8% interest rates could create double dip recession
Published on September 7, 2010 | Author: kayleigh
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Don’t become a statistic
Britain is heading for a double dip recession caused by 8% interest rates increase and a 10% inflation increase, claims Andrew Lilico, chief economist at Policy Exchange. Lilico does not believe the Bank of England will raise interest rates above 2% before late 2011 but they could hit 8% in the coming years. Moreover, he says inflation and interest rates will rise rapidly at the same time too. He says: “Since interest rates are set to rise they will in turn raise mortgage rates. The outcome will inevitably cause more inflation.
“To keep inflation down to only 10% for one year, the economy will have to be able to tolerate interest rates of perhaps 8%, but there is a risk that between now and 2012, households will not take the opportunity to reduce their debts by enough, and so the economy will not be able to tolerate 8% interest rates without the mass defaulting on mortgages that will cause a rise in repossessions. If that is the case, then interest rates may have to be kept lower for an additional nine months and the consequence will be inflation peaking at 20% rather than 10%. Causing inflation to increase to 20% could cause a surge in financial difficulties within the UK. The British economy has now found itself in a ‘catch 22’ situation.
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Are flat loans causing UK double-dip?
Published on September 7, 2010 | Author: kayleigh
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The latest figures to be released by the Bank of England show that 48,722 mortgage approvals in July, up from an upwardly revised 48,562 in June. But analysts say the approvals are effectively moving sideways and are at such a subdued level they are causing concerns.
New figures from the Building Societies Association (BSA) show that total mortgage advances by mutual’s reached their highest level so far this year at £2 billion during July but this is masking the true situation as once redemptions and repayments are taken into account, net lending continued to contract, with homeowners repaying £379 million more than they borrowed in the month.
‘The data continues to highlight the subdued level of activity in the residential property market, despite the stamp duty holiday for first time buyers of homes worth up to £250,000. The total number of mortgages approved per month has been fairly stable since the beginning of the year, fluctuating within a narrow band of just 2,000. In the first seven months of 2010, almost 340,000 mortgages were approved. This is higher than in the comparable period of 2009 when just over 310,000 mortgages were approved, but is well down on historic norms,’ said Simon Rubinsohn, Royal Institution of Chartered Surveyors chief economist
‘A lack of mortgage finance remains a key problem for many borrowers looking to take their first step on the property ladder, with the high deposits required still proving to be an obstacle for many. Uncertainty over the outlook for the market may also be discouraging would be buyers. This is reflected in developments in the rental market. The latest RICS Residential Lettings Survey released last week showed tenant demand continuing to grow strongly and rents rising due to a lack of supply,’ he added.
Adrian Coles, director general of the BSA, admitted that the situation is challenging due to heightened uncertainty about job prospects and household incomes, these alone could potentially limit future demand and this could make it difficult to sustain the growth.
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Mortgage Lenders Adding Thousands To Home Loans
Published on September 7, 2010 | Author: melvin
Filed Under Housing Market News | 1 Comment
Are you a home seller still waiting to sell?
According to some of the latest news, experts are warning that mortgage lenders could increase their standard variable rate at any time. Some mortgage providers are already charging a rate of 5%, which is 4.5% above the Bank of England’s base rate of 0.5%.
Expensive mortgages combined with strict lending criteria caused the flat level of property loans in the past couple of months. Property market is struggling to recover as the current number of home buyers is shrinking. With the upcoming spending cuts, more unemployment is to come, which will put home sellers as well as home buyers in an even more difficult position.
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Detached House Prices Went Up £91 A Day
Published on September 7, 2010 | Author: melvin
Filed Under Housing Market News | 1 Comment
Is your house too expensive to sell?
According to a survey published in the Halifax Property Type Review, despite the credit crunch, recession, banking crisis and the poor state of UK’s economy in general, it is becoming harder and harder for home buyers to move to a bigger, detached property. The average house price went up from £266,060 from March to June 2009 to £299,295 during the same time in 2010.
It has been reported that detached properties are now the priciest properties in the UK, with their prices 63% above the average UK house price. A detached house price has gone up £91 a day over the past year. Terraced houses and bungalows were not that far behind. Flat prices seem to be amongst the only ones that failed to double during the last decade.
The sale figures of detached houses fell down from 21% of all houses sold in 2000 to only 15% in 2010. With the current troubled economy and property market, buyers suffer from insufficient finance availability to get on the property ladder.
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House Prices Down By 0.9% In August
Published on September 2, 2010 | Author: kieran
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Today’s news has suggested that houses prices fell by 0.9% in August, not just by 0.3% as reported yesterday. This represents a 0.4% increase from July’s 0.5%. This figure comes from Nationwide, who said that house prices essentially stagnated during the summer months.
‘As more sellers have returned to the market, home buyers have a greater selection of properties to chose from and more bargaining power with which to bid down asking prices’, said Martin Gahbauer, Chief Economist at Nationwide.
There are also suggestions that house prices will fall between 3 – 5% during the second half of this year and could drop by another 5% in 2011.
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House Prices Drop in August
Published on September 1, 2010 | Author: savannah
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The property market has seen yet another drop in house prices during the month of August 2010. According to figures by Hometrack, the average house price now stands at £158,300, which represents a 0.3% decline on July’s prices.
The drop is said to be caused by fewer people looking to buy a new house, due to restricted finance availability and public spending cuts, that are to come. Richard Donnell , director of Hometrack said: ‘The unmistakable fact is that the availability of homes for sales has improved and this has reduces the support for house prices provided by the scarity of housing for sale over 2009 and early 2010. This comes at a time when there is growing weakness on the demand side – a weakness which represents more than just a seasonal slip’.
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Fiscal Squeeze To Leave Home Owners Stuck With Their Properties
Published on August 31, 2010 | Author: zoe
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Don’t miss out on a quick house sale!
Mortgage lending fell to its forth lowest level, since the oldest records by the Bank of England back in 1993. According to its latest figures, net mortgage lending fell sharply to £86 million in July, from £518 million back in June.
Strict lending criteria have caused problems for home buyers as well as home sellers. As the fiscal squeeze will kick in, people’s finances will be seriously restricted. Not only will this leave many people unemployed, it will also affect their ability to afford monthly mortgage repayments, let alone buying a property. As Alan Clarke from LBNP Paribas said: ‘Housing is going nowhere fast’.
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Home Owners To Face Four Years Of Negative Equity
Published on August 31, 2010 | Author: zoe
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How long can you wait?
Latest news revealed, that homeowners who bought houses during the peak in 2007, are facing four years of negative equity. They will have to wait until 2014 for the value of their homes to be higher than the value of their mortgages. This means that if you bought a house at the average price of £216,800 three years ago, you won’t achieve the £226,900 figure needed to put you out of the negative equity until then.
Research carried out by The Daily Telegraph shows that eight out of ten first-time buyers would not have been able to buy without their parents’ financial support. Banks aim to decrease the number of home owners failing to pay their mortgage repayments. However, by tightening their lending criteria, they restrict mortgage availability to potential home buyers.
‘Even though price rises look sluggish for the next few years, affordability is not improving for many low-to-middle income households as banks continue to restrict their mortgage lending and house prices remain historically expensive in relation to salaries’, said David Orr, chief executive of the National Housing Federation.
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Home Sellers Going To Extraordinary Lengths Just To Sell
Published on August 28, 2010 | Author: sona
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How Desperate Are You?
Latest rumour has it that struggling home sellers go to extraordinary lengths to sell their home. Cars are being included as part of the house sale!
Some predict that the property market will not recover for at least another two years or possibly longer. This autumn and next spring, prices will most likely continue to fall and houses will become harder to sell as a result of the continuing mortgage famine, public spending cuts and tax rises.
A seller in Devon has been reported to offer a £20,000 cash reward price to anyone who buys his house. He has been trying to sell his home for over two years now. Another seller in Nottinghamshire offered a brand new Ford KA or a discount of £8,000 to the person who offers the asking price.
Professional property businesses are starting to apply a very similar tactic. Some are offering a free conservatory worth £10,000 or rewards such as annual rail and London underground passes.
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Is It Really Possible To Sell A Tenanted Property Fast And Hassle Free?
Published on August 27, 2010 | Author: melvin
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Property landlords who decide to sell their properties are normally exposed to more pressures than ordinary home sellers. It can be a very tricky situation, especially if the property is tenanted. On many occasions, tenants owe money for rent or generally cause troubles, annoy their neighbours and cause damage to the property.
Quick Cash For Properties can arrange for a smooth and hassle free sale, no matter the reason behind selling your property. We take care of the whole process while you can sit back and get on with your life. We guarantee a fast house sale solution.
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