Tag Archives: conveyancing
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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Tags: conveyancing, quick house sale, repossession, Sell And Rent Back
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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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Tags: conveyancing, quick house sale, repossession, Sell And Rent Back
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Wednesday, July 7th, 2010
Have a guess what the total value of privately owned homes in the UK is, go on have a think and pick a figure. Got it? OK, research conducted by Halifax (you’ve skipped this and looked at the number haven’t you), were you close? £3.755 Trillion, which is, a lot and more than double what the housing stock was worth just ten years ago.
Sitting at £1.719trn in 1999, the increase of more than £2trn in property value is equivalent to £33,000 per person in the UK, but as would be expected the value of the nation’s housing stock has fallen by 8% in the last 3 years, reflecting the reduction in those able to sell property and the drop in house prices. The research also revealed that the north-south gap is narrowing with the value of housing in the north increasing by 132% compared to 109% in the south over the decade.
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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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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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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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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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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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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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