 
Quick Move Blog
Thursday, 28 August 2008
According to the latest figures from Nationwide, UK house prices have fallen by 10.5% over the past year, the first time this has been a double-digit fall since 1990.
Prices were 1.9% lower than in July, with the average house now costing £164,654, down £19,000 on last August. According to Nationwide, house prices have now fallen for 10 months in a row.
The forecast from Nationwide is for prices to keep falling,w ith an increased supply of houses on the market, and a shortage of buyers because of the market uncertainty and shortage of mortage funds.
Thursday, 14 August 2008
Housebuilder Bellway said the number of property sales agreed over June and July fell by 45% and may continue to fall at the same rate for the rest of the year. The company reported an 'avalanche' of cancelled sales since Easter of this year as buyers pull out of agreed deals. The number of property sales falling through has risen by 125% in June and July. The company blamed the tightening mortgage market and ongoing lack of consumer confidence for the tumble in activity. If you're buying a new home from a developer such as Bellway, and are having trouble selling your existing home, or looking for an alternative to the house part exchange deal offered by developers, then call Quickmovenow.com. We are the UK's larges private house purchaser and can help you move with ceertainty and quickly, often within 7 days. Call us now on 0800 068 3366 for more details.
Tuesday, 12 August 2008
We have many people calling us daily looking for a quick house sale and the reasons they need to sell their houses fast vary greatly. However, the most common reason we hear is that people are relocating - for work, to be near better schools or to be nearer to their family.
People find themselves in many situations where they simply have to move despite the current state of the property market. For instance, many people need to relocate because they have a new job in a different part of the country. The option they then have is to rent out their existing home and rent in the new location - this entails a great deal of hassle in becoming a landlord, having to live in rented accommodation etc. The second option is to commute to work each week and return to the family home at weekends - this is not always possible, is costly and can't really be a long term solution. So often, the best solution is to sell the family home and move.
If you're looking to take the third option and sell your house, you're likely to find the property market quite slow - many people are finding it very difficult to find a buyer for their property, or they'll find that a sale will fall through leading to delays and uncertainty. Ane asy way to overcome this is to use Quickmovenow.com, the UK's leading professional home buyers. We can help you move whatever your circumstances, wherever you are. We will buy your house for cash, often with 7 days, enabling you to plan and move on with certainty, avoiding the normal lengthy and costsly delays of the housing market.
Get moving today - call quickmovenow.com on 0800 068 3366.
The price of flats is a key factor in the fall in property prices, with flats falling by 3.6% between May and June. Average house prices, according to the Local Government and Communities department, fell from £216,625 to £215,029.
The number of new mortgage loans made in June fell to fewer than half the number made in June 2007. 47,000 loans were made compared with 98,000 in June 07. This also compares with the 52,000 loans made in May this year.
According to the Council of Mortgage Lenders (CML), the majority of new mortgages are being made to those people with large deposits, with an average deposit of 22%. New borrowers have an average age of 35.
Mortgage lending activity remains relatively weak and will decline further in the coming months as a result of funding constraints and lower consumer demand," said Bob Pannell of the CML.
The effect of the squeeze has been felt across the board, with an 8% decline in the number of home loans to first-time buyers and a 9% fall in loans to home movers in June compared with May, the CML said.
Inflation rose to its highest level ince 1997 when it reached 4.4% in July. The increase of 0.6% was also the highest jump since the measurement of inflation using CPI began.
The figure of 4.4% is twice the government target, making it even more difficult for the Bank of England to cut interest rates in the coming months, desite the economy slowing down.
Thursday, 7 August 2008
The latest report from Halifax reports that house prices fell by 1.7& in July and are now 8.8% below last year's prices. Average prices are now at £177,351, a level last seen in June 2006.
The Halifax reported demand from buyers to be 'significantly curbed' by lack of mortgage finance, high prices and pressure on household finances.
With mortgage approvals already down by 69% in the past 12 months, activity in the property market looks likely to fall even further.
The Bank of England today announced that interest rates would remain unchanged at 5% despite predictions of a recession in the UK economy. However, the bank's primary target is to keep inflation at 2% and with evidence pointing to inflation hitting 4% shortly, the bank was under some pressure to keep rates on hold.
Tuesday, 5 August 2008
There are rumours today that the government is looking to kick-start the housing market by suspending stamp duty on house sale. Rumours suggest that stamp duty will be suspended at all levels of the housing market, not just at the lower end.
The idea is part of a package being put together by the government to relieve some of the effects of the credit crunch, and the measures within the package are likely to be revealed in the autumn.
House repossessions rose by 40% in the first quarter of this year with the number of people in arrears with their mortgage payments reaching 300,000.
A total of 9,152 people had their houses repossessed in Q1 2008, up 41% on the same period last year when the number totalled 6,471.
In 2007, there were 27,863 repossessions, with the Council of Mortgage Lenders expecting this figure to rise to 45,000 in 2008.
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