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Purplebricks
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Purplebricks - A convenient, transparent, cost effective and instant, 24/7 estate agency service
Purplebricks - A convenient, transparent, cost effective and instant, 24/7 estate agency service

140 followers
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Product Development: What, How and Why! http://bit.ly/1FTZB9Y #Property #EstateAgency #Tech #Business
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5 Things You Need To Know About East #London http://bit.ly/1HKgzsu #Property #EstateAgents
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11 Viewings, 4 Offers and Sold within 2 weeks #HappyCustomer
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What are the key distinctions between bedsits and other forms of HMOs?

Here, #Purplebrick  Local #Property  Expert Mark Turk shares his thoughts...

"This week, I thought I would share some expert insight into the key distinctions between bedsits and HMOs as I know this can sometimes be a cause for confusion. 

Firstly, it is important to point out that it is essential that any landlord is aware of the different classifications as it will have an effect on council tax banding of the property.

Put simply, bedsits are rooms in an HMO which are let out on individual assured short-term tenancies, rather than being let on a single joint tenancy. Often, bedsits will include a shared kitchen but not a shared lounge.

In recent years the term ‘bedsit’ has become a bit of a taboo in the property industry due to the negative connotations of them being run-down, cold and cramped. However, the term is still used in official documents in order to differentiate between a shared house and a house where each room is the private domain of the registered tenant.

Another point that people need to be aware of is the type of mortgage that will be necessary different types of HMOs.
A shared house with up to five people requires an ordinary BTL mortgage. Take note that not all lenders will offer this though, so make sure you do your research!
 
If rooms in a house are let to individual tenants with locks on the bedroom doors then a specialist HMO mortgage is needed.

Something else to consider when dealing with this type of property is the fire safety equipment required. In a shared house, it is often assumed that the tenants live as one cohesive ‘unit’ and therefore are likely to help each other out in an emergency. As a result of this, there is sometimes less stringent rules around safety requirements than in a bedsit HMO."
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Keep reading for the latest thoughts from #Purplebricks  Local #Property  Expert Ian Taylor...

"The Help-to-Buy scheme has received a lot of positive attention since its launch however, it has now been reported that many homeowners who benefitted from the scheme could face high interest rates or will be left with little equity in the property when their current fixed rate deals come to an end.

Property owners who took advantage of the scheme when it first launched in 2013 are due to reach the end of their terms over the next few months, and it is here that they may experience problems as many will be forced onto their current lenders standard variable rate which could be as high as 6%.

Switching to another fixed rate option may be tricky as people will only be eligible if they have built up a large equity share in their property. Even if they have managed to achieve this, they could be in line for significantly higher rates than the market best.

Some of the key lenders such as Halifax, Lloyds Bank, Barclays and Leeds Building Society have laid out re-mortgage plans for their customers to help with this however, in many cases borrowers will need to have built up at least 10% equity to qualify.

For those people who want to leave the Help-to-Buy scheme all together, they will need to re-pay the 20% equity loan either in full or through incremental payments. The danger of paying it off completely is that many will be left with little equity in their problem which in turn will push the cost of remortgaging options to a premium.

Depending on where in the UK you are based this may be a sensible move, as in areas where house prices are rising quickly the longer people take to repay… the larger the 20% stake will grow! "
 
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How important is it for #landlords  to keep their #tenants  happy? Here #Purplebricks  ( http://bit.ly/1E9AUos) Local #Property  Expert Mark Turk shares his thoughts...

"With rising property prices meaning that more and more people are looking to rent as a long term living solution, just how important is it for landlords to keep their tenants happy?
 
Landlords will always say that their tenants need to toe the line, or risk their contracts not being renewed, however, these days many landlords are realising the value of having really good quality tenants renting their property, and are therefore more likely to want to keep them on side.
 
Having a dependable tenant who pays on time each month and takes good care of your property will not only ensure that a landlord has a regular flow of income coming in each month, but will also significantly reduce their workload – enabling them to sit back a bit and enjoy the benefits of having a buy-to-let property.
 
It may take a little bit more work on the landlord’s part initially to build a good relationship however, having a mutual trust with a tenant (s) can be a great asset in the long term. Word of mouth is an incredibly powerful tool, so having a satisfied tenant is a great way of helping landlords build up their reputation and ensure that they attract a similar calibre of tenant for future lets."
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Planning permissions for new homes are at their highest rate since 2008. Here, #Purplebricks  (http://bit.ly/1HpFpsO) Local Property Expert Mark Turk shares his expert opinion on the matter...

“The number of new homes being built in England is on the rise, with nearly 200,000 planning applications granted in 2014. This figure is 12% higher than in 2013, and a massive 39% higher than 2012.

A new report by the Home Builders Federation has highlighted that, once these homes have navigated the remainder of the planning process, they should be built and completed within the next 2-3 years.

It’s looking like the demand for new homes is only set to increase further, due to an increase in consumer confidence and the popularity of the Help-To-Buy equity loan scheme.

Although on the whole this increase in demand is positive, it is important that local planning departments are able to keep up with this demand, and ensure that they have the capacity to keep processing the permissions effectively.

If this is not managed carefully then we could end up in a position where thousands of new homes are stuck in the planning system without actually being built.” 
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What does the end of the government Help-to-Buy scheme mean for first time buyers? Here, #Purplebricks  ( http://bit.ly/1xgQuab) Local Property Expert Mark Turk shares his expert thoughts...

"This week I have turned my attention to the Government Help-To-Buy scheme, and the potentially damaging effect that failing to replace it when it closes next year could have on first time buyers!
 
The scheme was first launched in 2013, with the aim of kick-starting the housing market and encouraging more first time buyers onto the property ladder. It is currently scheduled to finish next year, and at present there is no plan in place to replace it – although the Government will be continuing to support the help-to-buy loan scheme on new build properties for a further four years.
 
As reported in The Guardian this week, there is some concern amongst industry insiders who fear that competition within the market will fall unless steps are taken to permanently replace the scheme.
 
Recent research from the IMLA has found that the majority of both brokers and lenders anticipate that first-time buyer numbers will drop if no replacement is found for the scheme. An even higher percentage feel that access to homeownership would suffer.
 
Under the current scheme, mortgages are available for borrowers at rates below 4%, with a 5% deposit. IMLA have highlighted that having a long term scheme in place would ‘relieve the pressure of capital requirements on lenders, which limit their capacity to offer these loans’.
 
It is great that we are starting to see more lenders offering support on a similar scale to the Help-To-Buy scheme however, we cannot assume that this will carry on once the Government scheme has ended, so I agree that something more permanent needs to be put in place. Unfortunately it is extremely tough out there for first time buyers. Unless you are lucky enough to have substantial financial support from your family, people face years of renting, or crashing in their childhood bedrooms as they struggle to get a foot on the ladder. "
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Should you consider installing #SolarPanels  in your home? Here, #Purplebricks  (http://bit.ly/1GmApIn) Local #Property  Expert Mark Turk shares his thoughts...

"It is very worrying to see that the cost of energy in the UK is still on the increase meanwhile, fossil fuels are rapidly running out.

A good way to help this problem is to install solar energy panels on your home. This will not only provide you with the means to produce renewable energy, but can also help to cut your household electricity bills by up to 50%. What’s even better, is that you can apply for a solar energy grant to help you do it!

With the help of these government funded grants, solar panel installation is now more affordable than ever for many across the UK… and it really isn’t a difficult process to install them.

For those worried about the temperamental British weather affecting the amount of energy you can produce, you needn’t be, as lucky for us it is only daylight and not sunlight that is needed to generate energy.

Installing a solar panel in your home not only directly cuts down your energy bills, it also enables you to be paid for any surplus energy that you produce – which is exported back to the national grid.

More and more homeowners across the UK are now considering solar panels as a viable source of energy… and are ‘doing their bit’ for the planet in the process. If you haven’t thought about it already, why not consider it as a means of making your property more energy efficient? "
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Keep reading for the latest thoughts from #Purplebricks  (http://bit.ly/1FO7qcy) Local  #Property  Expert Ian Taylor...

"New research indicates that in 2013-14 more homes in England were owned outright than with a mortgage. The figures have revealed that out of the total 22.6 million homes in England, 7.4 million are owned outright with a further 6.9 million owned with a mortgage.

The latest findings also suggest that there are now less rentable homes available – with more than seven people competing for each property on the market. 

Perhaps unsurprisingly, this new research highlights that it’s younger people who are being worst affected by this trend – and are continuing to struggle to get a foot on the property ladder. We can see that in 2013-14 nearly 50% of households made up of 25-34 year olds were rented from a private landlord. If we take a look back at the figures from 10 years ago (2003-04) we can see that this percentage has increased significantly over the past decade – with just 21% renting at that time.

We can also see that the percentage of this age group owning their property has significantly decreased over this same, 10 year period falling from 59% in 2003-04, to 36% in 2013-14.

Based on these results, it is unsurprising that more and more young people are choosing to stay living with their parents in their childhood bedrooms for longer. At the moment it seems that is little option for many in the 25-34 age bracket who either have to stay at home, or pump thousands of their earnings into renting and miss out on years of saving."
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