UK Residential Property Prices Growth Expected To Slow In the Second Half Of 2010
Published on May 28, 2010 | Author: melvin
Filed Under Housing Market News | Leave a Comment
Can you afford not to sell your property now?
Whilst average UK house prices have proved durable so far this year with levels currently 13.6% higher 2009, there are signs of price growth slowing, according analysts. The latest forecast from consultants Jones Lang LaSalle expects the annual rate of growth to fade during the second half of 2010, ending down 1% across the UK and flat in the London market by the end of the year. ‘The recovery in UK house prices, which started during late 2009 with great momentum, surprised the market. Prices are now only 9.8% lower than peak values witnessed towards the end 2007. However, this recovery is now at risk as the political environment remains in a state of flux,’ said James Thomas, Head of Residential Investment and Development at Jones Lang LaSalle. ‘The impact of structural changes to the national economy, aimed at curbing the national debt, has left buyers and sellers unsure of the right time to act. London and the South are likely to fare better and outperform the wider UK market as a result of global investment capitalising on the continued weakness of sterling but the new government’s emergency budget in June will have a significant bearing on existing stability,’ he explained.
The UK Residential Market Forecast report highlights the effects the result of the general election will have on the housing market. The plans to overhaul capital gains tax from 18% to at least 40% on second homes, buy to let properties and the eradication of the Home Information Packs, which is likely to increase housing supply in the short term both present downside pressures on pricing. But analysts expect 2011 to be stable. ‘Looking beyond 2010 we can expect 2011 to show signs of market stabilisation, allowing time for the economic recovery to be fully embedded by 2012,’ said Rob Bruce, Head of Residential Research. ‘The outlook for the housing market remains strong over the medium to long term. Demand, activity and pricing will build through 2012 to 2014 encouraged by further lender and developer participation. By 2013 we can expect house price inflation to accelerate towards double digits, partly fuelled by the structural undersupply of new housing in the UK.’
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UK Housing Market Still Struggling To Recover
Published on May 27, 2010 | Author: zoe
Filed Under Housing Market News | 1 Comment
Can you rely on the market itself?
First time buyers have been warned that despite recent report of improvement within the housing market, there are potential pitfalls ahead. MoneyExpert.com has suggested that a “credit squeeze” will remain throughout the housing market for the foreseeable future. It has been discussed that banks such as Lloyds Banking Group, Northern Rock and RBS are still on a “government life support machine”, the new coalition government will have to juggle a balancing act between taking funding away without triggering a crisis. Simon Rubinsohn from Royal Institution of Chartered Surveyors has indicated that “a continual lack of mortgage availability might hold back house building projects in Britain”.
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Mortgage Decrease Continues
Published on May 25, 2010 | Author: suzanne
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What impact does it have on you?
The Council of Mortgage Lenders (CML) has announced a slight seasonal decline in gross mortgage lending. The CML has also highlighted a significant decrease in the number of first time buyers qualifying for mortgages, as they are finding it increasingly difficult to raise a substantial deposit. The regulating body have expressed fears that the imminent fiscal squeeze could slow the housing markets recovery forcing more funding difficulties for lenders. The CML’s director general, Michael Coogan, comments: “We welcome signs in the coalition agreement that some housing priorities are on the government’s radar.”He adds: “But we still do not know how the incoming government plans to address the funding gap looming over the next few years in the mortgage market”. Friday 21st May’s HIP suspension could also create further challenges to the UK housing market by prompting a surge in speculative house sellers. The Royal Institution of Chartered Surveyors (RICS) recently reported that new instructions are outstripping new buyer to interest and the removal of the HIP could see estate agents’ stock levels increase.
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Mortgage Lending At Its Lowest In 10 Years
Published on May 24, 2010 | Author: kayleigh
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Will your house sell?
Recent research had bought to light more worrying signs that the UK housing market is still a long way off recovery, as mortgage lending has slumped to a 10 year low at the end of last month. Banks and building societies gave out £10.2 billion worth of home loans, a record 12% decrease in March, and the lowest since April 2000. The Council of Mortgage Lenders has announced that Easter had dented demand, while the Bank of England’s low base rate of 0.5% had acted as a double edged sword. As mortgage rates were cut for home owners, new customers and vital first time buyers struggled to gain enough capital for an initial deposit. The banks low base rates also hindered the re-mortgage market as those customers ending their fixed rate deals choose their lenders’ standard variable rate over new products. There have now have been amid warnings by experts of a mortgage famine beginning next year, with lenders having to pay £300billion of support back to The Bank of England and to the Government.
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HIP’s Suspended From 21st May
Published on May 21, 2010 | Author: kayleigh
Filed Under Housing Market News | Leave a Comment
How will this affect UK’s property market?
As of today Home Information Packs will no longer be required for house sellers. The costly HIP packs were first introduced in 2007 in England and Wales despite opposition from the Chartered Surveyors (RICS) and National Association of Estate Agents. The final HIP abolishment will require changes to legislation, at the moment a suspension order has been put into place. Energy Performance Certificates are still required under European law. Since the suspension the future of HIP providers is uncertain, as many have set up own businesses or have paid for their training. A director of the Association of Home Information Pack Providers has said that “over 3,000 jobs will go and 10,000 will be affected as a result of the suspension of HIP’s and £100 million revenue will be lost to the Treasury in VAT receipts”. Moreover, the UK housing market may struggle to benefit from the suspension of the HIP as according to RICS new instructions for sellers are already outstripping new buyer enquiries.
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Mortgage Lending At Lowest In A Decade
Published on May 21, 2010 | Author: zoe
Filed Under Housing Market News | Leave a Comment
Who will have the money to buy?
Mortgage lending has slumped to its lowest recorded level in a decade, experts have warned of an on-going credit shortage that could threaten the UK’s housing market. Traditionally April sees a positive ‘spring back effect’, after the cold winter months. However, according to the Council of Mortgage Lenders the average gross mortgage lending has declined to £10.3 Billion at 12% decrease, the lowest April has been since 2000. A lack of affordable mortgages has continued to stall the UK’s housing market, as buyers still need to find substantial deposits to secure the best deals, even though banks have improved their balance sheets from billions of pounds of support from tax payers. Jonathan Moore a director from easyroommate.co.uk has said that “this is not just another blip in the recovery- there is still as very real mortgage drought. And it’s not getting better. To reignite any progress in the housing market, lenders need to meet the growing demands from wannabe first-time buyers with affordable mortgages. Would-be-first-timers are being forced to stay in rented accommodation or live with parents for longer than ever to scrape together enough cash for deposits”.
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rented accommodation or live with parents for longer than ever to scrape together enough cash for deposits”.
Many Lenders Still Not Delivering On Repossessions
Published on May 21, 2010 | Author: savannah
Filed Under Repossession | Leave a Comment
Do you need to clear your debt urgently?
Many mortgage lenders according to debt advice organisations have not totally signed up to new government initiatives that are aimed at helping individuals to prevent repossession. Mainstream mortgage lenders have complied and improved the way they treat struggling homeowners however, subprime and “second charge” lending sectors are not up to scratch. Research into government schemes have proven to be limited and unsuccessful as it seemed to only help a handful of homeowners. Debt advice organisations have found just 20% of advisers had reported that the arrears collection practices of subprime and second charge lenders had improved. Experts have highlighted that that higher – profile lenders are doing more to help struggling homeowners compared to their subprime and second charge counterparts. Recent figures have shown approximately 800 people in a week to be contacting the citizen’s advice bureau with a reported 49% increase in new enquiries regarding mortgage and secured loan arrears.
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Future Of Home Information Packs Damaging House Prices
Published on May 20, 2010 | Author: melvin
Filed Under Housing Market News | Leave a Comment
Is the political uncertainty affecting you?
The undecided future of the Home Information Pack (HIP) could damage the slow and fragile recovery of the UK’s housing market. Both Conservative and Liberal Democrats highlighted within their manifestos that if they were to exhume power they would scrap HIP’s immediately, but since both political parties coming into power they have now promised an 80 day consultation period. Online estate agency Hatched.co.uk believes that the new coalition act needs to be quickly clarified as uncertainly is creating negative waves within the market. Adam Day director of Hatched.co.uk has said that “until the Government actually makes an announcement clarifying the future of HIP’s, only those desperate to sell will put their house onto the market”. HIP’s averagely cost between £200-£400 depending whether it is a higher valued property. Adam Day has commented further believing that “no-one is going to incur this cost if they don’t need to, so we are already seeing fewer people putting their houses onto the market, while they wait to see what the Government will do. Once the change has been made, however, all those people who have been put off selling will suddenly put their houses onto the market. This sudden increase in the number s of new homes for sale will lead to an oversupply, which will inevitably lead to lower prices being achieved”. Furthermore “the longer it takes the Government to implement this change, the more the housing market will be damaged”.
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Eurozone Potential Threat To UK Economy
Published on May 20, 2010 | Author: suzanne
Filed Under UK Debt | Leave a Comment
Bad news for property market?
The Bank of England has warned problems in Europe can pose a potential to the British economy. Adam Posen, an American economist and member of the Bank’s Monetary Policy Committee (MPC) said Britain would be in trouble if the Eurozone fell back into recession because it is so heavily dependent on the region for trade. “This is a huge risk to the UK. Sixty per cent of our trade is with the euro area and if the euro area goes down then that does have a huge impact on us. There’s not that much we can do about it.” it has been predicted that the Eurozone was in store for very low growth over the foreseeable future, which explains the euro’s decline and market volatility despite a $1 trillion (£693bn) rescue package agreed by Eurozone members last week. Growth is likely going to be very slow in much of the euro area for the next several years,” George Osborne, the new Chancellor, opposed proposals for an increase to the EU’s 2011 budget, instead demanding a freeze. He said “it was unreasonable for Brussels to expect countries to accept a 6% budget increase – including a 4.5% increase in administration costs – at a time when there was a need to rein in spending following the global financial crisis”.
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Mortgage Applications Continue To Decline
Published on May 19, 2010 | Author: kieran
Filed Under Housing Market News | Leave a Comment
Property supply to outstrip demand
Mortgage experts have warned today that the UK faces the threat of mortgage rationing as soon as next year.
Banks could be left short of money to lend once they start repaying emergency support they were given during the recession.
Banks received around £300billion from the Bank of England’s Special Liquidity Scheme and the Treasury’s Credit Guarantee Scheme which is due to be repaid by 2014.
Michael Coogan, director general of the Council of Mortgage Lenders, said: “The UK is at risk of a chronic under-supply of credit, and the rationing of mortgages for customers – for years to come.”
Mr. Coogan said it was a “critical issue” for the new government and for the health of the housing and mortgage markets.
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