DRAGON'S £1BN PLAN TO BREATHE LIFE INTO UK HOUSING MARKET
James Caan launches Look4AProperty|Money to boost business for estate agents
One of the country’s leading entrepreneurs has launched a multi-million pound initiative to kick-start the housing market.
Dragon’s Den star, James Caan, famous for using his own money to give fledgling businesses a foothold onto the first rungs of commercial life, now wants to help ordinary people climb the property ladder.
Caan is backing an unprecedented package to take the pain out of buying and selling a home. The initiative will offer interest-free loans to cover unavoidable costs such as stamp duty and legal fees, which is a multi billion pound market.
Access to the loans will be through a network of carefully selected estate agents across the UK. Caan says the scheme is all about getting liquidity back into the property market.
“A healthy housing market is the lifeblood of the UK economy,” says Caan. “This country needs sound initiatives to get things moving again – so we have launched Look4AProperty|Money.”
James Caan and Aaron Turner
From now on, every home buyer in the UK is entitled to apply for an interest free loan (subject to status). All buyers need to do is to ask their local estate agent to arrange it for them as part of the offer they make on the property they wish to buy.
Loans can be spread over two or three years – interest free. Look4AProperty|Money will also offer a 10-month loan to cover the cost of a HIP*.
“This scheme gets rid of those financial obstacles which are holding up the housing market. This means that thousands of people who have been putting off moving or buying their first home can now climb up the property ladder without further delays,” says Caan.
Caan and his business partner in the venture, Aaron Turner, began negotiating for the initiative last year after Caan bought a 25 per cent stake in Turner’s online property portal, Look4AProperty.com.
According to Turner the stress of finding the money to pay stamp duty is a major reason why many people aren’t moving house.
“Because stamp duty must be paid by house buyers to HM Treasury on contract completion it cannot be bundled into a home loan,” says Turner.
“It is one expense too far for many people. This initiative is an excellent way to help people; it creates a comfort zone which gives them room to move.
“The benefits of this simple scheme are two-fold. Home buyers will have less pain and something to gain from not having to worry about finding the costs involved with moving.
“The interest free loan will allow people to use the cash they save to pay for vital items for their new homes – and that will help the struggling high street.”
The product has been launched with the backing of Hitachi Capital (UK) PLC.
Gerald Grimes, divisional managing director, Hitachi Capital Consumer Finance says the initiative provides a much needed shot in the arm for the UK property market.
“This is huge leap forward for the market and for thousands of people who want to buy or sell a home but can’t find the extra money to make it happen,” says Grimes.
“Using Hitachi Capital’s interest free credit options, Look4AProperty|Money is a quick and efficient way for people to get that extra injection of cash they need at a time when money can be tight.
“When James Caan and Aaron Turner came to us with the proposition, we knew that with our 27 years of experience in consumer finance, we could help house buyers get the home they want.”
Facilitating Look4AProperty|Money will be LMS, one of the UK leading providers of conveyancing services to both the estate agent and mortgage lender industry. LMS count HSBC, Abbey and Nationwide as key clients.
Andrew Knee, managing director of LMS says the timing of the product in terms of lending and the housing market is perfect.
“This is a fantastic help for a lot of people and it will allow them to purchase properties where they wouldn’t otherwise have been able to.
“The money from this initiative needs to reach the right people at the right time. That’s where we come in.”
The loans are just the first in a number of new products due to be rolled out this year by Look4AProperty|Money. For further details, log on to www.look4aproperty.com
*The HI loan is a deferred loan over a 10 (ten) month period. The principle sum and the interest will be payable in one payment at the end of the term.
About Look4AProperty|Money
www.look4aproperty.com allows potential buyers or tenants to search for the right home, using properties submitted by estate agents up and down the country. The site features over 200,000 UK sale and rental properties as well as properties from Overseas. Unlike similar sites, www.look4aproperty.com is not tied to, owned or affiliated with any estate agency company, or any other property company or media group.
For further information about www.look4aproperty.com, or to arrange an interview with Aaron Turner or James Caan please contact Alex Valk at Results News & PR on 020 7953 7529, or email alex.valk@resultspr.co.uk.
About Hitachi Capital Consumer Finance
Hitachi Capital Consumer Finance is part of Hitachi Capital (UK) PLC which in turn is part of Hitachi Capital Corporation, one of the world’s largest and most respected groups. Based in Yorkshire it is one of the UK’s longest established finance providers and offers a comprehensive range of finance products for quality retailers. It is the chosen finance partner for many of the UK’s most respected high street names. Hitachi Capital Consumer Finance has been operating in the retail market since 1982 and its growth has been based on long term partnerships. It was one of the first consumer credit providers to offer retailers online services with the launch of its Creditmaster facility.
Please contact James Hickman at Hatch Communications on 01943 855630 or email jameshickman@hatchpr.co.uk
Buyers urged to get moving to snap up property bargains before prices rise
HOUSES NOW FOR SALE FROM AS LITTLE AS £25,000
UK House prices and interest rates have now fallen so low that bargain-hunting homebuyers could snap up a home and pay off the entire mortgage in just four years.
That’s according to www.Look4AProperty.com, one of the UK’s leading sites for house-hunters.
The website has bargains on offer including a two bedroom semi-detached house in Nottinghamshire for £25,000, and a three bedroom terrace in South Humberside for £29,950.
Aaron Turner, founder of www.Look4AProperty.com says the findings are great news for first-time buyers, but bargain-hunters should get moving quickly before prices start rising again.
“With prices like these around, why rent?” says Turner.
“You could buy this the house in Nottinghamshire in four years paying just £500 per month. Interest rates are still fixed at incredibly low rates, and with the asking price so low, you wouldn’t need a huge deposit.
“The drop in house prices across the UK has been disastrous for some – but for bargain-hunters there is now a great choice out there.
“But people who have been holding back on investing need to get moving quickly before prices start rocketing again.”
For those with a lot more cash in their wallets, the top-end market is also going strong. Anyone with a spare £17million burning a hole in their bank account should also log on to www.Look4AProperty.com and check out the six-bedroom house in Kensington which boasts a 58ft swimming pool, roof terrace and Thames river view.
Property Sellers Urged to Switch Sites To Avoid "Stealth Tax"
Claims of a secret deal between Rightmove.co.uk and government tax agency shocks property industry
People registering their homes on property sale websites must choose carefully to avoid their information being sold on and used for future council tax hikes.
Aaron Turner
That’s according Aaron Turner CEO of www.Look4AProperty.com. His warning comes after newspaper claims that Rightmove.co.uk has been passing on information on prices and floor plans of thousands of homes.
Newspaper reports published on Saturday claim Rightmove.co.uk has a secret deal to sell information to the Valuation Office Agency, which is planning to push up council tax on homes with benefits like patios and pleasant views if Labour wins the next election.
“This is an absolute disgrace,” says Turner. “In the middle of a recession, when household budgets are already massively stretched, people may face even bigger bills thanks to this deal.
“Rightmove.co.uk has really made the wrong move by doing this. The stealth tax could cause untold damage to the UK housing market – the government should be working with buyers and sellers, not trying to impose extra taxes on them.”
Aaron Turner, CEO of www.Look4AProperty.com says his site would never sell information on to the government.
“We are advising people to contact their estate agent and demand their property listing is switched to www.Look4AProperty.com immediately,” says Turner.
“Not only can we be trusted completely with their information, but the site is slick, quick, easy to use and incorporates Google Streetview for 25 cities across the UK.”
Housing Market Fortunes "Will Rise In the Fall"
Dragon breathes new life into Look4AProperty.com
Serial entrepreneur James Caan has unveiled his new-look property website, Look4AProperty.com.
James Caan - Chairman of Look4aProperty.com
The Dragon’s Den star is anticipating a huge surge in online property enquiries this autumn as the housing market picks up.
Caan, who was appointed chairman of the company in 2008, says he expects both estate agents and buyers will get back into the market before the end of the year. Caan plans to unveil a series of initiatives in the coming months designed to put liquidity back into the housing market.
“The UK housing market is slowly recovering,” says Caan. “We have already seen an increase in the number of enquiries on the site – but there are just not enough people putting homes on the market.
“Look4AProperty.com has planned a range of powerful products which will blow the current obstacles to sellers and buyers out of the water. We have prepared the site to help the market cope with the new demand.”
The website, which features UK and overseas properties for rent or sale, has now incorporated Google Streetview for homes in 25 cities across the UK. It has a new-look homepage which helps users find property more quickly, and the entire website now operates faster.
Aaron Turner, founder of Look4AProperty.com, says he is delighted with the new look.
“The site is slicker, quicker and more effective,” says Turner, “and our use of Google Streetview literally puts us streets ahead of our competitors.”
Housing market turning point imminent?
The founder of a property website says the first shoots of the housing market recovery are visible but are being put in jeopardy by a property shortage.
The claim comes just a day after the Halifax’s House Price Index revealed that UK house prices recorded a rise of 2.6 per cent last month.
Aaron Turner of look4aproperty.com believes first time buyers are trying to get a footing on the property ladder but are being hampered by a lack of stock.
Indeed, figures from the Council of Mortgage Lenders shows that 40 per cent of those purchasing a home in March were first time buyers, although this figure is still historically low. Mr Turner said enquiries on the firm’s website increased by 150 per cent in April and May, while numbers have continued to rise in June.
“There has been a really steep increase in people wanting to buy a home,” he commented. “But homeowners need to put properties back on the market or risk stifling the first real green shoots of recovery for this economy.
“The biggest problem we are now facing is a lack of homes. A lot of people went into the rental market after their homes failed to sell – but we are telling them that now is the time to switch back again.”
The trend of saving rather than spending since the recession means that many consumers have sizable deposits that they wouldn’t have otherwise, he added.
Mortgage Drought Stalling Housing Market Recovery
Tentative signs of recovery
There are tentative signs of recovery in the UK housing market, but the drought of available mortgages is still the main problem, Aaron Turner, CEO of www.look4aproperty.com.
Overseas property market in freefall
French Riviera
Overseas home buying is down 80%, according to a property search website.
The steady exit of Britons from the overseas property market has now become a mass exodus.
look4aproperty.com has reported an 80% drop in inquiries about overseas properties over the last six months.
“There have been reports that the overseas market is doing well – but the truth is that market is looking pretty dead. Eighty per cent is a huge drop,” said Aaron Turner, CEO and founder of the website.
“People should not be fooled by reports claiming searches are up. They may be, but people are no longer serious about buying overseas – it’s all window shopping.
“On the positive side, we have seen a 28% rise in UK property inquiries over the same period. People are prioritising the roof over their heads rather than buying second homes in France and Spain.
“The lack of equity in the UK is affecting both markets – and with people struggling to get a UK mortgage or to pay off their existing one, they aren’t investing in second properties overseas anymore.”
Turner said the rise in UK property inquiries could be the first signs of the British market recovery, but he urged caution.
“It will be another three to four months before we can really say if these are genuine ‘green shoots’. We will have to see what happens before we can start celebrating.”
Too Early to Call Property Market Bottom?
Airtime: Thurs. Apr. 2 2009 | 09 11 00 ET
Despite the recent global economic rally, a rise in UK house prices, and jump in mortgage approvals, Aaron Turner, CEO of www.look4aproperty.com still feels that it is too early to call a market bottom. He and James Caan, CEO of Hamilton Bradshaw Private Equity amd BBC Dragon’s Den fame discuss the topic further.
Too Early to Call Property Bottom?
Essential Rules for First Time Buyers
Essential Rules for First Time Buyers
Quantitative easing is the best solution to salvage the UK economy
Quantitative easing is the best solution to salvage the UK economy – but the Government’s “dribs and drabs” approach is too slow, according to property website www.look4aproperty.com.
Aaron Turner
CEO Aaron Turner said: “Money needs to be put into the economy in much larger amounts and not in dribs and drabs of £2billion at a time. “It’s totally inadequate. I would say the Government needs to inject at least £300-£400billion and in much larger blocks to really get the economy moving – the £75billion they have pledged might not be enough to be noticed.”
Turner welcomed the new lending from banks including Lloyds, RBS and Northern Rock – but said too much of this money would be going to business and not enough to ordinary home owners. ”
For example, out of the Lloyds announcement only £2billion of lending will go into mortgages – it is mostly going to business,” he said. “This will help because it could slow job losses and aid British businesses – but the amount of money is still too small and more money needs to go into the housing market. ”
People need to remortgage and buy properties – and once they can do that they will start buying on the high street again. ”
Whether quantitative easing works is a matter of time but I would say it will still take 18 months to two years for the country to get back on its feet – and even then, we won’t see 125% mortgages again, which is not a bad thing.”