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Archive for July, 2010

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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A Fast House Sale May Have To Wait, But If You're Buying…

Friday, July 23rd, 2010

If you’re fretting about the state of the housing market, don’t, because Britain’s largest residential landlord Grainger said on Wednesday it remained bullish about opportunities to buy real estate at great prices. OK, so if you’re selling this aint great news and the open market may not be the best place to get a fast house sale but if you’re buying.

Grainger has around £2.8 billion of property on it’s books and is trading well despite the gloomy market with almost £70 million of purchases planned and £154.8 million of sales in process. Despite the knock in confidence for the market place as a result of the RICS survey, the volume of property coming to market increased at its fastest pace since May 2007.

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Conveyancing Solicitors Or Lenders Or Whoever, When It Comes To House Price Reports: It's A Finger In The Wind Jobbie

Wednesday, July 21st, 2010

We, like you, know that every few weeks, month or quarter there are new and conflicting house price reports out from estate agents, lenders, conveyancing solicitors and institutions. One will say prices are up, the other static and another down, leaving you to choose which way you think the market is heading. The latest report is from the Royal Institute of Chartered Surveyers (RICS) who say for the first time in a while, house prices are actually dropping.

This has, of course, made the news channels, press and media sit up and comment on what this means for the economy, raising the rather obvious question of the double dip recession. But not everyone in the info game thinks dropping prices are bad news, Tracy Corrigan of the Daily Telegraph has written a great article on why it could be just what the country needs, check it out here…

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A Quick House Sale Is Still A Way Off But New Builds Could Be Just Around The Corner

Monday, July 19th, 2010

A new Government plan has been launched that will give councils extra cash for each new property built in their area as an incentive to encourage the construction of more homes. It’s being called the New Homes Bonus scheme and will mean that local authorities will receive a lump sum per property equivalent to the council tax raised on each new house for six years.

The scheme has been introduced because of the lack of quick house sale opportunities and due to the low new-build numbers currently being seen. Even at this early stage it does have critics, one such being John Healey, shadow housing minister, who said: “This policy could mean cuts in services in other areas of the country, we could quite literally see government robbing Peterborough to pay Poole.”

In reply the Housig Minister, Grant Shapps said: “Communities that go for growth would reap financial rewards” and the rewards are likely to be substantial, possibly several hundred million pounds.

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Trying To Sell Property In This Market? Check Out This Retro Pad

Friday, July 16th, 2010

If you’re trying to sell property without much luck, image how the owners of the oldest house in Britain feel when the the best you can say about it is that ‘it’s a fixer upper’. Of course, we’re talking about the remains of the oldest house ever found in Britain which was discovered by archeological experts this week.

Evidence of the 10,500 year old, 12ft wide dwelling was unearthed at Star Carr, North Yorks and is thought to have been lived in by  huntergatherers, for more on the fascinating find, check out the full story…

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Council Tenants To Be Encouraged To Buy From Those Trying To Sell A House

Wednesday, July 14th, 2010

After the PM’s controversial suggestions on council house reform at his Q&A session in Brighton and Hove, Lincoln City Council has come out and warned it could have an impact on local council services. Under the possible reform, new council tenants would sign 5 to 10 year contracts instead of having the property for life, after the contract period they would be forced to move from their homes.

John Bibby, director of housing at the City of Lincoln Council, said:”We understand this suggestion was put forward by the Prime Minister in response to a question from a member of the public, with the intention of opening up a debate on the priorities for affordable housing.”

“At this stage, it’s just a debate. Until we get a detailed consultation paper, it’s difficult to assess the implications.”

The reasoning behind the idea is that over 5 to 10 years a tenant’s situation can change and they may want to look for someone who’s trying to sell a house on the open market and move into their own property. Plus, by putting contracts in place more needy people can get a roof over their head while those that have settled in a council property are more able to but/rent in the private sector.

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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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