 
Quick Move Blog
Friday, 28 December 2007
A slump in mortgage approvals in November suggests the housing market will be depressed next year.
Figures released by the British Bankers Association (BBA) show the number of loans approved by banks in November was 57,432, a massive 43% lower than a year ago. The figure highlights the waning confidence among buyers, and the reaction of the banks to the credit crunch.
Most housing sector commentators, including Halifax, Nationwide and The Royal Institution of Chartered Surveyors (RICS) are predicting zero growth in 2008, although Capital Economics expects a decline of 5 per cent.
U.K. house prices fell for a second month in December, indicating that higher credit costs are bringing the property market boom to an end, the Nationwide Building Society said.
House prices dropped 0.5% from November to £182,080. Last month's 0.8% drop was the biggest since June 1995.
"Demand is responding to the pressures of weak affordability, past increases in interest rates and lower house price expectations,'' Fionnuala Earley, chief economist at Nationwide, said in a report. "Lower interest rates are more likely to stabilize market activity rather than reignite it.''
Monday, 24 December 2007
Houses are taking longer to sell than at any time in the last 7 years, according to a new report from Hometrack.
In December, house sellers were waiting an average 8.3 weeks before receiving an offer. In December last year, this figure was 6.7 weeks.
This latest data shows a evidence of the continuing slowdown in the housing market and comes on top of reports that estate agents are finding it difficult to sell houses, mortgage lenders are granting fewer loans and house prices are falling in many parts of the country.
Once again, this highlights the service that Quick Move Now offers. Because of our substantial funding capacity, if you want to sell your house quickly, we guarantee can an offer within 7 days, and cash will be with our solicitor within 7 days - no other quick house sale company can offer this speed of completion.
So, if you need to sell your house quickly, for whatever the reason, please call us now on 0800 068 3366.
Monday, 17 December 2007
The number of buy-to-let mortgages taken out in November plunged nearly 26pc last month.
The proportion of mortgages taken out in order to purchase buy-to-let properties fell back to 18% during November, down from 44% in the same period last year
Jonathan Cornell, managing director of Hamptons Mortgages, said: "Amateur landlords will have suffered the most and many may have held off from purchasing new properties - presumably in the hope that the market will begin to calm."
If you're finding it difficult to make your buy-to-let unaffordable, give Quick Move Now a call - we'll buy your property, wherever it is, quickly and for cash. Call us now on 0800 068 3366.
People looking to sell their properties are cutting their asking prices at the fastest rate in 5 years.
According to data from Rightmove, asking prices have fallen by 3.2 per cent since November.
This means that the average property has lost £7,590 this month and is valued at £232,396.
The increased cost of mortgages is highlighted by Rightmove as the main reason why there are fewer house hunters, forcing sellers to cut their prices.
Rightmove also blames the introduction of Hips to properties with one or two bedrooms last week for making the situation worse, by adding a glut of supply in the market.
"There is a history in the property market of no sale, no charge. But Hips changed all of that, and this was the last chance to put your house on the market without any cost," Mr Shipside said.
A lack of buyers in the property market has an impact on the price that can be achieved on your property, but also on the length of time it can take to sell your house. If you need to sell your house quickly, Quick Move Now can help. We offer certainty and speed - certainty in that we can give you a guaranteed offer for your property and speed in that we can complete purchases within 7 days.
We are serious about buying property - if you need a buyer for your house, and need one quickly, then call Quick Move Now on 0800 068 3366.
Friday, 14 December 2007
From today, all home sales in England and Wales now require a Home Information Pack (HIP).
This comes on the day that a RICS' report said only 1% of potential buyers was asking to see the contents of a Hip when viewing a property.
James Scott-Lee, a spokesman for RICS, said: "The survey results clearly show the complete apathy potential buyers have for Hips. They are seen as an unnecessary added tax on the selling process that you can't even give away."
As a privaate buyer of property, Quick Move Now does not require a Home Information Pack. By selling your property to us, we save you the cost of a HIP and we save you the time and hassle of getting a HIP prepared.
If you want to see your house quickly, with no hassle and no Home Information Pack, give Quick Move Now a call today. Telephone 0800 068 3366.
Thursday, 13 December 2007
The latest report by the Royal Institute of Chartered Surveyors (RICs) shows that house prices are continuing to fall across the UK. This is the 4th month in a row that prices have fallen.
The fall in prices also seems to becoming more widespread, with 58% of members reporting a drop.
Enquiries from new buyers were still falling heavily, while the number of newly-agreed sales was dropping at its fastest rate since 1999, when Rics first started questioning its members about them.
Thursday, 6 December 2007
As widely predicted, the Bank of England (BoE) cut UK interest rates by 0.25% today, to leave rates at 5.5%.
The first rate cut since August 2005 is designed to ensure the current slowdown in the economy does not get out of control.
Wednesday, 5 December 2007
UK house prices fell in November as higher interest rates and increased mortgage repayment costs took their toll, the Halifax has reported.
According to the Hlaifax, house prices fell by 1.1% in November, taking the annual rate of growth down to 6.3%, compared with 8.9% in October.
The fall is the largest monthly drop since December 2006. It is also the first time since 1995 that the Halifax figures have shown house prices falling for three successive months.
Pressure is now growing on the Bank of England to cut interest rates when the MEPC meets tomorrow, amid growing forecasts of the possibility of recession in 2008.
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