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Archive for June, 2010

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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How To Buy A House (In These 20% Times)

Friday, June 25th, 2010

At a time when houses are very affordable and mortgage deposits are so high, first time buyers (FTBs) are facing a veritable lock-out unless they can find 15% – 30% of the property value. So, how do you buy a house at a time like this? Well, maybe this can help…

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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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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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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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