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Archive for November, 2013

First Property Price Fall In 8 Months

According to land registry figures, property prices in the UK have had their first drop in value since we seen the start to a steady rise almost 8 months ago.

The fall in prices by just 0.2 per cent, comes as no shock to industry experts, as the festive season closes in on us, and the market slows down.

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The land registry also pointed out that house price inflation rates were still increasing, and have gone up from 2.7 per cent to 3.1 per cent.

It has been claimed that the drop may be to do with the governments controversial scheme, Help To Buy, which is making the headlines at the moment. Some home buyers may have been waiting to see details of the scheme before they committed to a purchase.

The land registry information provides statistics from cash sales as well as mortgaged purchases.

Why Selling To BetterPricePaid.co.uk May Now Be An Option…

A number of homeowners who have been contemplating selling their house may have been put off selling for cash, due to the offer they would receive. However, if they received an offer 6 months ago, that offer would now be reflected against a new valuation on their property.

This means that the offer will now be higher than what it previously was, and therefore may now be closer to what the seller was looking for.

 


UK Property Professionals Predict Further House Price Rises For 2014.

UK Property Professionals Predict Further House Price Rises For 2014. We only have one month to go before we hit the New Year, but what will 2014 bring to the table as far as house prices are concerned? Industry experts are predicting we will see a continued growth in the market.

Reported in the Telegraph today property prices have been estimated to have risen by 3.5 to 6%, depending on which statistics you look at. With the figures now out, it appears that the property professionals are in agreement that we will see similar figures next year, hopefully with more stock. One of the most cautious predictors has always been Strutt and Parker, who have this year stated “price growth in 2014 will be very sensitive to prevailing political press and expectations”.

The rest have mixed reviews on how next years prices will go, with the National Institute of Economic and Social Research (NIESR) estimating that prices will grow by 5 per cent, whereas Hamptons is expecting an even larger growth at 6 per cent. Savills surveyors came in even higher at 6.5%.

Will This Help The Average Buy To Let Investor?

You need to first remember that these are just forecasts, and therefore there is no guarantee that they will pan out as expected.

Having said that, if they are close to being accurate, it is definitely positive news for buy to let investors, and current investors. Property prices have fell dramatically since 2007, in some cases by up to 25% – so current landlords may see an increase in the value of their current portfolio. Forecasts have also shown that prices should grow by approximately 20-30% over the next 5 years, dependent upon the area the property is located in.

Another thing to consider is that interest rates are expected to increase from 2015 onwards, so together with the increasing property value forecasts, landlords can make a decision as to whether they want to exit before the interest rate increase, or potentially end up paying a higher mortgage and ‘play the long game’, and hold on for extra capital growth returns.


Coping with debt and house repossession

Although the UK economy is growing, and the housing market is rising at present, there are still a growing number of family homes that are facing repossession.

It is estimated on average 100 families a day lose their property in a home repossession, due to failing to pay their mortgages on time. It is also estimated that this number will continue to rise, as the number of job losses increase, and the lack of employment is forcing more and more people to seek government help and rental accommodation.

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However, not a lot of people realise that full repossession can be avoided by using the skills and expertise of a cash buying company.

Even up until the day of your repossession hearing, you can stop the procedure.

Quick property sale companies such as BestPricesPaid.co.uk can attend court with you and tell the court that they are going to buy the property from you for cash, and that the process of selling is underway. Usually if the cash buying company has proof of funds, the court will accept this and delay the hearing. This gives you enough time to sell your house and to find alternative suitable accommodation.

Rent Back Your House?

One thing to be cautious of is companies that claim you can rent back your property after stopping repossession and selling to them. They are usually either lying in order to purchase your property from you for a below market price, or they are performing an illegal sale and rent back scheme – which you could be liable.

Earlier this year, the FSA put a stop to all sale and rent back activity, so there really should be no company that can offer you such services.

With BestPricesPaid.co.uk we can let you stay in your property for up to 1 month after the sale has gone through. This is different to a sale and rent back, as we wouldn’t expect you to pay any rent in that time, and we would be know that you would be leaving the property in 1 months time.

This is a great way of saving up a deposit, or getting rent together, as you will have one whole month of not paying rent or mortgages. Sometimes after a repossession has been imminent your financial situation is effected, so this breathing space could be exactly what you need.


Online property valuation services?

Online property valuation services?

Determining the value of your house is often a difficult task. Not only do you have to deal with multiple estate agents giving different values, determining which of these valuations are true; now you must also try to figure out if online property valuation services are actually of any real use and should they be taken seriously? We are undecided, but let’s first examine the facts about property valuations.

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Fact: Estate agents lie.

Estate agents really don’t have your best interests at heart when it comes to valuing your home. What they really want to do is get you to sign up to using their services. They will tell you what you want to hear in order to sign you up, and they will even counter offer against competitor estate agents to win you over.

In our opinion estate agent valuations should be taken very lightly. Remember, they are all businesses looking to make a profit, and will try whatever they can to get a commission on your house sale.

Fact: Online tools don’t work.

If you have shopped around on the internet trying to get a free valuation of your property, you will probably have quickly realised that a lot of them are fake! What they often do is ask you to submit your personal details first, and then say they will be in touch with an offer. If this is the case, the likelihood is they are just another estate agent, or they are a cash buying company of some sort. If a cash sale interests you, try this online property valuation service for an ‘indicative offer’ of what you may expect from a cash house buying company.

Other online tools like Zoopla and Nethouseprices do actually give you a figure for your property valuation based on information that you provide – however the accuracy of the valuation they make is questionable.

What they tend to rely on is previous sale information that is available via the land registry. They use this information to build a database, and generate averages for UK house prices. This information is very basic, and they don’t know the exact specifications of your home, so the likelihood of getting an accurate valuation from these types of tools is slim.

RICS Matters.

RICS (Royal Institute of Chartered Surveyors) are the only valuations that really matter. RICS are used by the mortgage companies to evaluate the value of property for lending and are taken serious for lending purposes.

If you genuinely want to get a true market valuation of your property, we suggest that you get in touch with a surveyor. This will cost you, however, it will be accurate and you will know exactly what your home is worth.