 
Quick Move Blog
Thursday, 31 January 2008
The latest Nationwide house price survey has shown house prices falling again, for the 3rd month in a row.
Prices fell by 0.1% in January, with the average cost of a home to £180,473.
The annual rate of price growth dropped to 4.2%, which is the lowest rate since December 2005.
Nationwide said the 3-month on 3-month rate of price growth - seen as a more reliable indicator of the health of the market - fell to -0.3%, down from 0.9% the previous month.
Wednesday, 30 January 2008
The number of new mortgages approved for home buying fell for the 7th consecutive month in December, according to the Bank of England.
The BoE said 73,000 mortgages were approved for home buyers in december, down from 81,000 in November.
"The latest mortgage approval numbers indicate that the current housing slowdown is more pronounced than in 2005," said Ian Kernohan, an economist at Royal London Asset Management.
"The fallout from the US housing crisis is spreading to the UK via a general squeeze on credit availability and the MPC will seek to offset some of this effect by cutting rates again next month," he added.
Tuesday, 29 January 2008
The latest Hometrack survey shows that the average time taken to sell a house in England and Wales has increased to 8.5 weeks, the highest level since their survey began in 2001.
We are receiving an increasing number of enquiries as people realise how long it will take before they receive and accept an offer on their property, wait for the exchange of contracts and then wait again for full completion.
Using Quick Move Now, homeowners can bypass these lengthy delays and can often complete the sale of their property within 7 days. For people needing to move quickly, whether for work, or to move abroad, or for financial reasons, Quick Move Now offers a valuable service, guaranteeing to buy your property, quickly.
For further information, please call us on 0800 068 3366.
The latest Hometrack survey shows that house prices fell in January by 0.3%. This si the 4th month in a row that Hometrack have reported a fall in prices.
There is brighter news for prices in that the extent of the falls was less than in December - agents reported falls in 23% of the country compared with 30% in December.
Asking prices are also still under pressure. The proportion of sales achieving the asking price fell to 93.5% from an avergae of 96% in 2007.
Monday, 28 January 2008
A report in today's Daily Telegraph warns that a sharp fall in house prices may occur this year and that there is a risk of a 'full-blown' recession.
Roger Bootle, of Capital Economics, says the UK is facing its bleakest period since the recession of the early 90s. He says that the decade-long boom in house prices has ended, which will impact consumer spending, long sustained by rising property values.
According to Deloitte: "a fall in employment, or even slower employment growth, could further undermine the housing market and significantly reduce the ability of household spending to propel the economy forward."
To help deter recession, Deloitte says that a series of interest rates cuts are necessary, forecasting that rates will drop to 4% in 2009.
If you're worried about the outlook for UK house prices and want to sell now, then contact Quick Move Now on 0800 068 3366. We will buy your house for cash, often within 7 days.
Friday, 25 January 2008
The number of mortgages approvals for December 2007 was at a record low with just 42,088 new loans approved. This figure is 38% below December 2006 and the lowest since the British Bankers Association (BBA) started collecting these figures in 1997.
Total mortgage advances also fell during the month to levels last seen in September 2005. A total of £15.1 billion was advanced during the month, down from £16.5 billion in November and 22 per cent below the figure for December 2006.
These figures are reflected in and are a refleciton of, the marked slowdown in the housing market and the fall in house prices seen recently.
If you are finding it difficult to find a buyer for your property and you need to move quickly, the call Quick Move Now. We are the UK's leading quick house sale company and we would be interested in buying your house.
Wednesday, 23 January 2008
Whenever you fail to keep up with the payments on a loan secured on your property, there is always the risk that the lender will take legal action to evict you. The process has a number of stages and can last a few weeks to a few months or longer. There is the possibility of stopping the process at any stage, so never think that it’s too late to bring your mortgage payments up to date. Remember it’s in mortgage companies’ interest to keep you in the property and paying the mortgage off; they will only turn to eviction as a last resort. The earlier you take action the more options you will have and the less you will have to pay in legal costs. There are special rules about the procedures that must be followed at each stage - if they are not, you may be able to stop or delay the repossession.
Reasons for Repossession
There has to be a sound legal reason to repossess your property. In most cases this will be that you have not kept up with the mortgage payments. A rarer case would be when a leaseholder would evict a freeholder for not paying rent or service charges. This is unusual, however.
The only other way in which you can be made to leave your home is if the Housing Executive or another public body makes a ' compulsory purchase order' to buy your home. This normally only happens if a major local development, such as a road widening scheme, is planned. If you are in this situation you will be entitled to compensation.
Notice from your Lender
In the first instance, the lender would write to you asking that payments be brought up to date. A letter from the lender’s solicitor may come through threatening court action if the issue is not resolved. The next stage would be to write to you advising that a court order for possession has been applied for.
A Summons from the Court
The court will write to you telling you when a hearing is to take place. This is called a summons. When you hear from the court, if you have not already done so, you should get advice immediately about what to do next. It is very important to reply to the court. Failing to reply can harm your case. You should find a solicitor to represent you in court, as they can help you prepare for the hearing and to develop a defence.
The Hearing
At the hearing, the judge will hear from you and the lender and come to decision about what should happen next. Some of the options open to the judge include: allowing you to stay in the property provided you keep to certain conditions, such as repaying the arrears in instalments; giving you time to sell your property to avoid repossession or deciding that you should be evicted.
The Court Order
If the judge decides that you have to leave your home, the court order will set a date for you to leave. If you have not left by that date, your lender must apply to the Enforcement of Judgements Office before you have to leave your home.
If you are finding your self in one of these stages, call Quick Move Now as soon as possible. You may be able to avert being repossessed.
Monday, 21 January 2008
The latest Rightmove survey shows that the average asking prices for houses in England and Wales has fallen again, by 0.8% in the 5 weeks to January 12th. However, this fall was less than the figures for November and December.
Rightmove said there were some signs that the market was improving in early January despite the fall in asking prices.
"Some homebuyers are now able to find properties that have fallen into their affordability zone, and are bagging what they see as bargains against previous prices," said Miles Shipside, commercial director of Rightmove. Some properties have had their prices dropped by 10% or more and are now within reach, satisfying some of the pent-up demand from previous disenfranchised buyers."
Wednesday, 16 January 2008
RICs today reported that house prices are falling at their fatest rates since the 90s. 49% more surveyors saw prices falls in December than reported a rise, their most pessimistic figure since November 1992.
December was the 5th consecutive month of falling prices according to RICS. Demand for property is still weak, with 25% more surveyors reporting a fall in demand than reporting an increase. Surveyor confidence in the market has also fallen for sales and prices to the level lowest since these reports originated in 1998.
The stock of unsold property held by surveyors increased by 7.1% following a 9.1% jump in November and a 10.3% gain in October.
If you're having a problem in selling your property, then do give Quick Move Now a call - we can help sell your house quickly.
Friday, 11 January 2008
The Bank of England left UK interest rates on hold today, as the bank tried to balance the economic slowdown with increasing inflationary pressure.
Many analysts are now expecting rates to be cut in February.
Friday, 4 January 2008
The Bank of England warned yesterday that it is expecting the number of mortgage defaults to rise this year, as over 1 million home owners remortgage this year, facing a 'significant and unanticipated increase' in borrowing.
Following the credit crunch of 2007, banks are less likely to pass on interest rate cuts and are charging higher mark-ups on new mortgages.
Over the past 5 years, banks have chraged 0.1% more than the wholesale cost of borrowing monry for two year fixed rate mortgages. In Novemebr 2007, this figure reached 0.6%, meaning a £200k mortgage will cost an extra £1,000 per year.
Wednesday, 2 January 2008
A report in today's Daily Telegraph suggest that house prices are likely to suffer their first annual fall in 15 years in 2008 with the average home losing up to 4% or £8,000 of its value.
The study, commissioned by the Telegraph, says Britain's property market slipped into the "danger zone" at the end of last year, and that prices could fall not just in the next 12 months, but in subsequent years.
With disposable incomes squeezed by high inflation and debt costs, house prices have now moved beyond the level at which they can be classified as affordable.
The Daily Telegraph/Lombard Street Research Housing Affordability Index shows houses are at their most overvalued since early 1991 - when prices were plunging, causing hundreds of thousands to have their homes repossessed.
Lombard Street Research predicts house price falls of between 3-4%. Others are more bearish: David Owen, the chief European economist at Dresdner Kleinwort, said there had only been four times since the Second World War when average house prices were more than seven times disposable incomes, as now: 1948, 1979, 1988 and 2007. In each previous case, house prices then dropped by 30 per cent, adjusted for inflation.
December is often a quiet time in the housing market, but this December, many agents are reporting the market to be 'dead' with little to no activity. With a lack of buyers and houses therefore taking longer to sell, the housing marketin is currently stagnating.
Evidence suggests that this environment is unlikely to change in the near term with new buyer inquiries close to all-time lows. in 2008, Savills predicts turnover will be down by 20%; Knight Frank by 12%; Hometrack by 16.5%.
Here at Quick Move Now, we have recently heard of many stories from clients who have had homes on the market for more than 6 months, or whose sale has fallen through with the buyer pulling out because of mortgage problems, or because they are now frightened of paying too much for a property in a potentially falling market.
These are the types of situations in which we can help. If your house has been on the market for several months, and you're getting no offers or even no viewings, then give us a call. We can purchase your house within 7 days, enabling you to move on with your life as you planned, or for you to secure the home you dreamed of.
If you are in the situation of your buyer withdrawing at the last minute, again, give Quick Move Now a call. We a specialists in the resolving broken chains. Over 20% of property sales fail to complete because of a chain break, causing huge amounts of stress and inconvenience and costing a significant amount of money for all involved. Quick Move Now will step in to purchase any property that is causing a chain break, thereby enabling the chain to complete, and for all involved to secure their next home. What is more, any cost involved can usually be spread across the other properties in the chain.
If you want to sell your house, but can't because of the current market conditions, then call Quick Move Now on 0800 068 3366.
House prices are likely to fall year on year in 2008 for the first time since the early 1990s, reports the FT in its survey of 52 economists.
Most believe a long-awaited correction in UK property values is on its way and 10 economists believe prices will fall more than 10 per cent from their peak before the downturn is over. "UK house prices finally became unaffordable at the end of 2007," said Diana Choyleva at Lombard Street Research.
Julian Le Grand of the London School of Economics said prices could fall to five times average earnings, from the current multiple of nine, and John Van Reenen, also at the LSE, expected prices to fall 20 per cent before bouncing back.
However, as ever with economists, opinion is divided, and a significant minority said the housing market, as in 2005, would have a soft landing, supported by easing interest rates and historically low unemployment.
Nick Barr at the LSE called the slowdown a "point of inflexion rather than a downturn" that coupled with lower interest rates would help borrowers and buyers.
A few economists welcomed the prospect of a correction. Tim Leunig at the LSE said the scale of recent price inflation left few people vulnerable to negative equity, and added: "The broader economy would be helped, were house prices not to recover from any such fall: we need more affordability, not less."
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