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Coventry Property News – March


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Hi Guys, welcome back to this months’ edition of Coventry Property News. These were just some of the recent headlines. And why don’t you click on the link provided to receive my full newsletter instantly? There’s no need to fill out any online forms or provide any personal information. Just click the link provided and press the Send it Now button to receive it, instantly.

GDPR – lawyer reveals latest changes that will affect property industry https://www.estateagenttoday.co.uk/br…

Estate Agent Today reported The General Data Protection Regulation legislation coming into effect in the UK on May 25 has undergone some subtle changes which will affect the property sector according to one of the industry’s leading law firms. After years of preparation and debate, the General Data Protection Regulation was approved on 14 April 2016 and will replace the 1998 Data Protection Act. The new regulations mean that businesses will not be able to process personal data without the explicit consent of the data subject. There will also be a limit as to how long businesses can keep data for and a string of obligations attached to keeping people’s data, such as the right to be forgotten. The aim of the new regulations is to put the ownership of personal information back into the hand of the consumer.

Halifax and Nationwide price indices slammed as “out of date” by rival https://www.estateagenttoday.co.uk/br…

House price indices provided each month by Halifax and the Nationwide have been branded as “misguiding” and “out of date” in an attack by a rival analyst, Doug Shepherd, director of Home.co.uk which produces its own index, based on asking prices. In the attack on Halifax and Nationwide – which compile indices based on mortgage approvals and other ‘historic’ measures – Shepherd says his own index is based on contemporary asking prices, are far more accurate and useful, similar to Rightmove’s.

Rents set to rise as lettings stock not keeping pace with demand – RICS https://www.lettingagenttoday.co.uk/b…

Tenant demand edged up in the three months to January, according to the Royal Institution of Chartered Surveyors, but landlord instructions have fallen back – suggesting rent rises are on the way. According to Landlord Today, The latest Royal Institution of Chartered Surveyors’ market snapshot shows a significant imbalance between demand and supply. An exception to the rule is London, where RICS says most surveyors responding to its research suggested rents were still dipping.

Increase in Interest Rates to cost Coventry Home Owners £206.33 a Year.

Increase in Interest Rates to cost Coventry Home Owners £206.33 a year

Coventry homeowners will be among those affected by the latest rise in the Bank of England interest rates. The first increase in 10 years; they have just been raised from 0.25 percent to 0.5 per cent. This uplift comes as inflation hits a 51-month high of 2.9 per cent whilst the national unemployment rate is at an all-time low of 4.3 per cent. Interestingly, the Governor of the Bank of England has indicated that the interest rate is likely to increase again over the next couple of years, but Mr Carney said mortgages and savings would not be affected in the short term. However, look at all the big banks and just about all of them have increased their standard variable mortgage rate. This means that the average monthly mortgage payment for those home owners on variable rate mortgages will see the cost rise by an extra £206.33 per year.

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Heenay Joshi
Coventry Property Expert

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