Mortgage approvals for house purchase rose to 52,982 in October, the Bank of England has said.
The figure was an improvement on September’s figure of 50,415 and was the highest since January. However, it was still only about half of the monthly average of 103,000 in the decade to 2007.
We are still bumping along the bottom of the property market but things are increasingly gradually and to be honest that is best for everyone concerned.
If numbers spiked the whole industry wouldn’t know whether to recruit staff or try and ride out the storm. We are in new territory in terms of predicting how the market will behave so a gradual increase is best tor all concerned.
It has been reported by the Council of Mortgage Lenders that for the fifth month in a row the mortgage lending year on year has gone up.
It has also been reported that the average house price has increased, Halifax have reported that UK house prices increased by 0.6% in January 2012. Halifax state that the average house price last month was £160,907.
What a good start to the year. Roll on 2012.
If you do decide that buy or sell your please contact us for a fixed price conveyancing quote.
The sale of a business constitutes a supply for the purposes of the Value Added Taxes Act 1994. VAT is therefore payable on the whole of the payment made on the sale/purchase of a business. However under article 5 of the Value Added Tax (Special Provisions) Order 1995 (SI 1995/1268) VAT is not payable if the transaction is considered to be a transfer of a going concern.
To be a transfer of a going concern that the following must be satisfied:-
The seller is registered for VAT and the buyer is also registered;
The business is a going concern
The assets continue to be used for the same kind of business
If only part of the assets of the business are sold, the assets are capable of independent operation.
The Special Provision Order generally means that VAT in most cases is not payable on the purchase of a business as a going concern.
If you are buying the property at the same time as the purchase of the business you will need to establish whether or not VAT is chargeable on the transaction. If the building is more than 3 years old, usually the property will be exempt from VAT provided that the seller has not opted to tax the property.
If the seller has opted to tax then the buyer must register for VAT and must opt to tax at the relevant date, the definition of relevant date is quite confusing but generally it is the date when money first passes hands like the payment of the deposit.
VAT is a complex area and therefore we suggest that if you are considering buying a business or in the process of buying one that you instruct solicitors. Our Christie Limb would be more than happy to assist you, please feel free to send an email to firstname.lastname@example.org.
According to the BBC website between April-June 2011 in Ashfield the average house prices rose 5.8% and in Mansfield they rose by 3.7%.
This is great news for the local housing market.
If you are planning on buying or selling a property please click on the hyper link for a conveyancing quote as we would be happy to assist you with your conveyancing transaction.
I met an estate agent friend last week – I’ve not seen him for about a year. It was nice to catch up and se how things are going – he’s about 20 miles away from us. Things are going Ok for him, and gradually improving. As we got talking it through it seems that the number of properties being sold are up about 30-45% on the same time last year – a substantial increase in the volume of jobs going through. I thought this was brilliant news – a good sign that things are on the up.
I know he’s red hot on sending out press releases to the local media so I asked what he’d made of this good news. He said he can’t get a story like that into the media because it doesn’t fit with the prevailing view that things are dire and not likely to improve. Our own figures back up what he as saying – the number of jobs passing through is about 36% up on the year to date in 2010. It seems utterly amazing to me that real genuine property news from people at the sharp end won’t be put in the media because it doesn’t coincide with the popular story. Yet on the other hand doom-mongers predicting the end of the world get more column inches than you can shake a stick at.
If the Murdoch/phone hacking story leads to any change in newspaper reporting in the UK, lets hope it leads to a bit of good news for a change. There’s plenty out there but to open a newspaper you wouldn’t believe it. I won’t hold my breath though.
Oh and one more thing – I’m talking about a rise in number of transactions – not house prices. But it’s the number of transactions that’s actually more important to the economy – every time someone moves this results in a flurry of new carpets, curtains, DIY, electrical and plumbing work.
If you are one of those people looking to move house and you want an instant conveyancing quote then give us a chance to pitch for your work
The question that dare not speak it’s name?!
My answer is I don’t know. What I do know however is that our new conveyancing instructions for January 2011 are 60% up on the same time last year. Yes you read that correctly a 60% increase. Now just before you look for the next property boom it’s important to bear in mind that last January we were hit by snow and freezing weather so the year on year comparison isn’t quite so clearcut. However when I compare it to 2009 levels we’re still almost 20% up.
What does that mean? The market is too fragile to make any meaningful sense of this – perhaps people are fed up with the media’s constant diet of bad news stories. Perhaps the banks have finally started to loosen their stranglehold on lending – who knows. I’m just thankful for a good solid start to the new year. – long may it continue!
This is also backed up by a news story from rightmove who report that in January asking prices actually increased for the first time in several months
bye for now