I was concerned to read a report from Valuers e-serv indicating that house purchase approvals for lending fell for the second successive month. The average deposit size was 40% in October with lower income buyers struggling to meet criteria for high LTV products. Loans with a deposit of 15% or under accounted for less than one tenth of all lending in October compared to almost a quarter in 2007. The positive piece of news was that October 2011 approvals were 6.7% higher than October 2010. We cannot read too much into these figures, however, they do point to a concerning downward trend. My Firm’s figures report continuing increase in listings compared to target and compared to last year however that is against a market that remains relatively stable. I am also noting a steady increase in property investment business and this is reflected in an increase in the number of new buy to let loans. The Council of Mortgage Lenders has reported that the number of new buy to let loans increased by 16% in the third quarter of 2011. I will continue to keep you advised of trends and will report further on the buy to let business in due course.Lindsay Darroch Partner and Head of Property
As readers of previous blogs will know I am always keen to keep Blackadders Property at the forefront of technological advances to the benefit of our clients. It is important, especially in these uncertain times, that clients have agents working for them who use innovation and technology to add value to the client’s transaction. With this in mind I am delighted to announce that Blackadders Property can now create QR (Quick Response) codes for all of our properties. The QR codes will enable potential purchasers to view the full description, images and schedule for that particular property via their Smart phone or iPhone.
I attach a copy of our recent Courier advert showing the properties with the QR codes attached. I am pleased to advise that this has generated a lot of interest and the Property Team has been surprised by the number of calls received mentioning the QR codes.
I will continue to keep you advised of innovations and campaigns.Lindsay Darroch Partner and Head of Property