August sees average house prices fall again

The average price of homes for sale in England and Wales fell to £222,762 during the four weeks to August 8, about 2.2 % less than in the previous 4 weeks. The property website Rightmove says this drop in asking prices was in line with a similar fall seen in August 2008, although it was still the biggest drop recorded so far this year. Price rises had been experienced in five of the previous seven months.

It added that the market was continuing to be held back by a lack of mortgage finance. Traffic wise, Rightmove has seen its busiest month ever, despite the fact that there is usually less activity during the summer, due to potential buyers going on holiday.

However, there continues to be a shortage of available properties, with 82,700 homes put up for sale during the month, 23 % fewer than in August last year. It is also around half the level of new properties that were put on the market in August 2006 and 2007.

Source: www.rightmove.co.uk

Residential property builders lash out at banks

Leading homebuilders Barratt and Redrow have complained that restrictions on mortgage financing is preventing a recovery in the country’s property market.

Bovis Homes have reported that potential buyers are still unable to get a mortgage, although there is continued interest in their developments. Persimmon have seen an increase in reservations but also hit out at the lack of lending. ‘We are encouraged by the improvement in sales rates when compared to last year but will remain cautious until mortgage availability improves further and employment prospects stabilise,’ they said.

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RICS new Homebuyer Report

The Royal Institution of Chartered Surveyors has launched a new survey report, designed to focus on the needs of the consumer with clear, simple and easy-to-follow information about the condition of a property.

Concise and user-friendly, the new HomeBuyer Report reflects changes in the home buying and selling process, assisting the purchaser in their decision by reporting on a property’s condition, value, need for repairs and replacements, and what further advice is required before exchanging contracts.

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Chartered Surveyor

What can an independant Chartered Surveyor do for you? Read More…

The Royal Institution of Chartered Surveyors (RICS) is an independent, representative professional body which regulates property professionals and surveyors in the United Kingdom and other sovereign nations.

RICS provides education and training standards, protects consumers with strict codes of practice and advises governments and business.

The motto of RICS is “Est modus in rebus” (which translates into English as: “There is measure in all things”).

Entry to membership of the RICS is via four main routes: academic; graduate; technical; and senior professional. The RICS has links with a number of universities worldwide, with whom they have accredited approved courses which satisfy part of the qualification requirements to become trainee surveyors. The RICS also offers expedited routes to membership for qualified professional members of some partner associations.

Members must update their knowledge and competence during their working life through RICS’ Continuous Professional Development regulations so the advice they give will be of the highest and most professional standard.

Source: Royal Institution of Chartered Surveyors. (2009, January 28). In Wikipedia, The Free Encyclopedia.  http://en.wikipedia.org/w/index.php?title=Royal_Institution_of_Chartered_Surveyors&oldid=266926845

Concrete Defects

Between 1900 and the early 1950s (mid 1960s in certain areas) many properties in Cornwall and parts of Devon were built with concrete constructed of poor quality aggregate from mining waste.

This aggregate was readily available at a minimal cost from the waste tips of old mines throughout the South West.

Unfortunately it has now been established that the minerals contained in the aggregate material can cause a chemical reaction which results in deterioration of the strength and composition of the concrete.

Not all buildings of that era are suspect. Many of the concrete blocks were made from good quality materials such as the course waste product from china clay workings, but as a result mortgage lenders now insist that properties built of mass concrete or block construction are tested if constructed prior to or around the early/mid 1950’s.

Inspections are carried out in accordance with the Royal Institution of Chartered Surveyors Guidelines (amended 1997) in order to ascertain that the property is not structurally affected by concrete degradation.

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