Archive for the ‘quick house sale’ Category

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Mortgage Lending Remains Low, Post Budget

Wednesday, June 23rd, 2010

The Council of Mortgage Lenders (CML) has said UK mortgage lending remains subdued after the budget announcement last week. Despite the lack of noticable growth, the number of new home loans rose by 7% in month on month in May to £11.3bn.

The reasons for the stuttering mortgage market can be blamed on higher taxes and public spending cuts said the CML, commenting on the situation CML economist Paul Samter said: “The market will inevitably be affected by how policy impacts on the wider economy – particularly on household finances and confidence.” Whether the market will pick up will depend on whether lenders relax their restrictions on deposits from first time buyers, unlikely for some time.

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A Fast House Sale Is Still Unlikely, Even Without A HIP

Monday, June 21st, 2010

According to a survey conducted by the Royal Institution of Chartered Surveyors (Rics), the suspension of Home Information Packs (HIPs) has resulted in more property being placed on the market in England and Wales. Despite the rise in homes on the market, a fast house sale is unlikely as the number of completed sales over the the 1st quarter months fell by 5%.

The suspension of HIPs and the abolition which is to follow was announced by the new coalition government in May and described as “needless red-tape” by housing minister Grant Shapps. Although the need for a HIP has been removed, sellers are still required to provide an energy performance certificate will remain. As for a HIP replacement (sorry, couldn’t resist), there are no signs this Government will be entertaining that idea throughout this Parliament.

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The Mystery Of The Housing Market Survey

Friday, June 18th, 2010

House Price surveys – they’re like 4 suspected criminals that haven’t got their story straight, all giving different versions of the truth. Ok, that’s probably one of the worst similes you’re likely to see but it kind of gets the point across that the state of the housing market depends on who’s survey your looking at. So why are they always different? Well, maybe this can help explain…

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Forget A Quick House Sale And Rent, But Not That Way…

Wednesday, June 16th, 2010

So, you put your house on the market and waited for the calls to come flooding in, actually you were aware they probably wouldn’t come flooding in because a quick house sale in this market is hard to come by. But what’s the next step, where to from here? Well if you could do with some extra cash to cover the bills or mortgage, why not join the thousands of households across the UK that are letting out their spare rooms to lodgers.

There are an increasing number of websites what offer rooms with ‘hospitable hosts’ in houses up and down the country and across the globe. Often it’s parents who have seen their kids move away and have rooms going spare but sometimes it’s professionals who work away from home letting their flat out to guests. There are even flexible tax rules in the UK that make the idea even more attractive, those planning to rent out a furnished room in their main residence may be able to claim ‘rent-a-room’ relief. This relief allows a property owner to pay no tax if the gross rental income for the tax year does not exceed £4,250. So if you’re trying to sell, maybe you should rent!

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No Quick House Sale Promises But Estate Agents Aren’t All Bad, Say OFT

Friday, June 11th, 2010

You may have to sit down before you read this next line, are you ready? OK…

Estate agents aren’t the reason behind stressful sales, the Office of Fair Trading (OFT) has given the industry a clean bill of health and, here’s the shocker, satisfaction levels are up.

Yep, you read right, they’re all on our side, well I’m not sure about that and a quick house sale isn’t somehting that industry has to offer right now but they aint so bad. the news comes as part of a report commissioned by the OFT that has also revealed the increasing influence of the internet on the way we buy and sell homes.

One outcome of the report is that the OFT wants to encourage online businesses that let buyers and sellers meet by freeing up regulations. At the moment, most housing market services online are provided by the traditional estate agents rather than aptly named ‘introducers’. If the OFT get their way, this will all change. More on this on Monday.

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Mortgage And Equity Questions…

Wednesday, June 9th, 2010

It’s an ever changing market out there, but just how good or bad will it get? And what impact will it have on your borrowing and assets? Well, if you want to find out, have a go of this calculator produced by the BBC, it’s simple to use and may just answer your questions, take a look…

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The History Of The Housing Market, 1959 – 2009

Monday, June 7th, 2010

The results of a fascinating study by the Halifax have revealed that houses are less affordable now than they were 50 years ago, although the quality has improved, thankfully. The Lloyds Banking Group owned conveyancing solicitors and lender found that UK house prices have risen by 2.7% a year between 1959 and 2009
and that there were four major boom periods that contributed the most. These were:

- 1971-73
- 1977-80
- 1985-89
and 1998-2007.

In real terms, the average home has almost quadrupled in value, rising 273% since 1959. But the figures aren’t all good, first time buyers (FTBs) have been hit by the changes as house building levels have fallen, but the proportion of households occupied by just one person has risen from 19% in 1971 to 33% in 2009, the Halifax said. The impact on affordability of smaller homes for FTB’s has been great owing to this shift, adding pressure to the market place.

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First Time Buyers Struggle To Take Advantage

Thursday, June 3rd, 2010

On Tuesday we discussed the plight of first time buyers (FTBs) who are able to afford repayments for the first time in years but can’t afford the mammoth deposits. To give this some context, industry figures show that the average price of a property bought by a first-time buyer in 2009 was just £133,794, yet the average deposit paid was a massive £29,439.

For those wannabe FTBs who can’t get £30k together, there are other options such as the scheme HomeBuy Direct which is open to households in England earning less than £60,000 a year. The scheme is a part Government, part developer effort to provide new affordable housing for those not on ‘the ladder’ but even this route is threatened with just  60,000 new build completions last year compared with 175,000 in 2007.

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Quick House Sale Figures Down As First Time Buyers Locked-Out

Tuesday, June 1st, 2010

Despite a slight rise in property prices throughout May, houses and flats are now more affordable for first-time buyers (FTBs) than they have been for years, but as is often the way – there’s a catch. Many would-be buyers looking for their first home can afford the repayments but can’t get together enough money for the hefty deposit.

With only a few 95% mortgages on the market and only the best credit scores getting them, the choice for the mere mortals is frequently either a 20% or sometimes 35% deposit mortgage. Needless to say, with FTB’s locked out like this, quick house sale figures are down dramatically with the National Association of Estate Agents (NAEA) reporting that just 19% of house buyers were first-time buyers in November 2009. Compare that to 45% in May 2009 and you get the picture. More on this on Thursday.

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Quick House Sale More Likely With New Housing Policy Change

Friday, May 28th, 2010

If you’re sitting on a property and hoping for a quick house sale then you may be feeling a little dispondent, not least because the Prime Minister announced last week that we’re in a greater financial predicament than he first thought. But there is some encouraging news, the market is picking up and Camerons lot are to announce a change in housing policy that could see a boost in sale figures for house on the market.

Their plans are to make it harder to build on urban garden space, discussed a few days ago, and also to remove the minimum house build of 30 properties per acre imposed on developers. This means there could be less new builds and more of the current stock being sold, including yours!

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