Every month a number of organisations publish house price indices, each based on a different set of data. Sometimes the findings agree, sometimes they conflict. When we report on these figures we explain what they are showing, but we thought it would be useful to give a comprehensive guide to the main indices. Whether you are buying or selling a property, working in the property industry, or just interested in the ups and downs of the housing market, it helps to know exactly who is producing each index, what data they use, and what the headline figures actually reflect. Over on the house prices blog you can tell us what you think about the different indices. Click below to see the different indices:HalifaxLand RegistryLSL Property Services/AcadametricsNationwideOffice for National StatisticsRightmoveRoyal Institution of Chartered Surveyors Halifax Who compiles it? Halifax, now part of Lloyds Banking Group, and one of the UK's biggest mortgage lenders. What does it show? The average … [Read more...] about House prices: what do the different indices show?
House buying and selling
It was gratifying to learn that the RIBA Stirling prize has been awarded for Norwich council’s Goldsmith Street during the centenary year of Christopher Addison’s Homes Fit for Heroes initiative (Award for best new UK building goes to council housing project for first time, 9 October). As Oliver Wainwright reports, the council could build more housing if right to buy was reformed – or, better still, abolished. When the scheme was first introduced in 1979, Norwich councillors – led by their housing chair, the late Lady Patricia Hollis – took a stand against the Thatcher government by refusing to treat sales as an urgent priority. The minister responsible, Michael Heseltine, sent in Whitehall officials to oversee sales for several years. Let’s hope that in future councils will be able to circumvent legislation on forced privatisation.Dr Michael PassmoreGreenwich, London • At last, a social housing development that deserves all the accolades … [Read more...] about The gold standard in social housing design
When you're buying your first home, it's tempting to get swept up in the excitement and spend your time looking at new curtain fabrics rather than the nitty gritty of the process. But there are some key aspects of buying a property that need to be addressed if you're going to avoid some of the common pitfalls of moving into your first home. This is particularly true if you're a first-time buyer who is buying a flat as it is likely to be the first time that you're exposed to issues such ground rent - which can double in as little as a decade depending on the clause in your lease. Issues around ground rents have led to families being stuck in toxic leasehold deals, something that has been highlighted in a Government report issued today. Flats can come in all shapes and sizes, including a converted period property These families bought leasehold houses rather than flats, but there have been calls for a complete overhaul of the entire leasehold system - including flats. The … [Read more...] about Buyer beware! Eight questions every first-time buyer must ask before they buy a flat – from what they can borrow, to leasehold and ground rent traps
Some tenants could be feeling the pain of successive measures by the Government against landlords. Rents are said to be rising as landlords try to recoup some of their losses following tax and regulatory changes, while properties are being snapped up by tenants at record levels amid a shortage of supply. If tenants are going to get a better deal, landlords need to be encouraged to stay in the sector and not contemplate quitting it altogether, leaving tenants with fewer homes to rent, according to a leading buy-to-let expert. He has given his views on how to make this happen, from tax incentives to the introduction of dedicated housing courts that ensure landlords can gain possession of their properties quickly and efficiently. Rents are rising as landlords try to recoup their losses following tax and regulatory changes Here, we outline the five elements of the buy-to-let manifesto that's been drawn up David Cox, of ARLA Propertymark. It could be perfect material for the new Government … [Read more...] about Annual property MOTs and a database of rogue landlords – expert reveals his five-point wishlist for buy-to-let, but what changes would you make?
Those looking to make their first steps onto the property the ladder in the UK should consider buying in the north West as new figures reveal the best places to buy a first home. The most affordable place in the UK to purchase a property is Blackpool, where the average home will set you back around £110,000. However, unless you work in Blackpool then connections to major cities might be difficult. Getting to Manchester would take around an hour and fifteen minutes by train, while getting to Liverpool would take an hour and a half. The average household income across the north West is around £40,053, meaning that 100 per cent of properties in Blackpool are deemed to be affordable for first-time buyers. Properties in Blackpool were deemed to be most affordable in comparison to wages across the north West This is while Lincoln (pictured above) was another area where every single home was in reach Hartlepool (pictured above) was also deemed as one of … [Read more...] about Revealed: The most affordable places in the UK to get on the housing ladder and the places that are out of reach for first time buyers