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.”

4,000 NEW HOMES ALREADY SECURED WITH HELP TO BUY

Nigel Bull, one of a team of Mortgage Advice Bureau (MAB) financial advisers serving Besley Hill Estate Agents offices throughout Bristol and Gloucestershire, comments on the success of the Help to Buy Scheme and the outcome of the recent MPC meeting: “The June meeting of the Bank of England’s Monetary Policy Committee (MPC) marks the last time that the current Governor of the Bank of England, Mervyn King, will preside over the interest rate setting and monetary stimulus monthly meeting. The Governor is stepping down from the role at a time when the economic news finally looks to be moving more consistently in a positive direction. Several economic surveys in the last week or so have reported business expansion in the service sector, which accounts for some three quarters of the UK’s total trade, and importantly, due to the need for us to diversify our economy, expansion is also occurring in both the construction and manufacturing sectors. We understand that at the previous meeting of the MPC in May, King voted in favour of an injection of 25bn to stimulate the economy, however, the group vote was to take no action. This notion was upheld once again at this month’s meeting as the committee voted to maintain the base rate of interest at 0.5% and to refrain from further asset purchase. With the global economy now appearing to finally be heading in the right direction, we could see this attitude becoming a world-wide trend, with many central banks looking to refrain from further market intervention. The Government’s interventions to stimulate the housing and mortgage markets announced in the recent budget included the Help to Buy scheme, which has been operating for a little over two months. During that time 4,000 new homes have been reserved. This initial take-up is very positive and there are further measures due to come into operation in 2014 with the introduction of a mortgage guarantee scheme to enable lenders to offer mortgages at higher Loan to values on re-sale property. This is likely to give a further boost to housing transaction numbers and greater access to mortgage finance for those borrowers who have not been able to save substantial deposits or those whose equity has been eroded. Mortgage rates have continued to fall at the beginning of June from May with the average 2, 3 and 5 year fixed rates now at 3.74%, 4.06% and 3.88% respectively. Borrowers across the country remain firmly in favour of fixed rates with more than nine out of every ten borrowers during May and cumulatively opting for a fixed mortgage product. May has also seen a positive increase in the number of mortgage products offered to the market with more than 7,000 mortgage products currently available to the typical intermediary, almost a 6% increase over April and the highest number in more than 12 months.” To find out how you could take advantage of the Help to Buy scheme, 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 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

HOUSING MARKET RECOVERY IS ON THE WAY

Positive signs of a recovery in the housing market in the coming months are indicated by the latest Rightmove House Price Index. Prices are up by 2% (+£4,617) year-on-year – the highest annual rate of increase seen in November since 2007 and still up by 0.2% year-on-year with the ‘London effect’ removed. Further encouraging signs for the market include: Rightmove search activity up 20% and enquiries up 11% on same time last year. Supply tightening in lower price brackets pushing up prices on terraces and flats by over 4%. Bank of England reports mortgage approvals up 9.2% on last quarter. The House Price Index shows an even more marked improvement in the South West where there is a year-on-year average price increase from £246,874 to £254,021 – an annual increase of 2.9%. Adam Offer, managing director of leading South West estate agents, Besley Hill, endorsed the Rightmove findings. “All the reports we are getting from our 15 branches throughout Bristol and Gloucestershire suggest that we can look forward to a better year ahead,” said Mr Offer.

THE FUTURE IS BRIGHT FOR THE HOUSING MARKET

Prospects for the housing market have improved considerably with the publication of a new economic forecast and the expectation that house prices in parts of Bristol will soar when the main rail line to London is upgraded.
Ernst & Young predicts that the UK economy will rebound in the second half of this year and grow by 1.2 per cent next year, boosted by a housing market revival next spring.
In its Item Club autumn forecast, it says that an improving outlook for consumers and easing credit conditions are paving the way for a housing market recovery. Housing transactions are expected to bottom out this autumn before recovering in spring, with house prices set to follow.
Ernst & Young Item Club chief economic adviser Peter Spencer says: “The latest credit conditions survey shows one of the biggest headwinds facing the UK has now begun to ease – lending has started to loosen up and we are hopeful the housing market is primed for a recovery early next year.”
In the longer term, the cost of buying a house in parts of Bristol, including areas like Totterdown and Bedminster close to Temple Meads station, will leap by up to 20% with the electrification of the rail line between the South West and London.
Adam Offer, managing director of leading South West estate agents Besley Hill, said: “The electrification of the line will take 20 minutes off the journey time between Bristol and London, slashing it to one hour and 20 minutes, so more people will be encouraged to commute between the two cities.
“This will inevitably create increased demand for properties near to Temple Meads and affluent areas in and around Bristol from people working in London who become attracted by the idea of enjoying the lifestyle here and commuting to the office.. As a result, property values will soar.”

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

FAMILY HOME WITH STUNNING EXTENSION

On the market for £240,000 with the Fishponds office of Besley Hill Estate Agents, 16 Lambrook Road, Fishponds, is a superior 1930s-style three-bedroom semi-detached house with a stunning rear extension forming a beautiful modern open plan kitchen/breakfast room. The 18' 4" x 7' 2" (5.59m x 2.18m) kitchen is fitted with a high quality range of newly finished white high gloss wall, floor and drawer storage cupboards with rolled edged timber grain effect working surfaces and integrated dish washer and washing machine. Other features include floor to ceiling height pull out larder storage unit, single drainer sink unit with mixer taps over, two Velux roof windows, space for range cooker, under cupboard lighting, tiled floor and underfloor heating, splash back tiling, space for upright fridge/freezer, stainless steel effect wall sockets and switches, concealed ceiling spotlighting, UPVC double glazed window to rear with a lovely outlook onto the rear garden and multi-paned internal door into the hall. The adjoining breakfast room, measuring 10' 2" x 9' 0" (3.1m x 2.74m), also has a tiled floor with underfloor heating, together with Velux roof window, UPVC double glazed sliding patio doors opening onto the rear garden, two wall light points and concealed ceiling spotlighting. There is a 14' 1" x 12' 4" (4.29m x 3.76m) lounge with a UPVC double glazed bay window with leaded glazed details, radiator, feature fireplace with a built- in cast iron wood burring stove upon a stone-laid hearth with a built-in natural wood timber beam/mantle above, leading into a dining room (12' 2" x 11' 5" (3.71m x 3.48m)) with feature fireplace opening with a built-over timber beam mantle suitable for open fire use, decorative multi-pane door into the hall and radiator. Bedroom 1 is fitted with two built--in wardrobes and has a UPVC double glazed bay window with leaded glazed details; bedroom 2 has two built-in double wardrobes (one containing a combination gas-fired boiler for domestic hot water and central heating) and UPVC double glazed window to the rear with a lovely open outlook onto the rear garden; and bedroom 3 has a feature polished wood display ledge and UPVC double glazed and leaded window to the front. The bathroom is luxuriously appointed with a newly applied white suite of timber panelled bath, low level w.c., wash basin, tiled floor and matching wall tiling, ceiling spotlights/ceiling extractor, shower screen, fitted mixer shower attachment over the bath, heated towel rail and UPVC double glazed and frosted window to the rear. Outside, the property benefits from an attractive front garden which has been maintained to a good standard with a variety of plants and young shrubs. The larger rear garden is ideal for a growing family, offering well tended lawns, established wide borders and a decorative gravelled surface to one side within timber log edging. There is also a paved patio surface and pathway leading to the side of the property and stepping stones to an attractively fenced section of garden/hard standing space suitable for one vehicle alongside a timber shed. A rear unmade lane exists to the rear of the property boundary. At the head of the rear garden on the former site of the original garage the current owners have obtained full planning permission for the development of a double garage (subject to the necessary building regulations approval). This attractive family home, which is presented to a high standard throughout, is located in a desirable position within convenient walking distance of Fishponds’ shops, services and schools. For further details and an appointment to view, contact Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol, BS16 3UA, tel 0117 965 3162, website www.besleyhill.co.uk, email fishponds@besleyhill.co.uk

VICTORIAN PROPERTY WITH LOTS OF PERIOD FEATURES

Situated in a highly popular area of Fishoponds, 26 Thingwall Park is a Victorian 4/5 bedroom home described by the agents, Besley Hill, as “full of character” and “offering charm and space”. The property comprises three separate receptions, conservatory and kitchen on the ground floor, along with three bedrooms, bathroom and study/fifth bedroom on the first floor and shower area and master bedroom on the second floor. There is also a good size rear garden. Boasting lots of original features, this attractive, spacious mid terrace house has gas central heating and is suitable for families or professionals. Entered via a period panelled door and vestibule with decorative period cornice and period panelled door with leaded stained glass feature windows, the hallway has a staircase with stripped back wooden balustrades and spindles, and period decorative cornice. The lounge (15' 1" x 12' 11" (4.6m x 3.94m)) has a recess sash bay window to the front, decorative period cornice and Victorian-style open fireplace with ornate tiled surround and wood mantle above while the dining room (12' 6" x 12' 2" (3.81m x 3.71m)) has a natural stripped wood floor, fitted radiator, and coal effect period fireplace with ornate tiled sides and wood mantle surround. There are double doors to the conservatory, which has glazed double doors leading onto the garden and ornate wood support into the ceiling, and there is a third reception room with sash window to the side, fitted radiator and parquet flooring. The kitchen has a good range of base units with working surfaces incorporating a one and a quarter bowl sink, gas point for cooker, plumbing for automatic washing machine and wall mounted boiler. Off the first floor landing are three bedrooms, all with sash windows and fitted radiators; a study/fifth bedroom with sash window to the front; and a bathroom with modern refitted white suite with panelled bath with chrome effect fitted taps, low level w.c., pedestal wash basin with mosaic tiled splash back and mirror, and heated chrome effect towel rail.

On the second floor there is a landing with Velux window; a shower area with corner cubicle with electric shower and wall mounted sink; and a master bedroom (15' 1" x 11' 10" (4.6m x 3.61m)) with two skylights to the rear, one skylight to the front, exposed brickwork feature and built-in storage cupboard. Outside, the rear garden is mainly laid to lawn with timber shed and mature planting and borders. For further details and an appointment to view 26 Thingwall Park, which is priced at £275,000, contact Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol, BS16 3UA, tel 0117 965 3162, website www.besleyhill.co.uk, email fishponds@besleyhill.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

UK HOUSE PRICES REBOUND IN AUGUST

The price of a typical UK house increased by 1.3% in August, according to the latest Nationwide House Price Index. Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “UK house prices rose by 1.3% in August, the largest monthly increase since January 2010, reversing the declines recorded in the previous two months. Given the difficult economic backdrop, the extent of the rebound in August is a little surprising. However, we should never read too much into one month’s data, especially since monthly price changes have been impacted by a number of one-off factors this year, such as the ending of the stamp duty holiday for first time buyers. These are factors that cannot be controlled by the usual process of seasonal adjustment. Nevertheless, the fact that the annual pace of house price decline moderated to -0.7% in August from -2.6% the previous month provides evidence that conditions remain fairly stable. This may be explained by the surprising resilience evident in the UK labour market, with further increases in employment in recent months, even though the UK economy has remained in recession.” How much have the housing and mortgage markets changed since the financial crisis? Mr Gardner commented: “L P Hartley famously said that ‘the past is a foreign country, they do things differently there’. In many respects these sentiments apply to the UK housing market, with a marked difference between current conditions and those prevailing between 2005 and 2007. Perhaps the most dramatic change is in the level of activity. For example, the average number of mortgage approvals is currently running at around 50,000 per month, around half the level prevailing over the 2005-2007 period. Interestingly, the share of mortgages taken up by first time buyers has actually increased slightly to 39% of the total, up from the 37% prevailing in the pre-crisis period. The more cautious approach of borrowers and lenders is evident in the increase in the average deposit from 10% to 20%. Affordability has improved on a number of metrics. Interest rates on both fixed and variable rate mortgages have declined. Together with a modest decline in house prices and a steady rise in average earnings, the monthly repayments for a typical first time buyer with a 20% deposit have declined to around 29% of take home pay, down from 40% before the crisis. In practice the decline is slightly more pronounced than this. Borrowers, especially first time buyers, have been increasing the term of their mortgage in recent years. The average term for first time buyers is currently 28 years, up from 25 years over the 2005 to 2007 period. While this increases the total amount repaid over the term of the loan, it lowers the monthly repayments.” Will we return to the pre-crisis pattern? Mr Gardner said: “The evolution of housing market conditions in future is likely to be closely tied to the trajectory of the wider economy. The number of housing transactions should pick up as the UK recovery gathers pace in the years ahead, though this is likely to be a gradual process. Policy measures aimed at supporting the availability of credit and lowering the cost of borrowing, such as NewBuy and the Funding for Lending scheme, should help to provide support. However, much will depend on developments in the labour market. Increased job security, lower unemployment and stronger earnings growth will be needed to generate a sustained upturn in activity. Though uncertain, a modest further improvement in affordability is likely. Interest rates will not remain at current lows forever, but rate hikes still appear some way off. Further asset purchases by the Bank of England should also help to keep down longer-term interest rates. In addition, house prices are expected to remain fairly stable over the next two years, while incomes are likely to continue to rise gradually, which will also help to support affordability.“

HOUSE SALES ARE UP THIS YEAR

Besley Hill, Bristol and Gloucestershire’s biggest independent estate agents, with 15 offices throughout the region, are enjoying rising house sales. “We have seen a 25% increase in sales on the year to date, so it’s looking much better than last year,” said managing director Adam Offer. This improving picture is confirmed by figures from HM Revenue & Customs (HMRC), which show that, despite the recession, home sales so far this year are up from 2011. Completed property sales in the first half of the year were 11% up on the same period last year, the data from HMRC reveal. Sales rose by 7,000 in June to 83,000, taking the total across the UK for the first six months of the year to 431,000, an increase on the 387,000 recorded in the first half of 2011. Last week, the Council of Mortgage Lenders (CML) said its members' total lending, to both house buyers and those just switching lenders, for the first half of the year, was 7% higher than in the same period last year. “One factor boosting sales and borrowing in the first half was the reintroduction of stamp duty for first-time buyers on homes worth up to £250,000,” said Adam Offer. “Some buyers pushed through their purchases in the early months of the year, to beat the reintroduction of the tax on 24 March.”

MODERNISED COTTAGE WITH CHARACTER AND STYLE

Described by the selling agents, Besley Hill Estate Agents at Fishponds, as “an outstanding detached cottage”, 101 Small Lane, Stapleton, is a spacious refurbished home with modern decorations and double glazing that has retained its character and style. The property, priced at £225,000, comprises two reception rooms, modern kitchen, basement room, two double bedrooms and bathroom, together with a detached garage, off street parking and an enclosed garden. The lounge has a period fireplace, ceiling cornice and centre rose while the second reception room/dining room has part natural stripped wood and part slate tile flooring, a natural wood mantel into the chimney breast and a feature fireplace. The kitchen includes modern cream-fronted wall and base units with roll top work surfaces incorporating a butler’s sink with ornate brass mixer taps over and fitted gas hob with an oven below and extractor over. The bathroom is part tiled throughout and comes with a modern suite comprising panelled bath, low level wc, pedestal wash hand basin and double shower cubicle with shower off the main system. At the rear is an attractive enclosed garden with paved patio adjoining the property and a lawned section with mature planting and raised timber decked area. There is off street parking for several vehicles at the front with natural stone boundaries leading to a gravelled section with detached garage housing Worcester gas combination boiler for central heating and hot water. For further details of this lovely cottage, or to make an arrangement to view, contact Besley Hill Estate Agents, 764 Fishponds Road, Fishponds, Bristol BS16 3UA, tel 0117 965 3162, email fishponds@besleyhill.co.uk, website www.besleyhill.co.uk

FOUR-BEDROOM BUNGALOW WITH GRANNY FLAT

A four-bedroom detached bungalow, The Laurels, situated in a desirable location at Over, just outside Almondsbury, comes with a self-contained granny flat. Accessed via a secure gated entrance, the attractive 1930s bay-fronted property has been extended and modernised to incorporate flexible and versatile accommodation which also includes an en suite to the master bedroom. Occupying a delightful rural setting with large established private gardens and tandem garage/carport, the bungalow is on the market with Besley Hill Town & Country Homes at Thornbury for £485,000. “This home could suit either the growing family or those with a dependent relative,” says branch manager Andrew How. “Alternatively, the bungalow could interest someone in search of a property with a private office to run a small business from home.” For further details and to arrange a viewing, contact Andrew at Besley Hill Town & Country Homes, 57 High Street, Thornbury, Bristol BS35 2AP, tel 01454 411522, email thornbury@besleyhill.co.uk