up well despite the overall UK market stagnating, Londoners were most confident their home would increase in value. People in the north west of England were least confident of any rise in their property price. source: lovemoney

A tall story of new homes

Sun, 29 Jan 2012 GMT

A tall story of new homes

The boss of the company behind plans for a £65 million housing boom in the Allerdale area truly is a giant in the world of house building.

Fred Story, 6ft 8in and owner of Story Homes, has become something of a bogeyman in West Cumbria.

The former Carlisle United owner has set his sights on the area and, so far, the plans have caused more than a little controversy.

His company aims to pump £65 million into Allerdale with four new estates at Great Clifton, Stainburn in Workington, Dearham and Maryport, which could create up to 340 jobs.

But some people aren’t happy. Petitions have been launched, lawyers consulted and objections are flowing thick and fast into the planning department of Allerdale council.

While it’s not exactly water off a duck’s back, Mr Story accepts it’s all part of the planning process, and the 55-year-old is confident that the right decisions will be made – whether his proposals are given the go-ahead or not.

He says: “The Maryport scheme, for example, has been five or so years in the planning. I have a whole team working on planning applications, from the moment a site is identified to the time an application is lodged. We research sites thoroughly.

“Planning is always going to be controversial. I can understand why people object to schemes and I believe they should be able to object.

“But it hasn’t got to be simply about people losing their views. There’s got to be balance.

“Jobs, opportunities for people to live in a nicer house, there’s the other side to it.

“I am proud of our products. A lot of houses in West Cumbria are not very attractive or are not the best quality. This is about building homes for the future.”

But what about fears in Maryport that the development off Netherhall Road will ruin some of the town’s Roman heritage buried under the ground?

“The Roman stuff is a red herring,” he says. “Our initial trial run showed there was nothing there.

“Again, I understand people’s concerns, but if we do get planning permission a full archaeological dig will take place before any work we would do gets started. So if anything was found of historical significance, the estate would not happen.”

He admits it is a bit of a gamble, but one that his firm is willing to take.

He adds: “After all, there was nothing there during the trial run. We have a transparent planning process; if there’s something there, there’s no way we can build anything.”

Sitting in his office in a nondescript industrial estate in Carlisle, he is unashamedly Cumbrian and proud to be biased.

“If we can give jobs to local firms we will,” he says, and he chortles as he claims to be “a working class hero”.

“In my head I like to think I am anyway but I’m not sure how true it is any more!” he laughs.

The farmer’s son says he is keen to do the right thing by West Cumbria but is careful to take nothing for granted.

He says: “If these proposals are approved, it wouldn’t surprise me if at least a couple of the objectors ended up wanting to buy one of our houses. It’s happened on every single one of our estates so far.

“For example, some of the people objecting to the Stainburn homes [for 150 homes on Moor Road] actually live in Story-built homes. I can’t understand why they would deny others the same opportunity they’ve had to move into a new-build house.”

He says the firm’s flurry of applications in West Cumbria was simply a coincidence.

He explains: “There was no big plan, they just all came together at the same time.

“There’s been a moratorium on new house building in Allerdale for quite some time but that has now changed. It is just coincidence that the plans have been lodged at about the same time.”

Story Homes seems to be bucking the trend, with its sales figures remaining buoyant throughout 2011, and Mr Story is looking forward to a good 2012 because not only is the firm targeting West Cumbria but it also has plans for homes in Durham.

source: Times & Star

Welsh house prices rise 6th consecutive month

Sun, 29 Jan 2012 GMT

Welsh house prices rise for sixth consecutive month

Wales is the only region in England & Wales where house prices have risen so consistently according to the latest LSL Wales House Price Index.

Welsh house prices rose by 0.3% in November and is also the only region, other than Greater London, where prices have gone up (0.7%) over the last year.

Nigel Favas, Managing Director of Reeds Rains estate agents, who has branches in Wales comments: “Wales is the only region in England and Wales where house prices have risen for six consecutive months. Even London can’t boast such consistent growth. What’s more, it’s also the only region outside of London where prices are higher than this time last year.

But beneath the healthy headline figures parts of the market clearly aren’t in the pink. It is the fact that wealthier buyers, cash rich investors and retirees are buying up property, which is pushing up prices. They wield bigger deposits and hold more equity so, when needed, can access the cheap mortgage rates that are on offer. But it’s a less happy tale for first time buyers. They are stuck out in the winter cold because they don’t have the cash or the equity to secure a mortgage. Paltry savings rates make building a deposit a Herculean task for first time buyers. On top of that, banks are now demanding big deposits for affordable mortgages. Weak economic growth is limiting the amount they are willing to lend, particularly to lower income borrowers and first time buyers – who they perceive as higher risk.

Source: PropertyTalkLive.co.uk

Landlords May Have to Pay Water Bills for Runaway

Sun, 29 Jan 2012 GMT

Landlords May Have to Pay Water Bills for Runaway Tenants

Buy to let landlords could be made to pay water bills for departing tenants if they fail to pass on their details under a proposed new law.
Water companies write-off around £328 million a year in unpaid bills – costing every consumer £15 a year, says the Department for the Environment, Food and Rural Affairs (DEFRA).

Although landlords have a legal obligation to tell gas and electricity companies the identity of any occupiers, no such requirement exists for water companies.

DEFRA has launched a consultation on the proposal which brings water bills in line with other utilities.

Environment Minister Richard Benyon said: “We will consider the consultation responses before making a final decision but we must find a way to fill the information gap which is at the heart of this problem.

“It is just not right that responsible people have to pick up the bills of those who are not paying.”

The consultation proposes introducing either regulations or an option to volunteer the information.

Regulation would make landlords liable for the water charges in rental properties if they fail to supply tenant contact details to water companies.

The other option calls for landlords and to share this information voluntarily.

The changes will only apply to England.

Meanwhile, councils are ready to carry out mass credit checks on homes to find out who lives there to prevent council tax fraud.

Credit reference firm Experian says the councils can check identities without permission because they are trying to detect crime.

Lewes Council, Sussex, tested the process and found council tax fraud in 2% of cases – in total around 350 cases were uncovered that resulted in collection of £125,000 in unpaid tax.

Data protection laws let councils and other official bodies carry out the checks without informing householders, providing they announce their intention in a general leaflet, poster or newspaper advert.

source: Property118