This May, 3,000 professional lettings agents across the UK will unite for SAFEagent Awareness Week 15-19 May 2017 – continuing to highlight to consumers the importance of choosing a professional agent who is part of a Client Money Protection (CMP) Scheme run by regulatory organisation.
SAFEagent has campaigned for the last six years to protect consumers by ensuring all letting agents holding rent money and deposits must protect it in a CMP Scheme. Finally, in March, Government announced that it intends to make Client Money Protection (CMP) mandatory for all letting agents.
ehB Residential, a professional letting agent with CMP already in place, is reminding consumers that while this is great news, mandatory CMP is not yet law, and their finances are at risk if their chosen agent does not have client money protection.
The market is huge, with an estimated &2.7 billion* held by letting agents in client accounts, but unfortunately there are still too many cases of criminal letting agents stealing landlord and tenant cash. This is why it is crucial that consumers check their agent is part of a professional body or trade association, which already provides CMP.
Gayl Tallis, Lettings Manager of ehB Residential says:-
“SAFEagents have campaigned hard for consumer protection – and the Government has finally taken on board our calls for all agents to be part of a Client Money Protection Scheme. Unfortunately, this law isn’t in place yet. If an agent were to steal landlord or tenant money without CMP in place there’s little chance of getting their money back.
“Choosing a letting agent without CMP in place is a massive risk for both landlords and tenants. Who can afford to lose thousands of pounds? People need to choose their agent wisely by asking if they are part of a CMP scheme before entering into a contract with them. It can make all the difference”.
Tenants and landlords / consumers should always look for the SAFEagent logo, an easily identifiable consumer mark denoting agents subscribed to a Client Money Protection (CMP) Scheme.
Go to www.safeagents.co.uk to find a SAFEagent in your area
*This figure is derived from the number of known renters in the UK, and based on the assumption that letting agents will potentially have their tenants’ deposits and one month rent in their client account at any give time.
About SAFEagent
SAFEagent – Safe Agent Fully Endorsed – is a reliable mark denoting firms that protect landlords and tenants money through Client Money Protection schemes. Set up ‘by the industry, for the industry’ and recognised by the Government, it is supported by Citizens Advice Bureau, The Property Ombudsman, Ombudsman Services:Property, My Deposits, TDS and DPS.All agents registered with SAFEagent are part of a Client Money Protection Scheme that reimburses consumers in the event of misappropriation of clients’ funds. There are several schemes in the sector operated by NALS, ARLA, NAEA and RICS to which agents voluntarily belong. The scope of these schemes varies and consumers should contact their agent for full details of the scheme of which they are a part.The SAFEagent Steering Group comprises:Northwood; Belvoir; Foxtons; Touchstone; Winkworth; Hunters, Spicerhaart, Sequence, Leadersand Savills.
Home buyers borrowed &11.2 billion in March - down on the ‘stamp duty bonanza‘ period at the same time last year but substantially up on figures for earlier in 2017.
The figures were enough for one market commentator - Jeremy Leaf, north London estate agent and a former RICS residential chairman - to describe them as “surprisingly good” and providing evidence that realistic buyers and sellers are “getting on with their business.”
The borrowing data, released the Council of Mortgage Lenders, is historic in that it refers to March, but nonetheless are more optimistic than some other snapshots of the market.
They show that first-time buyers borrowed &4.9 billion, up 29 per cent on February; they took out 31,500 loans, up 30 per cent month-on-month and 12 per cent year-on-year.
Home movers borrowed &6.2 billion, up 19 per cent on February but down 33 per cent year-on-year. This equated to 30,200 loans, up 24 per cent month-on-month but down 28 per cent compared to March 2016.
Compared to March 2016, a month which had a surge of activity ahead of the stamp duty surcharge, as expected the number of loans decreased 58 per cent and the amount borrowed decreased by 60 per cent.
Jonathan Harris, director of mortgage broker Anderson Harris, says: “First time buyer numbers continue to grow as the Bank of Mum and Dad step up to the plate, while lenders also offer competitive pricing at higher loan-to-values. Remortgaging remains popular as borrowers take advantage of cheap mortgage deals and lenders’ willingness to attract new business. This trend is expected to continue well into the summer.”
New research has identified homebuyers' top 20 'must-have' features that would encourage them to purchase a seller's property.
According to the survey of 2,000 people, commissioned by Gocompare.com, central heating is the top must-have feature for buyers.
This is followed by double glazing, a garden, secure doors and windows and a driveway or dedicated parking space.
Other notable features included in the top 20 are a reliable broadband connection that is strong enough to stream TV, friendly neighbours, a bath and a good energy efficiency rating.
The study notes that several 'must-haves' of the past, including period features and conservatories, didn't make the list.
What's more, only 13% of participants indicated that they felt highly rated schools to be a 'must-have' property feature.
"We found that many potential buyers are prioritising efficiency, security and connectivity over aesthetic features," comments Gocompare spokesman, Matt Sanders.
"This suggests that modern buyers are buying with their heads rather than their hearts and that investing in things like a new boiler, additional electrical sockets or modernising home insulation could be a smarter investment than traditional selling points."
Sanders adds: "It is surprising to see previous must-haves such as good schools and conservatories fail to make the top 20.”
“However, our research shows that buyers are becoming more financially savvy and are willing to make compromises on the finer details of a property to keep costs down and avoid expensive work in the future."
The complete top 20 is reproduced in full below:1. Central heating2. Double glazing3. A garden4. Secure doors and windows5. Driveway or dedicated parking space6. Plenty of electrical sockets7. Local shops and amenities8. A good, reliable broadband connection strong enough to stream TV and films9. Friendly neighbours10. At least 2 toilets11. A bath12. A good energy efficiency rating13. A new boiler/central heating system14. A reliable, clear mobile phone signal15. A shower cubicle16. A garage17. Cavity wall insulation18. A land line telephone19. A living room big enough for a large, flat screen television20. A dining room
There are more mortgage products available to buyers now than at any time since 2008 according to respected finance monitor service Moneyfacts.
There are now 4,460 different mortgage products - a year ago there were just 3,611.
The service says this increase is largely due to the amount of competition in the market.
Moneyfacts says lenders are currently faced with borrowers who - because of the low base rate - lack motivation to switch from their Standard Variable Rate.
“Providers today do not only need to be price sensitive, but also offer borrowers a variety of features to allow the customer to almost be able to tailor the mortgage to suit their needs. Given the multiple scenarios lenders now cater for, it is little wonder the market has seen product numbers shoot up” explains Moneyfact’s Charlotte Nelson.
“[But] it must be pointed out that the current mortgage market is fundamentally a different place. For example, back in March 2008 the number of products at 60 per cent loan to value stood at just 24 whereas today that number is 549 – an increase of a staggering 525 products. Conversely, back in 2008 there were 575 deals available at 95 per cent LTV, whereas today there are 257” she says.
The variation, she says, is down to the fact that when property prices were rising at an incredibly fast pace back in 2008, lending was not heavily based on risk.
“These figures show that we have moved to a more structured market, with the number of deals clearly sorted according to risk and borrowers now rewarded for having extra equity” she adds.
“While the boost in product numbers can only be seen as a good thing, the more choice borrowers have, the more confusing it can be, so it is more important than ever that they seek advice to ensure they get the best deal for them” cautions Nelson.
This site complies with the Privacy and Electronic Communications (EC Directive) Regulations 2003 relating to cookies. Click here to find out more and to manage cookies on this site.
