Property Bubble

Jan 26 11

Selling the untraditional way

by admin

Would you sell your house by using an online estate agent? Or do you prefer a bricks-and-mortar agent?

There are benefits to both approaches. An online agent tends to cost far less and often provide you with features to help manage your own property online. You can have instant access to reports on the popularity of viewing your property too, and your property can usually be seen worldwide within minutes.

A traditional agent may offer a more personal approach, but may not be too quick to get you online – a delay of a week or more is not uncommon. These agents are also more likely to advertise your property in the local press, and have the advantage of having a presence in the high street that a casual passer by may notice.

With both styles, customer service will vary widely and depend entirely on the company involved.

Which is your preference? Are you all for new technology and a reduced cost, or do you prefer the more expensive approach that is grounded in reality?

Jan 13 11

Really, get buying!

by admin

Halifax reports that house prices fell again in December in the UK, but also indicated that prices are now decreasing more slowly. This means we are approaching the bottom of the curve, and will soon be on an upwards turn again.

As said in an earlier post, now is the time to buy. Interest rates are still low, prices are nearly at rock bottom, and it’s a buyer’s market – anyone who has had their house up for sale over the past year will be eager to take an offer to get moving.

The start of the year is also traditionally the time to start looking for somewhere to move to, which will naturally increase demand for property over the coming month. As demand goes up, properties WILL sell, which then means prices will go up. BUY!

Look at it this way – you can now buy a property for potentially 25% less than a year ago. So what if it needs new carpets and a lick of paint? You just saved a fortune. Mortgage approval rates are on the up also, so if you are dubious about getting a mortgage with the tightened rules and regulations, it may still be worth speaking to an independent mortgage advisor to discover your options.

Additionally, if you are not moving but perhaps considering re-mortgaging – DO IT NOW. Low interest rates with a potential for fixing a low rate for a year or two should be enough to convince you anyway. When the interest rate starts to go up, it will keep going, and there is no telling when it will drop again. This is the ideal time to borrow money if you are able.

Take action now, or you may regret it in the long run.

Dec 22 10

Buy a property…it is Christmas!

by admin

Interest rates are low…but may go up soon.

People are having difficulty selling and are more likely to consider accepting lower offers.

VAT doesn’t go up until next month.

Buy a property on a fixed rate mortgage now – save on estate agent fees and don’t feel the effect of interest rate changes in the New Year. Could now be the time to kickstart the property market?

Dec 15 10

Repossessions to rise in 2011, lenders forecast

by admin

Mortgage arrears and repossessions will rise modestly next year, the Council of Mortgage Lenders (CML) predicts.

Its annual forecast for the UK property market paints a picture of continued stagnation, with the current low level of sales persisting, and prices falling modestly or staying flat.

Full story here.