UK property could get “better deal”

This item was filled under [ 4 Everything Property, UK Property News ]

A shake-up in how property is sold could help Brits get a better deal, a report from the Office of Fair Trading (OFT) has suggested.

Industry expert David Amstell, founder of property website Briffy.com, explained that new regulations to allow vendors to put their homes online themselves would “cut out the estate agent and all the nonsense that comes along with them”.

He pointed out that property prices go up because of the hype that agents create.

“If it wasn’t for agents, property prices would probably be a lot lower,” Mr Amstell said.

And, in reality, agents for the most part only do what vendors could do themselves – list their property online, he added.

The OFT report found that updating legislation to allow new entrants into the market could give buyers and sellers a better arrangement.

It highlighted weak competition between agents on fees and the correlation between rising house prices and higher charges.

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Housebuilders show confidence

This item was filled under [ 4 Everything Property, UK Property News ]

The last few weeks have seen positive statements from a number of UK housebuilders in regards to the outlook for the housing market, including Barratt Developments, Persimmon and Bovis Homes.

Bovis Homes said home sales rose from 754 in the first half of last year to 1,049 in the final six months. By New Year’s Eve Bovis had 643 homes on the 2010 order book, up 218 on the previous year.

But chief executive David Ritchie is cautious. “The group continues to expect trading conditions in 2010 to be subdued relative to historical levels, given ongoing economic uncertainty,” he said.

“Mortgage approval volumes are slowly rising, but mortgage providers continue to require record high levels of deposits, particularly from first-time buyers.”

Whilst the sentiment is cautious and talks of a stabilising market (with any future boom a long way off!) is is undoubtedly good news for homeowners and those with property investments.

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