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

BUDGET HELP FOR HOMEBUYERS WELCOMED

Adam Offer, managing director of Besley Hill Estate Agents, who have 16 offices throughout Bristol and Gloucestershire, welcomed Chancellor George Osborne's announcement in the Budget that the Government is to subsidise deposits and provide state backing for loans to help homebuyers get on the property ladder or move up. Mr Offer said: "I think it will help buyers caught in the deposit trap - especially first-time buyers, but general movers too, including second-time buyers. The full detail is yet to be announced but initially it looks good. Our mortgage partners MAB will be looking in great detail at the scheme and will be providing our branches with the very best deals to help our customers to take full advantage of the scheme when it is launched. As the date is some nine or so months away I do see property values increasing as this date approaches as the market is somewhat starved of properties at the moment. I don't see this situation changing at any time soon. Supply is limited, demand is great, especially pent-up demand from buyers in rented accommodation who have rented over the last five or so years and now want to buy. I am disappointed that the Chancellor did nothing on stamp duty - but I guess we cannot have it all. All in all, very positive!"

HOUSE PRICES UP £142 A DAY

Britain's homes have boomed to a record high with prices rising £142 a day in the last four weeks, today's Daily Express reveals.New figures show values eclipsed the previous peak of 2008 and a mood of optimism is sweeping through the housing market, experts say. The average house in England and Wales rose £3,969 in a month, according to property search website Rightmove's House Price Index, released today. With mortgages becoming cheaper, thanks to the Government's lending scheme and greater availability of loans, buyers are more confident properties will keep their value, states the report. And in further signs that the market is gaining momentum, the Council of Mortgage Lenders last week reported that home loans have got off to their best start since 2008. Miles Shipside, Rightmove director, is quoted as saying that with new sellers asking for more than ever before as we enter the traditionally busy spring market, and an expectation among home-movers of price stability or growth, there is now a bedrock upon which confidence and momentum appear to be building. Rightmove figures show the average asking price for a property in the four weeks to mid-March was £239,710, edging above the £239,655 for the same period in 2008, before the credit crunch. The Rightmove report also found home-movers are increasingly optimistic that houses will gain value this year, with more than a quarter believing prices will edge higher compared with just 11 per cent who expect decreases. A further 60 per cent of those moving house think prices will be "more or less the same" in a year's time. The report also shows that the time it takes to sell a hjouse has fallen 10 days to 80 compared to this time last year. Adam Offer, managing director of leading South West estate agents Besley Hill, agrees with Miles Shipside that, although some price gains in the first half of the year often fall away in the second half, this year it seems likely that the air of optimism will result in gains being consolidated.

FALLING MORTGAGE RATES REAP REWARDS

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 continuing effects of the Funding for Lending Scheme on the mortgage market: Despite the Bank of England’s recent decision to yet again hold the Base Rate at 0.5% and refrain from pumping further funding into the economy in the form of quantitative easing, the arguments in favour of a change are building momentum. The minutes of their most recent meeting show that the Governor of the Bank of England himself voted for an increase in the quantitative easing programme. However, with the current total already standing at £375bn, adopting the cautious approach for the time being is certainly understandable. It may only be a matter of time before something needs to change though, with recent news highlighting several significant economic indicators reporting continued weakness in the wider economy. There is certainly some cause for optimism though as far as the mortgage market goes. Last month we continued to see further competitive pressure in the pricing of mortgage products. This is no doubt at least partly driven by the access to the Government’s Funding for Lending Scheme (FLS). This scheme is allowing banks and building societies to access funding at below market rates provided they can evidence an increase in their net lending over the duration of the programme, boosting appetite for lending within the market. At the beginning of March 2013 the average two year fixed rate had fallen below 4% for the first time, and is currently 3.90%. Average three and five year fixed rates have also fallen further in the last month to 4.25% and 4.05% respectively. Borrowers remain firmly committed to fixed rate mortgage products with more than 90% of customers electing to fix in January and February. Borrowers are set to continue to benefit from what are “all time low” interest rates and consumer choice is also improving slowly but surely with the number of mortgage products typically available to intermediaries now standing at a little under 6,400, the highest number in more than twelve months. To see if you could take advantage of these low rates whether you are remortgaging or buying for the first time, 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.

BESLEY HILL'S CHIPPING SODBURY OFFICE SHORTLISTED FOR AWARD

Besley Hill Town & Country Homes at Chipping Sodbury has been shortlisted as a TOP 10 Estate Agent in the South West Region of the 2013 Estate Agent Awards (THE ESTAS). Rob Chapman, manager of the office at 14 High Street, said: “We are absolutely delighted to be shortlisted for the ESTAS 2013. It means so much to us as we know it’s our customers who have put us on the list. We take our levels of customer service very seriously because clients have a choice.” The ESTAS determines the best estate agents in the country through research carried out amongst customers who are asked a series of questions about the service they have received from their agent; 23,000 questionnaires were completed by customers during the competition. Agents have been shortlisted in 18 regions around the country. The regional and national winners will be announced by Phil Spencer, the TV Property expert, at the 10th annual ESTAS ceremony at the Hilton Park Lane on 19th April. Phil said: “I think it says a great deal about a company who’s prepared to stand up and announce to customers and competitors that they believe in providing the best possible service and they’re happy to prove it. These awards help agencies to focus on customer service levels and that’s why so many take part each year.” Simon Brown, who runs the national scheme, said: “The ESTAS competition is about recognizing the hard work agents put in every day, every week and month of the year. So to be shortlisted is a great accolade for any agent.” Alex Chesterman, Founder and CEO of Zoopla Property Group, said: “We’re now in our fourth year of sponsoring the ESTAS and are delighted to be once again supporting this key industry event. The collection of valuable customer feedback is essential to success in any business and rewarding those who provide the best service in the industry, as these awards do, is perfectly aligned with our business. Congratulations to all those shortlisted this year.” Picture shows the Besley Hill Chipping Sodbury team: (left to right) Val Rogers-Ainley, Frances Hewitt, Rob Chapman, Clare Jones and Sharon Sparkes

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.”