BGN Entrepreneur » Property Market

Property Market Stumbles as Sales Hit a Two-year Low and Prices Fall

Sky — Thu, 11 Aug 2011 09:40:26 +0000

According to the result of latest survey by Royal Institute of Chartered Surveyors, it is revealed that with the real estate agnecies facing the quietest period for sales ever since June 2009, the property market went on to stutter in July. In the report, it has been revealed that although 5% more participants surveyed report a rise in the sales rather than a fall, the average sales are still at the bottom level.
According to RICS, it is said that the estate agent members only managed to sell 14.2 properties on average over the previous 3 months. Meanwhile, the major participants in the survey have also report price falls in July.
London is bucking the national trend with property price increase once again.

The Home Moving Crash

Sky — Mon, 11 Jul 2011 10:09:50 +0000

According to official mortgage figures from the Council of Mortgage Lenders, it is revealed that the depressed housing market continues to struggle to pick up. With mortgages for home purchase increasing by just 700 from April to May, the housing market stays stuck in the doldrums with the traditional spring bounce failing to lift property buyers to even half the level seen before the slump hit.
The major headache facing the ones wanting to move home has been revealed in statistics indicating a continuing house purchase crash. Meanwhile, movers mortgage deposits now reach the level of almost £60,000 and first-time buyers today have to earn 30% more than the average salary income.

Mortgage Lending Down as Borrowers Repay Debt

Sky — Wed, 04 May 2011 14:19:35 +0000

The stagnation in the housing market was underlined by lending figures from the Bank of England, which indicated a drop of 60% in mortgage lending. According to the Bank of England, it is revealed that the net lending, which strips out redemptions and repayments, totalled to £374m during March.
However, there was a further slight pick-up in the number of mortgages approved for house purchase during the month.
According to the economists, it is said that this situation is consistent with a stable housing market.

Homes are Now More Affordable for Key Public Sector Workers

Sky — Wed, 27 Apr 2011 13:15:33 +0000

Nowadays, nurses, teachers, police officers, firefighters and paramedics, are able afford to buy a house in 38% of towns, compared with just 3% in the autumn of 2007. However, the affordability of property is still significantly worse than it was ten years ago, when public sector workers could afford to buy a perperty in 64% of British towns.
Unsurprisingly, London remains the least affordable place for key public sector workers to live with houses costing 7.1 times their average salary. The borough of Kensington and Chelsea become most out of reach with the average property costing 16.5 times the earnings of key workers.
On the contary, Nelson in Lancashire is the most affordable place with the average property costing 2.1 times the wage of teachers and nurses.

Property is Looking More Rosy for Buyers

Sky — Sat, 04 Jul 2009 16:55:46 +0000

The first green shoots seem to be emerging in the property market as house-hunters continue to return to the market. According to a recent research, it is shown that four potential buyers were chasing every home on sale during may.
Estate agents had an average of 299 house-hunters on their books last month, which is the highest leven ever since September 2007 when the downturn in the market began. According to the National Associations of Estate Agents, the proportion of homes sold to first-time buyers also soared to 43%, which is a level last seen in 2001.
However, homes sold for average of 6.3% below their asking price in May, which is broadly unchanged from April.

Financial Options for Current Investors in the Property Market

Sky — Mon, 08 Jun 2009 23:33:45 +0000

The situation in the property market is improving these days. According to figures from Halifax, average prices for homes rose by 2.6% in May, the biggest rise ever since October 2002. The annual rate of decline in house prices on the Halifax figures eased to 13.6%, from 17.7% in April. May’s rise comes after a 1.8% drop in Prices in April. For the people who are looking to invest in the property market when the price of houses are still low, it is time to make a move now.
On the other hand, the Bank of England kept rates on hold at 0.5% last week. Many experts expected that the Bank’s next move will be up, and it could come before the end of 2009. There are more financial products available in the field. And many lenders have recently cut their fixed rates. In the past three months, the number of deals under 4%, which are available for the investors in the property market has doubled. The borrowers are urged to consider locking into low fixed-rate mortgage deals.
Check it out online for more information about the available deals before selecting the right financial options that best suits your own needs. Compare the policy and price quote of more mortgage rates, CD Rates, personal loans, the best credit cards and much more financial options with reliable online comparison service.

Police Raids Start to Uncover Property Fraud

Sky — Fri, 13 Mar 2009 15:45:37 +0000

Figure shows that the number of mortgage fraud had grown vastly as the financial downturn unfolded. Crooked mortage deals running to more than 1 billion poiund are being investigated by police fraud squads.
Buy-to-let fraud typically involves a syndicate of property professionals collaborating to inflate the value of properties that are then bought for less than the value stated to the lender. If the lender defaults, the bank finds itself respossessing a property with a far lower value than it was led to believe. Tenants are caught in the middle and can find themselves evicted if a landlord falls into mortgage arrears.
Many mortgage scams are coming to light as the banks review years of flawed lending laid bare by the financial collapse. The Times understands that leading banks that now depend on public funds, including HBOS and RBS, have lost millions to mortgage fraudsters.
Police steeped up thir inquiries into property fraud after discovering the involvement of organised criminal groups that used property puchases to launder the proceeds of drug dealing and people-trafficking.

Dos and Don’ts When Buying a Property at Auction

Sky — Sat, 21 Feb 2009 13:06:47 +0000

Auctions are a great way to buy property competitively. However, there is more to do than just turning up and landing yourself a bargain.

Do…
1. Familiarise yourself with the process. Attend a couple of auctions without bidding, to see how it’s done.
2. Research. Information on a property will be provided by the auction house three to four weeks before the sale takes place, but it’s also a good idea to look into the local area.
3. View the property—a lot! It’s easy to miss things first time round, so arrange a few viewings (at different times of day), so you get a realistic picture.
4. Organise your finances. If your bid is successful, you pay a 10% deposit immediately and the remaining balance in 28 days.

Don’t…
1. Lose your cool. Set a top price and stick to it—don’t be tempted to up your limit!
2. Forget about extra costs. You won’t only be paying for the house. It’s wise to do a survey before you bid (which can cost about 500 pound) and there may be a buyer’s premium for the auctioneer (an extra 1.5%).
3. Get carried away. Make sure your focus is tight. Bear in mind you’ll need to deal with valuers and surveyors on each property you bid for.
4. Get lazy. Take time to examine the contracts thoroughly before signing anything. Always get legal or professional advice from a solicitor and, in some cases, a chartered surveyor.

Vendors Hit By Fall in Property Prices

Sky — Sat, 31 Jan 2009 15:43:45 +0000

Figures have shown that the house prices have fallen for the 16th month in a row during January, losing a further 1% of their value.
According to housing intelligence group Hometrack, the average property price in England and Wales has dropeed by 9.4% during the past 12 monthsto stand at 158300 pound. But there is evidence that homeowners are finally accepting that their homes are worth less than they previously thought, with nearly 15000 sellers slashing their asking prices during January.
Property website Globrix said it had seen a 111% jump in the number of sellers who cut their price during the first three weeks of the year, compared with Deceber, with people reducing them by an average of 21298 pound.
Greater London saw the steepest price falls, with homes in the capital losing 1.1% of their value, while East Anglia saw the lowest drop of 0.5%.
But, despite falling prices, the survey recorded a further reduction in the number of new sales being agreed. The average time it took for a property to sell increased to 12.3 weeks during the months, 45% more than a year ago.

Invest in the Property Market

Sky — Wed, 07 Jan 2009 22:58:04 +0000

The impact of recession goes on in the new year of 2009. Latest data from UK’s leading building society shows the sharpest annual in housing market ever since records began in early 1990s.
As the house prices have droped by nearly 16% in the past year, hundreds of thousands of homeowners have been plunged into negative equity.
Last month alone, the house prices slumped by 2.5%, far exceeding a fall of 0.4 per cent in November and dashing hopes that the slide had begun to ease. As the economy stays in recession, thet house prices is expected to continue to fall and won’t begin to rise till next year. The Government is expanding the mortgage repayment scheme in order to help struggling homeowners.
However, many brave buyers have already return to the market and looking for good opportunities to invest in the property market when the price is still down due to the market downturn
Are you thinking about getting into the property market in the recent future? There are many websites, which could offer a lot of important information, such as advice on oklahoma city real estate, to help you make the right purchasing decision. Check it out on-line and discover real estate listings and homes for sale on the real estate database!