Latest News from Top Move

Interest Rates Cut to 4% – What It Means for You

Got a Mortgage? Here's What to Expect

Interest rates influence how much it costs banks to borrow money and that trickles down to what we pay for things like mortgages.

Big Changes Ahead for Commercial Rent Rules in England and Wales

A significant reform is on the way for commercial landlords across England and Wales, as the government prepares to outlaw upward-only rent reviews in new lease agreements. This move, part of the proposed English Devolution and Community Empowerment Bill, could reshape how rents are negotiated and reviewed in the commercial property sector.

Major EPC System Update Coming in two weeks: What Agents and Landlords Need to Know

A major update to the Energy Performance Certificate (EPC) system is set to take effect in just over two weeks, marking the most significant changes in more than a decade.This overhaul is based on the updated Reduced Data Standard Assessment Procedure (RdSAP),the method used to assess a property's energy efficiency using a combination of measured data and assumptions about building construction and ...

UK Mortgage Lending Hits Four-Year High as Buyers Rush to Beat Stamp Duty Deadline

The UK property market saw a dramatic spike in mortgage lending in March, as buyers raced to complete purchases before changes to stamp duty took effect in April.According to the latest Bank of England data, mortgage borrowing soared by 290% during March, reaching £13 billion which is the highest level since June 2021.

This surge was driven by homeowners and first-time buyers eager to finalise their ...

Bank of England Holds Interest Rate Steady Amid Economic Uncertainty

The Bank of England has decided to keep its base interest rate at 4.5%, a move that comes as no surprise to most analysts. This cautious approach reflects the central bank's ongoing effort to navigate between persistent inflation and a sluggish UK economy.

Following a modest rate cut of 0.25% in February, the Bank's Monetary Policy Committee (MPC) has chosen to pause further changes for now. Since last August, ...

Landlord Licences Aimed at Eliminating Unsafe HMOs

A council in north London is pushing for stricter regulations to tackle issues with "rogue landlords" managing houses in multiple occupancy (HMOs). Brent Council has expressed concerns over the large number of HMOs in the borough that fail to meet standards, posing potential risks to residents.

To address this, the council intends to reinstate a licensing scheme that previously resulted in ...

FCA Considers Relaxing Mortgage Rules and Contactless Payment Limits to Boost Economy

Mortgage lending rules could be relaxed to enable more people to borrow for a home, as regulators explore ways to stimulate the economy.In a recent letter, the Financial Conduct Authority (FCA) announced it would review the stringent rules introduced after the 2008 financial crisis, aiming to make borrowing more accessible.The review will likely examine the trade-off between safeguarding borrowers and easing access to home loans, a change ...

Mortgage Rate Cuts Spark Optimism: Barclays, TSB Lead the Way

Barclays and TSB Slash Mortgage Rates, Setting the Tone for Further Reductions

On Tuesday morning, two major players in the mortgage market, Barclays and TSB, announced significant cuts to their mortgage rates, fueling speculation that more reductions may follow as the year draws to a close.Barclays introduced lower rates across several of its fixed-rate mortgage deals, including its standout offering � a five-year fixed-rate plan for ...

UK Lags in Power Grid Upgrades Amid Renewable Energy Surge

The UK is falling behind in the global effort to modernise power grids, investing four times more in renewable energy projects than in the electricity infrastructure needed to connect them to the grid and end-users, according to a new report. For every �1 spent on renewable energy, only 25p has been invested in the cables and power lines required, claims a study by Bloomberg NEF. This imbalance places the UK eighth among the world's 10 ...

What Developers Should Know About Archaeological Finds on Construction Sites

Uncovering archaeological remains during site preparation can significantly impact construction timelines and costs. Developers must be well-informed about the potential implications of discovering historical artifacts and how to manage such situations effectively.

According to some experts, �Only 4% of planning applications in 2019 involved archaeological considerations, and fewer than 0.01% were refused on archaeological grounds.�

In ...

Breaking News: Bank of England 'navigating treacherous waters' over rate decision

Bank of England Faces Tough Decision on Interest Rate Cuts as Budget Adds Inflation Concerns

With the Bank of England poised to announce its next interest rate decision, experts warn that policymakers are "navigating treacherous waters" due to new economic uncertainties introduced by the recent Budget and inflation forecast adjustments by the Office for Budget Responsibility (OBR). While many expect the Bank to cut rates by 0.25%, a mix ...

Details of Labour's new Renters' Rights Bill published Wednesday 11th Sept 2024

Will the abolition of Section 21 evictions be paired with a court system that is efficient and effective?

The Renters' Rights Bill also aims to curb bidding wars and safeguard tenants whose landlords intend to sell or move into their properties. The previous Conservative government promised to abolish Section 21 evictions but failed to implement the policy for five years after first proposing it.

Letting agents and landlords have ...

New Housing Strategy announced by the chancellor

New chancellor Rachel Reeves has reaffirmed Labour's pledge to build 1.5 million homes over the next five years, a key promise in the party's election manifesto. Reeves outlined several major initiatives the new government will pursue, including the reintroduction of mandatory housebuilding targets.

She also declared the lifting of the ban on onshore wind farms and announced the creation of a task force to speed up stalled housing ...

Homes for Ukraine Scheme - decision time

The National Audit Office says the government will soon have to take hard decisions on the future for the Homes For Ukraine scheme. It's on record that by end of July 2023, the Home Office had processed over 182,000 visa applications from Ukrainians, of which 77 per cent were processed within 15 working days, though rates have slowed for more recent applicants. It was also recorded that as at the end of September 2023, the government had ...

Lenders set to cut mortgage rates as choice rises

Though the Bank of England is expected to increase base rates by another quarter point in the coming weeks, but investors are split on whether there will be one further rate rise before the end of the year.

However, since Andrew Bailey came out with his comments recently, swap rates [used by banks price mortgage deals] are down a little bit. Last week, Bailey told MPs that interest rates, which currently stand at 5.25% after 14 ...

Mortgage Property News

Introduction: In the ever-evolving landscape of the UK housing market, mortgage rates remain a critical factor influencing the dreams of homeownership and property investment. The intricacies of these rates are woven into the tapestry of economic dynamics, including inflation, central bank policies, and market sentiment. However, as the world has seen, economic conditions can change rapidly. While this article provides insights based on ...

How To Rent update - new date set for publication

Please click here How to Rent Update

Top Moves 2020 Predictions for the Croydon Housing Market

There's no denying the impact that the long period of economic and political uncertainty has made on the UK housing market, causing stagnation and even decline in many areas across the country.

But as the holidays fade into the past and we push into 2020, the predictions are that change, ironically, is bringing stability in both the purchase and rental markets. For areas like Croydon, which are also benefitting from ongoing and ...

Are Help To Buy Schemes Making A Difference To First Time Buyers?

In February the Financial Times reported the number of first-time buyers reached its highest in 12 years. In fact, almost half a million properties have been bought since 2013 using the Government's Help to Buy scheme, with over 93% of these purchases taking place outside London.

The Help to Buy equity loan has supported around 1000 sales a week in ...

Selling Your Home Check List: Everything You Need To Know

Taking those first steps to start the process of selling your home can feel daunting. However, moving home is exciting and we believe it should be fun! Our checklist outlines the key steps we think you need to take in order to make selling your home as plain sailing as possible.

Top Move's House Selling Checklist

Moving Home - The Decision Process:

The cost of selling ...

Seven Questions You Need To Ask Your Lettings Agent

Letting a property is a big step and not without its risks, so you want to be sure that you are placing such a valuable asset into the hands of a lettings agent who you can trust.

When you are looking for an agent you need to ask the right questions. At Top Move, we are very open about what services we provide and our price structure is very clear and we are always happy to answer questions from prospective landlords.

Here are the ...

Universal Credit Changes Set to Pay Landlords Directly

The introduction of Universal Credit has caused a lot of issues for the lettings industry, but it's finally getting something right with the inclusion of a new online system where private landlords can get rent paid directly to them. The news was among many reforms announced a week ago by Amber Rudd, Work and Pensions Secretary of State.

Vice chair of the Residential Landlords Association (RLA), Chris Town, said: "Our most recent research ...

Land Registry Survey Analysis Suggest House Sales Have Slumped

Transaction numbers have fallen in 241 of 374 local authority areas in the last year, according to analysis. The Land Registry data - which is two months in arrears - has shown that, among the 374 Council patches in the UK, only 133 saw an increase in homes sold in 2017.

Cambridge, Newcastle-under-Lyme and Stevenage saw the worst falls (Stevenage by as much as 27.5%). As many as 122 areas saw transactions fall by more than 5%, while 41 ...

First Time Buyer Stamp Duty Relief Massively Favours South of England

More than three quarters of first time buyers have benefited from the changes to Stamp Duty introduced in 2017, but the biggest savers were in the south of England, research shows. A study carried out by reallymoving.com has looked at first time buyer activity between November 2017, when the scheme was introduced, and November 2018.

First time buyers in London and the South East have achieved far greater savings than those in the Midlands ...

Help to Buy Scheme Debate Reignited After Surge

According to figures released over the weekend, 14,867 Help to Buy loans were taken out in the second quarter of this year. This brings the total loans up to 183,947 since the scheme started in 2013.

Between April and June, 82% of the loans taken out were for homes bought by first time buyers, with an average value of �239,000.

Since these figures have been released, the debate about Help to Buy has been reignited. Chancellor Phillip ...

Useful Tips to Help Prevent Condensation and Mould

As the cold weather rolls in, our daily routines can provide the ideal conditions for mould and condensation to spread within our homes. Below are some tips that can help you keep your home mould-free all winter.

When things start getting chilly, we often put our heating on, keeping the windows closed to make sure that warmth stays inside, and we start drying our clothes inside our homes. Unfortunately, it's this kind of ...

Young Buyers Find it More Difficult Than Ever to Purchase Properties

Even the cheapest local homes are beyond the reach of many young adults, according to a new report published by the Institute of Fiscal Studies (IFS).

The report claims that, in 1996, over 90% of 25-34 year olds would have been able to purchase a home in their local area if they borrowed four and a half times their salary, provided they had a 10% deposit. That same four and a half ratio is what most lenders will now allow as their ...

Student Lets - What You Need To Know Before Investing

Student Lets

I was recently approached by some new landlords for my expert advice and opinion on student lets. I was please to offer my advice and was inspired to provide it here as well, as follows: 

Introduction

That investors and landlords who want to maximise their profit should opt for HMO properties or student lets; this because is student ...

Face to Face contact still the preference by most customers

My number of years in the industry suggests that majority of customers still prefers face-to-face contact when they want to decide on which agent to market their property. With the face to face strategy you can explain and demonstrate the steps and marketing strategy which best suites the customer's property and the strategy you which to adopt in managing the client's expectations. With this in mind you are able to learn more about the ...

Top Move is Up For an ESTAs Award!

The ESTAs are one of the most recognised and coveted awards of the year for estate agencies throughout the country. Winning an ESTAs award signifies a dedicated commitment to customer service that is unmatched by all other agents in your region, a real stamp of excellence that no other award can really compare to.

But why are the ESTAs such a good representation of an agency's ethics and level of customer care? How are ...

Landlord fined for false gas safety certificate

A Gas safety engineer Muhammad Waseem was found guilty of falsifying a number of Gas certificates. Thames Magistrates Court and Snaresbrook Crown Court have heard that landlord Tariq Hussain, of Walthamstow, induced engineer Muhammad Waseem, of Manor Park, to falsify four gas safety certificates for four rental flats in a property in Chingford.

Waseem pleaded guilty to four charges under the Fraud Act at Thames Magistrates Court. He was ...

New HMO and Licencing Guidelines

On Wednesday, the Ministry of Housing, Communities and Local Government (MHCLG) published new guidelines for the upcoming legislative changes for HMOs and selective licencing announced last month.

The guidance document details the new legislations, such as introducing a minimum bedroom size to tackle overcrowding and extending mandatory licensing to smaller HMO properties to bring greater balance to the landlord and tenant ...

Rent To Buy - Might This Be the Next Big Idea From the Government?

There is an ongoing arrangment for Conservative MP Gary Streeter to soon meet with Prime Minister Theresa May and urge her to promote the Rentplus rent to buy initiative as a way of combatting the housing crisis.

It was revealed that the meeting could involve a number of Tory MP who are anxious that Brexit is overshadowing the need to move on different proposals to improve housing provision, especially for younger voters.

Streeter is a ...

Britain's Housing Model is Changing

Britain might be moving towards a German housing style with a high proportion of the young population choosing to rent rather than buy.

Of the estimated 18.5 million renters in the UK, over two thirds (70% or 12.3 million adults) have no plans to purchase a property.

While price is a factor, many people are increasingly comfortable with the flexibility afforded by renting a property rather than jumping into home ownership.

61% ...

Cuts in asking prices reach six-year peak as market may be stalling

More stock and longer times on the market are combining to create a surge in asking price reductions according to a market monitor.

A website which analyses some 500,000 asking prices each month, excluding those properties priced above �1m - has issued a series of statistics to illustrate the current state of the market, which it describes as �threatening to stall�.

For example, there�s been a major increase in the number of homes on ...

Asking Prices at an All-Time High, But Sales Have Dipped

The latest data from Rightmove indicates that the average national asking price has reached another all-time high of �308,075 following a monthly rise of 0.8% (equivalent to �2,343).

The portal reports, however, that agreed sales so far this year are down 5.4% when compared to the same period in 2017.

Despite this, Rightmove is recording record visits but says that uncertainty and stretched affordability continue to dent the sentiment ...

Help To Buy Equity Loan Users Told to Beware of Falling House Prices

Consumer body Which? is warning that those who used the Help To Buy equity loan to purchase their homes could face trouble in the future thanks to the slowing housing market.

Under the Help to Buy scheme - open to people buying a new-build property for less than �600,000 - a buyer�s five per cent deposit is topped up by the government�s 20 per cent equity loan (rising to 40 per cent in London). Then a mortgage is taken out in the usual ...

Surprise Boost for Housing Market as Mortgage Volumes Soar

Property purchases for buyers requiring mortgages reached 50,000 in February, the highest level for the month since 2007.

The data, from mortgage lenders� trade organisation UK Finance, also reveals that lending for first-time buyers, home movers and remortgagers increased in February this year compared to 2017, equating to �4bn in new lending.

There were 25,200 new first-time buyer mortgages completed in February 2018, up about 2.4 ...

First-Ever Mortgage With Digital Signature is Lodged at Land Registry

The first-ever �digital mortgage� deed has been lodged at HM Land Registry, for a property at Rotherhithe in London.

Coventry Building Society and Enact Conveyancing filed the document which did not require a witness to watch as it was signed and did not require the home owner to write a conventional ink signature.

This new service involves a conveyancer creating a digital version of a mortgage deed, the borrower signing the deed ...

Asking Prices Hit Record Highs in Key Sectors, Says Rightmove

Average asking price of newly-marketed property have jumped 1.5 per cent - or over �4,500 - in the past month, says Rightmove.

The portal says the first time buyers and second-stepper sectors have hit all-time price highs of �189,840 and �272,031 respectively.

Overall, average asking prices also hit new record in four out of 11 regions as the market has been hit by a five per cent dip in supply compared to the same period a year ...

Boost for Housing Market With Surge in Number of First Time Buyers

The switchback of house price indices and other data on the state of the market has taken a turn for the better with news that there was a seven per cent surge in the number of first time buyers completing in January.

The data, just released by UK Finance, shows there were 24,500 new first time buyer mortgages completed in January 2018, seven per cent ahead of the same month last year.

The average first time buyer is 30 and has a ...

Big Chill Hits Housing Market With Unexpected Drop in Prices

House prices fell unexpectedly in February with the Nationwide Building Society reporting a drop of 0.3 per cent.

This ended some analysts� expectations of a price rise following January�s 0.8 per cent increase.

Last month�s dip takes the annual rate of house price growth down to 2.2 per cent from 3.2 per cent a month ago.

Robert Gardner, Nationwide�s chief economist, blames falling consumer confidence and the squeeze on household ...

Agents Welcome Latest Evidence of Robust Start to Sales in 2018

Agents have welcomed more data suggesting the 2018 market is enjoying a robust start.

Last week Rightmove reported a record number of visits in January; now HM Revenue & Customs has revealed that the residential transaction count for January was 102,610.

This shows a 1.3 per cent rise on December and is a negligible 0.1 per cent lower compared with the same month last year.

Jeremy Leaf, north London estate agent and a former RICS ...

Ten-Year Fixed Rates On The Up As Early Interest Rate Rise Looms

Over the last few weeks, mortgage lenders have started to adjust their pricing in anticipation of a further interest rate rise by the Bank of England.

This is according to moneyfacts.co.uk, which says there is speculation the next interest rate rise will happen sooner than expected in 2018.

Research by the finance website shows that average rates on decade-long fixed mortgages are starting to creep up from record lows.

Yesterday, ...

So Much For a Slowing Market - House Prices Are Up More Than Expected

Despite a string of property pundits suggesting the market is slowing down, new figures from the Office for National Statistics show a gentle increase.

Prices increased 5.2 per cent in 2017 according to ONS data just released, a rise from the 5.0 per cent in the 12 months to the end of November.

The average UK house price was �227,000 in December 2017, up �1,000 from the previous month and �12,000 more than in December ...

Rightmove Claims 9% Rise in Visits But No Rush to Market From Vendors

Rightmove says its visits so far in January are running over 9% higher than the same period a year ago, with an average of over four million visits each day.

It adds that average asking prices are up 0.7% over the past month - a very similar figure to the 0.6% recorded in January 2017 and with an almost identical number of properties coming to the market.

However, it warns that buyers are still price-sensitive with the number of sales ...

108 Days - The Longest Average Time For A Home To Go Under Offer

A new league table showing how long it takes homes to sell on average in different postcodes across England and Wales suggests the slowest area is west London, where properties typically take 108 days to go under offer.

By contrast the fastest areas - Northampton, Coventry and Manchester - take a typical 36 days, while the whole-of-Britain average is 61 days.

The data comes from the consumer group HomeOwners Alliance which has compiled ...

The Cost of Moving? It's £9,580 on Average, Says New Research

Buyers spent �9.7 billion on moving house in 2017 with the average individual move costing �9,580 according to comparison website Compare My Move.

The average takes into account conveyancing, surveying and estate agent fees, stamp duty, removal costs and fixed fees such as an Energy Performance Certificate.

Unsurprisingly London is revealed as the most expensive region to move house, costing an average �28,714; the north east of ...

London-wide Annual House Prices Fall for First Time in Eight Years

Figures out this morning from the Nationwide show the first annual fall in London-wide house prices for eight years - and the capital was the poorest performing region of the UK in 2017 for the first time in 13 years.

Price falls for high-value properties in prime areas of the capital have become commonplace since the increase in stamp duty for homes selling at �937,000 or over in late 2014.

But the Nationwide says average prices ...

A Third of Homes Have Asking Prices Slashed by £25,000, Says Portal

Asking prices are being cut more heavily than at any time in the past six years, says Zoopla.

It says just over 35% of homes listed on that site and PrimeLocation have marked down their price.

The average asking price reduction across the country currently stands at �25,562.

Homes in Richmond and Kingston upon Thames in south-west London have some of the largest reductions in sale prices - up to �84,244. Around 50% of listings in ...

Rightmove Reports Largest Monthly Asking Price Fall for Five Years

Rightmove is warning that the asking price of property coming to market has fallen by 2.6% in the past month - equivalent to �8,178 on an average home - and this is the largest monthly fall for five years.

The portal, in its latest monthly market snapshot, says this slump is symptomatic of what it calls �the more challenging market some sellers find themselves in�.

The portal is forecasting national average asking price growth of ...

Typical Home Sells £10,623 Below Original Asking Price

The average home in England and Wales now sells for very nearly 4% under its original asking price - a gap that is larger than this time last year.

Research by Zoopla shows that current sale prices are on average 3.86% less than asking prices - that�s around �10,623 in cash terms - and that this asking-to-selling price gap is 0.32%t bigger than last year.

Homes in the south east currently sell closest to the asking price � just a ...

Stamp Duty Reform, More New Homes, Possible Longer Tenancies

Stamp duty reform for first time buyers has taken pride of place in the Budget speech of Chancellor Phillip Hammond.

From today, all first time buyer purchases up to �300,000 have NO stamp duty, and if the FTBs are inside London there will be no stamp duty on the first �300,000 of their purchase.

This will make a significant impact on FTBs across the country and it's already in effect - the change started at midnight last ...

First Time Buyers Massively Over-Estimate Purchasing Costs

Two thirds of first time buyers over-estimate the cost of purchasing a home according to a survey from the NatWest.

The NatWest�s survey of 2,025 UK residents aged between 20 and 45 shows that over a third of those who don�t own a property today believe they will never be able to afford one; and an overwhelming 82% of those questioned believe Brexit to be damaging their chances of buying.

However, most striking in the survey is how ...

Asking Prices Show Biggest October Rise Since 2014, Says Rightmove

Asking prices have risen by an average of 1.1% or �3,432 in the past month according to Rightmove.

This is the largest October rise since 2014.

However, the portal warns that the with more sellers chasing fewer buyers, this month�s 104,000 new-to-the-market sellers will have to work harder to find a buyer.

�It will be harder for this Autumn�s sellers to secure a sale because buyers have more choice with a 3.1% increase in new ...

Some Mortgage Costs Rising Already, Anticipating Base Rate Hikes

Respected mortgage market monitor Moneyfacts says that the costs of some mortgages are already rising in the expectation of a base rate hike, even though the Bank of England has left the rate unchanged for the moment at least.

Moneyfacts says the average two-year fixed mortgage rate has increased to 2.24% after a 0.04% rise in the first week of this month.

�The higher inflation figure announced on September 12, coupled with the Bank ...

Suspended Jail Sentence After Failing to Maintain Gas Appliances

A landlord from Cornwall has been fined after failing to maintain gas appliances at his rental properties in Launceston.

Truro Crown Court heard how gas appliances in the two properties went unmaintained and were not inspected by a registered Gas Safe Register engineer.

An investigation by the Health and Safety Executive found the landlord, David Bush, failed to obtain Landlord Gas Safety Records after May 2014. It was also found that ...

Rents Edging up Across Britain

Average rents for newly-let property across Great Britain rose to �954 per month in August, reflecting a 1.6 per cent annual increase according to Countrywide.

Rents increased the most in the South West - up 4.7 per cent - and they rose 2.8 per cent in Scotland and 2.5 per cent in the East of England; London rents grew for the second consecutive month and are now up 1.8 per cent year-on-year.

Countrywide�s research director Johnny ...

Brexit and Election Result are Stopping People Moving

One of the country�s leading buying agents says over six million people are living in the wrong property because they are anxious about moving home in a period of political uncertainty.

James Greenwood of Stacks Property Search says historically the property market used to stagnate temporarily thanks to General Elections, Budgets and other major political events.

�But since June 2016 we have been in a permanent state of political ...

Massive Drop in Prime Central London Sales in One Year

Sales in prime central London in the year to the end of March are a huge 41% below the previous 12 months, according to an investment consultancy which has analysed Land Registry figures.

Despite this, average prices have recorded a slight increase despite Brexit and stamp duty, according to Central London Portfolio.

Average prices reached �1,914,789 following quarterly price growth of 4.6 per cent over the first three months of this ...

Top Move Launches New Website!

A very special thanks to all our team, particularly our admin staff, and the team over at Estates IT for their amazing work over the last few weeks to make all this possible. Without the combined efforts of all of them, this website would not exist today.

Are Help To Buy Schemes Making A Difference To First Time Buyers?

In February the Financial Times reported the number of first-time buyers reached its highest in 12 years. In fact, almost half a million properties have been bought since 2013 using the Government�s Help to Buy scheme, with over 93% of these purchases taking place outside London.

The Help to Buy equity loan has supported around 1000 sales a week in 2018 according to Yourmoney.com and first-time buyers have opened 1.4 million ...