Tag Archives: london
Land Registry consultation launched on single digital property register in UK
A consultation is underway in the UK on changes to local land registry frameworks with interested parties from the property industry urged to give their opinions. It is currently intended that the Local Land Charges Rules 2017 will come into force on 06 April 2017. However, the rules will only take effect in relation to local authorities in stages, as there will be an incremental roll-out, it has been confirmed. The Infrastructure Act 2015 provides for the transfer of responsibility for Local Land Charges from local authorities to the Land Registry. The plan is for the Land Registry to provide a single, digital Local Land Charges register. ‘In today’s world, it is crucial that public services are available online. Customers expect to be able to access government information without delay or complication, and for a reasonable fee,’ said Graham Farrant, chief land registrar. ‘With our track record for modernising land related systems and our continually evolving digitisation programme, Land Registry is well placed to deliver the single, digital register for Local Land Charges information,’ he explained. ‘A single digital register held by a single provider will reduce overheads and eliminate regional variations in the speed, format and costs of the local land charges service. It will make the local land charges system fit for purpose in a digital era,’ he added. He pointed out that the provisions in the Infrastructure Act 2015 set up the framework for Land Registry to modernise and digitise property searches. ‘We will centralise and digitise local land charge information from the 326 English local authorities that currently hold and supply it. The result will be a far more efficient and cheaper service,’ Farrant said. ‘We will set a standardised national fee and turnaround time in contrast to the existing local variations in service, where fees range between £3 and £96 for the same outcome. A single source for improved access to property information will support a more streamlined conveyancing process and improve the ease of registration,’ he added. ‘This activity will ultimately help people who are buying and selling their homes, and support the Government aim to make dealing with property quicker, cheaper and easier. We are well placed to help achieve that aim because Land Registry is already at the centre of the conveyancing process and is the largest single source of property information. A single provider of local land charge information, rather than the 326 separate providers, and a modern digital system, are what is required for this part of the conveyancing process to underpin the property market,’ he concluded. The consultation seeks views on the proposed draft Local Land Charges Rules 2017 which will provide the framework for how the electronic Local Land Charges Register Service will work. As a result of the changes, the proposed Local Land Charges Register Service to be provided by Land Registry will improve upon the current services by introducing a single digital local land charges register,… Continue reading
Asking prices up in England and Wales but down in London
Asking prices in England and Wales have reached a record high despite the looming vote on the future of the UK in the European Union, the latest index report shows. Housing market momentum continues to push up the price of property coming on to the market up with a rise of 0.8% or £2,320 to new high of £310,471, according to the June report from property portal Rightmove. Desire to buy and lack of supply is affecting the market with the time to sell falling to 57 days, the fastest ever measured by Rightmove. But there is some signs of referendum associated uncertainty with fewer new sellers coming to market as new properties for sale were down 5.3% compared to average at this time of year with the most reluctant being owners of larger homes with four or more bedrooms who have dropped by 6.6%. A breakdown of the figures show that in the North East asking prices increased by 0.1% month on month and 3.1% year on year to an average of £148,662 while in the North West they were up 2.2% month on month and 4.2% year on year to £183,482. In the West Midlands there was a month on month rise of 1.4% and year on year asking prices were up 4% to an average of £209,273 and in the East Midlands up 0.6% and 4.8% respectively to £198,090. There was a month on month rise of 0.6% in Yorkshire and Humber and year on year asking prices are up 2.6% to an average of £178,388 while in the East of England they were up 1.2% and are now 9.4% above a year ago at £338,499. In the South West there was a 1.4% month on month rise and year on year an increase of 5% to an average of £302,022. In the South East asking prices rose 0.7% month on month and are 6.9% higher year on year. In Greater London price growth is slowing with a month on month fall of 0.2% and asking prices are now 4.8% higher than a year ago at £643,117. Meanwhile growth has been steady in Wales, up 1.4% month on month and 6% year on year to £185,145. Overall, there have been price rises every month so far in 2016, showing that the uncertainty associated with the EU referendum has failed to halt this year’s upwards price momentum, according to Miles Shipside, Rightmove director and housing market analyst. He pointed out that this is in contrast to the run-up to the May 2015 general election, when the electoral uncertainty resulted in a price fall of 0.1% in the month of the election. ‘This year the first quarter buy to let surge has exacerbated the shortage of suitable property for sale, and with ongoing buyer demand fuelled by cheap mortgage money, there appears to be greater resilience. The result is that the average time it takes to sell a property is at its lowest level… Continue reading
UK property sales up slightly but still well below a year ago
Residential property sales in the UK increased by 1.5% between April and May 2016 but the month’s seasonally adjusted figure is 11.9% lower compared with a year ago. The latest report from HMRC says that the large increase in transactions for March 2016 followed by the substantial reduction in April is likely to be associated with the introduction of higher stamp duty rates on additional properties in April 2016. But it points out that whilst April and May 2016 are lower than the corresponding months in 2015, it should be noted that the total for March to May 2016 is still substantially higher than the corresponding period last year. The additional property rates were announced in the Autumn Statement 2015 for England, Wales and Northern Ireland, and in the Scottish Government's draft 2016/2017 budget for Scotland. The report also says that additional non-tax factors may have played a role as well, for example the Bank of England's plans to curb buy to let mortgages resulting in a rush to purchase. The residential count includes properties paying the main and additional rates. Greg Bryce, managing director at SearchFlow, also believes that uncertainty surrounding the referendum on the future of the UK in the European Union has also been affecting the market and looking ahead activity levels in June look set to be dampened as buyers and investors are holding off any decision to purchase until after the vote. However, once the dust settles post referendum, it is expected that activity levels in the housing market will remain buoyant with a strong economy, employment level high, interest rates and mortgage rates low and the economic and housing policies unlikely to change very much. The market is expected to bounce back if the vote is for the UK to remain in the EU, according to Doug Crawford, chief executive officer of My Home Move. ‘Ultimately, high levels of demand for both rental and owner-occupied accommodation will drive transaction figures upwards,’ he said. The firms most recent forecast predicts that sales will rise by 7% this year and by 20% by 2020. The figures show there has been a continued ripple effect from the stamp duty change, according to Rob Weaver, director of investments at property crowdfunding platform Property Partner. ‘The desperation to complete before the April 1st deadline pulled forward thousands of housing transactions that would normally have happened in April or May. March recorded the highest number of transactions in a decade,’ he said. He also pointed out that overall, 2016 is beating 2015 with transactions for the first five months of the year up 13% on the same period last year. ‘If we vote Remain on Thursday, we can expect a rising trend in activity as buyers and sellers re-engage after the referendum,’ he explained. ‘Transactions should slowly rebuild as the summer months are historically strong. But the dire shortage of supply is the main reason why we see house prices on… Continue reading
