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.
Tags: conveyancing, fast house sale, quick house sale, repossession
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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.
Tags: conveyancing, fast house sale, repossession, Sell And Rent Back
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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.
Tags: conveyancing, fast house sale, quick house sale, Sell And Rent Back
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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!
Tags: conveyancing, fast house sale, quick house sale, Sell And Rent Back, Sell My House
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May 26th, 2010
Any idea what garden grabbing is? It’s a phenomenon brought on by the last Labour Government and it’s one that’s got a lot of people shouting ‘not in my back yard’. Garden grabbing as it’s been nicknamed is the purchasing of urban garden space by developers for the use of new housing plots. Back in 1997, 1 in ten gardens were grabbed by developers, now that figure sits at 1 in 4.
The whole situation came about in 2000 when the then Home Secretary, John Prescott, encouraged the use of brownfield sites for new housing developments. For the last 20 years garden space has been classified as ‘brownfield sites’ which is the same classification as old railway lines and disused factories. But now, the new Conservative Government is pledging to revert garden space back to a ‘greenfield’ designation, meaning urban home owners can breathe a sigh of relief, unless they needed the money from a land sale.
Tags: buy my house, fast house sale, repossession, Sell My House, Sell My House Fast
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May 24th, 2010
The UK Housing market does not look very promising at the moment with government reports indicating a significant slowdown in the housing market in the US. House prices have fallen considerably which can be good news for you if you are a prospective investor in real estate.
You can take advantage of the quick sale opportunities that are available such as sell and rent back schemes and look forward to a better future. However, you have to keep one thing in mind. You should be discerning enough to invest in a property that has good future prospects. Just because houses are available at alarmingly cheap rates, it should not prompt you to jump on to the bandwagon without giving it a proper thought.
Tags: conveyancing, fast house sale, quick house sale, repossession, Sell And Rent Back
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May 21st, 2010
If you are looking to make a quick house sale fearing a sudden decline in prices, it is best advised you hold off. This is because although prices may be down right now, it is only because this is a common occurrence after elections.
The property market and conveyancing solicitors too are keenly watching what happens with the new government once it settles in so prices have dipped. Even though experts state the market will be stagnant for the rest of the year, if you hold off on selling your house, prices will certainly rise above the present levels. It is all a matter of a little patience.
Tags: conveyancing, fast house sale, quick house sale, Sell And Rent Back, Sell My House Fast
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May 19th, 2010
The time is ripe to buy a house as the current market indicates a decline in prices, especially considering the general elections have just been completed and a new government has taken over. Because of the decline in prices, people who think prices may fall further are now looking to a fast house sale and you can swoop down on such houses and get them at a bargain price.
However, most people and real estate experts feel that prices will remain flat the rest of the ear following the post-lection dip. Nevertheless, the time to make your move is now when it comes to buying a house.
Tags: fast house sale, quick house sale, Sell And Rent Back, Sell My House
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May 17th, 2010
It is true that the UK housing market is going through a crisis and if you are contemplating any kind of transaction related to this market at the moment, it would not be a wise thing to do. Moreover, if you are a first time buyer, things can get extremely difficult for you.
The reason behind this is the uneven ratio between the price of houses and the earnings. Earlier, the banks usually came to the rescue of first-time buyers in such a scenario by offering them lucrative mortgages. However, the situation has completely changed now and if you’re looking for a quick house sale London is your best bet, everywhere else it seems like a distant dream. The crunch in the economy has taken its toll and the worst affected are first-time buyers.
Tags: fast house sale, quick house sale, Sell And Rent Back, Sell My House Fast
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May 14th, 2010
The paucity of mortgage finance is surely the most dominant factor in the diminishing demand for property and housing. Any survey will indicate that mortgage approvals have hit rock bottom and its repercussions can surely be felt in the housing market. Earlier, the situation was quite different. The mortgage lenders employed several lucrative means to ‘woo’ customers.
These included hundred percent mortgages and multiple ones with high income. Obviously, these facilitated quick house sale. But, after the recent credit crunch, the banks have become wary of lending mortgage and as a result, the buyers are facing a tough time getting a suitable mortgage especially the first timers.
Tags: fast house sale, quick house sale, repossession, Sell My House Fast
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