Quick Move Blog
Thursday, 29 January 2009
House prices fell for the 15th month in a row in January, which is the long run of falling house prices on record.
According to new figures from Nationwide, the average price fell by 1.3% in January to £150,501. The average price is now 16.6% lower than 12 months ago.
With the current recession and credit crunch and therefore ongoing uncertainty, we see no reason why house prices will recover in the short term.
Thursday, 22 January 2009
The FSA has announced that the number of possession orders doubled in the 3rd quarter of 2008, to 13,161 a 91% increase on a year earlier.
When a possession order is granted is gives a lender full legal control of a property. It does not necessarily mean that the lender will sell the hous or evict the people living there.
The number of people behind with their motgage payments has also risen. Those being 3 months behind has reached 340,000, a 24% rise on the previous year.
2.9% of all mortgage holders are now behind in their payments.
Wednesday, 7 January 2009
Broken Chains
What is a sale chain?
• Most house sales will involve a sales chain
• This is because most people have to sell their home in order to buy another house
• This creates a chain of related sales/purchases
• First time buyers normally form the base of a chain
• Sale chains can involve 3 to 10+ transactions
How does a chain break?
If any link fails the whole chain collapses.
So a problem with just one sale could jeopardise 10+ other transactions
Why do sales abort?
A sale can fall through for a variety of reasons:
• Unable to secure mortgage/finance
• Adverse survey
• Change of circumstances e.g. redundancy
• Find another property
• Change their mind about buying
How common are chain break situations?
Unfortunately chain breaks are very common.
Although exact figures are difficult to estimate Quick Move Now produces a monthly fall through index or FTI based on its property sales.
This index shows that at least 40% of sales abort before completion.
Many more chains don’t even get off the ground so the true rate of chain breaks is likely to be much higher in the general market.
It is likely that most home sellers currently face a 50:50 chance of their sale going through to completion.
How to fix a broken chain
To repair a chain the property that has lost buyer needs to be resold.
In current market conditions it is very difficult to resurrect a broken sale chain as buyers are so few and far between. Generally everyone will lose out and will have to start marketing from scratch.
There is however another option as Quick Move Now offers a chain break solution that can step in and buy the broken link and so resurrect the whole chain.
More information about how to sell your house quickly can be found by visiting www.quickmovenow.com.
Tuesday, 6 January 2009
According to figures released today by Nationwide, house prices fell by a record amount last year, falling 15.9%. Prices continued to fall in December, falling by a further 2.5%.
Nationwide warns that their affordability measures still remain above average meaning that buyers are unlikely to return to the market in the near term, leading to the likelihood of further falls in house prices.
What does this mean if you're looking to sell your house, or need to move quickly? With a lack of buyers in the market, it means that it will take even longer to sell your house through an estate agent, and with falling prices, the longer it takes to sell your house, the more it will cost you - each month your house is on the market unsold, then the more it is costing you.
The number of houses sold in 2008 was down 60% and we don't see sales pricking up greatly in 2009 with economic uncertainty, lack of mortgage supply hampering any recovery.
Having said all of this, many people still need to sell their houses becuase of job relocations, divorce, moving abroad or because of financial difficulties. If you are in this situation, what should you do? Well selling through an estate agent is unlikely to be quick; the whole sale process could take months, with no guarantee that a sale will proceed to completion. The only solution that gives you certainty and speed is to sell your house through a property buyer such as Quick Move Now.
Quick Move Now specialises in buying houses quickly, aiming to give guaranteed offers within 7 days and completion in 14 days, giving your speed and certainty to enable you to move on.
For more details, call us on 0800 068 3366 or click for a FREE estimate now.
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