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Showing posts from December, 2013

Housing Market - 2013 Review and 2014 Predictions and Fears

2013 Summary
In January 2013 the Nationwide Building Society measuring price changes from December 2011 to December 2012 showed a national fall of 1% leaving the average price of a property at just over £162,000.
Moving to the end of the year this picture has changed dramatically with the latest data disclosing the average price at £174,500 and national increase of between 5 ( Nationwide) and 7.7 %(Halifax).  This has been fuelled by increased transactions and a dramatic increase in mortgage lending. The Land Registry has a more modest estimate of value growth if 3.1%.
Whichever of these statistics  you rely on it is clear that that there has been a significant increase in prices within the last 12 months. 
The Nationwide reported in November a 34% increase in mortgage lending. 
As for total transaction numbers, the Council of Mortgage Lenders estimate this will exceed one million, which compares favourably with the 1.6million figure for the boom years 2006 and 2007.
The rental market has a…

Confusion around liability for church repairs continues

October of this year saw the introduction of new rules on Chancel repair liability.
This is the liability of an owner of land to pay for repairs to the chancel of a parish church. Owners affected include individual homeowners as well as ecclesiastical organisations, universities, colleges and others. Land does not have to be near a church building in order to be liable.

The amount of this liability can often be significant and  therefore this is an issue which you must ensure your legal advisor addresses when purchasing or remortgaging your home. 
Prior to the change of law introduced in October this liability if it existed in an area including the property you were purchasing or remortgaging  you would be exposed to a demand whether or not you were ware of its existence.   For this reason a competent property lawyer would carry out a search to see if the  liability existed and if it did to take out insurance to protect you if a claim was brought. 
Since the 13th October the liability wil…