The Future of the Property Market

With the current Economic climate being what it is and no sign of it letting up, The property Market looks uncertain. Although April recorded a slight rise in property sales and prices it unlikely they will return to their former glory anytime soon.

With unemployment at a record high since 1997 is there a light on the Horizon?

With mortgage lenders and Banks still not allowing borrowing is there any real hope for first time buyers or even those in financial difficulty currently in their own homes??

If the banks refuse to lend, times are not going to get any easier, it’s almost like they fail to comprehend that lending will stimulate the economy, companies need credit to expand and to recruit, and Consumers need credit to buy the products companies are offering.

So with house prices continuing to fall, and lenders hoauding their cash is there any hope of the property market recovering in the near future?

Banks believe lending in an economic downturn is an open invitation for Trouble so they will not lend on current Mortgages or give mortgages to first time buyers. This in turn will increase the downward spiral that the property market is currently on.

It’s hardly surprising more and more people are turning to property buying companies for a quick property sale to get cash for property to avoid them having their homes repossessed.

The amount of Houses that are being reposed has dramatically risen in just the first 6 months of this year, an increase of more than 30% on last years figures resulting in 14,000 properties being repossessed.

So is there light at the end of the tunnel? Well unless the banks help Joe Public then we are likely to remain in an economic downturn for the foreseeable future. This doesn’t provide any comfort for those in dire straits and already tightening the purse strings.

Avoid Repossession

If you’re having trouble paying your bills and you need a way out, but you don’t want to go through the difficult times - and credit problems - of repossession, it would be better to find a different option. You could sell your home and rent it back! There are companies that will do this for you. They buy the home for an amount that you agree on - but keep in mind it’s going to be lower than what you would get if you sold your home to a standard buyer. However, trying to sell your home right now can be very difficult because of the economy. If you can’t hang on until the economy improves or simply have to get out now, selling to a company that buys homes can be the way to go. You have the option with most companies of renting your home back from them. Some companies even give you the right to buy your home back at a certain point in the future. When you sell and rent back you get some serious benefits. True, you’re not a homeowner anymore, but if you were about to have your home repossessed you wouldn’t have been a homeowner anymore, anyway. This way you sell your home and don’t damage your credit, plus you can still live in it.

You don’t have to put up for sale signs and you don’t have to advertise what’s taking place with your house. You also don’t have to let anyone else know about it, so your neighbours won’t be talking. It’s a great way to avoid the stigma and the emotional pain of losing your home, and it’s also a great way to keep living in a place that you love without losing it to repossession because you can’t make your payments anymore. It’s good for people who can’t maintain their homes well anymore, too, because with a rental they get the maintenance. Otherwise, they would have to keep doing it themselves. It’s always wise to think about something like this very seriously before agreeing to it, but if you’re about to lose your home to repossession and you don’t have other options, selling and renting back your home may be for you.

If you are under pressure to sell and are looking a Quick Property Sale the contact Gateway Homes at www.gateway-homes.co.uk and see what they can do to help.

Buying a Lake District Holiday Lodge

The Lake District is one of the most beautiful areas of Britain and one of the most popular holiday destinations. The stunning area offers many picture postcard moments with its lush valleys, wooded hills, sandstone cliffs, sandy dunes, tall peaks and tranquil lakes. It’s no wonder then that an estimated 14 million people a year are taking a trip to the area.

Some love the Lake District so much that they spend a lot of time there year on year. Many of these people are now considering buying a lodge holiday home in the area as a better way to make most of their holidays. Often holiday lodges, though having a larger outlay, overtime may become more cost affective and convenient that staying in hotels.

One advantage of a holiday lodge is that it can be used up to 11 months a year (this does depend on the lodge park) this means you no longer have to confine yourself to set days, you can spend as long as you like in your favourite holiday destination. You will also be able to visit at almost anytime of the year you wish; even if it is a last minuet weekend getaway you won’t have to worry you can simply get in the car and go, arriving at your home away from home. Another advantage is that buying a Lake District holiday lodge works out cheaper than buying a second home in the area.

Your new holiday lodge doesn’t just have to be used by you of course. Friends and family will all be able to take advantage of using your new holiday home too. So you will find your lodge being the center of you, your friends and families activities.

Why go for a quick house sale?

In our current financial climate, many people may be in financial difficulties and need to get some money fast to pay off debts and bills. One solution to this type of problem is to sell your house for cash in a quick property sale.

There are many advantages to this type of sale

1. It allows you to get rid of debt

2. Can stop repossession

3. Can sell and rent back

4. Allows you to move abroad if given short notice

5. You can relocate to a new job quicker

6. Guaranteed sale if you are sick of time wasters

7. No need for endless amounts of people visiting your house

8. Can buy back in the future if your circumstances change

9. No fees, some companies will even pay solicitor fees for you

So if you are currently struggling financially or needing to sell your house quickly, why not use a cash for property service today.

Are You Thinking of Moving House?

If you are thinking of moving, either from selling your through the open market or from a cash for property company, there are a few tips that you should know before hand to make moving as simple and stress free as possible.

Make lists

Write down absolutely everything! It’s a good idea to number all you boxes that you pack and then write down on a piece of paper what is in each box, this way you will know exactly where everything is.

Have plenty of supplies

Make sure you have plenty of boxes. You will need many more than you first think. Having enough boxes will make moving just that bit easier. Leave some empty boxes left over on moving day for those last minuet items like cleaning supplies, clothes, bedding and linen. You will also need protective wrapping to make sure any household items remain intact when you open the boxes again at your new home. Lastly use strong tape to make sure that boxes stay secure and closed.

Have colour coordination

Assign each room in your new home a different colour, then stick corresponding colour labels to each box. If you are moving yourself then you will know at a glance which box goes where. If you have hired movers you should also put up some sticky coloured labels on each door so the movers can see where each box goes easily.

Keep every thing together

Try to keep everything together, so keep bulbs with lamps, sugar with tea and extension cables with electrical appliances etc. If an item has small loose parts that can easily be lost try taping them to the item or pop them in an envelope.

Start packing now

If there is anything that you won’t need before you move pack it straight away. The more you can pack now the more time you will have before the moving date to do other things and the less stressed you will feel.

Make use of luggage

Fill any luggage that you may have with clothes or items (like phones, mp3 players, medication etc) that you will need soon after the move. You suitcase will be much easier to keep track of than a numbered box. You could also use different coloured boxes to make sure that they stand out from the rest.

Keep hold of valuables

To keep your valuables safe try placing them at the bottom of boxes then hide them by placing more mundane items on top if it, also label the boxes such as kitchen under sink cupboards etc as its unlucky any would be thief is likely to go through these looking for any thing of worth. If possible put these in your car with you rather than leave them in the moving truck, at least this way you can keep an eye on them.

Keep important papers with you

These might include birth certificates, back details, important phone numbers, work papers or any paper that contains details about you that could be used by someone else. These papers must always be kept with you to avoid becoming a victim of identity theft.

For more information on cash for property deals contact Properties Direct ltd who specialise in quick property sale

A guide to buying a house

The purchase of a house will be the biggest financial investment and commitment that most of us will ever make. The process is often expensive, time consuming, confusing and difficult to organize, but with a little but of research the whole process will be much easier and run more smoothly.

Before you even go to view that dream home you should sit down with a mortgage advisor, or visit an online mortgage advice website. They will be able to go through your financial situation and work out how much you will be able to afford each month and how much you will be able to expect to receive from a mortgage company.

Once you have a budget finalised its time to hit the estate agents, though it is also worth keeping in mind that there are alternative ways for people to sell there house so check private ads in papers as well as the internet. Word of mouth is a valuable ally, so let people know you are looking to buy as you may be able to snap up that dream home before anyone else even knows it’s for sale.

When you have found that ideal home don’t jump in with both feet just yet, return a couple of times to the property on different days and at different times. By doing this you can check that your house is not next to a rat run for rush hour traffic or is used as a gathering point by the local larger louts at night.

Once you have finally made your choice its time to start negotiations. Set yourself a limit and not to go over it as this may leave you with potential problems in the future. If the offer is accepted make sure the seller takes the property off the market straight away to avoid being guzumped.

From now on the Solicitors and mortgage company are responsible for sorting out all the legal and financial aspects of the deal. This is a vital process so scout around and ask for recommendations for good solicitors so you can be safe in the knowledge that your new home is in safe hands.

Once the solicitor is happy your deposit will be paid to the solicitor and contracts can be exchanged. The seller and buyer will be legally committed and from this date if you pull out, you will lose your deposit. When the contracts are exchanged a date will be set for completion and on that date transfer of ownership will happen. You then pick up your keys and you will own your property.

If you require mortgage advice visit The Mortgage Shop an Exeter mortgage broker.

Is Renting Property the Savior in these bleak times?

The economic situation in recent times has been very difficult for everyone with words such as credit crunch being used. One of the biggest areas affected has been the housing market with sales figures declining, making buying a house a difficult process as prices are rising. So could renting a property in somewhere like Cambridge be your best bet.

It is the done thing to get a mortgage and own your own house in the UK. People like to have a piece of land and a property that they can call their own, but in many European countries buying a property is seen as unusual and renting is the main way people find a place to live. So we have compiled some of the reasons renting can be better than buying a property.

1. It can be cheaper

In an Abbey National annual survey conducted in 2007, it was found that levels of renters are catching up with people buying. In cost terms some areas such as Wales and the North West, renting works out better value for money. More results from this survey can be found here.

2. Not tied down.

In this day an age, peoples circumstances often change whether it is changing jobs or starting a family. Renting a property is a much more flexible system for people who would like to upgrade or downgrade as they wish. Owning a property is a lot of commitment and can be much harder to sell if your circumstances change.

3. No need for loans.

Purchasing a property will mean taking out a loan or a mortgage which can be very stressful. The thought of owing the bank a lot of money will scare a lot of people, so renting is a lot less daunting.

4. Save on other costs

There are plenty of extra costs that come with buying a property, these include solicitors fees, inspections and stamp duties which can add up to around £3000. If the sale falls through, that money will be lost and you will have to pay out the same on the next property you try and purchase. This website will give you an idea on costs of buying property.

5. Allows you more freedom of choice

If you like to change your surroundings often and like different experiences, then renting a property will allow you to move around the country and live in anything from flats, detached houses to bungalows. Companies like Martin&Co offer property letting in Cambridge and many other areas around the country.

How the Credit Crunch aids the Sell and Rent back market

The unfortunate effects of personal debt and an increase in interest rates has seen a large number of people needing help from a rising number of companies that will allow you toSell your Property and Rent Back . These companies will agree a sale price with the homeowner to enable them to pay off debts, existing mortgage or for other financial needs.

Once the house is bought the cash for property companies will rent the property back to the ex owner at a fair market rate. If you work with the right company some will even allow you to repurchase your home again when you have the funds to do so.

Because of the speed of the transaction (sometimes a deal can be struck in a week!) and the imminent crash of the property market most home owners are getting approximately 75% of the market value for their home. Despite this loss it appears that most customers are happy with the transaction as they will be getting the money that they need and will probably be selling their home for not much less than they would get in today’s market. Another benefit is that neighbours or even family can be kept out of the loop in case you wish to conduct your business privately.

New property trend with alternative house sales

When people come to selling their house, they immediately think about visiting an estate agent. But sometimes using an estate agent isn’t the quickest way to get a quick property sale. There are some alternative house sale techniques out in the market that are becoming more and more popular. Some people feel that estate agent fees are ridiculous, solicitors charge too much and showing your home to people is a lot of hassle.

Other people are in more dire situations where they need cash fast, whether is due to debts, facing repossession or needing a quick sale due to divorce. The whole selling process can be extremely stressful and cause people a great deal of worry.

There is a new trend in the property market at the moment for companies to buy property direct from owners and quickly, without hassle and for cash. The only real drawback is they offer less than the market value for the property, but many people in certain situations accept this as they need the sale to be completed quickly.

There are plenty of advantages to using a cash for property firm; You don’t have to put up with people snooping around your house looking to see if they want to buy it. The companies will usually make you a cash offer within days of viewing the property. They will cover legal fees and using them in the first place will eliminate estate agent fees you would normally have to pay. The whole process is more discreet as you do not have to display a “for sale” sign in front of your house for weeks or months that can lead to unwanted attention.

There is also a sell and rent back option that a lot of firms offer that still allow you to get cash to pay off debts but still will then let you rent back your property from them at local rates, which is a great option if you do not want to leave the area.

Alternative quick property sales are not for everyone, but for the people who need to move quickly and need cash they are a god send.

UK Mortgages

The Credit Crunch has meant that most if not all sub-prime mortgage companies have been forced to withdraw many of the Bad Credit Mortgages that were, until now, easily available. We have noticed a sudden, radical change in what is currently available to the home loan consumer in the UK and this has taken place in last few months.

If you are aware that you are going to need a new mortgage; make sure that you start the process far before the date on which you require your money; giving yourself at least 3 months or so to find the right mortgage deal for your needs is very advisable as it is going to take you far longer than it used to.

Some companies may well be advertising attractive interest rates but be aware that these may not be obtainable unless you have extremely good credit (which is a rarity these days!). If you happen to have a lower than good credit rating you are unlikely to find that you can get these rates. Often there may well be a large arrangement fee to be paid in order to get these mortgages.

First time buyers looking for their first mortgage are going to find that the initial deposits that the mortgage companies require are going to be far larger than before and the income multiple used in the calculation has been severely reduced. Always try to calculate what you are sure you can really afford way before you make any mortgage applications. If your current great mortgage deal is about to come to an end then you should concider contacting The Mortgage Shop for some impartial professional help and advice, as they will know the best deals currently available for you to apply for.