Posts Tagged ‘repossession’

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If You’re Selling A House Then You Might Want To Read This…

Friday, July 30th, 2010

On wednesday we spoke about the impact of the PM’s Social Housing reform plans and how they have been criticised by some as a move that could leave many vulnerable citizens worse off. Now, we’re no experts on this but we reckon it’s worth finding out more about the scheme if it’s going to effect the lives of people trying to live in or sell a house – if you fancy it, you can read a great article about it in the Independent, check it out…

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Sell Your Own Home On The Open Market – If You’re Lucky

Wednesday, July 28th, 2010

Following on from last weeks post about the fall in house prices being good news for the economy, more industry analysts are in agreement that the drop will do us all some good. Although there are some commentators who believe that David Cameron’s social housing proposals could increase insecurity felt by the most vulnerable people and destabilise communities.

The truth of the situation will vary depending on income brackets and geographical position with those comfortable and wealthy individuals not feeling the impct as much as those on low to medium incomes. Trying to sell your own home right now is tough and lower prices may help but as long as borrowing requirements are so strict and deposit-dependant, the open market will be a hostile place to do business.

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Repossession And Retail Prices – Both And More Affected By House Prices

Monday, July 26th, 2010

Just a quickie, if you’ve ever wondered how the economy is affected by house prices and what knock on effects they have on other elements such as repossession, exchange rates and retail prices, then check out this article…

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Rural Property Prices At 12 Times The Average Income

Monday, July 12th, 2010

We know the tale of ‘City-folk buying second homes in the countryside and prices rising as a result and youngsters being forced out because they can’t afford to stay’ is an old one. But when you look into this issue, it does reveal some scary numbers, such as the average house price in some rural areas being 12 times the average income and a typical countryside property mortgage requiring the appliant to earn at least £66,000 per annum.

With the average income of people in rural areas at just over £20,000, it’s clear to see why this is a problem. Add to it the surge in property values over the last decade, as mentioned in a HFC post last week, and it becomes even tougher for young wannabe home owners to get a foot on the ladder in their back yard. BBC’s Newsbeat have done a nice little piece on this, if you fancy reading more you can check it out here…

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Repossession Provides Thousands Of Empty Homes But New-Builds Keep Coming

Friday, July 9th, 2010

Despite there being more empty properties than there has been for a substantial amount of time, mainly as a result of repossession and eviction, some councils are keen to build new properties and shout about it. The lastest development of 450 new homes has just been approved in Northampton after the approval of a £2.3 million scheme was approved by the ConDem government.

Speaking about the scheme, West Northamptonshire Development Corporation (WNDC) chief executive Peter Mawson said: “The government clearly recognises the importance of Northampton and has backed WNDC to invest around £2m in the transformation of a largely derelict site.”

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Want To Sell Your House Fast? There May Be A Chance

Wednesday, June 30th, 2010

Great news, those thinking “I’d like to sell my house fast” will be pleased to know house prices rose again in June according to Nationwide building society figures, the rise comes after a 0.5% increase in May and puts the average UK property at just over £170,000. These figures contradict the Government research which puts the average house price at £207,000 but as we know, these surveys always offer different results.

The Government figures put inflation at 10.1% however Nationwide’s findings suggest a percentile closer to 8.3%, the building society also shows prices have risen by 3% since the start of the year. As for reasons behind the findings, Nationwide say the increase in prices is down to the rise in the number of properties on the market after the suspension of Home Information Packs (HIPs).

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Latest House Prices Survey Puts Inflation In Double Digits

Monday, June 28th, 2010

After blogging last week about the variety of results that the housing market surveys produce, this week it’s the turn of the Government to tell us how house prices are doing and according to their figures prices are rising at their fastest rate since the autumn of 2007.

Annual house price inflation has reached as the Department for Communities and Local Government (DCLG) said prices in April were 10.1% higher than a year ago. The figures also show that UK house prices rose by another 0.4% in April alone, putting the average UK property at just over £207,000. Despite the rise in prices, the number of loans granted to home buyers fell by 9% in April to 40,000, if you believe this survey that is.

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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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You’ve Met Your Partner Online, Now Meet Your New House

Monday, June 14th, 2010

It’s Monday, the start of another working week and here at the HousesForCashUK.co.uk blog we’re going to pick up were we left off on Friday. The Office of Fair Trading (OFT) plan to shake up the online aspect of the estate agency industry by encouraging more ‘introducer’ businesses. These introducers are often websites where buyers and sellers can meet and conduct negotiations between themselves.

Introducer sales in the UK are currently in the minority, making up just 2% of the market, but across the pond such transactions are much more frequent, accounting for 15% of all property sales. Part of the plan from the OFT is to reduce the regulations applicable to introducers and therefore free them from the red-tape and costs associated with being classed as an estate agent. Of course this is great for competition and for consumer choice, but with deregulation can come issues of mis-selling with no rebuke. A workable balance is needed.

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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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