Ratedpeople.com Reveals The Most Effective Ways To Add Value To A Property

Creating extra space, adding further bedrooms and ensuring a full central heating system is in place are the most effective ways home owners can add value to their property, according to Ratedpeople.com, the UK’s largest match making service for home improvers and recommended tradesmen.

Recent research has discovered that by creating a ten per cent increase in floor space, between five and seven per cent can be added to the price of a house. To ensure that all building work is carried out correctly and maximum value added, Ratedpeople.com suggests home owners employ recommended builders to do the job.

Furthermore, if homeowners opt to add a new bedroom altogether, the return on investment has the potential to be even greater. Indeed, if it is a bedroom and a bathroom, it is predicted that it could increase the value of a property by up to 20 per cent.

Ottokar Rosenberger, Sales and Marketing Director of Ratedpeople.com, commented: “There are many ways in which home owners can add value to their property but, some add more value than others. Location is a prime factor in determining the overall value of the property but, with limited options due to the housing market, creating extra space, adding a further bedroom and ensuring that a home has full central heating are great ways to add value to properties.”

It is claimed that 91 per cent of homes now have full central heating and a home without it can decrease its value by nine per cent. It is therefore suggested that home owners hire recommended heating engineers to ensure that they have a full and efficient central heating system in place.

Whether seeking a recommended bathroom fitter, local builders or heating engineers, Ratedpeople.com can assist home owners who are looking to add value to their properties, with quotes from tradesmen spanning over 25 separate trades.

Every month, Ratedpeople.com manages over £30m in home improvement projects and more than 1,000 tradesmen sign up making it the UK’s largest match making service for home improvers and recommended tradesmen. The site has more than 55,000 ratings to date and its system ensures that tradesmen are only rated by the customers who find them through the site. The result is one of the fairest and most robust rating systems on the net.

For further information on how to source a recommended tradesperson in your area, visit Ratedpeople.com

SilverDoor increases Northern property portfolio

SilverDoor has announced new additions to its portfolio of properties in northern England, with several apartments in Liverpool.

The Hall Street serviced apartments in Liverpool are in a Grade II listed building located in Central Liverpool, not far from the Albert Docks, the Tate Liverpool and the Maritime Museum. These two bedroom apartments provide comfortable serviced accommodation and consist of one double bedroom, one twin bedroom, a bathroom, a fully integrated kitchen and a lounge with a dining area.

Also new to the SilverDoor portfolio is Keel Wharf Apartments, located in the Docks area of Liverpool. It offers a selection of studios and one bedroom apartments and all are furnished with a full kitchenette, a work area and a comfortable lounge/dining area.

Since winning the accolade of the European Capital of Culture in 2008, Liverpool has seen a lot of regeneration and the Docks area of the city is now a haven of bars, restaurants and cafes.

Marnie Delaney-Parker, Head of PR and Marketing for SilverDoor said: "For the guests who are more used to a hotel, then Keel Wharf Apartments work brilliantly as they have the benefits of a hotel with the space and comfort of a serviced apartment."

SilverDoor has also added further serviced apartments in Cardiff to its database with the addition of the Ocean Building Apartments situated in the trendy Cardiff Bay area of the city.

About SilverDoor:
SilverDoor International Serviced Apartments was incorporated as a limited company in March 2000 under its original name of Hotdigs. At the beginning of January 2006 the company changed its name to SilverDoor. The company was formed and continues to be led by managing director Marcus Angell.

SilverDoor boasts an impressive client portfolio which includes many FTSE 100 companies such as Cadbury, MAN Group PLC, ICAP and Serco Group as well as relocation and hotel booking agents.

SilverDoor offers serviced apartments in over 170 locations globally such as London, Paris, New York, Abu Dhabi and Tokyo. SilverDoor has also just added to its portfolio with additional new London serviced apartments and a selection of serviced apartments in Dubai to its portfolio as well as new serviced apartments in Manchester.

SilverDoor is based in Chiswick, West London.

New Groundwise service from MDA SearchFlow will simplify utility searches during conveyancing

Comprehensive search report will speed up the conveyancing process by providing a comprehensive single view of all utility services at the property or site

MDA SearchFlow (www.searchflow.co.uk), the UK's largest property search information provider, has today launched Groundwise, a new search service that has been specially designed to make utility searches both quicker and easier. With up to 150 separate service providers included, this new report from MDA SearchFlow will offer the most comprehensive single view of utility services available on the market.

This new search service has been designed to find and collate all of the most important utility and services information for use in conveyancing. By tapping into the extensive Groundwise database, MDA SearchFlow can identify the utilities and services providers that are on, under, above and around the property in question in order to obtain exact details of where their equipment is located.

"By ordering our new Groundwise report, law firms and conveyancers can obtain clear, fast results that show only the utilities that are relevant to tailored to the specific site in question," says David Kempster, Marketing Director, MDA SearchFlow. "As such, conveyancers will benefit from major time savings, as they will no longer need to interpret multiple utility provider reports."

Gas, telecoms, service tunnels and fibre networks – as well as vital information on connections and supplies that could prove dangerous during future ground work – are all highlighted. As a result, the report is very useful for clients seeking to satisfy the CDM 2007 health and safety guidelines, and also offers strong due diligence benefits for lawyers, especially for commercial property and development sites.

The new Groundwise search report also provides high-quality due diligence information, thereby alerting conveyancers and their clients to any issues that could push back completion dates and increase project costs. As such, the report can also be used to build a detailed picture of how problematic a site redevelopment or construction could be, as well as important details regarding who is involved in providing services to the building.

The new Groundwise search is built into MDA SearchFlow’s powerful Ordnance Survey (OS) mapping tools. As part of the search ordering process, conveyancers simply outline and submit their site maps online. On completion, reports are either mailed or available on a CD, on request. SearchFlow clients simply need to log in to their SearchFlow account to order a Groundwise utility search, located in an enhanced “Utilities” search order selection.

"It is staggering just how many hundreds of thousands of miles of cabling, pipes and services are now under homes, commercial buildings, and development sites," Kempster continues. "The expansion of these networks in recent years makes it even more critical for property lawyers to understand what communications, power and energy connections support the property or site, as well as the potential risks that could affect redevelopment or create access issues."

ResidentsHQ wins National eWell-Being Award for Building Community Networks

ResidentsHQ, the social networking service focussed on injecting life and community spirit into modern residential developments, today announced its win at last week’s National eWell-Being Awards. Through providing a secure and private service for each development, ResidentsHQ aims to make it easy for residents to interact with each other, assist managing agents as well as bodies such as residents’ associations connect to those living within their properties, and help developers add value to new developments.

Andrew Painter, managing director, ResidentsHQ said: “This award validates our belief that social networks like ours can really make a difference. Through the intelligent application of social networking technology, we help residents break the ice and connect with their neighbours, and empower managing agents to communicate with those living in their properties. Our work in developments such as the Royal Arsenal, Imperial Wharf and Chelsea Bridge Wharf - another major regeneration programme - is proof of this.”

For example, prior to the ResidentsHQ website being launched in the Royal Arsenal Development, many residents had lived there for several years with very little interaction taking place. Within weeks of launch this had radically changed. Over 100 residents joined in the opening week of the service and began initiating running clubs, mother/toddler groups and cocktail parties. After six months of service, ResidentsHQ had 600 residents signed-up at Royal Arsenal, with over 100 logging in each day – a number which is set to increase as the website is being extended to allow residents to communicate with the property’s managing agent. It must also be pointed out that this growth in numbers has been almost totally organic, with little requirement for central communications ‘pushing’ the service.

Andrew concludes: “As well as helping residents able to easily connect with each other, they can also discuss topics of mutual interest in a forum, exchange goods in a local market place and share views on local businesses. Furthermore, our service has facilitated the community in coming together to protect their interests, by for example, using the ResidentsHQ online surveys functionality to lobby against local planning applications and parking regulations.”

The National eWell-Being Awards aim to highlight those organisations that are at the forefront of innovation in ICT for environmental and social improvement. The awards, now in their seventh successive year, are organised by SustainIT, an initiative of the UK Centre for Economic and Environmental Development (UKCEED), and sponsored by BT and Unison amongst others.

Balli Real Estate sees return of activity in UK property market

Balli Real Estate has revealed that fluctuations in the world’s currency exchanges and the fall in the value of sterling caused by the global financial crisis have once again made the UK’s property market a lucrative proposition for investors.

Recent statistics have revealed a rise in market activity and increased levels of mortgage approvals market as buyers return to the market after months of inactivity. This increase in market sentiment is not restricted to the occupational market and has been mirrored with an increase of investment activity.

Balli Real Estate, the private property company, has witnessed an increase in levels of interest in the UK market from domestic and overseas buyers during the first quarter of the year, as a window of opportunity, which opened with the fall of the pound against the world’s major currencies, has been spotted by investors.

Vahid Alaghband, group chairman of Balli Group, observes that the fall in sterling earlier in the year made the UK an attractive proposition for overseas investors and comments: "The relative weakness of the pound against other currencies and the fluctuations of the exchange rates are proving to be very beneficial to buyers from overseas, looking for new opportunities thrown up by the turmoil being experienced by real estate markets around the world. With low prices and yields at up to 10%, property has become a good investment again. In particular the housing market in the UK, of which around 50% is underwritten with government money, and with supply at record low we expect the market steadily through to 2014. The return to the market of competitive mortgages will prove a further boost."

Balli Real Estate suggests that the pound’s relative weakness on the world’s currency markets will make the UK particularly attractive to buyers from the USA, Hong Kong and the United Arab Emirates.

Alaghband continued: "The argument for an influx of overseas investment is compelling when you combine a 30% fall in the value of the pound with, in some cases, a similar fall in property values. This inward investment is helping to bring an increase in liquidity to the market, which will be an important factor in the recovery of the residential and commercial property markets in the UK."

Balli Real Estate expects that established and mature markets will prove particularly attractive to foreign investors as the fundamentals of location, accessibility and communications will remain key drivers for occupiers and investors.

David Reid of Balli Real Estate said: "The old adage of ‘location, location, location’ holds good whether the market is good or bad and the established and proven locations of our towns and cities will continue to draw occupiers and purchasers."

"This has been witnessed at ‘Latitude’ our 172 apartment development in central Birmingham a short distance from New Street train station and the Bullring. Sales in the third and fourth quarters of 2008 were negligible but we have seen a steady increase during the first quarter of 2009.

Twist, Stick or Bust? - How to deal in the Housing Market Summer 2009

I published my first Article, Twist Stick or Bust?-How to deal in the Housing Market Spring 2009 in early March this year. Now, it’s time to revisit the Housing Market to see what Summer 2009 has in store.

Where are we then? My opinion is garnered through the information available to me, both as a Conveyancing Solicitor with Clutton Cox , dealing with Conveyancing throughout Bath, Bristol and South Gloucestershire and as a Director of ActionMove, a leading Home Information (HIP) Provider for Bristol and South Gloucestershire.

Whilst, I felt in March we were still some way off any recovery, the signs of improvement that have occurred are perhaps greater than many could have optimistically have forecast.

Positive Signs in the Housing Market:

-Fresh data from both Nationwide and Halifax have confirmed that House Prices rose in May by 1.2% and “2.6% respectively.

-Mortgage approvals were also up for the third consecutive month, up 13% in May

-Hometrack, the housing data group surveyed almost 1800 Estate Agents and Surveyors, confirmed prices had remained unchanged in May for the first time for 20 months, and that the average time it takes to sell your home is now down to just under 10 weeks

- The boldest statement was contained on the front page of The Independent newspaper earlier this month declaring that analysts believed that the Recession was in actual fact over!

Barriers to a Housing Market recovery:

-The people who are moving are still those with low loan to value mortgages in wealthier parts of the country. It is perhaps understandable that commentators are getting excited, but we are far from a return to normal conditions.

-The 35600 mortgage approvals referred to above in May, are way off the previous 7 years average of around 88,000. In this new Housing Market paradigm, post Credit Crunch, we may need to see as David Smith of the Sunday Times has suggested a rate of 60000 or so approvals to ensure price stability.

-First time buyers, a vital component to an overall Housing Market recovery are still struggling to find sufficient deposits to get themselves on to the housing ladder.

For now, it can be said with certainty, the sentiment, that the bottom of the market is near or has been reached, is fuelling increased activity in the Housing Market and should continue into the Summer.

A delicate balance might be achieved where prices stop falling and begin to reassert themselves matched by the increased activity. As ever, events may still derail any nascent recovery. Unemployment will continue to rise for some time; headline business failures will be a feature; Banks may further tighten lending despite Government protestations. All factors which might drain fragile confidence.

Twist, Stick or Bust then?

It would be wrong to become overly optimistic. Nevertheless, if you are buying and selling, it is important to realise that any reduction in the asking price of your home, can be offset by bargaining hard on your related purchase.

If you are buying and worried that the floor has not been reached, you may already have missed the best bargains.

If you are selling only and bought within the last 2-3 years you will almost certainly be unable to realise as much or any profit from selling now.

To use the immortal words of Donald Rumsfeld;

“There are known knowns; there are things we know we know. We also know there are known unknowns". The speed of decline into recession went largely unnoticed, so too could be the speed of the recovery take us by surprise. Sentiment and confidence must continue to strengthen.

Peter Hamer, CEO of the insurance giant AON, speaking about the Recession in the Sunday Times recently concluded that “If consumers think it’s over[the recession], then it is. It seems now to hinge on confidence”.

We await the Summer months with hope and confidence.

About the Author: Paul Hajek, is a Solicitor and Principal of Clutton Cox, Solicitors, Chipping Sodbury and a Director of ActionMove, a leading Home Information Pack (HIP) Provider.Paul Hajek has over 25 years experience of the Conveyancing and Estate Agency market. He can be contacted on 01454312125; paul@cluttoncox.co.uk or www.cluttoncox.co.uk

Tenant defaults increase as jobless toll rises

The number of tenants defaulting on their rent is likely to soar following another rise in unemployment to a 12-year high of 2.26 million, the worst figure since the end of 1996.

Figures released on Wednesday from the Office for National Statistics show that in the three months to April the jobless total increased by 232,000. According to the Managing Director of HomeLet John Boyle we can expect to see a proportional rise in the number of landlords who have tenants in arrears.

Other figures from the Office for National Statistics showed the number of people in work fell by 271,000 over the three months to 29.11 million, the biggest quarterly slump since comparable records began in 1971.

Meanwhile youth unemployment has reached its worst level since 1994 after a 74,000 increase in the number of 18 to 24-year-olds out of work to 695,000.

HomeLet is the UK’s principal provider of tenant referencing and Rent Guarantee services and processes around 30,000 tenant references every month, the majority of which are for applicants aged between 18 and 24.

“Youth unemployment is now at its highest rate for 15 years and it will get worse over the next few months when this year’s school leavers and graduates enter the labour market,” said John.

“This could have a significant impact on the private rented sector in regions which rely on young people entering full-time employment and moving into rented accommodation, rather than staying in the family home.”

Despite claims that the buy-to-let market is starting to bottom out, rising unemployment particularly amongst young people could delay any long-term recovery.

“If unemployment amongst young people continues to rise tenant demand could decrease, while those lucky enough to find jobs will face an increasingly uncertain future,” continued John.

“For landlords, particularly those who rely on the monthly rental income from their property to pay the mortgage, even one month’s arrears in this financial climate can spell disaster.”

To avoid becoming a victim of the recession John encourages landlords who are concerned about rent arrears to consider taking out rent protection insurance.

“In 2008 HomeLet paid out £2.8 million in Rent Guarantee claims and I anticipate that this figure will continue to rise during 2009 as more and more tenants find themselves out of work and unable to meet their financial commitments.

“But, we also understand that finding a rented property whilst you’re unemployed can be hard, that’s why HomeLet Rent Guarantee can even cover unemployed tenants.”

HomeLet's Rent Guarantee policies, available through approved letting agents, cover rental payments for up to 12 months and all legal costs incurred in evicting the tenant as a result of non-payment of rent up to a maximum of £50,000, depending on the policy.

ENDS

Notes to Editors:

- HomeLet is the UK’s largest tenant referencing, Rent Guarantee and specialist insurance provider for the lettings industry and has around 4,000 approved letting agents nationwide. For more information please visit www.homeletuk.com