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Want a car that will pass its MOT first time? You need a Ferrari!

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Ferrari owners are statistically more likely to see their exotic motors sail through an MOT at the first time of asking than drivers of any other make of car, according to analysis of test data held by the DVSA.

The Italian supercar company had an impressive MOT pass rate of 93 per cent in 2020 for vehicles aged 3 to 15 years, suggesting that the ultra-expensive supercars are proving they can endure the test of time despite their highly-strung performance parts – and their owners are, as you’d expect, taking extra special care of their cherished motors. 

The top of the list was dominated by prestige car makers, including Bentley, Aston Martin and Porsche, while the opposite end of the spectrum shows that Chevrolets have the highest failure rates of all brands.

Fezzas fly though their MOTs: It shouldn’t come as a massive surprise that cars with six-figure price tags are performing well in annual roadworthiness checks…

Of the 6,362 Ferraris aged up to 15 years that had an MOT in 2020, just 443 failed – giving the manufacturer a statistically higher pass rate than any other car maker last year.

Unsurprisingly, the top performers for passing the test were predominantly luxury brands – the cars that cover less annual miles and spend most of their time in the garage or private collections.

Bentley (91.2 per cent), Aston Martin (90.3 per cent) and Porsche (88 per cent) were behind Ferrari for the best pass rates of all car brands on average.

The more mainstream orientated brands with a high pass rate included Infiniti (87.3 per cent pass rate) – Nissan’s luxury spin-off marque that’s no longer sold in the UK.

Tesla was another strong performer, despite the brand being linked to poor production quality in recent years.

Of the 7,853 electric US models tested in 2020, 1,055 failed – an 86.6 per cent pass rate.

This was marginally better than Japanese car firm Lexus – a regular at the top of the rankings for vehicle reliability surveys.

The maker – owned by Toyota – had an 82.6 per cent MOT pass performance, which put it ahead of Maserati, Mercedes-Benz and the surprise manufacturer in the list, DS.

That said, DS Automobiles has only been a standalone brand since 2015 when it was officially no longer recognised as a sub-marque of Citroen, meaning its pool of cars analysed for the study are significantly younger than the averages for most other makes dating back to 2005.

Some 7% of Ferraris up to 15 years old failed their MOT last year – that’s the lowest failure rate of all car brands, according to the DVSA figures shared by BookMyGarage.com

Top 10 brands with lowest MOT failure rate in 2020 of cars aged three to 15 years old and with a minimum of 5,000 tests conducted throughout the year

Chevrolet took last place, with just over half (54.4 per cent) of its cars passing first time – though the US brand hasn’t sold any of its mainstream models in the UK since 2014 and therefore has a sample of older vehicles only that are more likely to have suffered from wear and tear.  

Jessica Potts, head of marketing at BookMyGarage.com, which requested the MOT data from the DVSA, said it was ‘no surprise’ to see luxury brands like Ferrari perform best for passing an MOT, given they’re likely cherished more than a mainstream car – and the quality you’d expect from such a pricey motor.

‘Owners of prestige car brands often cover fewer miles annually as the car is unlikely to be the owner’s sole vehicle and they are usually maintained to very high standards,’ she said. 

‘MOT pass rates are less indicative of brand reliability and more a representation of how well owners maintain their car and how much of a ‘workhorse’ a particular brands’ models tend to become.

‘That being said, there’s a noticeable dominance of more mainstream Japanese brands in the Top 10, which perhaps goes some way to prove the notion that Japanese cars are indeed very reliable.’

Former Manchester United and Republic of Ireland left-back Denis Irwin poses with a Chevrlet Trax donated to a West Sussex dealership to be used to raise money for charity

Over a fifth of nearly new cars fail their very first MOT, DVSA stats show 

A review of cars taking their MOT for the first time (at three years old) showed that Ferraris came out on top there too, again ahead of rivals Bentley and Aston Martin – though with Porsche dropping to sixth place.

Of the more mainstream brands, it was purely Japanese marques that filled the rest of Top 10, with Subaru and Lexus taking fourth and fifth places, and seventh to tenth occupied by Honda, Infinity, Mazda, and Suzuki respectively.

At the other end of the results, SsangYong fared less successfully, coming in last with a failure rate of just 78.1 per cent – a pretty difficult stat to swallow for customers who had forked out on their new cars just 36 months earlier. 

However, success at a test centre is as much about the keeper’s maintenance as it is about the durability of the motors and their parts. 

The most common MOT fails are due to owner neglect – such as the 6.8 per cent of cars that flunk the assessment because of illegal tyres. 

The average pass rate for cars sitting their test for the very first time was 78.1 per cent, the figures show.

Top 10 brands with lowest MOT failure rate in 2020 of cars aged three years old and with a minimum of 500 tests conducted throughout the year

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This post first appeared on Daily mail

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Best of the Best shares tumble 30% despite tripling profits

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Shares in Best of the Best tumbled by around 30 per cent after the online competition company said it had seen a decline in customer interest recently, overshadowing its stellar annual results.

Best of the Best, which specialises in luxury sports car ‘raffles’ where people buy tickets hoping to win expensive automobiles, saw profits more than triple last year, its results show. 

Pre-tax profits rose to £14million in the year to the end of April, from £4.2million the year before, after revenues rose to £45.7million, from £17.8million.

Stellar performance: Best of the Best, which specialises in luxury sports car ‘raffles’ where people buy tickets hoping to win expensive automobile, saw profits triple last year

In light of the strong performance, the company hiked its final dividend to 5p per share from 3p, with investors also in line for a special dividend of 50p worth a total of £4.71million.  

But shares in the AIM listed company tumbled by more than 30 per cent at one point this morning. They were down by 27.8 per cent to £19 by midday on Wednesday. 

However, they still remain some 60 per cent higher than last year, and have seen their value jump by around 500 per cent over the past two years.

The massive drop comes as the company said it has seen ‘somewhat of a reduction’ in interest from customers since the lifting of lockdown restrictions in April when shops and restaurants reopened.

Chief executive William Hindmarch said: ‘We are closely monitoring this, but with our flexible model, growth strategy and plans for the year ahead, we expect customer engagement to return to normal levels before too long.’   

Best of the Best closed its last physical competition site at Birmingham airport in July 2019 after 20 years of leasing physical sites at airports and shopping centres across the country. 

These included Heathrow Airport, where its first physical site was located, as well as Gatwick, Edinburgh, Manchester and Dublin airports, and later on, Westfield Shopping Centre in London. 

Hindmarch said that with the benefit of hindsight, the online move was ‘opportune’, given the restrictions on travel that have been in place due to the pandemic. 

‘Having made the strategic decision to exit our predominantly airport-based retail estate and concentrate on a pure online strategy, we have been able to tailor our business, product and pricing specifically to a much more scalable, online only proposition,’ he added.  

BOTB was set up in 1999 and started to take off thanks to the power of social media

BOTB was set up by Hindmarch in 1999 and started to take off thanks to the power of social media. 

People taking part in the competition have to place a marker where they think a football was in a photograph before it was cleverly edited out.  

Its ‘Dream Car’ competition allows customers to buy tickets from £1.60 to win supercars like Jaguars and Tesla, while tickets for its ‘Midweek Car Competition’ start at just 80p.

Customers can also take part in ‘Weekly Lifestyle Competition’ to win luxury watches, motorbikes, holidays and other gadgets. 

Stellar rise: BOTB shares tumbled today, but they are still about 60% higher than last year and have risen by about 500% over the past two years

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ONS: Average UK house price dropped £5k in April but boom isn’t over

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House prices dipped in April as buyers lowered their offers in anticipation of the stamp duty holiday ending, official figures have shown.  

The average property value fell 1.9 per cent between March and April according to the Office for National Statistics’ April House Price Index. 

This meant the average house price fell back around £5,000 to £250,772 – although it was still up £20,000 compared to April 2020, delivering an annual property inflation rate of almost 9 per cent.

The average UK house price has risen 8.9 per cent over the past year, says the ONS

The average house price peaked in March at £256,000, according to the ONS report

Year-on-year, the typical home has increased in value by 8.9 per cent to reach £250,772 since last April, the index revealed. 

However, the rate of growth slowed compared to the previous month when prices rose 9.9 per cent annually.

Housing market experts have said the monthly dip in house prices was a result of buyers putting in lower offers in February and March, when they believed the Government’s stamp duty holiday was going to end on 31 March.

Buyers sought to make up for the fact that they would no longer be making the tax saving, which is up to £15,000 –  although it was later extended at the start of that month.  

Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: ‘House prices dropped in April, which is bound to unsettle homeowners after almost a year of accelerating price rises. 

‘However, this isn’t necessarily the beginning of the end for house price growth, it’s more likely to be a sign of what an arbitrary deadline can do to a market.

‘At this stage we’re not expecting this to be the ultimate turning point for the market, but it’s a useful wake-up call for buyers, and a reminder that house prices aren’t a one-way street.’

The stamp duty holiday was introduced in July 2020 and means that home buyers do not pay the tax on the proportion of a property purchase under £500,000. 

This will continue until 1 July, when the threshold will decrease to £250,000. It will return to the usual level of £125,000 on 1 October.  

This four-bed home in Bath was developed from a folly built in the 1820s. It is listed on Rightmove at £1million, and agents say it has ‘far-reaching views and extensive gardens’

In Staveley near Chesterfield, Derbyshire, this two-bed property complete with sun deck is listed on Rightmove with a guide price of £250,000

Buyers in Chichester, West Sussex, can snap up this four-bed, three bath property which has a guide price of £815,000. It comes with a detached, self-contained garden studio

Downsizers might consider this two-bed bungalow in Bridlington in the East Riding of Yorkshire, which is listed on Rightmove with an asking price of £180,000

In Pembury near Royal Tunbridge Wells, Kent, this four-bed, two bath semi detached home is on the market with an asking price of £625,000. It comes with a large detached outbuilding

Another reason for the recent price growth is high levels of demand for moving house compared to relatively little supply, which was noted in the Royal Institution of Chartered Surveyors’ April 2021 UK Residential Market Survey.

Some experts say that this could help to maintain house price momentum throughout the summer months, even after the incentive of the stamp duty holiday is reduced.  

Paul Stockwell, chief commercial officer at Gatehouse Bank, said: ‘The original stamp duty discount deadline of March has made itself felt with a monthly dip in house prices, but annual growth is still remarkable.

‘There remains a shortage properties coming onto the market in many areas, resulting in intense competition in some cases, and this factor is likely to keep prices pushing upwards throughout the summer.’

Rise and fall: A graph showing house price changes by country since 2017

The UK Property Transactions Statistics showed that in April 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 117,860. 

This is 179.6 per cent higher than a year ago. Between March and April 2021, UK transactions decreased by 35.7 per cent on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 16.9 per cent in the year to April 2021, according to the ONS. 

The lowest annual growth was in London, where prices increased by 3.3 per cent. 

House prices in London are still the highest in the UK, but they dropped from an average of £500,000 in March to an average of £492,000 in April.

At the country level, the largest annual house price growth in the year to April 2021 was recorded in Wales, where house prices increased by 15.6 per cent.

Given the dramatic house price increases of the last year, buyers are being urged to consider whether they are paying over the odds for their homes. 

Miles Robinson, head of mortgages at online mortgage broker Trussle, said: ‘House prices are continuing to grow due to extremely high demand caused by the rush to beat the stamp duty holiday deadline. 

‘While this is great news for those selling a home, buyers are likely paying over the odds when compared with previous years. 

‘As such, any savings from the Stamp Duty Holiday might well be absorbed by the current high cost of homes. 

‘Buyers should look beyond the headline savings and really consider if this is the right choice for them.’

This post first appeared on Daily mail

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Average UK house price drops £5k in April – but experts say property boom not over

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UK house prices dipped in April as buyers lowered their offers in anticipation of the stamp duty holiday ending, official figures have shown.  

Prices fell 1.9 per cent between March and April according to the Office for National Statistics’ April House Price Index. 

This meant the average house price fell back around £5,000 to £250,772 – although it was still up £20,000 compared to April 2020.

The average UK house price is now more than £250,000, according to official data 

Year on year, the typical home has increased in value by 8.9 per cent to reach £250,772 since last April, the index revealed. 

However, the rate of growth slowed compared to the previous month when prices rose 9.9 per cent annually.

Housing market experts have said the monthly dip in house prices was a result of buyers putting in lower offers in February and March, when they believed the Government’s stamp duty holiday was going to end on 31 March.

Buyers sought to make up for the fact that they would no longer be making the tax saving, which is up to £15,000 –  although it was later extended at the start of that month.  

Sarah Coles, personal finance analyst at Hargreaves Lansdown, said: ‘House prices dropped in April, which is bound to unsettle homeowners after almost a year of accelerating price rises. 

‘However, this isn’t necessarily the beginning of the end for house price growth, it’s more likely to be a sign of what an arbitrary deadline can do to a market.

‘At this stage we’re not expecting this to be the ultimate turning point for the market, but it’s a useful wake-up call for buyers, and a reminder that house prices aren’t a one-way street.’

The stamp duty holiday was introduced in July 2020 and means that home buyers do not pay the tax on the proportion of a property purchase under £500,000. 

This will continue until 1 July, when the threshold will decrease to £250,000. It will return to the usual level of £125,000 on 1 October.  

Another reason for the recent price growth is high levels of demand for moving house compared to relatively little supply, which was noted in the Royal Institution of Chartered Surveyors’ April 2021 UK Residential Market Survey.

Some experts say that this could help to maintain house price momentum throughout the summer months, even after the incentive of the stamp duty holiday is reduced.  

Paul Stockwell, chief commercial officer at Gatehouse Bank, said: ‘The original stamp duty discount deadline of March has made itself felt with a monthly dip in house prices, but annual growth is still remarkable.

Rise and fall: A graph showing house price changes by country since 2017

‘There remains a shortage properties coming onto the market in many areas, resulting in intense competition in some cases, and this factor is likely to keep prices pushing upwards throughout the summer.’

The UK Property Transactions Statistics showed that in April 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 117,860. 

This is 179.6 per cent higher than a year ago. Between March and April 2021, UK transactions decreased by 35.7 per cent on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 16.9 per cent in the year to April 2021, according to the ONS. 

The lowest annual growth was in London, where prices increased by 3.3 per cent. 

House prices in London are still the highest in the UK, but they dropped from an average of £500,000 in March to an average of £492,000 in April.

At the country level, the largest annual house price growth in the year to April 2021 was recorded in Wales, where house prices increased by 15.6 per cent.

Given the dramatic house price increases of the last year, buyers are being urged to consider whether they are paying over the odds for their homes. 

Miles Robinson, head of mortgages at online mortgage broker Trussle, said: ‘House prices are continuing to grow due to extremely high demand caused by the rush to beat the stamp duty holiday deadline. 

‘While this is great news for those selling a home, buyers are likely paying over the odds when compared with previous years. 

‘As such, any savings from the Stamp Duty Holiday might well be absorbed by the current high cost of homes. 

‘Buyers should look beyond the headline savings and really consider if this is the right choice for them.’

This post first appeared on Daily mail

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