 
Quick Move Blog
Friday, 30 November 2007
As you will have gathered from our website, we are the UK's leading professional house buying company. We have been operating for over 10 years and this year, we have bought in excess of 600 houses, from across the UK and across all price brackets.
There has been a fair amount of press coverage lately of the whole quick house sale market with a particular focus on some of the more unscrupulous companies giving the industry a bad name. Often these companies are operating in the sale and leaseback area, buying houses from people in vulnerable positions, promising to leaseback to them for the long term but then evicting those people within 6 months. Quick Move Now is an ethical company and we have chosen not to offer a sale and leaseback solution.
Many of the companies you will see advertising on Google are not house purchase companies, but brokers, selling on your contact details to other companies. We are not a broker and we do not purchase any leads from brokers.
With Quick Move Now, you can be reassured that the person you are speaking with is the person who will be buying your house. We will also be buying your house with our money, so we do take great care to offer a professional service, that provides what we say we will provide.
Also, because we have ready access to funds, upon acceptance of our offer, we can guarantee that funds will be with our solicitor within 24 hours - no other company in the UK can guarantee this.
If you are looking to sell your house, with speed and certainty, then contact Quick Move Now on 0800 068 3366.
Yesterday's reported fall in house prices and fall in mortgage approvals followed a report this week from HSBC that house prices faced a substantial correction over the coming year.
HSBC argued that house prices were 30 per cent above their true value. Brigid O’Leary, of Capital Economics, said: “the data seems to confirm that our forecast of 3% house price falls is on track, and indeed that the downside risks to that view are growing.”
A sharper downturn is now being forecast by some City traders. The TFS Brokers’ residential forward curve, a financial instrument where traders can bet on the direction of the market, is pointing to a 7 per cent drop in prices over the coming 12 months.
In a sign of the rapid deterioration in confidence now affecting the market, RICS reported earlier this month that new stock on estate agents’ books leapt by nearly 9 per cent in October, prompting talk of a “rush to the exits”, while sales numbers dropped to their lowest level this decade.
Thursday, 29 November 2007
House prices have fallen by their largest amount in 12 years during this November.
Latest figures from Nationwide show that prices fell by 0.8% in November, the largest fall since June 1995, and the first since February this year.
These falls occurred against a backdrop of weakening consumer sentiment, higher interest rates and the turmoil in financial markets.
The annual rate of house price inflation now stands at 6.9%, down from 9.7% reported in October.
The Bank of England has also reported a fall in the number of new mortgage approvals to a near three-year low. 88,000 new mortgages for home buyers were approved in October, 12% lower than in September and down 31% from October a year ago.
With mortgage approvals being a key indicator of near-term activity in the housing market, these figures and those from Nationwide, point to a rapid downturn in the market, according to analysts.
If you are looking to sell your house, but are concerned about the uncertainty in the housing market, give Quick Move Now a call - we can help you sell your home quickly and secure your future. Call us on 0800 068 3366.
Friday, 23 November 2007
Mortgage approvals for home buyers fell to a record low last month, according to latest data from the British Bankers' Association (BBA), reflecting the continued slowdown in the UK housing market.
The BBA announced that the number of approvals fell 37% in October to 44,105, from 53,997 in September.
It is the third consecutive month that approvals have dropped as lenders continue to tighten their criteria and consumers struggle with falling disposable incomes.
Gross mortgage lending continued to hold up in October, rising 2.5% year-on-year to £18.8bn.
However, the BBA said: "With the value of approvals falling sharply, this recent steady trend may not be maintained in the months ahead."
The number of re-mortgage approvals also fell during October, down 17pc to 54,881.
Thursday, 22 November 2007
Home Information Packs (HIPs) will be required for all properties being sold in England and Wales from 14 December, the government has announced today.
HIPs will now required by anyone looking to sell their home on the open market. These have been surrounded in controversy since introduction and many people have blamed their introduction for a slump in the number of 4 bed properties available this autumn.
The good news is that by using Quick Move Now, you can avoid HIPs. As a private buyer of property, people selling their property to us are not required to have a HIP in place - saving you both time and money.
Call Quick Move Now today - we'll get you moving faster! 0800 068 3366.
Thursday, 15 November 2007
Quick Move Now are not financial advisers and do not dispense mortgage advice. However, we are up to speed on some of the elements of the subject, and have compiled this list of the top 10 unusual UK mortgages.
1. Muslim mortgages
A large Muslim population in many cities in the UK now means many lenders are offering Muslim mortgages. These are ones that comply with Sharia Law.
2. Unusual home mortgages
Unusual homes such as lighthouses, windmills, barges or even shipping containers may need a special type of mortgage. Many high street lenders and mainstream insurers may be loath to take on such business, preferring instead the more straightforward flats, family homes and bungalows found in every town and village. As a result, many lenders and insurers will charge a premium to those opting to live in more individual surroundings.
3. 125% mortgages
This is where the lender will advance funds up to 25% more than the purchase price or re-mortgage valuation. The funds are obtained purely with proof of income. Applicants normally need a very good credit history. Lenders who offer this special type of mortgage include Northern Rock, Mortgage Express and BM Solutions.
4. Builder deposit mortgages
This is where a builder genuinely provides 5%-15% deposit without the need for you to provide one for yourself. This has to be a medium sized local builder or a large national builder.
5. Self certification mortgages
These are designed for self employed people and those who find it hard to prove their earnings. Borrowers state their own income and the mortgage amount is based on the declared earnings. Self cert mortgages are open to abuse by people fraudulently declaring their earnings to be higher than they are. This is, however, a criminal offence. The FSA (Financial Services Authority) estimates self cert mortgages make up 6% of the market.
6. Shared equity mortgages
Ideal for first time buyers, shared equity schemes allow people who are struggling to get on the housing ladder a chance to buy a property in partnership with the lender or government. Under the Government HomeBuy shared equity scheme you buy 75% of a property yourself with a shared equity mortgage from a select number of lenders and the remaining 25% with the help of a 'top up' shared equity home loan from the mortgage lender and the Government. After 5 years, a small amount of interest is payable on the ‘top-up' shared equity loans which are fully repayable when you sell the property. When you sell the shared equity property you may have to also forfeit a portion of any increase in equity.
7. Shared ownership mortgages
These often occur in partnership with housing associations where the tenant elects to buy a percentage of the house and pays rent on the rest. You may be able to increase your share as time goes by, sometimes to 100%; this is called 'staircasing'.
8. Euro mortgages
A Euro mortgage is basically the same as a UK mortgage except it is denominated in euros rather than pounds, and its rate will be allied to the interest rate set by the European Central Bank. Switching your mortgage away from pounds to euros may seem attractive for pro-Europeans or a chance to make some money on the currency markets, but is it worth risking your biggest financial commitment? Switching to a euro mortgage for most people is a high-risk gamble, which could easily backfire. Currency markets are fairly volatile - and you could get caught out.
8. Commercial mortgages
There are many reasons for buying commercial premises. For example, you may be starting or buying an existing business where the property is directly linked to the business, such as a hotel, a retail outlet or a takeaway. Or your existing business may need bigger premises to cope with expansion. Buying commercial premises can be a good investment - owning a property gives your business stability, and the property itself can become a significant asset. However, it is a major step, and before you commit it is important to think carefully about the pros and cons.
9. Guarantor mortgages
With a guarantor mortgage a parent or close family member can either cover the shortfall in the mortgage needed to cover the borrowers income or can cover the full mortgage amount. By covering the mortgage, or part of it, the guarantor is liable to make payments if the principal slips into arrears or defaults. For instance, if you earn £20,000 you could borrow £80,000. If the property you want to purchase is worth £130,000, there is a shortfall of £50,000 that the guarantor would cover. The mortgage lender will assess the guarantor’s income, current mortgage and other financial commitments to ensure that they can cover the loan amount.
10. Buy-to-let mortgages
Buy to Let Mortgages are mortgages specifically designed for people who want to invest in the property market by purchasing one or more houses and letting them out to tenants. The Owner is then able to benefit from any appreciation in the capital value of the house itself. They are also likely to be able to maintain the property and meet much of the loan repayment from the revenue realised by letting. The buy to let phenomenon has driven house prices higher over the last few years while making a broader section of rental accommodation available. Most buy-to-let mortgages are interest only, and the max amount borrowed is usually 80% of value of the property. Rent often has to be 125% of the monthly repayment (although this has recently relaxed because of rising house prices).
Tuesday, 13 November 2007
The buy-to-let market is now so inaccessible to the average investor that only the wealthy can afford to be become landlords, according to The Royal Institution of Chartered Surveyors (RICS).
The barriers to entering the buy-to-let market, driven by interest rates and levels of rental cover ratios for mortgages have made investment an unattractive proposition for vast swathes of the population.
Currently, would-be-investors need a deposit of £65,600 (30 percent of a property's value) for the average UK house in order to get a foothold on the buy-to-let ladder. This compares with just £10,100 (only eight percent of a property's value) required in Q1 2002 - a deterioration of over 500 percent in 5 years.
Commenting, David Stubbs, RICS senior economist said: "It takes more capital than ever to set up a buy-to-let investment. Would-be investors who have missed out on the impressive returns of previous years are now finding the hurdles to property investment are higher than they imagined."
The Royal Institution of Chartered Surveyors (RICS) has reported a third consecutive month of falling house prices. They suggest that prices are now falling at their fastest rate since July 2005.
"The housing market is seeing the awaited slowdown that many had been expecting, with modest falls reported across most UK regions," said RICS spokesman Ian Perry.
Equally important for our clients is that enquiries from new buyers also fell, for the 11th month in a row, as other factors came into play.
"Interest rate rises, the recent credit crunch and the subsequent tightening of lending conditions have all had an impact upon demand," said RICS.
With the falling number of buyers, those looking to move and to sell quickly are finding it increasingly difficult. This has been reflected in a noticeable increase in the number of enquiries that we have been receiving, as people are beginning to struggle to sell their houses quickly enough.
If you need to sell your house, but are struggling to find a buyer, call Quick Move Now on 0800 068 3366.
Monday, 12 November 2007
The latest figures from the the Department of Communities and Local Government (DCLG) shows house price inflation continuing to slow.
According to the DCLG, prices rose by 0.3% in September, compared with rises of 0.5% in August and 2% in July.
The annual rate of house price inflation also fell to 10.8%, down from 11.3% in August.
The figures are based on actual completions and so lag behind other house price surveys.
DCLG calculated that the average price of a home in the UK is now £220,111.
A report in The Sunday Telegraph, shows that falling house prices are causing buyers to pull out of house purchases in large numbers.
Charcol, the UK's largest mortgage brokers, has seen a 50% increase inthe number of purchasers pulling out even though their mortgage has been approved.
Estate agents are reporting that 40% of deals are falling through because of buyers' fears falling prices. According to Jeremy Leaf of RICS: "Six months or a year ago, roughly 80% of deals went through, but that figure has fallen to typically 60%. People are afriad that if they go ahead today, the property will be worth less in a few months' time".
40% of purchases falling through equates to 400,000 home sales per year.
Solving property chain breaks is something that Quick Move Now specialises in. At whatever stage the chain is brokem we will buy the house to ensure that the rest of the chain can complete.
Our service either removes you from the chain completely, or enables the whole chain to complete. Either way, it guarantees your sale and the cash to buy your next house. For more information, please visit www.quickmovenow.com or call 0800 068 3366 for a free estimate.
Thursday, 8 November 2007
More evidence of a slowdown in UK house prices has come from the UK's biggest mortgage lender, the Halifax.
Its latest monthly survey says prices fell by 0.5% in October, taking the annual rate of inflation down from 10.7% in September to 8.9% last month.
The results contradict the latest research from Nationwide, which showed prices picking up during October. The Halifax calculates the average residential property across the UK now costs £197,248.
Wednesday, 7 November 2007
It’s about this time of year, as the dark, cold nights start to close in, that many Brits’ thoughts start to turn to an alternative life in the sun, in Europe or beyond. Many people are involved in broken house sale chains and are looking to complete a house purchase abroad; Quick Move Now, being the foremost house buying company in the UK, is in a great position to help. Here is my top 10 reasons people want to move abroad.
1. The weather - Pretty obvious this one. The average summer temperature in Southern Spain is 25 degrees C, compared to 15 degrees for the UK. Balmy summer nights with cool drinks on the veranda are a big pull factor for people looking to move abroad. 2. The food – dodgy kebabs, brown sauce, greasy fry ups – while some Brits love traditional British fare, others yearn for a diet of fresh fish, olive oil and Mediterranean vegetables which makes places like Italy among the healthiest places to live in Europe. 3. The culture – The art galleries, churches and café culture of Paris have proved irresistible for many “Rosbifs” looking to find a new life abroad. Many look for somewhere close enough that they can get the chunnel to visit relatives in the U.K. 4. The standard of living – Places like Switzerland are becoming increasingly attractive to Brits – being the richest country in the world, it is a haven for those looking for excellent healthcare, education and transport. 5. The people – People regularly contrast the outgoing and friendly nature of Americans with the cold, reserved character that many Brits exhibit, and cite it as a reason for moving stateside. 6. The scenery – From the lush fields of Holland to the rugged coastline of Greece, continental Europe has some remarkable scenery not found in the UK. 7. The lower property prices – Many Brits are looking to Eastern Europe as a place to invest in property and move permanently. In Bulgaria you can pick up a habitable property from as little as £20k. Compare this with the average UK house price of £200k 8. The lower crime levels – Many countries around the world are perceived as being safer than the UK. This is backed up by facts in some cases – In Japan, the murder rate is a quarter of that in the UK. Many expat Brits have found places like Japan to be a safe haven away from the dangerous streets of places like London or Liverpool. 9. To have a fresh start – Everyone needs a fresh start once in a while; moving abroad allows you to do just that. 10. To meet new people – Moving abroad allows you to meet new friends, colleagues, neighbours which can greatly enrich your life.
Tuesday, 6 November 2007
Bovis, the new home builder, has warned that house prices are likely to be 3% lower this autumn, compared with last.
In a trading update today, Bovis admitted: "Recent events in the financial markets have adversely affected consumer confidence, resulting in sales being lower than anticipated during the key autumn selling period."
A report in today's Daily Telegraph shows that many banks are now charging over £2,000 for anyone wanting to take out a fixed rate mortgage.
Moneyfacts, the financial research house that carried out the survey, says there are now 137 mortgage deals in the market that charge £1,995 or higher - one in seven of all mortgages. This is in sharp contrast to two years ago, when only one deal charged more than £1,000. Average fees have risen by more than 50 per cent over the past two years, from £495 to £774.
Northern Rock, for instance, charges a 3.5 per cent fee on one of its mortgages - on a £150,000 mortgage - which is the average amount a home buyer borrows - the fee equates to £5,250.
Hometrack has forecast a huge fall in home sales next year, with sales plunging by 17% in 2008. However, it reassured home owners that it did not expect prices to fall.
Hometrack warns that with homeowners stretched to almost record levels with mortgage payments, house price inflation was already slowing. But it warns that the risk of a US style crash is unlikely. Instead, they forecast that property transactions rather than prices will be the main casualty of the slowdown.
If you're finding it difficult to sell your home, contact Quick Move Now - we can buy your home for cash and can act quickly, often within 7 days. Call 0800 068 3366 now.
Friday, 2 November 2007
New figures are expected to show a rise in repossessions as consumers struggle with recent interest rate rises.
The new figures from the Ministry of Justice come days after the Council of Mortgage Lenders predicted a 50% rise in repossessions in 2008 to 45,000. These rises are expected because of interest rate rises and lenders tightening their policies since the credit crunch of the last few months.
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