RICS UK Residential Market Survey

ricsInteresting reading for a Friday…

RMA Surveyors Ltd, Newbury has been catching up on the latest RICS UK Residential Market Survey.

Simon Rubinsohn; Chief Economist (RICS) comments in a press release: ‘Demand and supply are looking a little more balanced, which is removing some of the upward pressure in prices, particularly in London. This is a healthy development. Part of this is down to the Bank of England becoming more vocal about the risks, part of this is down to affordability, part of this is down to the new mortgage rules and part of this is down to expectations of higher interest rates.’ 

While Peter Bolton King; Global Residential Director (RICS) wrote in his comment article (09.10.14): ‘In this country we hear cries if prices are going up and cries of doom and gloom if there is any indication of the reverse. A happy medium of stable, or gently rising prices does not make an eye-catching headline!

However, the latter is what we are seeing. Today I and other spokespeople, will do our best to get the message over that the reduced pressure on prices, particularly in London, is a healthy development and not negative news. ‘The future remains positive’ will be my comment but I bet someone will turn this into ‘market crash imminent!’.

Residential Extension Advice

Residential extension postWe recently undertook design, specification and project management of a residential extension, in Winslow, Buckinghamshire.

Our client required a kitchen and partial re-design of the ground floor bathroom. The property had a lean-to timber addition, which was in a dilapidated condition.

The extension we provided was a single storey kitchen extension with attached shower room, bathroom and utility room. We re-designed the ground floor layout to make better use of the floor space and enhance the new kitchen extension.

We provided a design and specification which we successfully took through the planning process, as the property is located in a conservation area, and also through the building regulations building control application process. We took the specification through the competitive tendering process and identified a contractor capable of undertaking the project. We also dealt with Party Wall matters, under a separate instruction, and dealt with any on-site queries the contractor had.

The project budget was approximately £60,000 and the contract period was approximately 3 months.

If you would like advice regarding a residential extension, please contact us on 01635 579208 or complete the form and we’ll get back to you.

 

Autumn upturn starts earlier

RMA_Logo RGBRMA Surveyors Ltd has been catching up on some industry news.

Rightmove.co.uk reports that there are earlier than usual signs of autumn activity picking up, as September’s new listings come to market with asking prices 0.9% (+£2,474). This is higher than last month and the first rise at this time of year since 2011. Click here to read the full article.

Project Managers for Repairs

Project Management. Repair & Redec Block of FlatsRMA Surveyors Ltd acted as project managers for an external maintenance and repairs programme to a block of flats in Cockfosters, London.

The contract included roof repairs; including repairs to parapet walls and the repair of roof coverings, maintenance to external doors and windows; including repairs and redecoration, providing insulation to tank rooms located on the roof, internal plaster repairs to common areas and redecoration and masonry repairs; including crack stitching and repointing repairs to arches and lintels above openings.

The contract value was for £70,000; we provided specification, tendered the works and oversaw the works in two phases. Unfortunately the initial contractor went into liquidation between phases, so we were required to re-tender the works and oversee phase two using a different contractor.

We saw the work through to completion, awarded final certification and ensured the work was undertaken to a satisfactory standard.

If you require a project manager for any similar repairs, redecoration or refurbishment contracts, please contact us using the form below or call us on 01635 579208.

Get A Quote

  • This field is for validation purposes and should be left unchanged.

RICS Five Things to Consider…

The RICS logoRMA Surveyors Ltd, Newbury have just been reading a comment article by RICS, which highlights five things to consider when buying a home. A property purchase is an important decision and ensuring you make an informed decision is vital.

Instructing a surveyor to undertake a building survey or Homebuyers Report will provide you with the information you need prior to purchase, to make certain the choice you make is the right one.

RMA Surveyors Ltd are proud to be members of and regulated by the Royal Institution of Chartered Surveyors (RICS). If you’re looking at making a property purchase and would like some advice from a Chartered Building Surveyor, or a quote to undertake a building survey or Homebuyers Report, please get in touch on 01635 579208 or use the contact form below.

Get A Quote

  • This field is for validation purposes and should be left unchanged.

New seller asking prices at virtual standstill

RMA Surveyors Ltd, Newbury, has just been taking a look at Rightmove’s June House Price Index. It reports that new seller asking prices are at a virtual standstill, up by just 0.1% this month.

It also highlights some early signs of a belated return to balance between supply and demand.

With comment on the current housing market, the blog makes for an interesting read.

If your looking at purchasing a property, call us for some advice on choosing the correct survey on 01635 579208 or use the enquiry form below.

Get A Quote

  • This field is for validation purposes and should be left unchanged.

UK house prices 'rise 9.9% in a year'

RMA Surveyors Ltd, Newbury, were interested to read a recent BBC article reporting that house price increases accelerated in April, rising by 9.9% compared with the same month a year ago.
The Office of National Statistics said prices rose strongly across the UK, with Wales, Scotland and Northern Ireland all picking up pace. Read the full article for more information.

House prices rise, Supply slows

HouseAccording to the RICS survey, as reported by this interesting BBC article, the majority of surveyors said they expected to see house prices rise in all areas of the UK in the coming months. It revealed a shortage of homes coming onto the market will lead to house price rises, with values expected to grow for years.

The Royal Institution of Chartered Surveyors (RICS) said that house prices remained on a “firmly upward trend”. Demand from buyers rose, but the number of homes coming onto the market fell for the fourth month in a row in April. For further reading, visit the RICS website.

If you’re considering buying a home, please consult the advice of a Chartered Building Surveyor to help you through the process. Their experience and knowledge pays dividends. Contact RMA Surveyors Ltd via our Contact Page or call 01635 579 208.

 

Knowledge is Power

Buying a houseIt’s one of the biggest purchases you’ll ever make. So make sure you do your homework when looking at a potential property purchase.

The RICS has created the following checklist, so that you don’t fall into the trap of letting your heart rule your head:

Checklist for smart home buyers

1. Find a chartered surveyor to help. Your home is likely to be one of the most expensive purchases you ever make. You need to know everything you can about a property before you buy it. Find a local, trusted chartered surveyor who can help.

2. Don’t buy a house because you like the colour of the walls (or other similarly superficial details).

3. Accept that you will not like everything in the house. If by a stroke of luck you do, check which fixtures and fittings are going to be included in the sale. Otherwise it could end up looking very different on the day you collect the keys.

4. Don’t be taken in by someone else’s furniture. Consider instead how your own furniture will look in that setting and whether your lifestyle suits the property layout.

5. Beware of ‘home staging’ – many property sellers employ specialists to makeover a property to maximise the sale price. Don’t be seduced by ‘investment dressing’.

6. Couples buying together need to be honest with each other about their priorities. What do they each want from a property – a quiet neighbourhood or a bustling location? Close proximity to a park or your own back garden? Better to have the conversation now.

7. First impressions do count – but you should visit a property at least twice, preferably at different times of the day, to give you a better idea of what’s on offer. It may seem like a lovely, quiet, sleepy neighbourhood on Sunday morning but it could become a racetrack to work or a parking nightmare at 7.30am on Monday.

8. Do your homework! Make sure you understand the basics of the housing market. For instance, do you know the difference between freehold and leasehold? If not start looking into it.

9. Don’t just think about the cost of the property itself. Your moving cost checklist should include: solicitors fees, land registry fee, local authority searches, various mortgage lender fees, the cost of a survey and stamp duty. Then you need to add on moving expenses, building insurance and storage.

10. When you find a property which you want to make an offer on, have a survey carried out by a qualified chartered surveyor. Taking on a property without giving it a proper health check is a risky business which can result in a financial headache in the future. It is better to be armed with the facts about a property’s condition before you agree a sale price, than be saddled with a property with issues.

11. Don’t become emotionally attached to a property before the transaction is complete. As many as one in three house sales in the UK fall through. Once the papers are signed and the keys handed over, you can think of the place as your home sweet home.

Download the RICS Guide to Buying a Home for further information.

How do you know if the Party Wall Act etc 1996 applies to works?

New structure adjoining older structureIf you are planning on undertaking building works the Party Wall etc Act 1996 may apply. If you do not know of a requirement to serve or respond to notices you are not alone and we can help.

Many people are unaware of their obligations and rights that the Party Wall Act provides. Building works that proceed without complying with the Act can lead to significant difficulties, legal action, and a breakdown in neighbourly relations. Iit is not just building works directly affecting a party wall or boundary wall that may require action under the Act.

A Building Owner may decide to build a permanent structure on his own land within 6 meters of a neighboring party structure, build near or on a boundary or cut into or otherwise alter an existing party wall. In all these cases the Party Wall Act can apply. The Act allows for a Building owner to progress with works whilst protecting the an Adjoining Owners’ interests.

Where an Adjoining owner has concerns regarding a neighbors’ proposals they can appoint an independent party wall surveyor to provide help and explain the implications and procedures of the Act.

The requirements of the act stipulate that where there is a disagreement, a Party wall surveyor can step in to guide the process according to a defined protocol. Anyone can act as a Party Wall Surveyor. However a surveyor should ideally be experienced in construction,  have read, understood and be able to operate within the Act, interpret technical details, drawings and ultimately work diplomatically to provide swift resolution.