How U.K. property performed in 2012

US-PDGov

By Cormac Reynolds

According to Halifax, the UK’s largest lender Southend saw the largest rise in house prices of any place in the UK during 2012. The area saw a 15% rise in its prices over the 12 months, compared to a 1% fall overall the country.

The largest gains in house prices were made in the South East of the Country, whereas the largest drips were in Wishaw in Scotland and Craigavon in Northern Ireland. However, overall there was little change in the housing market in the UK over the period even though there have been large disparities country wide.

The best towns are those that are located within commuting distance of the capital and Basingstoke, Rochester and Southend all report rises of over 13%. Halifax has taken these figures from only its lending so it may not be 100% accurate.

South-East performance

According to the Land Registry the price of houses in London rose by around 7% and Brighton and Hove followed with a 4.7% gain over the 12 months to October 2012. However, the Land Registry only reports a 2.4% gain in Southend for the same period, which would suggest otherwise than the Halifax figures. The rest of Essex has seen a 1.5% gain on average.

One of the factors behind the rise in prices is the increase in the mortgages being lent, which increased a number of times in the year on 2011 levels. According to the HMRC the number of homes bought had been 6% higher than in 2011. There were over 91,000 in November 2012, the highest since December 2009, almost three years ago.

UK house buying companies have noticed an increased amount of activity with many looking to them to sell my house fast so they can purchase a new larger home. They believe that this has come about due to easier lending.

Experts

Experts in the housing industry also think that the rate of house buying and selling may increase to an even further degree in 2013. The Council of Mortgage Lenders and the Royal Institution of Cartered Surveyors believe that there will be a rise in the number of homes bought and sold and this activity will be down to the governments Funding for Lending Scheme. This scheme is allowing banks and building societies the opportunity to lend money to first time buyers who wish to fulfil their dream of buying a home.

Add to this the low cost of interest and you have the lowest mortgages ever seen, which has led to increases in lending month by month. However, the biggest issue people find is the deposit, which they need to get on the housing ladder.

Cormac Reynolds writes for UK company YouSellQuick and has written on finance topics for a range of clients

U.K. homes at risk as flooding continues

By Sally Marsh

As news broke that 2012 is expected to be the ninth warmest year on record and scientists evaluate the effects this may have on global warming and related issues, the UK was being faced with severe flooding across the country. At one point in November, The Environment Agency had some 196 flood warnings in place and in excess of 230 flood alerts. The north-east was the most affected by the flooding whilst the River Severn reached the highest peak since the mass flooding of 2007. 

The question this brings about is how to best protect one's property from flood damage. Advanced measures are usually the best. The purchase and installation of flood products may reduce and even safeguard the property and its contents from flood damage. There are various measures which can be put in place in advance to prevent flood damage.

Raising door thresholds can stop shallow water entering the building. The installation of purpose-built boards against doors and low windows can further reduce the chances of water entering the building. Raising damp-proof courses and sealing floors can prevent water rising from the ground. Fitting non-return valves to drains and water inlets and outlet pipes is another useful precaution, while pumps fitted within under-floor voids and basements can extract water when it is present.

Reducing the risk of damage within the property is equally important. High mounted shelving for valuables and wall mounted audio and television equipment can reduce the damage that occurs in the event of flooding. Moreover, replacing doors, windows, kitchen and bathroom furniture with water resistant equivalents and raising any electrical appliances and sockets can be a wise thing to do if you feel that your property might one day be at risk of flooding.

This list is not extensive, but care should be taken to make the property as resilient as possible to flooding in order to avoid and reduce damage to the building and content as well as the associated costs. When purchasing products, ensure that they are constructed in accordance with national quality standards. Furthermore, it is important to be up-to-date with the latest flood alerts to allow sufficient time to put the relevant temporary measures in place.

When the nation is subjected to a prolonged bout of heavy rain, there is always the risk that rivers will overflow, flooding residential areas. There is little we can do to prevent this, but we can prepare so that the impact is minimised.

This article was written by Sally Marsh, a landlord with a keen interest in landlord insurance.