If you are looking forward to making an investment in the UK housing market, it is better to indulge in a bit of homework before you take the first step. This is because the buy and rent back market is not in a very good shape and you can be at a disadvantage if you are not careful.
You would find lots of quick house sale in the market. But, it is important to decide which one would work for you. A financial newspaper can help you in this regard by telling you everything about quick house sale. You can also find relevant information on the UK housing online.
A Didsbury based sale and rent back company has gone into administration leaving many tenants with the possibility of losing vast sums of money. Administrators Baker Tilly said that tenants could rent as normal but they did not want to give tenants “false hope” about the likelyhood of them getting their 30% payback.
UK Housing Alliance (North West) Ltd, bought properties off of 375 homeowners who then rented the property back, the deal was 70% of the price up front and the remaining 30% after renting for 10 years. But after only 4 years in business, the firm has gone bust leaving some tenants possibly out of pocket to the tune of £40,000.
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.
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.
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.
The global economic meltdown has affected the property markets to a large extent leading to fluctuating real estate prices and uncertain rates of interest. There has been a lot of economic turmoit in the realty market in UK with the lengthy recession hitting the market badly and creating a pricing plateau.
There is a wealth of properties available with many trying to sell house and flat dwellings quickly before interest rates take a big rise. Owing to the current state of properties in UK, people are dreading to buy the houses at this point of time because of the increased realty rates all over the country after the downturn.
What can be better than buying your dream home and living with all the brilliant benefits of it? As unlikely as it may seem, you may be surprised to read that despite the economy, it is still possible to possess your own home. It is not only the ownership feeling that makes you proud but it is the freedom to make the necessary changes in your home to enhance it without anyone’s interference is indeed a great feel.
You can avoid the trouble of sell and rent back schemes and paying monthly rents and in long run you will be facilitated by enhancement in the market value of your house. In times of crisis you can take loans mortgaging your house immediately in future.
The number of people looking to sell and rent back their home may well increase if new research from FindaProperty is anything to go by. Their figures revealed that February saw the number properties available to rent fell to its lowest point since November ’08, resulting in a 1.2% rent rise, talking the national average up to £814pcm.
Ultimately, the rising house prices and falling rental properties creates a gap that leaves the ever-increasing number of people unable to buy without a housing option. On the plus side, those already renting are more likely to stay put as there are few options available for movement, this means a longer-lasting tenant for landlords.
As part of one of the many housing schemes that are ongoing to get us through the recession and help those considering the sell and rent back option; over £112m has been given to Sutton County Council to improve social housing. In total; £112,500,000 has been awarded to improve the standard of social housing in the borough over the next five years.
There are over 6,000 homes that will see the benefit of the extra cash which has been awarded by the Government and the first installment of £5m will be landing in the bank account in the next few months. The other £107.5m will be handed over between April 2010 and April 2015.
Amidst all the recent chatter, twitter and gossip about Government cut-backs, comes a bit of good news about some high risk home owners that are getting some well-needed financial support. Lincolnshire City Council have received £2m towards their Preventing Repossessions Fund that helps home-owners in the repossession hot spot keep hold of their property.
Repossession figures prove this area is in serious need of support with one family losing their home every day between July and September 2009. All told, 110 repossession orders were issued over that period leaving many considering a sale and rent back option but now they may have another way to keep what’s theirs.