ESTATE AGENT CELEBRATES BIRTHDAY WITH SPECIAL SELLING FEE

In January 2008, just after the financial meltdown took hold and plunged the country into the start of the recession, Darren Head opened Besley Hill’s 17th and newest franchise to date on the busy and vibrant Gloucester Road in the heart of Bishopston. Despite Bristol’s then Lord Mayor, Councillor Royston Griffey, performing the official opening during the harshest of economic times, the office has exceeded its targets in residential sales, full letting services and benefits from its own independent financial advisor, auction and survey departments. Still going strong and prospering in the ever-changing market trends, Darren has recently employed Laura Savage as the new office manager, who brings years of experience in the estate agency business to the existing strong and dedicated team. The office is celebrating its sixth birthday by inviting visitors to this website to join them at 66 Gloucester Road, Bishopston, on Saturday 25 January between 11.00am and 2.00pm when they will be able to meet the team. “We will be offering a yummy slice of birthday cake and champagne, along with balloons and goody bags for our younger visitors, and hope it will be a memorable occasion for all,” said Darren. And, to mark the occasion, Besley Hill’s Bishopston office is offering a special exclusive selling fee, whereby, for six weeks only, until 8 March, they will sell your property for 0.6% plus vat including a free EPC! For those unable to make the birthday celebrations, call the team (Darren, Laura, Tom, Matt, Dawn and Sally) on 0117 9244008 for further information on the exclusive selling fee or even just for a more informal chat about the housing market. They would be pleased to hear from you - and look forward to welcoming you as one of their guests on 25 January. Caption: Preparing to celebrate the sixth birthday of Besley Hill’s Bishopston office (left to right) are Thomas Dowdeswell (senior negotiator), Darren Head (director) and Matthew Winch (negotiator)

HOUSE PRICES RISING AT FASTEST RATE FOR YEARS - RICS July 2013 UK Residential Market Survey

The UK housing market appears to have finally turned a corner as buyers returned to the market in their biggest numbers for years, says the latest RICS Residential Market Survey (13 August 2013). During July, the amount of potential buyers looking to enter the market grew at the fastest rate since July 2009, as a net balance of 53% more chartered surveyors reported increases in demand. Since the start of the year, buyers have gradually been returning to test the market – thanks in no small part to government finance initiatives – yet the amount of would-be buyers seen in July saw a sizeable peak. Significantly, this growth was seen in each and every part of the UK as the recovery, initially focused in the South East, spread to regions across the country. The West Midlands and the North East – areas which have suffered more than most since the market crash – experienced the biggest increases in buyer activity in July. Consequentially, prices rose in the country for the fourth consecutive month and grew at their fastest rate since the market peak of November 2006. Notably, this was not only confined to more affluent parts of the country such as London, but every region saw growth as we enter the end of the summer period. In tandem with rising buyer confidence, more potential sellers looked to test the market and place their homes up for sale. Last month, 15% more respondents reported rises rather than falls in new instructions. This reading has now been in positive territory for the last six months. However, in each of these months it has been outstripped by the change in new buyer enquiries. Looking ahead, it seems that prices across the country are going to continue to rise further, with a net balance of 35% more surveyors predicting increases. Meanwhile, transaction levels are also expected to grow, as 53% more respondents forecast sales will rise rather than fall over the coming three months. Peter Bolton King, RICS Global Residential Director, said: “These results are great news for the property market as it looks like at long last a recovery could be around the corner. Growth in buyer numbers and prices have been happening in some parts of the country since the beginning of the year but this is the first time that everywhere has experienced some improvement. It is clearly good news that those parts of the property market that were struggling are at last showing some signs of life.” Endorsing this view, Adam Offer, managing director of leading south west estate agents, Besley Hill, said: “Feedback from our offices throughout Bristol and Gloucestershire shows that house prices are rising in our area and I am confident that this trend will continue in the coming months.”

HOUSE PRICES HIT RECORD HIGH FOR APRIL

House-sellers have hiked their asking prices to the highest amounts ever recorded in the month of April amid further signs of a recovering market, a property search website has revealed. MailOnline reports that Rightmove found that the gap between the sums that sellers are asking and actual selling prices has also narrowed, indicating that sellers are having to negotiate less and buyers are in a position to pay more. Asking prices rose by 2.1% month on month to reach £244,706 on average, which is the highest figure recorded by the research for the month of April and stands just £1,500 below an all-time high set in June 2012. Rightmove, whose records go back for more than a decade, tipped next month for a new asking price high, as a combination of confidence returning to the market this spring and a shortage of properties for sale continue their upward pressure on prices. Across England and Wales, London was the only region where asking prices took a dip in April, falling by 0.5%, although at £493,635 on average they are still 6.2% higher than a year ago. East Anglia saw the biggest month-on-month asking price jump, with a 4.4% rise taking typical prices to £224,538. Miles Shipside, director of Rightmove, said: “With London prices pausing for breath this month but likely to bounce back next, May looks like an odds-on bet to deliver a new asking price record. 'More estate agents are reporting more activity in more segments of the market.' The year has got off to a promising start for house sellers, with asking prices now £15,717 or 6.9% higher than they were at the start of 2013, following monthly price increases for every month of the year so far. On a year-on-year basis, prices are up by 0.4% and the latest rise follows a new high for asking prices recorded for the month of March which was set last month. Lenders, estate agents and surveyors have been reporting signs of a pick-up in the housing market since the Government launched a scheme called Funding for Lending last August, which has prompted an increase in mortgage availability. Lenders have also been offering some of their lowest ever mortgage rates. Rightmove said that while some of the uplift in asking prices has come from a more positive view of the market generally, a shortage of homes coming up for sale is also pushing prices upwards, as buyers compete for fewer fresh properties. The website said that the run of houses coming to market in April was 4% down on a year ago. Homes are spending around 73 days on the market before they are sold, which is 10 days less than in April 2012. Rightmove said that comparing its asking price figures with the price houses are actually selling for, which is recorded by the Land Registry, the gap has narrowed from 3.39% in December to 2.95%. Mr Shipside said: “This indicates that sellers are negotiating less and buyers are willing or able to pay more. While the discount from the asking price on an individual property is very much a product of how realistic that price was, it is a sign of a recovering market if they are paying closer to what sellers ask.' A further indication of the improving situation comes with a Daily Mail story about an authoritative report which states that property sales will bounce back and a rejuvenated housing market will boost economic recovery this year. The Ernst & Young Item Club, an independent forecaster whose full quarterly analysis comes out tomorrow, admits official figures due in 11 days might show Britain has technically fallen into a triple-dip recession, but says the trend is towards recovery. The report will say an expected million property sales, helped by Government measures to boost mortgage lending, will lift the economy. Growth will also be raised by increased consumer spending as a result of tax cuts announced in last month’s Budget. “Clearly, the indications are that the property market has turned the corner and is now well on the road to recovery,” said Adam Offer, managing director of leading independent south west estate agents, Besley Hill, whose 16 offices confirm a strong resurgence of interest from home-buyers in Bristol and Gloucestershire.

HOUSE SALES REACH THREE-YEAR PEAK

The amount of homes sold in the UK reached a three-year high during March as increased confidence in the market continued to translate into sales, says the latest RICS housing market survey. In March, chartered surveyors reported selling an average of 17.4 homes over the previous three months, the highest number since March 2010. Confidence has been slowly returning to the UK housing market since the end of 2012 and transactions have also risen for three consecutive months. This increasing stability was mirrored by prices as respondents across the country reported practically no movement during March. A net balance of just one per cent more surveyors reported price falls (from -7%), meaning house prices across the UK have now been relatively stable for six months. Moving on to demand, an increasing number of prospective buyers got out and viewed property during March. A net balance of 11% more surveyors reported rises in new buyer enquiries, the highest reading since October. It seems that government’s recent efforts to encourage banks to offer more affordable mortgages may now be starting to bear fruit and assist purchasers. Meanwhile, the amount of homes coming onto the market was little changed last month. Two per cent more surveyors reported rises rather than falls in new instructions, meaning that the shortfall of fresh stock coming to the market remains a key issue for buyers. At a regional level, the survey suggests that, on average, surveyors in the West Midlands have seen the biggest increase in homes sold since the start of the year, followed by those working in the London area. During March, chartered surveyors in the South West reported selling an average of 17 homes, increasing slightly on February’s figure of 16. Looking ahead, respondents are optimistic that the recent increase in transactions is set to continue. A net balance of 19% more surveyors expect sales to rise further over the coming three months. Moreover, price expectations indicators for both the next three and twelve months have been in positive territory for the last four months. Peter Bolton King, RICS Global Residential Director, said: “A buoyant, healthy property market is central to economic recovery and, while these are still very much early signs, it is encouraging that sales are beginning to pick-up. The increase in potential buyers getting out there and viewing property is particularly encouraging.” Adam Offer, managing director of leading South West estate agents, Besley Hill, said that feedback from the group’s 16 offices throughout Bristol and Gloucestershire confirmed that, thanks to initiatives such as Funding for Lending, mortgages are becoming more accessible to buyers, which is gently easing the pressure on the market and freeing up stagnant chains.

HOUSE PRICES ARE RISING

House prices are rising in Bristol and South Gloucestershire, according to figures from the Land Registry, the Government Agency which monitors the sale of houses. The average house in Bristol now costs £169,425 - an increase of 2.4 per cent over the last 12 months - while homes in South Gloucestershire are even more expensive at £176,839 - an increase of 1.4 per cent over the last year. The nationwide average currently stands at £162,606 - which is an increase of one per cent over the last 12 months. "These figures show that house prices in Bristol and South Gloucestershire are performing better than most other parts of the country," said Adam Offer, managing director of estate agents Besley Hill, who have 16 offices throughout the area. "Limited supply and increased demand will result in property values in this part of the country continuing to rise during the coming year, indicating that now is a good time to buy."

LOTS OF VARIETY AT BESLEY HILL AUCTION

A contrasting selection of properties will be offered by auctioneer Nigel Freston at Besley Hill's auction at the BAWA Pavilion Lounge, Southmead Road, Filton, Bristol, on Thursday April 18. The Lots are as follows: 2-4 Camp View, Winterbourne Down (guide price £85,000-£100,000): Cottage in need of renovation subject to a lease on part of the building with potential for income. Gloucester House, Gloucester Street, Avonmouth (guide price £150,000): A large commercial building of around 4,000 square feet and yard in need of renovation. 102 New Walls, Totterdown (guide price £90,000-£110,000): A one-bedroom house in need of some modernisation. Ideal for an investment or starter home. 12 Ashley Road, Ashley Down (guide price £140,000-£160,000): In need of complete refurbishment, a property arranged over four floors currently divided into a two-bedroom maisonette together with studio apartments on first and second floor levels. For further details view the auction catalogue online at www.besleyhillsurveyit.co.uk or contact the auctioneer’s office at 10 Badminton Road, Downend, Bristol BS16 6BQ, tel 0117 970 1551, email info@besleyhillsurveyit.co.uk

FIXED-RATE MORTGAGES ARE LOWEST FOR FIVE YEARS

Borrowers are enjoying the lowest fixed rates the mortgage market has seen for over five years. The trend has been welcomed by Nigel Bull, one of a team of Mortgage Advice Bureau (MAB) financial advisers serving Besley Hill Estate Agents offices throughout Bristol and Gloucestershire, as a benefit for both house buyers and those seeking to refinance existing deals. Mr Bull, based at Longwell Green, said: “As expected, the Bank of England’s Monetary Policy Committee followed a familiar pattern in February with its decision to maintain the Bank of England base rate at 0.5% and keep the programme of emergency funding in the form of quantitative easing unchanged at £375bn. The base rate has been at this low level for almost four years and there are no signs that this will change any time soon. Indeed, many forecasters are now suggesting that the base rate will remain unchanged until 2015 and possibly longer. The government programme to stimulate lending in the wider economy - Funding for Lending (FLS) - does seem to have kept the rate war within the mortgage industry raging on, and we have continued to see further falls in average interest rates over the last few months. At the beginning of February, the average 2, 3 and 5 year fixed rates stood at 4.11%, 4.36% and 4.14% respectively - the lowest levels since our records began. When the FLS initially launched, the most attractive rates on offer were still targeted at those with substantial deposits. However, we are now seeing increasingly attractive rates higher up the loan to value (LTV) curve. For example, headline 2 year fixed rates are now available at below 3.50% for those with only a 15% deposit, and under 4% for a 5 year fixed product. For those who do have substantial deposit and or equity of 40%, borrowing is even more attractive with 2 year deals available under 2% and 5 year deals under 3%. Borrowers remain increasingly focused on fixed initial rates, with more than nine in ten of our borrowers electing to fix during both December 2012 and January 2013. Almost all lenders will be looking to increase their overall level of mortgage lending this year and, as a consequence, we fully expect to see continued healthy competition in the market, benefiting not only house buyers, but also those looking to refinance existing arrangements.” To see if you could take advantage of these low rates, or to discuss your circumstances in more detail, call Nigel Bull on 0117 9325686, email him at nigelb@mab.org.uk or contact the MAB local mortgage specialist at your nearest Besley Hill office. Note: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

HOUSE PRICES TO RISE 2% IN 2013

House prices in the UK will see an increase of 2% over the course of next year while the cost of renting a home should rise by around 4%, according to the Royal Institute of Chartered Surveyors (RICS). Although challenging times are still ahead for the nation’s economy, 2013 may see some slight improvements and this will be reflected in the housing market. In addition to rising prices, the number of transactions will also see a further increase, moving up just over 3% to 960,000 (from 930,000 in 2012). Although this represents an improvement, to put this in context, total sales in 2006 were well above this amount at 1.67 million. In London, the prime central market is likely to be broadly stable following the tax changes announced earlier in the year but much of the rest of the capital will continue to see above average increases. Elsewhere, the South East and the North West should also see modest rises. The rest of the country will either see prices dip slightly or remain flat. Meanwhile, with estimates stating that up to a quarter of loans taken out at the height of the market (2007) now being in negative equity, the recent trend in repossessions looks set to continue. However, with the number of possession claims and mortgages currently more than three months in arrears falling, the number of repossessions should dip below 35,000 for the first time since 2007. 2013 UK housing market at a glance: • House prices to increase 2% • Cost of renting to grow 4% • Transactions to modestly increase to 960,000 • Repossessions to drop to below 35,000 • Housing starts to edge up towards 115,000 in England Simon Rubinsohn, RICS Chief Economist, said: “The average house price in the UK looks set to rise by a further 2% next year, despite the uncertain outlook for the economy. More positively, the amount of sales going through should also see an increase across the country, climbing to its best level since 2007, as the Funding for Lending scheme helps boost the availability of mortgage finance. But these tentative signs of recovery in the sales market should not blind us to the very real problems that still exist. Even with the Funding for Lending scheme and some other government policies beginning to be felt in the mortgage market, many first-time buyers will continue to find it difficult to secure a sufficiently large loan to take an initial step on the housing market. Meanwhile, the alternative of renting is becoming more and more costly with a further increase in rents likely in 2013. Critically, the government needs to ensure that the conditions are in place that will enable the stock of new housing, whether for purchase or rent, to rise more rapidly.”

LOTS WITH POTENTIAL AT BESLEY HILL AUCTION

Lots offering buyers scope to put their own stamp on a property are included in Besley Hill's auction sale at the BAWA Pavilion Lounge, Southmead Road, Filton, on Thursday, December 6, starting at 7.00pm. One of the homes requiring some modernisation work, 5 Glendale, Downend, which has a guide price of £300,000-£375,000, is a detached chalet-style four-bedroom house with detached double garage, generous grounds/gardens and extensive driveway. Also in need of refurbishment and repair is 4 Engine Common Lane, Yate, guide price £175,000-£225,000, a detached bungalow situated in a semi-rural location with three bedrooms, wet room and large gardens. A grade II listed property which would benefit from updating, 33 High Street, Wickwar, Wotton-under-Edge, guide price ££230,000-£250,000, is a four/five bedroom character cottage in a popular village location with good-sized enclosed gardens. Another grade II listed cottage requiring refurbishment, 5 ChurchEnd, Eastington, Stonehouse, near Stroud, has been sold prior to auction. In need of renovation at Fishponds, 2 Forest Road, guide price £100,000-£120,000, is a spacious natural stone-fronted three-bedroom end-terrace house. A 1930s end of terrace three-bedroom house with double garage,188 Glenfrome Road, Eastville, guide price £125,000-£150,000, also requires modernisation. Shop premises currently let and first floor flat in need of updating at Fishponds, with a guide price of £80,000-£100,000, would suit an investor or builder. A modern three-bedroom detached house with integral garage, 5 Winton Lane, Totterdown, guide price £165,000-£175,000, comes with a south-facing courtyard laid to decking. “Auction is a fast and effective method of sale so the buyers of all these properties will be able to look forward to completion on their purchase at the start of the New Year,” said auctioneer Nigel Freston. For a brochure or further information call the auctioneer’s office on 0117 970 1551 or access the brochure online at www.besleyhillsurveyit.co.uk

BRISK BIDDING EXPECTED AT BESLEY HILL AUCTION

Auctioneer Nigel Freston is expecting some competitive bidding at Besley Hill’s property auction at the BAWA Pavilion Lounge, Southmead Road, Filton, on Thursday, October 25. He enjoyed a 100% success rate at their auction last month when all available lots were sold or under offer. Particular interest is likely to be shown in 5 ChurchEnd, Eastington, Stonehouse, near Stroud,pictured, a pretty Grade II listed end-terraced cottage in need of refurbishment. Offered with a guide price of £180,000, the property comprises two reception rooms, kitchen/dining area, two/three bedrooms, study landing area and utility room, together with potential off-road parking space. An impressive three-bedroom period bay-fronted house, 4 Balaclava Road, Fishponds, guide price £125,000-£145,000, has a converted roof space and a large modern garage workshop. Two of the lots, described as ideal investment properties, are purpose built one-bedroom flats with a guide price of £65,000. The first floor 7 Atlas Close, Speedwell, and the ground floor 6 Whiteway Court, St George, both come with allocated parking spaces. Bids will also be invited for two commercial properties: Unit 2B Balaclava Industrial Estate, Balaclava Road, Fishponds, guide price £120,000, a 2,000 sq ft ground floor industrial unit with 1,150 sq ft first floor mezzanine area and three parking spaces, and Gloucester House, Gloucester Street, Avonmouth, guide price £150,000-£175,000, a 3,900 sq ft approx self-contained commercial building and yard with secure boundary, which has potential for refurbishment/redevelopment. For further details view the auction catalogue online at www.besleyhillsurveyit.co.uk or contact the auctioneer’s office at 10 Badminton Road, Downend, Bristol BS16 6BQ, tel 0117 970 1551 , email info@besleyhillsurveyit.co.uk

CHOICE OF PROPERTIES AT NEXT BESLEY HILL AUCTION

Five contrasting properties will be sold to the highest bidders at Besley Hill’s next auction, to be held at the BAWA Pavilion Lounge, Southmead Road, Filton, on Thursday, 20 September. First under the hammer, with a guide price of £70,000, suitable for a developer/investor, will be 17 Glen Park, Eastville, a period mid-terraced two-bedroom house in need of refurbishment. Knoll View, Wotton Road, Wotton-Under-Edge, which has a guide price of £90,000-£100,000, is a two-bedroom 18th Century coach house in need of renovation with a large garage/workshop and studio, and front garden with parking. An attractive 1950s three-bedroom detached house requiring renovation, 60 Charnhill Drive, Mangotsfield, has a guide price of £225,000-£250,000. A modern kitchen and bathroom, central heating, double glazing, good decorations and gardens are features of a purpose-built flat, 6 Stourden Close, Frenchay (guide price £60,000-£80,000). The final lot, Gloucester House, Gloucester Street, Avonmouth, guide price £150,000-£175,000, a self-contained 3,900 sq ft approx commercial building and yard with secure boundary, has potential for refurbishment/development. For further details view the auction catalogue online at www.besleyhillsurveyit.co.uk or contact the auctioneer’s office at 10 Badminton Road, Downend, Bristol BS16 6BQ, tel 0117 970 1551, email info@besleyhillsurveyit.co.uk

SHOP WITH FLAT TO BE SOLD AT AUCTION

A generous-sized lock-up shop with one-bed first floor flat is being sold with a guide price of £165,000-£185,000 at Besley Hill’s auction at BAWA, Filton, on Thursday 24 May. The shop premises at 6 Straits Parade, Fishponds, come with a multi-purpose rear room, staff room and toilet facility while the flat above has an entrance from the rear. Further benefits include a garage and rear garden. There is scope for some improvement/refurbishment offering an investment/business opportunity. The aluminium double-fronted shop front has shutters revealing a central doorway into a main shop area (19' 0" x 15' 6" (5.79m x 4.72m) wide) opening into a secondary shop area (16' 0" x 14' 6" (4.88m x 4.42m) wide) which leads to the staff room (11' 6" x 5' 6" (3.51m x 1.68m)). The shop toilet is fitted with a white wash basin with water heater, splash back tiling and frosted glazed window to a rear door into a separate w.c. The rear office, storage or preparation room, measuring 16' 5" x 8' 5" (5m x 2.57m), includes a single drainer stainless sink unit with twin cupboards beneath. The first floor flat, which can be accessed via the shop internally or from the rear of the premises, has a 14' 6" x 10' 5" (4.42m x 3.18m) lounge with two UPVC double-glazed windows to the front. The kitchen (11' 8" x 9' 6" (3.56m x 2.9m)) is fitted with several wall and floor storage and drawer units with timber grain-effect rolled-edged working surfaces, fitted gas cooker, single drainer stainless steel sink unit, space for fridge and separate freezer, hot water cylinder and UPVC double-glazed window to the rear. The bedroom (14' 6" x 8' 3" (4.42m x 2.51m)) has a UPVC double-glazed window to front; the bathroom contains a white suite of panelled bath, wash basin and fitted shower unit; and there is a separate low level w.c. At the rear of the property are a garage (16' 5" x 9' 3" (5m x 2.82m)) and a garden/yard with lawned area and pathway leading to a vehicular lane alongside a small outbuilding/store. The property is situated near Fishponds centre in the direction of Downend via Fishponds Road (A432). Straits Parade is a rank of shops positioned slighty behind Fishponds Road on the left. For further details, including open house viewing arrangements, contact Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol, BS16 3UA, tel 0117 9653162, email fishponds@besleyhill.co.uk, or the auctioneer’s office, tel 0117 9701551, website www.besleyhillsurveyit.co.uk

AUCTION PROPERTY WITH PERIOD FEATURES AND LARGE GARDEN

A bay-fronted mid-terrace three-bedroom house with period features and a large rear garden is to be sold at Besley Hill’s auction at BAWA, Filton, on Thursday 24 May with a guide price of £110,000 to £130,000. Situated in a popular area, close to local amenities, 4 Russell Road, Fishponds, has an entrance via a panelled door into inner vestibule with glass-panelled door to a hallway with stairs to the first floor, period cornice and under-stairs storage cupboard. The 15' 0" x 11' 2" (4.57m x 3.4m) lounge has a double-glazed bay window to front, period cornice and fireplace with mantle above while the dining room, measuring 13' 0" x 9' 9" (3.96m x 2.97m), has a period fireplace and window to the rear. Also on the ground floor are a kitchen (8' 10" x 7' 4" (2.69m x 2.24m)) with sink and gas point for cooker, a lean-to storage area, a w.c. and a glass door to the garden. On the first floor, bedroom 1 (14' 9" x 11' 5" (4.5m x 3.48m)) has a double-glazed window to the front, fireplace and built-in cupboard, bedroom 2 (12' 11" x 9' 7" (3.94m x 2.92m)) a window to the rear and fireplace, and bedroom 3 (9' 8" x 8' 3" (2.95m x 2.51m)) a fireplace and window to the rear. The bathroom has a panelled bath, pedestal wash hand basin, double-glazed window to the front and a wall-mounted hot water system. The rear garden, approximately 90 feet in length, is mainly laid to lawn. For further details of 4 Russell Road, including viewing arrangements, contact Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol, BS16 3UA, tel 0117 9653162, email fishponds@besleyhill.co.uk, or the auctioneer’s office, tel 0117 970 1551, website www.besleyhillsurveyit.co.uk

HOUSING CRISIS IS COMING TO AN END!

The housing crisis is set to end this year because of loosening credit, according to a new report.

Data from analytics firm Capital Economics reveals that market indicators point not just to a stabilization of mortgage lending standards, but also a loosening of credit availability.

Banks are now lending amounts up to 3.5 times borrower earnings - up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV), which Capital Economics regards as “the clearest sign yet of an improvement in mortgage credit conditions”.
In contrast to a low of 74 per cent reached in mid-2010, banks are now lending at 82 per cent LTV.

The report notes the average credit score required to obtain a mortgage loan is 700 which, while higher than scores required prior to the crisis, is constant with requirements one year ago.

Welcoming the report, Adam Offer, managing director of leading South West estate agents Besley Hill, said he shares Capital Economics’ confidence in the future of the housing market.

“The level of current activity at our network of 15 branches throughout Bristol and Gloucestershire all points to the fact that the worst is over with the prospect of a much improved year ahead,” said Mr Offer.

GOOD NEWS FOR BORROWERS WITH SMALLER DEPOSITS

Several lenders have refreshed and re-priced their mortgage products for the new year with a new lender in the shape of Accord Mortgages starting to offer mortgages at 90% loan to value and Newcastle Building Society re-entering the 95% loan to value market.

Longwell Green-based Nigel Bull, one of a team of Mortgage Advice Bureau (MAB) representatives operating from Besley Hill’s offices throughout Bristol and Gloucestershire, says this is good news for borrowers with smaller deposits or lower levels of equity, allowing more potential buyers to access the market.

Nigel reports that December saw the anticipated seasonal slowdown in the housing and mortgage market, although activity amongst purchasers and remortgage borrowers was ahead of the same period in 2010.

“As you would expect in the current economic climate,” says Nigel, “many purchasers continue to opt for the certainty that fixed rate mortgages offer, with three out of four buyers electing to fix.

“January saw changes in the average rates available, with the average two, three and five year fixed rates and two year tracker rate all rising very slightly.

“The average fixed mortgage rates for January are 4.27% (two year), 4.53% (three year) and 4.61% (five year), all of which are below the same period twelve months ago, although average two year trackers at 3.50% are marginally above this time last year.”

According to Nigel Bull, those homeowners remortgaging are also still firmly in favour of fixed rates but the proportion is slightly less, with just under two thirds choosing fixed rate deals.

MORTGAGE COSTS FALL TO ALL-TIME LOW

Research from Barclays Capital shows that mortgage payments in England and Wales averaged £494 a month or 15.4 per cent of home owners' take-home pay last year.
This makes deals at their most affordable for a decade, falling from a peak in 2008 when monthly mortgage bills accounted for more than a fifth of take-home wages.
The data also suggested that most homeowners could manage with the Bank of England raising the base rate from its historic 0.5 per cent low.
It found that 83 per cent of homeowners would have the necessary flexibility should interest rates, or their circumstances, change.
Just under three-quarters of those studied said they had a plan in place for when interest rates started to rise, with around a third of these planning to cut 'lifestyle' spending, including clothes, holidays and eating out, to offset increases..
The latest Barclays Capital credit conditions survey found lenders were planning to launch more innovative deals, particularly for those who have smaller deposits.
“This could help first-time buyers who have found themselves trapped in the rental sector,” said Adam Offer, managing director of leading south west estate agents, Besley Hill.

HAPPY NEW YEAR FOR HOMEOWNERS

Nationwide ensured it was a Happy New Year for homeowners with research which showed that UK house prices actually increased during the past year.
Data issued by the mortgage lender revealed that the average UK house price rose by 1% over the course of 2011.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “Against a backdrop of anaemic economic growth and a deteriorating labour market, UK house prices were surprisingly resilient in 2011.”
According to Nationwide, nine out of ten UK regions recorded house price rises in 2011, including the south west, where there was a 0.6% increase.
Adam Offer, managing director of leading south west estate agents Besley Hill, welcomed the trend.
“These figures show that the property market outperformed the stock market during the past twelve months and suggest that bricks and mortar will continue to be a sound investment in 2012,“ said Mr Offer.

PERIOD COTTAGE HAS A LOT TO OFFER

This two-bedroom stone-fronted period cottage, 17 Lewington Road, Fishponds, is to be sold by auction by Besley Hill on 8 February with a guide price of £80,000 to £110,000.
Situated in a popular location just off Staplehill Road, the property retains original character but requires general refurbishment and modernisation.
“This home is an ideal choice for DIY enthusiasts, speculators, buy-to-let investors and professionals,” said Mark Symonds, senior branch manager of Besley Hill Estate Agents’ Fishponds office.
Comprising dining room, living room, kitchen, two bedrooms and bathroom, the house has the benefit of a Valiant combination gas-fired boiler and some Upvc double-glazed windows.
There is also a 25ft enclosed rear garden with wide beds with established shrubs and plants and cobblestone pathway.
The property is one of the lots on offer at Besley Hill’s auction sale on 8 February at The Pavilion Lounge of BAWA, 589 Southmead Road, Filton, Bristol, BS34 7RG, starting at 7.00pm.
For further details of 17 Lewington Road, including an open house viewing from 10.00am to 11.00am on Saturday, 7 January, contact Mark Symonds, Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol, BS16 3UA, tel 0117 9653162, email fishponds@besleyhill.co.uk, or the auctioneer’s office, tel 0117 9701551, website www.besleyhillsurveyit.co.uk

IS THIS THE LOWEST PRICED HOUSE IN BRISTOL?

Is there a house on the market in Bristol at a lower price than 21 Sylvan Way at Sea Mills?
If so, Mark Symonds, senior branch manager at Besley Hill Estate Agents’ Fishponds office, would like to know about it.
For this three-bedroom semi-detached local authority house is to be offered at Besley Hill’s auction sale on Thursday 1 December with a guide price of only £70,000-£90,000.
“I would be surprised if there is a house on the market in the city for less than this,” said Mark. “It is only being auctioned with such a low guide price because the vendor wants a quick sale for family reasons.”
Built to a Dorlonco steel frame non-traditional design, this home has been improved by the present owner and requires a further programme of modernisation and improvement.
“The property will appeal particularly to cash buyer builders, speculators and specialist contractors,” said Mark Symonds.
Situated close to The Portway, 21 Sylvan Way offers easy access to the city centre and the motorway network, with local shops and services available locally in Shirehampton.
Besley Hill auctioneer Nigel Freston said: "21 Sylvan Way forms part of the southernmost section of the original Garden Suburb within a designated Conservation Area. It was one of the first phase of Dorlonco houses built between 1920 and 1922. Number 21 was first occupied on the 9 August 1920. The Community Forest Path, a 46-mile recreational route around Bristol, passes along the north east side of Three Acre Covert before crossing Sylvan Way."
The spacious, well-proportioned accommodation of the house comprises a hall, lounge, dining room, kitchen/breakfast room, rear lean to/conservatory, three bedrooms and a shower room (former bathroom).
The shower room incorporates a luxury suite of white shower enclosure with a built-in Dolphin shower unit above, low-level W.C. and pedestal wash basin.
The kitchen/breakfast room is fitted with a range of wall and floor storage cupboards and has a single drainer stainless steel sink unit and vinyl floor covering.
A further benefit is a generous rear garden with numerous paved patio surfaces, an ornamental pond, two greenhouses and two timber sheds/outbuildings.
The house is one of ten lots included in Besley Hill's 1 December auction sale, which is to be held at The Pavilion Lounge of BAWA, 589 Southmead Road, Filton, Bristol, BS34 7RG.
For further details of 21 Sylvan Way, contact Mark Symonds, Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol, BS16 3UA, tel 0117 9653162, email fishponds@besleyhill.co.uk, or the auctioneer’s office, tel 0117 9701551, website www.besleyhillsurveyit.co.uk

BUY-TO-LET MORTGAGES BOOMING

Buy-to-let mortgages are shooting up with the number of new loans increasing by 16% in the third quarter of 2011, official figures from the Council of Mortgage Lenders (CML) show.
The data also reveals that the value of mortgages in this sector went up by 19%.
“We have access to the whole buy-to-let market for mortgages and this trend is in line with the deals negotiated for investors by the Mortgage Advice Bureau (MAB) representatives at our 15 offices throughout Bristol and Gloucestershire,” said Adam Offer, managing director of Besley Hill Estate Agents.
“We can confirm that landlords are reacting to high levels of tenant demand by using their own cash and short-term borrowing to purchase and renovate property, and then remortgaging using buy-to-let finance.”
In the three months to September, a total of 34,500 buy-to-let loans were advanced, up from 29,700 in the preceding quarter. The value of lending totalled £3.8bn, up from £3.2bn.
On both measures, buy-to-let lending was at its highest level since the final quarter of 2008.
Of the buy-to-let loans, 18,580 were for buy-to-let purchases – accounting for almost 12% of all house purchase loans.
As at the end of September, there were 1,378,700 buy-to-let loans outstanding, worth £157bn, up from 1,296,700 loans worth £150bn 12 months earlier.