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…
Posts Tagged ‘repossession’
Mortgage And Equity Questions…
Wednesday, June 9th, 2010The History Of The Housing Market, 1959 – 2009
Monday, June 7th, 2010The 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.
First Time Buyers Struggle To Take Advantage
Thursday, June 3rd, 2010On 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.
Garden Grabbing On The Agenda
Wednesday, May 26th, 2010Any 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.
The Sell And Rent Back Option Increases In Popularity
Monday, May 24th, 2010The 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.
Is A Quick House Sale A Reality In The Current Housing Market?
Friday, May 14th, 2010The 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.
Expecting A Quick House Sale? Study the UK housing market before selling
Wednesday, May 5th, 2010The UK housing market can be unpredictable at the best of times so it is best to study it closely if you are looking for a quick house sale. This being an election year, it would be especially hard to predict which way the price barometer will go, but all indications are that that there could be a slump in prices.
So if you are planning to sell your house you may have to rethink your decision and wait for upward movement in the market. Of course, if you are selling for reasons you cannot control, be prepared to accept a lower price than you expected.
A Quick House Sale In 2010 is Doubtful
Monday, May 3rd, 2010Experts who study the UK housing market all agree on one thing, there will be no rise in prices of houses in the UK this year which will dash the hopes of many hoping to make a quick house sale at a profit. While some predict prices will remain flat with no rise or fall either way, others predict a drop of as much as seven percent.
While prices appeared buoyant in the beginning of the year, once the elections were over, prices started to fall and that trend is likely to continue for the rest of the year. If you are planning to sell, wait till maybe next year but if you are buyer, seize the opportunity.
Repossession Numbers Highest In Cities
Friday, April 30th, 2010The Spicerhaart Corporate Sale report was released earlier this week and it didn’t make great reading for those owning property in London, or any UK city or any home-owner in the country really. According to the report, the league of repossession hotspots in the UK is topped by London, which experienced 166% more than 2nd placed Birmingham
The findings revealed that none of the biggest 5 UK cities fared well with Manchester, Liverpool and Belfast coming in 3rd, 4th and 5th respectively. Those living in the city often paid the highest prices to procure a property but with high unemployment and even higher numbers of defaulting home-owners have really struggled.
How America Is Affecting The UK Housing Market
Wednesday, April 28th, 2010Financial specialists are worried about the fact that the current economic situation in the US will continue to have a big impact on the UK housing market. Due to recession in The US, first timen home buyers are not able to get mortgages due to the reduced approval rates meaning the ‘we buy any house‘ companies are stepping in to offer home-sellers a much needed sale.
One of the greatest of difficulties that first time buyers have to face is that many financial institutions and banks have cut the maximum lending amount and many of them have also increased the rates of tracker mortgages. This condition has been made horrendous for those people who are just climbing on the property ladder because the rate of interest is very high and properties displayed are very few.