 
Quick Move Blog
Friday, 27 April 2007
A new report by Business Strategies (part of Experian), has forecast that even without any further interest rate rises, the level of home repossessions in the UK will double over the next 2 years to 38,900.
The report estimates that a 0.5% rate rise in May will increase that number to 47,700.
If you're worried about your ability to pay your mortgage in the face of rising interest rates, call Quick Move Now on 01793 840 915 - we can help you.
Thursday, 26 April 2007
The latest report from Nationwide shows property prices increasing in April to reach an average of £180,000. According to Nationwide, while prices did increase in April, the trend is still indicating a slowing housing market.
This latest report and the rise in prices is again likely to add to pressure on the BoE to increase interest rates when it meets next month.
Wednesday, 25 April 2007
If you want to avoid the hassle, delay and cost of compiling a home information pack Quick Move Now could provide the answer.
It will be legal requirement for every property being marketing in England and Wales to have a Home Information Pack from 1 June 2007.
Feedback from the market is that a huge number of properties have recently come onto the market as people attempt to avoid the HIP regulations. This may lead to a short term oversupply of property which will likely stagnate the market.
If you wish to sell before June the added competition could make things difficult, this is where Quick Move Now service can help.
If you don’t want to rush things by selling before the June deadline but don’t want to deal with the HIP regulations then we can also help. As a private buyer we will not require you to have a HIP for your property even when they come into force in June. A HIP is only required if you market the property e.g. through an estate agent or via an online agency.
If you want more information about HIPS and the Quick Move Now service please visit www.quickmovenow.com.
Friday, 20 April 2007
Over the past few years of increasing house prices, affordability has become a big problem for many people. To enter the property market, people are increasingly stretching themselves financially, leaving them highly sensitive to interest rate changes.
Those on fixed rate mortgages are obviously not affected until their current agreement comes to an end – if interest rates have risen, securing a favourable deal will not be easy.
Being exposed to higher interest rates is one of the key reasons that people struggle to pay their mortgage. Other reasons include redundancy, ill health and relationship breakdowns.
Last year, over 17,000 homes were repossessed (source: Council of Mortgage Lenders), a five-year high. The council forecasts that these levels will increase in 2007.
If you are having problems paying your mortgage, are in arrears or your lender has already begun repossession proceedings the surest way to resolve the issue is to sell your property to clear the mortgage so that you can move somewhere more affordable.
Contact Quick Move Now who can purchase your property fast! Without the usual delays, uncertainty and costs of marketing/selling.
For more information, see our Home Repossession page.
The Bank of England voted 7-2 in favour of leaving interest rates unchanged last month, despite much speculation of a rise.
Analysts are, however, forecasting a rise next month, after a larger than expected increase in inflation to 3.1%, above the Bank of England’s 2% target.
Lenders are already preparing for the worst with the Alliance & Leicester yesterday withdrawing its current fixed-rate mortgages, in anticipation of interest rate rises next month. It is likely that other lenders will follow suit shortly.
Thursday, 5 April 2007
From the 1st of June 2007 a Home Information Pack will be required by all homeowners in England and Wales looking to market their property.
The pack is designed to provide the key information needed by buyers/sellers at the start of the home buying process.
The actual content of the pack has been subject to much argument and change.
However it has been agreed that from June the pack must contain:
- Index of Contents
- Sale Statement
- Evidence of Title
- Energy Performance Certificate
- Searches
- Leasehold/Commonhold Documents
Until things settle and the infrastructure is in place to deal with the HIPs it is likely to cause sellers more hassle and delays rather than less.
It is also uncertain how much the pack will cost to compile and obviously the costs of any necessary repairs/improvements will have to be met by the seller. If you want to sell before the June deadline to avoid the potential difficulties of the HIPs then Quick Move Now may be able to help.
Try our on-line estimator – which will provide an estimate of what our cash offer could be or call us on 01793 840915 for more information.
The Bank of England decided to leave rates unchanged this month. Analysts have warned though that inflationary pressures are likely to mean an increase in May.
Tuesday, 3 April 2007
The Bank of England’s Monetary Policy Committee (MPC) meets this Thursday and experts are expecting it to announce an increase in interest rates.
Analysts are forecasting a rise to 5.5%, a 6 year high. Mervyn King, the BOE’s Governor has done little to dampen speculation after commenting that the inflation outlook is ‘murky’ with risks to the upside. The ‘shadow’ MPC has already voted by 8-1 to increase rates after predicting all three rate rises last year.
If a rate increase is going to severely affect your finances, then please give us a call (01793 840915) – we may be able to help.
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