Edinburgh property repairs sorted?

If you followed news about the city of Edinburgh last year, you may have come across stories about the Property Conservation Department at the City of Edinburgh Council.

Charged with managing repairs that applied to all flats in traditional tenements or any other shared properties, the department was found to have been favouring certain contractors as well as overcharging owners and much more. The wrongdoing was so substantial that it was decided to get rid of the whole department.

However, we felt strongly that Edinburgh residents and landlords needed some kind of authority to co-ordinate repairs, as it would simply be unrealistic and unfair to leave this work to individual home owners. Ironically, it is the council that is best placed to deal with co-ordinating those repairs as it holds data of registered landlords, council tax payers (i.e. tenants) and council tenants alike and should therefore be in a position to contact all involved easily.

Be that as it may, it is the council that has now announced its Shared Repairs Service is due to launch on Tuesday tasked with providing "advice and information to owners through the process of organising repairs from finding a contractor to arranging payment". 

The council also retains its powers of statutory notice, maintaining the current 24/7 emergency repairs service. Plus there is talk about expanding the council's responsibilities once more over the next few months.

So what does it mean for you? As a landlord, we will look after your property, including any liaison with other landlords in the same stair. As a home owner in Edinburgh, you have an instance for support once more and it will hopefully prove to be more accountable than its predecessor. 

Re-mortgaging on the up

It's the property story of the day - re-mortgaging activity has perked up by 17% in February, according to the Mortgage Advice Bureau.

After seeing increased activity in the first-time-buyer and buy-to-let markets for a few months now, re-mortgaging finally appears to be catching up. The source of the change appears to be the continuing drop in interest rates, which many believe is due to the introduction of the Funding for Lending scheme last August.

Similar to previous months, those looking for a better deal are keen to secure a fixed rate mortgage with more than 90% opting for two-, three- and five-year rates.

Good news also for buy-to-let investors where Aldermore have given mortgage distributors 3mc access to a deal starting from 4.8% interest at up to 70% loan-to-value. It's available on loans between £50,000 and £500,000. Certainly one to consider if you are planning on investing in property at the moment.

Whilst our team doesn't directly arrange finance for you, we are happy to put you in contact with one of our trusted partners to help find the best solution for you.

House sales on the up - but prices are down

We've come across a couple of interesting stories on the property market, both in Edinburgh and further afield this morning.

It's mixed news for the Scottish capital where house prices have fallen by 5% on average. Having said that, a number of properties are not only retaining their value but have actually increased in price over the past six months. There's also some good news for first time buyers as starter flats in a number of areas are becoming more affordable. Buy-to-let properties have grown in popularity, too, thanks to a strong rental market driven by both students and professionals.

Across the UK, house sales have hit a two and a half year high in February, according to the RICS. The organisation's members have seen sales gradually increasing over the last few months.

We believe the good news are down to a number of factors coming together: potential buyers are ready to snap up a deal now, many potential sellers have re-evaluated their expectations and are willing to accept a more realistic sales price. Crucially, however, the banks have started lending at more accessible rates, bringing mortgages within easier reach of more potential buyers. It's a great start to the year and should mean more good news for potential investors over the coming months.