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North East property help page Contact information, map and directions, contact form, opening hours, services, ratings, photos, videos and announcements from North East property help page, Real Estate, 5 Ashfield Terrace, Chester-le-Street.

Copeland Residential is a family run estate agents based in Chester le Street, along side DMA Law & Emerald Legal Services we are here to try and help with any questions regarding current property issues with Coronvirus.

08/04/2020

Almost a third of all mortgage deals, including buy-to-let products, have been pulled from the market in response to the coronavirus crisis.

Last week there were 10,097 products available, 4,577, or 31.2%, lower than the nine week average to 16th March, according to Mortgage Brain.

The mortgage technology expert says the drop comes as a result of lenders reducing, amending or removing their products.

Mark Lofthouse, CEO at Mortgage Brain, said: “The level of changes we’re seeing in the market due to the impact of Covid 19 is unparalleled.”

The property market has been thrown into chaos in recent weeks as the government urged people not to move home as the pandemic continues to spread.

Eleanor Williams, finance expert at Moneyfacts, commented: “It is likely that competition between mortgage lenders for new mortgage business may take a step back during the foreseeable future, which we generally would expect to have an adverse effect on mortgage rates.”

08/04/2020

Housing market activity is on track for a drastic fall this summer, as significantly fewer homes change hands due to the COVID-19 pandemic.

Property prices were stable in March, but the collapse in market activity as a consequence of the coronavirus outbreak is expected to place downward pressure on prices.

House prices hit an average of £240,384 in March, slightly down from the record high £240,461 recorded in February, according to Halifax.

Property values are up 3% year-on-year indicating that the market was on an upward trajectory, but it is clear that this will not continue in the short-term.

However, market conditions could improve in the final quarter of the year, according to Tomer Aboody, director of property lender MT Finance.

Abody said: “What a start to the year the housing market had, with positivity so strong that it stood a good chance of lasting the full 12 months.

“The year-on-year increase in values and transactions indicates that buyers and sellers had got over the Brexit debacle and were getting on with their lives.

“Of course, coronavirus has now cast a very dark shadow over the property market and wider economy.

“If the crisis is tackled properly by the government and indeed the country as a whole, then hopefully by the final quarter some of that positivity which we saw earlier in the year will have a chance to return.

07/04/2020

City investment firm ToscaFund has offloaded all its shares in Purplebricks in a move that strongly suggests weakening investor confidence in the hybrid estate agency and wider industry.

Prior to Friday the investment fund held 9.8% of all Purplebricks Group Plc shares, although the City wasn’t told until late yesterday about the sell-off.

The fund’s interest in the company is estimated to have been worth £35 million in January when Purplebricks share price was riding relatively high at £1.17p, but on Friday would have been worth just £11.2 million.

ToscaFund’s decision highlights the fast-moving nature of the stock market at the moment, as well as Purplebricks difficult position as it consumes its remaining cash reserves while waiting for the Coronavirus pandemic to pass.

Over the past 11 months ToscaFund has spent million increasing its holding in Purplebricks, making it – until now – one of the most significant shareholders in the agency.

City shares discussions platforms have been buzzing with speculation about why ToscaFund has ditched the shares, including that many City investors are worried that agents both large and small will not survive a prolonged lockdown.

As The Negotiator reported in February, industry commentator Andrew Stanton looked into Purplebricks published accounts and predicted that the company was in a race to preserve its cash pile, something its CEO Vic Darvey strongly denied, saying its continuing operations in the UK and Canada were profitable.

But the Coronavirus crisis means, like most other agents, it has seen a dramatic reduction in turnover in recent weeks.

30/03/2020

The Government confirmed a suspension of housing possession court proceedings at the end of last week and landlords are being warned they could now face waiting until the end of the year to get their properties back.

The Ministry of Housing has suspended all ongoing possession cases for 90 days initially but said this could be extended if needed.

Paul Shamplina, founder of eviction specialists Landlord Action, said he has already seen cases scrapped.

He told EYE: “We were having cases for Landlord Action adjourned for three months before the announcement.

“We have hundreds of cases for landlords which will suspended.

“On those current cases already issued at court, the landlord and tenant relationship would have already broken down, but arrears will just accrue.

“So many landlords will be struggling. The reality is even if landlords were to get their properties back, they would be lying empty, as trying to find new tenants will be near enough impossible, with job uncertainty and bans on inspections and move ins.”

He said landlords would have to have open dialogue with their tenants, see proof that there tenant has been affected by the coronavirus and speak to their lenders for a mortgage payment break.

Shamplina added: “It is not in the bank’s interest to be aggressive with landlords.

“We have entered the unknown on how long this lasts, but landlords need to try and budget for the next three to six months if they can, because the reality is I cannot see them gaining possession from the courts from hearing stage to bailiff enforcement until the end of the year.

“The courts will be absolutely swamped with applications and the have left the door open to extend the suspension until September.

“I believe in the future there will be a pre-action protocol coming in, where landlords have to carry out a series of engagement before they can serve a notice.

“This current crisis will shape the future of gaining possession through the court system.”

ARLA Propertymark was supportive of the move.

David Cox, chief executive of the trade body, said: “However difficult it may be, this is the right decision in light of the current circumstances. Yet evictions will not be required if we can keep the rent flowing.

“The latest advice is that people stay put, and as long as the Government helps tenants pay their rent, there will not be a large build-up of debt from rent arrears, meaning there will be no logical reason why a landlord would start eviction proceedings.”

30/03/2020

New guidance has just been agreed by conveyancers on house moves during the Coronavirus crisis.

The procedures - made p***c only last evening - endorse government advice urging buyers and renters to delay, if possible, any move while measures are in place to fight Coronavirus.

However, if a conveyancer’s client has already exchanged contracts, and the property is currently occupied, then the new guidance says all parties should work together to agree a delay or another way to resolve the matter.

If moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay, people must follow advice on social distancing to minimise the spread of the virus.

In terms of amending existing contracts, conveyancer bodies have agreed a draft clause and the process for firms to follow when varying a completion date.

The guidance sets out the need for conveyancers to exchange a written agreement to alter the existing contract, to e-sign or authorise the conveyancer to sign on the client’s behalf, to formally exchange documents and to ensure clients are fully advised in accordance with their own circumstances.

It also outlines how firms might wish to consider issues that may arise around the client’s mortgage, searches and any additional costs that might be involved.

It also urges firms to treat every case on an individual basis and any clauses or processes recommended by the firm should be amended according to the individual needs of the client.

Within the document there is also specific advice that conveyancing firms can offer to clients who have exchanged, have not exchanged, or for those who have to move during the current restrictive period.

The guidance has been prepared by a group which includes the Law Society, the Society of Licensed Conveyancers, the Chartered Institute of Legal Executives, Rob Hailstone’s Bold Legal Group and the Conveyancing Association, and has the support of government departments including HM Land Registry.


The Conveyancing Exchange
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“The guidance from the government, and that produced by the Law Society in conjunction with other conveyancing bodies, is our attempt to offer some solutions in these exceptional circumstances. There are no simple solutions and the position is one that is fluid and changing. We will keep it under review and if necessary step in again” explains Simon Davis, president of the Law Society.

You can see the guidance in full here.

30/03/2020

Purplebricks has this morning revealed what it calls “immediate and significant measures to preserve cash and implement a lean operating model” during the Coronavirus crisis.

It says it has instituted a number of cost-saving measures, including reducing supplier costs and overheads, suspending all TV and radio advertising, and calling on the government bail-out Job Retention Scheme.

It says it currently retains around £35 million of cash on its balance sheet and has no debt.

“Following these stringent cost cutting measures there will be a materially reduced level of cash burn if revenue is significantly reduced over a sustained period of time” it says.


The Conveyancing Exchange
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Feefo

Purplebricks says it’s no longer a hybrid agency and is effectively a fully online operation: the entire business is working from home and operates “a complete online model encapsulating video valuations, virtual viewings and connecting customers with potential purchasers via the Purplebricks online platform.”

Customers are also still able to list properties, providing their own photography and property details, it says.

The news - which came in a trading statement to shareholders at 7am - adds that the company obviously expects revenues to be below expectations for the full year to April 2020.

It concludes: “The company believes its flexible, digitally-led operating model leaves Purplebricks positioned for long-term success.”

30/03/2020

Coventry Building Society has temporarily removed all buy-to-let mortgage products over 65% loan-to-value (LTV).

The society has made the decision due to the “ever-changing” coronavirus situation and its impact on the market.

Although Coventry BS has withdrawn these buy-to-let products, they will “continue to support the unprecedented number of requests from customers who require payment holidays, and process mortgage offer extensions for those in need”.

Zero Deposit
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Hundreds of buy-to-let mortgage products have been withdrawn from the market due to the coronavirus outbreak, according to Property Master.

The online buy-to-let mortgage broker warns that buy-to-let landlords will now struggle to get mortgages as the impact of the Coronavirus sees lenders pull product ranges, tighten lending criteria and widen margins.

Angus Stewart, Property Master’s chief executive, commented: “The competitive and attractive buy-to-let mortgage market appears to be going into reverse as the impact of the coronavirus begins to bite.

“Landlords are finding that their borrowing options are being drastically reduced as lenders respond to this new record low base rate environment and fears of falling house prices by withdrawing entire product ranges.

“We have had clients mid-way through a mortgage application only to find the process is halted and the product withdrawn before they can reach completion and the release of funds.”

30/03/2020

To help support our NHS workers, Seven Living are offering 50 self-contained properties for free to NHS staff embarking on 14-day isolation periods.

This offer is exclusively for NHS staff who require isolation from their loved ones and is entirely free of charge affording those that really need them, access to a clean and comfortable living spaces without any financial burden.

The properties are located in Birmingham City Centre, Solihull, Slough, Ashford, Worcester, Leicester, and Stafford.

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Seven Living properties offer self-check in with access granted via key drop-boxes, ensuring no human interaction – vital for NHS workers needing to self-isolate.

The properties, which are being offered on a first come, first serve basis, are also fully furnished, benefit from high speed wi-fi, internet TV, cooking utensils, plus linens and towels.

NHS staff simply need to email [email protected] with a photo of their official NHS work ID as well as location and dates required.

30/03/2020

Rents continued to rise year-on-year in March while the number of homes available to let fell, according to the latest data from Home.co.uk.

Figures from the property website reveal that the supply of rental housing stock on letting agents’ books fell by 15% in March compared with the same month last year.

The lack of available homes for renters is particularly pronounced in London, where the supply of newly available properties is down 21% year-on-year, taking the three-year decline in the capital’s rental stock to 51%.

The drop in the number of homes to let has placed upward pressure on rental values, with the average rent for a two-bedroomed property increasing between March 2019 and March 2020 in all regions except East Anglia, where it has remained the same at £850 per calendar month.

In Greater London, the average monthly rent off a two-bedroomed property in the six months to March 2019 compared to the six months to March 2020 rose from £1,695 to £1,755.

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Over the corresponding period, the same property type saw rents increase in the South East from £950 per calendar month (pcm) to £975pcm; in the East Midlands, Scotland and Wales from £600pcm to £625pcm; from £485pcm to £495pcm in the North East; from £535pcm to £550pcm in Northern Ireland; and from £593pcm to £600pcm in the North West.

Elsewhere, the increase was £550pcm to £575pcm in Yorkshire and Humber; from £650pcm to £675pcm in the West Midlands; and from £750pcm to £775pcm in the South West.

Growth in rents means that landlords in many regions are seeing their rental yields increase or remain high.

From March 2019 to March 2020, the average rental yield rose in five regions: in Yorkshire and Humber from 5.3% to 5.4%; in the South West from 4.6% to 4.7%; in the East Midlands from 5.1% to 5.2%; in the North East from 6.1% to 6.3%; and in Wales from 5.7% to 5.8%.

Yields have remained the same over the last year in the West Midlands at 5.4%, while rental returns remain high in the following regions despite slight decreases: in Greater London from 5.1% to 5%; in Northern Ireland from 6.8% to 6.6%; in the North West from 5.9% to 5.8%; in the South East from 4.6% to 4.5%; in East Anglia from 4.5% to 4.4%; and in Scotland from 6.7% to 6.5%.

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