Quick Move Blog

Tuesday, 27 April 2010

This blog has moved

This blog is now located at http://blog.quickmovenow.com/.
You will be automatically redirected in 30 seconds or you may click here.

For feed subscribers, please update your feed subscriptions to
http://blog.quickmovenow.com/feeds/posts/default.

Click here to return to blog home

Thursday, 22 April 2010

First Time Buyer Levels Lowest for 17 Years

The number of first time buyers fell to a 17 year low in 2009. Just 347,000 first time buyers took out a mortgage last year. This figure is 100,000 below the prevous low in February 1993 and is half the 700,000 in the year ending April 2005 and below the averagw of 561,000.

This fall can be largely attributed by the tightening of lenders' restrictions, with larger deposits being demanded for first time buyers with best rates reserved for those borrowers with a deposit of 60% of more.

Click here to return to blog home

Monday, 19 April 2010

Mortgage Lending Figures Show Mixed Messages

Mortgage lending jumped in March, up 24% on February at £11.5bn. However, the total lending for the first quarter of 2010 was down on the same period in 2009 and were at their lowest level since the first quarter of 2000.

Overall, the figures indicate a subdued market which we expect will continue thoughout this year.

Click here to return to blog home

Friday, 16 April 2010

Housing Market Activity Picks Up

The National Assoc of Estate Agents has confirmed a report earlier this week that activity in the housing market has picked up, with the number of potential sellers at its highest level for six months and the number of prospective buyers up 7%.

A Rics survey early this week showed supply picking up strongly, leading to a possible stabilisaiton in prices. The NAEA survey shows the number of properties on agents' books rising from an aveage of 56 to 60 in March.

Sales have also risen from an average of 6.8 per branch in February to 8 in March, no doubt helped by the improvement in the weather!

Click here to return to blog home

Tuesday, 13 April 2010

House Sellers Returning

The nunmber of house sellers jumped in March, to a level not seen since March 2007, just before the housing market slump. The RICS report shows that instructions from sellers outstripped enquiries from buyers for the 3rd month in a row, in a change that is likely to see a slowdown in the rise of house prices as the supply of houses increases.

The average number of unsold houses on surveyors' books increased by 6% in February to 67 per surbveyor, still far short of the 90 at the peak of the market.

The number of new home loan granted to buyers in February was 12% higher than in January but more significantly, it was up 49% on a year ago.

Annual house price inflation rose to 7.4% in February from 6.2%.

Click here to return to blog home

Tuesday, 6 April 2010

First Time Buyers Reappearing

The new stamp duty holiday for first time buyers that was announced in the recent budget may have sparked an increase in potential buyers. Moneysupermarket.com has seens a 15% rise in first-time buyers searching for mortgage deals in the past week. While Easter is traditionally a busy weekend for the property marketing, Savills also confirmed an unusual increase in first-time buyer activity.

Click here to return to blog home

How Soon Will House Prices Recover to 2007 Levels?

Lombard Street Research has released a new report warning that the UK housing market is potentially trapped in a long-term bear market and that prices may not recover their peak of 2007 for many years.

They warn that the 25 year bull run of rising prices could be simialarly match by a 25 year long bear run, as a consequence of the credit crunch, with a huge tightening in the long term availability of credit. They foresee that house prices in the next 3 to 5 years will be flat at best.

Click here to return to blog home

Tuesday, 30 March 2010

House Price Rises Slowing

Nationwide figures for March show house prices rising by just 0.7%, 9% higher than March 2009, but lower than the 9.2% year on year increase in February. We see this as a reflection of all the market stats we've seen, with fewer buers in the market, relatively little activity, mortgage approvals falling etc.

House sales remain well below previous levels with just 58,000 sales in February, up 14% on January, but well down on previous levels - there werre 103,000 sales in December as people raced to completed before the end of the year and the end of the stamp duty holiday, but even with the stamp duty holiday, sales failed to reach previous high levels and we expect this trend to continue in 2010.

If you want to sell your house, but are struggling to find a buyer, or need to sell within a short period of time, then do call Quick Move Now on 0800 068 3366. We are the leading specialists in quick house sales in the UK and we can help you.

Click here to return to blog home

Mortgage Approvals Fall Again

Figures yesteday showed that mortgage approvals fellin February, for the 3rd month in a row. While the number of approvals fell by just 1,000, it is the trend over the past few months that reflects the overall slowdown in the housing market. There was a sharper fall in January with the end fo the stamp duty relief and February looks to be a continuation of this slowdown. We expect this fall of new mortgages to reflect a subdued period in house price sales and inflation.

Click here to return to blog home

Wednesday, 24 March 2010

New Stamp Duty Holiday for First Time Buyers

In the Budget, the Chancellor announced a new stamp duty holiday for first time buyers, purchasing homes valued up to £250,000 with effect from midnight tonight. This holiday will be in effect this year and next.

Conversely he has raised the level of stamp duty on properties worth over £1 million, from 4% to 5%.

Click here to return to blog home

Monday, 15 March 2010

Housing Market Stalls

Houses prices rose by the smallest margin on record in March, leading many experts to predict a double dip in house prices.

Prices were up by just 0.1% on February, the smallest margin on record in a month when prices have never fallen. Fears are that a decline in house prices could preciptate a slowdown in the rest of the economy.

Click here to return to blog home

Friday, 5 March 2010

House Prices Down in February

House prices recorded their first fall since June with a fall of 1.5% in February according to the Halifax. The fall was blamed on the end of stamp duty relief, the cold weather and more properties coming onto the market.

Prices are still 4.5% up on the previous year and 8% higher than the low point of April 2009, but the market has slowed down in recent months. According to the chief economist at Nationwide, it would have been difficult for the housing market to maintain it momentum from 2009, and that it would be good for house prices not too race away from the economic fundamentals.

The number of new buyers making enquiries fell at the start of the year and home loan lending fell by 32% in January, all helping to keep prices lower.

Click here to return to blog home

Thursday, 11 February 2010

House Repossessions at 14 year High

House repossessions have reached a 14 year high, with an average of 126 repossessions a day in the past year.

The total for 2009 was 46,000 repossessions the highest level since 1995 and 15% higher than 2008.

The Council of Mortgage Lenders is forecasting a large increase in repossessions in 2010, blaming economic uncertainty and possible rising in interest rates. However, the CML did forecast 75,000 repossessions in 2009.

Click here to return to blog home

Thursday, 4 February 2010

House Prices Up Again, But Rate Slows

Huse prices rose for the 7th month in a row in January, according to the Halifax. Prices rose by 0.6%, the lowest increase in 6 months. The average price of a home in the UK is £169,777, 9.9% higher than in April 2009 when prices hit their lowest point.

The Halifax data abcks up the opinion that rises are levelling out with many economists predicting prices to remain flat across the 2010, mainly as more properties come on to the market, as it is the lack of supply that hs bolstered prices over the last 12 months.

Click here to return to blog home

Wednesday, 3 February 2010

Mortgages - SVRs Go Up, Fixed Rates Go Down!

We currently seeing disparate movement in the mortgage market with some lenders raising their Standard Variable Rates, while others are reducing their foxed rate deals.

Several lenders have launched new 'best buy' mortgages this week and over 300 new mortgage deals have been launched since the start of 2010. This had given 26% mortgages available for borrowers with a deposit of less than 10%. We've seen falls in some fixed rate deals as banks start to compete again within certain specific markets. For instance the average 2 year fixed rate deal has fallen from 4.88% to 4.81% - a small percentage but still a fall. The average 5 year deal has gone down by 0.09%. Santander has this week launched a new 2 year fixed rate deal ar 3.44% for those with a 30% deposit.

The flip side of this is that some lenders, such as Skipton and today Norwich & Peterborough, have increased their standard variable rates, as they face more competition in the savings market, a major source of their mortgage funding.

Norwich & Peterborough's SVR has been increased from 4.85% to 5.35%, despite an historically low Bank of England Base Rate of 0.5%.

Click here to return to blog home

Competitive Mortgages to Remain Difficult to Find

The Council of Mortgage Lenders has warned that borrowers will continue to find it difficult to access competitive mortgages for 'years to come' unless reforms are brought in to change the way lenders raise money.

The CML warns that when currentl government support schemes cease in 2014, there will be a £300bn gap between demand for new mortgages and finds available from lenders. This will lead to a fall, in the longer-term, in the choice of mortgages available.

The CML is requesting government support to re-establish a sustainable securitisation market, so that new wholesale funding can be raised.

Click here to return to blog home

Friday, 29 January 2010

House Prices Rise in January

House prices rose by 1.2% in January according to figures from Nationwide. This increases the annual rate of increase to 8.6%.

The Nationwide has suggested that annual house price inflation could soon hit 10% as prices have been rising now for 9 months in a row and the current rate of increase is the highest since October 2007.

Again the lack of supply of available property appears to continue to be the main driver in rising prices.

Click here to return to blog home

Tuesday, 26 January 2010

Mortgage Arrears and House Repossessions - New Rules Proposed

The Financial Service Authroity has proposed new rules to make the repossession of houses the last resort employed by banks when dealing with mortgage arrears. The FSA wants to ensure borrowers are treated 'more fairly' by banks and to ensure that those who fall behind in their mortgage payments are not landed with an unfair level of charges.

In September 2009, there were 164,000 mortgages in arrears by 2.5% of more of their outstanding balance.

The FSA is also looking to tighten rules on mortgage brokers and their staff and also wants to ban self-certified mortgages, with all borrowers needing to prove that their could afford the mortgages they are applying for.

Click here to return to blog home

Friday, 22 January 2010

Property Sales at 2 Year High

HMRC has released figures today showing that completed sales hit a 2 year high in December. Over 104,000 deals were completed in December 2009, the first time the figure has been above 100,000 since December 2007, adding to evidence of a recovery in the housing market.

Sales reached their lowest point in January 2009, with only 41,000 properties sold the lowest level since 1977 when records began.

Overall in 2009, the number of transactions was broadly similar to 2008, with a total of 848,000 propeties sold. Constrast this figure though with the boom years - in 2006, 1.67 million homes were sold and 1.62 million in 2007.

Click here to return to blog home

Thursday, 21 January 2010

Mortgage Lending Rises in December

Mortgage lending was up in December, by 14% on the previous month, a move described as 'surprisingly strong' by some commentators. This was up 3% on December 2008.

There was a large rise in completions in the month, perhaps as people tried to beat the end of the stamp duty 'holiday'

Click here to return to blog home

Wednesday, 20 January 2010

10 Things To Look For When Buying a House

For most people buying a house is a big decision, being the biggest purchase someone will make in their life. Below are ten things to consider when purchasing a property:

1. How far is the property from work? For most people the maximum commuting time they would tolerate is about an hour. Is the property within an hour's drive of your or your partner's workplace? If not, consider moving closer, or, if you are set on moving to the area or house, changing job.

2. What about parking? Some properties have parking, some dont. Make sure if you need to drive that you have access to at least on street parking nearby. It may be that you don't have or need a car (for example if you live in London), in which case, take note of the third point in this list.

3. Does the property have good transport links? Is the property near to the train or tube station, motorway, and airport? If commuting and business travel is a big part of your life then the transport considerations will be of vital importance.

4. Does the area have good schools in the area? If you are a parent, then the schools in the area will likely be of great interest to you. Since schools tend to be better in rural rather than urban areas, then if your kids education is important to you and you can choose where to live, then a move to the country could well be a wise move.

5. How far is it from town? If you're a young person looking for good nightlife, then a move to the inner city could be what you are looking for. However, if you are looking to have a more quiet life then the quieter suburbs could be for you.

6. Which way does the garden face? For sun worshippers this is a key factor. A south facing home will get more sun than a north facing one. Hence if you are one for spending time in the garden during the summer having barbeques etc.. than a south facing garden is what you need.

7. Talk to the neighbours - Sometimes the best way to find out about a neighbourhood is to ask people that live there. Start with homes adjoining your prospective home; you might find out that there is a noisy neighbour two doors down that the vendor didn't happen to mention.

8. See the property more than once - On first viewing, the lounge may seem spacious, but on second viewing, it may seem less so. Buying a property after viewing it just once may be a risky venture.

9. Quiz the sellers - Find out what problems they have had with the house, even if they have been fixed. They might tell you about potential flooding in the area, or they might not. However, if they don't tell you about something to do with the house than turns out to be a problem, then you have grounds for legal action.

10. Consider the potential of the house - many buyers these days are looking for potential for improvement to a property when purchasing property. Whether it is adding a conservatory, an extra bathroom or an extra bedroom, buyers are on the lookout for adding value to their property. Keep home improvements in mind when buying a property.

Click here to return to blog home

The Most Expensive Streets In The UK

The Halifax recently released data of the most expensive streets in the UK, based on Land Registry data, and Royal Mail postcodes.

The report reveals that the top 10 most expensive streets in the UK are all in London. Of those, seven streets were situated in the Royal Borough of Kensington and Chelsea, with Wycombe Square hitting the top spot with an average property price of £5,401,447.

Below are the top ranking streets in term of property value for all regions in the UK:

North - Lindasfarne Road, Jesmond, Newcastle, Postcode NE22; Average property price: £1,003,822

North West - Withinlee Road, Macclesfield, Postcode SK10; Average property price: £1,205,833

Yorkshire and the Humber - Royal Gardens, Harrogate, Postcode HG2; Average property price: £720,800

West Midlands - Alderbrook Road, Solihull, Postcode B91; Average property price: £908,750

East Midlands - Valley Road, Nottingham, Postcode NG2; Average property price: £851,000

East Anglia - Sedley Taylor Road, Cambridge, Postcode CB2; Average property price: £958,440

South West - Brudenell Avenue, Poole, Postcode BH13; Average property price: £1,927,491

South East - Moles Hill, Leatherhead, Postcode KT22: Average property price: £2,645,000

Greater London - Wycombe Square, Kensington and Chelsea, Postcode W8; Average property price: £5,401,447

Wales - Druidstone Road, Old St Mellons, Postcode CF3; Average property price: £621,000

Click here to return to blog home

Tuesday, 19 January 2010

Inflation Jumps in December

Today's inflation figures show a record jump in December of 1%, with CPI up to 2.9%. This jump was the largest since 1997 when monthly records began.

Economists are now predicting inflation to rise above 3% in Janaury, so what chance an interest rate rise at the Bnk of England's next monthly meeting?

Click here to return to blog home

10 Top Property Websites

The internet has revolutionised the area of property as much as any other in the last 10 years; sites have cropped up ranging from huge portals advertising property to interior design tips sites. Below is a selection of the most popular property sites on the web:

1. Rightmove - http://www.rightmove.co.uk

The granddaddy of all property sites, Rightmove is the largest property website in the UK, with most new properties going on sale in the UK being listed on the site. Rightmove has over 20,000 estate agents properties on the site. The site makes its money by charging estate agents for putting their properties for sale on the site. By doing this Rightmove have preserved a key element of many successful sites on the web - the element of making the site free for the user. This drive toward free has been a key part of the new internet economy; businesses that would have traditionally charged a fee for their services are now having to find their income from another source. Rightmove have done this well, and have been successful as a result.

2. Prime Location - http://www.primelocation.com

One of the second tier property sites in the UK, Prime Location serves a wide range of property interested clientele in the UK. Its services are more wide ranging than Rightmove; Prime Location offer services for people such as: people looking to rent; people looking to buy land; people looking for the best deal on their mortgage; people looking to find house price trend data; people looking for property market news; and people looking for new build homes to buy. These resources mean the site is more of a property "hub" than Rightmove, and may mean it is potentially well placed to overtake Rightmove as the UK's number one property site in the future.

3. Period Property - http://www.periodproperty.co.uk

As the name suggests, this is the premier site in the UK for period property. Again, it is more of a "hub" than Rightmove, offering forums, a Q & A section with a professional, book recommendations, articles as well as an area to buy and sell period properties. Periodproperty.co.uk has some really good content, including a directory for services related to period properties, but will only ever serve a niche, which is people who own or interested in older buildings. This is not necessarily a bad thing - serving a targeted niche effectively can be very helpful for its users, as well as potentially being very profitable. The only downside I would give to the site is its design; it's a little bland.

4. Shared Spaces - http://www.sharedspaces.co.uk

This interesting site gives people who would not usually have the opportunity to buy a property the chance to get on the ladder. Shared Spaces touts itself as the original UK "co-buyer network". They have been running since 2005, they offer the chance to sign up and meet one of the thousands of people on their books in order to buy a house with them. What seems like quite a strange option at first actually makes sense for thousands of people unable to keep up with the rocketing property prices of the past few years. The site has a nice, fresh design and much of the on site copy is well written. I suspect sites like this will do well if house price increases continue to outstrip salary levels.

5. Energy Saving Trust - http://www.energysavingtrust.org.uk

This site is a government sponsored site that provides information to the public and businesses about ways to save energy and reduce CO2 emissions. The site's central premise is that global warming is a potentially disastrous issue and one that needs to be addressed by everyone, now. Highlights of the site include: a personalised carbon footprint calculator; a section on generating your own energy and a section on driving tips to reduce CO2 emissions. Being a government sponsored project, the site is of top quality, both in terms of content, design and usability. One to bookmark and come back to.

6. Lawrence Llewelyn Bowen - http://www.llb.co.uk

The OTT interior designer here promotes his own interior design company and other projects. The design is quite distinct; it is the most stylish design I have profiled in this blog post. The site gives some good design tips from the man himself, based around some of his favourite lighting, kitchens and bathrooms. Perhaps what is missing from this site is some sort of interactive element, which would take it to the next level. Still, a good effort, worth visiting if you are thinking of changing your home around.

7. Land registry - http://www.landregistry.gov.uk/

The main appeal of the Land Registry is its house price index, which, it claims, is the most accurate house price index available. The site offers the unique ability to generate lists of average house prices in any area of England and Wales for any range of months since January 1995. The Land Registry house price index traditionally has strengths and weaknesses; its strength is that it is official government data, so it has gravitas. Its weakness is that because the index is of completed sales, the data may be a few months behind the real figures, perhaps reflected in the indices of companies such as Nationwide and Halifax.

8. Property Snake - http://www.propertysnake.co.uk/

Property Snake is a site that has really come into its own during the recession - it basically shows the properties for sale in the UK that have dropped in price, ready for sale. The highest price reduction shown on the site currently is 54%. The site give users the option of searching for properties by price or location. Since the economy and housing market has picked up, the site has declined in importance slightly, but still is the place to visit if you're looking for property bargains.

9. Star Driveways - http://www.stardriveways.com/

Bit of fun this one - an amateur site that shows pictures of stars' driveways, most of them in Hollywood. You can get a glimpse of some of the houses in some of the pics, which look very luxurious. So log on and catch a glimpse of Ozzy Osbourne or Tom Jones' house front. Brings out the nosey-parker in all of us!

10. Quick Move Now - http://www.quickmovenow.com

Couldn't leave this one out! Quick Move Now are one of the leading house buying companies in the UK; they help out hundreds of people every year who need a quick sale. They will pay up to 85% of the property's value, and can turn around in as little as 7 days. Because Quick Move Now have access to a large reserve of our own cash to buy houses, they can move a lot quicker than other house buyers, who have to borrow money to buy homes. If you are thinking, "I really need someone to buy my house quickly," or "I need someone to sell my house to," then look around our site and see what we can do for you.

Click here to return to blog home

Monday, 18 January 2010

Asking Prices Up in First Week of 2010

Rightmove says that asking prices for houses jumped 1.2% in the first week of January as sellers became more confident about the strength of the UK housing market. Rightmove says that it's year has started strongly, with visitors to their site up 26% compared with 2009.

Its figures also show the lowest stick of homes for sale in 10 years when it started to monitor the market, with the average estate agent having just 63 properties to market. 50,624 properties were added to Rightmove in the 5 weeks to January 9th - down from its average of 89,000.

Click here to return to blog home

Tuesday, 12 January 2010

House Price Rises Slowed in December

The latest RICS survey shows that house price rises slowed in December.

30% more surveyors saw rises than falls in December but the positive balance was lower than in November or October. It is difficult to read too much into December figures - with the run up to Christmas, it is part of the normal seasonal slowdown.

The Government's figures show that house prices rose 1.7% in November, meaning they were 0.6% higher than in November 2008. Overall prices rose by 3.5% in the quarter ending November.

Click here to return to blog home

Tuesday, 5 January 2010

House Prices Rise in 2009

The Halifax has reported that UK house prices were 1.1% higher in December 2009 than in December 2008, the first annual price rise since March 2008.

Prices rose by 1% in December on the previous month, the 6th consecutive monthly rise.

The graph above shows the change in house prices over the past 2 years, with house prices reaching a low in April 2009 before rising by 9.4% to December 2009.

Price increases in 2009 were driven largely by a shortage of supply - if more people start selling, price rises would level out. The Halifax is forecasting a flat year for house prices in 2010 with the market heavily dependent on the state of the UK economy.

Click here to return to blog home

Friday, 18 December 2009

New Home Buyers Report

A new Home Buyers survey has been launched by RICS. The new homebuyer report is designed to provide clear, simple and easy-to-follow information about property condition.

The HomeBuyer Report reflects changes in the house buying and selling process. It’s concise, user-friendly format assists homebuyers in their decision by reporting condition, value, repairs and what further advice is needed.

The report provides colour-coded condition ratings, based on the state of repair of elements of the building. A green rating indicates no repairs are necessary, whilst red points to serious defects that require urgent attention.

The Home Buyers Report still highlights issues for legal advisors and identifies risks and hazards of the property, such as structural movement, damp and timber defects. The surveyor also provides their opinion of the current market value and insurance assessment.

The original Home Buyers Survey and Valuation is being phased out at the end of the year.

Buying a house can be a complicated and daunting process. To help you we have produced a home buyers guide.

Click here to return to blog home

Stamp Duty Holiday Ends

In an effort to assist the weak housing market a temporary stamp duty holiday was put in place for any property sales under £175,000.

This holiday is due to end on the 31st December 2009.

A combination of the higher threshold and falling prices has meant that thousands of house sales have been under the threshold. This has saved home buyers thousands of pounds in taxes and reduced buying costs significantly. With mortgage lenders requiring much larger deposits it has been fortunate that buyers have had more cash to put towards their deposit.

Although there is much debate about the impact of the stamp holiday there is no doubt that it has helped some buyers to scratch together a big enough deposit to secure a mortgage and buy a home.

So what does the future hold?

The thresholds will reset on 31/12/2009 to:

Up to £125,000	Zero
Over £125,000 to £250,000	1%
Over £250,000 to £500,000	3%
Over £500,000	4%

According the Nationwide average house prices now stand at £162,038 which means stamp will now be payable on the majority of house sales.

Recent improvements in the housing market have been driven by cash rich home buyers and a lack of supply. If we are to return to a healthy and sustainable market, transactions will have to increase and “normal” mortgage dependent buyers need to start buying.

Unfortunately mortgage lending is still constrained and many buyers just cannot get together enough cash for the large deposits being demanded. The added cost of stamp duty will put huge numbers of buyers a step further away from being a home owner.

The change in stamp duty could really put the fledgling recovery at risk.

For more information about the home buyers' process read our guide.

Click here to return to blog home

Thursday, 10 December 2009

Mortgage Lending Hits 22 month High

Mortgage lending has hit a 22 month high, with 55,300 new mortgages granted in October. This is up 9% on September and up 43% on October 2008.

Lending to new buyers has doubled since January this year, which is encouraging for the housing market. Lending for remortgages remains low.

Useful Links

Previous Posts

Archives

Quick Move Blog

Tuesday, 27 April 2010

Thursday, 22 April 2010

Monday, 19 April 2010

Friday, 16 April 2010

Tuesday, 13 April 2010

Tuesday, 6 April 2010

Tuesday, 30 March 2010

Wednesday, 24 March 2010

Monday, 15 March 2010

Friday, 5 March 2010

Thursday, 11 February 2010

Thursday, 4 February 2010

Wednesday, 3 February 2010

Friday, 29 January 2010

Tuesday, 26 January 2010

Friday, 22 January 2010

Thursday, 21 January 2010

Wednesday, 20 January 2010

Tuesday, 19 January 2010

Monday, 18 January 2010

Tuesday, 12 January 2010

Tuesday, 5 January 2010

Friday, 18 December 2009

Thursday, 10 December 2009