Pre-Election Budget Affects The Housing Market
Published on March 25, 2010 | Author: kayleigh
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What is the outlook?
The Pre-election budget has been released today causing a stir within the housing market. Alistair Darling has axed stamp duty on homes under £250,000, for first time buyers only until 2012. Meanwhile, stamp duty on homes over £1M will rise to 5%. According to experts defining a ‘first time buyer’ could prove to be difficult. Mr Darling has set out initial terms to characterise a ‘first time buyer’-
- those buying a property must be buying a property as their main home,
- if there are joint buyers then they can not have owned another property previously anywhere in the world,
- the completion date must be on or after 25th March 2010 and before 25th March 2012
These latest changes are part of an economic re-boot as Mr Darling has predicted debts would fall faster than forecasted dropping to £74bn in 2014-15, with an expected 1-1.5% economy growth.
However, if your property sale is still taking too long, call Quick Cash For Properties and sell your house today – 0800 933 6137.
Economic Recovery to Stay Fragile Until 2011
Published on March 23, 2010 | Author: kayleigh
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What does it mean for our property market?
This year’s economic growth recovery is set to be slow and sluggish with very few signs of strength. According to the Confederation of British Industry, the UK’s economy will not show signs of recovery until the middle of next year. Economic growth is said to be considerably fragile because of VAT reductions and scrappage schemes. Moreover the CBI believes that the lack of consumer spending, caused by consumers new saving patterns and job security worries would subdue any economic growth. Further research has led the CBI to consider the economy being unable the return to pre-recession levels by 2011. Especially since unemployment levels will continue to peak in autumn this year to 2.75 Million.
The lack of spending, as unemployment rises will be also reflected in the country’s property market. Vital homebuyers will be unable to afford to buy and sellers will find it much harder to sell.
Quick Cash For Properties however, can sell your house fast for cash and help you move on with your life. Call us now on 0800 933 6137 and find out how we can help you.
Borrowers Struggle To Meet Basic Living Costs
Published on March 18, 2010 | Author: kayleigh
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Do you need to sort out your financial stability?
New reports from the Consumer Credit Counselling Service have shown that borrowers are struggling to repay smaller amounts of debts compared to previous years. The rise in people unable to pay lower amounts of debts has been caused by a rise in unemployment and working hours and salaries being reduced. The charity found the number of borrowers who could not afford to repay their debts or meet basic living costs had risen from 13,812 in 2008 to 55,063 2009. The CCCS has prepared to launch a government approved scheme to help struggling borrowers to pay of their debts by means of a £1 minimum token payment.
Borrowers who owe more than their basic spend on living costs will be entitled to make a £1 token payment for 6 months. In return the borrower will have to take responsibility for their debts and arrange a payment plan with their creditors.
If your debt has spam out of control, get a specialist advice now. Call Quick Cash For Properties experts on 0800 933 6137 and let us help you out of the vicious circle.
New Mortgage Drought To Hit House Prices
Published on March 17, 2010 | Author: kayleigh
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What does it mean for home sellers?
Property prices are expected to fall after the general election as unemployment and mortgage shortages continue to rise. Since Halifax announced the 1.5 per cent fall in houses prices in February many economists have agreed that the fall in recent mortgage approvals is slowly suffocating the market. Experts have also suggested that a second wind of mortgage rationing will hit later on this year could continue to cause further decreases in property prices.
Mortgage brokers believe that if mortgage rates do not rise over the next year, the Bank of England will be forced to increase its base rates from its current level of 0.5 per cent. This will cause increases in costs to all types of borrowing proving another dent in the housing market, even for homeowners who are on very low mortgage repayments.
Lack of funds from lenders is to wipe out homebuyers. Can you sell your house fast enough before this happens? Quick Cash For Properties always have a solution. Call us on 0800 933 6137 now.
Bad Debt To Remain “Above Historic Norms” Say Northern Rock
Published on March 11, 2010 | Author: bex
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Do you need to clear your debt?
Losses on bad debt were up 17% in 2009 than the previous year, reaching £1.04bn. As the number of people defaulting on their debts soared in 2009, Northern Rock have released figures showing that they wrote off more than £1bn.
The group have said that the increase is due to rising unemployment, falling house prices and increasing missed repayments. They have warned that levels of bad debt are to remain “above historic norms” for the foreseeable future.
In 2008, Northern Rock repossessed around 50% more homes than other lenders and claims it has since taken steps to help it’s customers avoid repossession. However, they refused to release figures on how many homes they repossessed in 2009. Mortgage arrears reached 4.28% in December 2009 – up 1.36% from the previous year.
If you are facing money problems, Quick Cash For Properties may have a solution for you. Call 0800 933 6137 now and pay off your debts.
House Prices Fall By 1.5% In February 2010
Published on March 4, 2010 | Author: admin
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Where does it leave you?
The Halifax recorded a house price fall of 1.5% in February, knocking almost £2,500 of the average house price, the first fall since June 2009. They have also said that the market has slowed in recent months.
It is believed that the drop has been caused by the poor weather, more properties being put up for sale and the end of stamp duty relief.
The weather has meant that potential buyers have been less likely to travel or leave their own homes.
The stamp duty threshold had been increased to £175,000 for over a year but reverted back to £125,000 on 1st January 2010. This has put off buyers able to purchase properties priced around the current average house price of £166,587.
The Council of Mortgage Lenders reported that gross lending for home loans fell by 32% in January this year in comparison with December 2009 to a 10 year low of £9.1bn.
You can’t not rely on the weather, lenders or new instructions to help you sell your house. But you can always trust Quick Cash For Properties to arrange for a quick property sale whenever you need it. Call our specialist home buyers on 0800 933 6137 and discuss your needs with us.
