Wednesday, 15 February 2012
Retiring Homeowners Are Choosing to Rent Out Their...
London Letting Agents Blog: Retiring Homeowners Are Choosing to Rent Out Their...: According to mortgage broker John Charcol, many older people who have built up significant equity in their properties are choosing to rent them out rather than sell up...
Wednesday, 8 February 2012
London Letting Agents Blog: London Olympic Rentals News
London Letting Agents Blog: London Olympic Rentals News: Property owners who are expecting to reap the benefits of increased rental returns during this year's big London events should not set their...
Thursday, 2 February 2012
Rightmove Consumer Survey; A Buyers Market
Rightmove’s first Consumer Confidence Survey of 2012 was released today and finds that the public believes the property market balance of power currently lays firmly with buyers.
Over 60% of respondents are of the view that it is a ‘buyers’ market’ and just 13% a ‘sellers’ market’. There is also evidence of increased price confidence in the property market with the proportion of those forecasting prices to be the same or higher in 12 months’ time edging up to 66% from 62% a year ago. However, deeper analysis shows that both findings mask some significant regional and local variations which provide further evidence of an acute north-south divide and a property market pock-marked with localised micro-markets.
Shipside adds:
“On the surface it looks as though potential home movers are feeling a bit more positive about the outlook for property prices. However, hidden beneath is the real story that different market segments are performing very differently and that in all probability your price predictions will depend on your own local micro-market. While parts of the stock-starved south, and London in particular, are feeling relatively bullish about prices, the turmoil of the last few years has wreaked havoc in parts of the buyer-blocked north.”
It is worth considering the variations in national, regional and local price outlooks in the context of confidence. Rightmove’s survey asked respondents to indicate whether they believed that current market conditions favour buyers, sellers or whether the balance was about equal. 60% indicated that they felt that the ‘balance of power’ lay with buyers, and just 13% with sellers, giving a ‘market balance ratio’ of 5.4:1 – or 5.4 people who believe it is a buyers’ market for every one person who believes it is a sellers’ market.
Shipside comments:
“There is a clear north-south divide in both house price expectations and an even more acute contrast of opinion in where the balance of power lies. A shortage of stock and greater numbers of proceedable buyers lead those in the south to anticipate upwards pressure on prices and so a more tricky market for buyers to negotiate a price reduction in.”
Over 60% of respondents are of the view that it is a ‘buyers’ market’ and just 13% a ‘sellers’ market’. There is also evidence of increased price confidence in the property market with the proportion of those forecasting prices to be the same or higher in 12 months’ time edging up to 66% from 62% a year ago. However, deeper analysis shows that both findings mask some significant regional and local variations which provide further evidence of an acute north-south divide and a property market pock-marked with localised micro-markets.
Shipside adds:
“On the surface it looks as though potential home movers are feeling a bit more positive about the outlook for property prices. However, hidden beneath is the real story that different market segments are performing very differently and that in all probability your price predictions will depend on your own local micro-market. While parts of the stock-starved south, and London in particular, are feeling relatively bullish about prices, the turmoil of the last few years has wreaked havoc in parts of the buyer-blocked north.”
It is worth considering the variations in national, regional and local price outlooks in the context of confidence. Rightmove’s survey asked respondents to indicate whether they believed that current market conditions favour buyers, sellers or whether the balance was about equal. 60% indicated that they felt that the ‘balance of power’ lay with buyers, and just 13% with sellers, giving a ‘market balance ratio’ of 5.4:1 – or 5.4 people who believe it is a buyers’ market for every one person who believes it is a sellers’ market.
Shipside comments:
“There is a clear north-south divide in both house price expectations and an even more acute contrast of opinion in where the balance of power lies. A shortage of stock and greater numbers of proceedable buyers lead those in the south to anticipate upwards pressure on prices and so a more tricky market for buyers to negotiate a price reduction in.”
Tuesday, 3 January 2012
NAEA News: 2012 will see gradual housing market re...
Greenford Flats & Houses For Sale & Rent: NAEA News: 2012 will see gradual housing market re...: The UK housing market will see a gradual recovery during 2012, according to the National Association of Estate Agents (NAEA) NAEA chief exe...
Tuesday, 13 December 2011
Mortgage Rate & Home Loan News: There are many positive signs for first-time buyers
While borrowing for a property purchase is far from an easy thing, one mortgage broker believes that first-time buyers are now seeing a host of new opportunities becoming available to them.
Andy Pratt, chief operating officer at London-based Alexander Hall, says that there are some positive signs for those looking to make the first move onto the property ladder with more and more lenders now offering mortgages at high loan to values (LTVs).
However, he is keen to point out that the best interest rates on the market are still those available to people with the ability to put down a larger deposit.
“It is still a 20 per cent deposit to get a good mortgage,” Mr Pratt stated. “[But] there are positive signs in terms of high street lenders coming to the market with higher LTV products.
“There was one good sign when we saw the high street lender Woolwich come to market with a 90 per cent loan to value, although the rate is a bit higher."
He added that there are some bargain properties around for those prepared to look around carefully and potential first-time buyers should do all they can to ensure that the cost of Christmas does not knock back their ability to save a deposit.
And it’s a good time to have a mortgage for many as data released this month by the Council of Mortgage Lenders (CML) shows that monthly mortgage payments are now on average at their lowest levels for almost eight years.
Due to a sustained period of low interest rates, with many people benefiting from long term trackers following the Bank of England base rate, the proportion of household income spent each month on funding a mortgage is 12.3 per cent, the lowest it has been since the beginning of 2004.
Mortgage Rate & Home Loan News
Andy Pratt, chief operating officer at London-based Alexander Hall, says that there are some positive signs for those looking to make the first move onto the property ladder with more and more lenders now offering mortgages at high loan to values (LTVs).
However, he is keen to point out that the best interest rates on the market are still those available to people with the ability to put down a larger deposit.
“It is still a 20 per cent deposit to get a good mortgage,” Mr Pratt stated. “[But] there are positive signs in terms of high street lenders coming to the market with higher LTV products.
“There was one good sign when we saw the high street lender Woolwich come to market with a 90 per cent loan to value, although the rate is a bit higher."
He added that there are some bargain properties around for those prepared to look around carefully and potential first-time buyers should do all they can to ensure that the cost of Christmas does not knock back their ability to save a deposit.
And it’s a good time to have a mortgage for many as data released this month by the Council of Mortgage Lenders (CML) shows that monthly mortgage payments are now on average at their lowest levels for almost eight years.
Due to a sustained period of low interest rates, with many people benefiting from long term trackers following the Bank of England base rate, the proportion of household income spent each month on funding a mortgage is 12.3 per cent, the lowest it has been since the beginning of 2004.
Mortgage Rate & Home Loan News
Tuesday, 22 November 2011
Landlords Should Maintain Good Personal Relationships With Tenant
The best way to get the most out of your rental property is to ensure you have a solid personal relationship with your tenant, claims one specialist.
Ed Harris, managing director at EH Landlord Services, says that you should be in regular contact with the people letting your property because failure to build any kind of friendship or rapport with them can cause all "kinds of problems and challenges".
Speaking at the Landlord & Letting Show in Birmingham recently, he stated: "The biggest thing that you need to have in place is a relationship with your tenants because if the relationship is not there, then anything can happen."
He added that landlords should also ensure that they have adequate insurance in place to protect both the property and their income.
His comments come on the back of recent figures released by the Council of Mortgage Lenders (CML) which suggested that the buy to let market will remain buoyant for some time to come.
Landlord and Tenant News
Ed Harris, managing director at EH Landlord Services, says that you should be in regular contact with the people letting your property because failure to build any kind of friendship or rapport with them can cause all "kinds of problems and challenges".
Speaking at the Landlord & Letting Show in Birmingham recently, he stated: "The biggest thing that you need to have in place is a relationship with your tenants because if the relationship is not there, then anything can happen."
He added that landlords should also ensure that they have adequate insurance in place to protect both the property and their income.
His comments come on the back of recent figures released by the Council of Mortgage Lenders (CML) which suggested that the buy to let market will remain buoyant for some time to come.
Landlord and Tenant News
Wednesday, 9 November 2011
First Time Buyers More Hopeful of Getting on the Housing Ladder
45% of potential first-time buyers state they are now more likely to get on the housing ladder thanks to the Government’s FirstBuy scheme, according to new research from Rightmove.
The figures will be a boost for the FirstBuy initiative following its full launch in September, although Rightmove’s research does raise some causes for concern. In terms of awareness of the scheme, whilst 59% stated that they had previously heard of the scheme, over a third (37%) of first-time buyers stated that they had not. Of those that were aware of the scheme, 22% said they did not understand whether or not the scheme could help them to purchase for the first time.
The figures will be a boost for the FirstBuy initiative following its full launch in September, although Rightmove’s research does raise some causes for concern. In terms of awareness of the scheme, whilst 59% stated that they had previously heard of the scheme, over a third (37%) of first-time buyers stated that they had not. Of those that were aware of the scheme, 22% said they did not understand whether or not the scheme could help them to purchase for the first time.
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