Quick Move Blog

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.

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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.

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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.

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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%.

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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.

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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.

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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.

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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.

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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'

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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.

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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

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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?

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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Tuesday, 24 November 2009

Mortgage Approvals up 98% in October

Approvals for mortgages was up by 98% in October compared with the same month last year.

42,238 loans for house purchases were approved in October, which is a 21-month high. The figure was up 4% on September's figures. Net mortgage lending was £3.1 billion, the same as September.

Some experts say this will give a boost fresh to the housing market, but the comparison is with October 08, at the start of the credit crunch. The comparison with September show how much the market is relaly moving and that showed approvals up by only 4%.

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Friday, 20 November 2009

Home Improvements - Adding Value To Your Home

DIY has long been a hobby of the British; in recent years DIYers have had one eye on what the homeowners want for their property, but at the same time having one eye on the potential resale benefit of their work.

First-time buyers keen to move up the ladder are most involved in home improvements with more than two thirds doing DIY. More substantial improvements may cost more and involve professional builders - but could add more to values. Spending money on home improvements doesn't automatically increase the value of your property. The work has got to enhance the property, be in keeping and be well designed/constructed (or you could risk devaluing it instead).

Here are some of the preferred options for making changes to your home:

Converting the loft

Most home improvements will add some value, but the cleverest will reap rewards in relation to outlay. According to valuers in The Halifax Home Improvement Survey 2006, loft conversions represent the best value for money. Prices start at around £8000 and most lofts with a good roof height are suitable for conversion. Loft conversions are normally used to add another bedroom, and there's often space for a value-boosting en-suite bathroom.

Converting the cellar is often thought of as a cost-effective way to increase square footage in your property. Beware, though, as costs can spiral (especially if you dig out the basement). According to RICS, installing a basement could cost you £50,000 but might only make you a measly £4,000 when you sell.

Extensions and loft conversions involve major building work and require expert help.

Adding extra bedrooms

Whether you extend or convert existing space, it's tempting to add an extra bedroom as a way of increasing the resale value of your home. This has a satisfyingly visible effect on estate agents' statistics. Figures released by Nationwide showed that adding a bedroom could increase resale value by 11%.

It's wise to consider the proportions of your home and avoid the developer trap of cramming in additional bedrooms unnecessarily. Think about your potential market. Families may want to give children small rooms of their own, but couples or single-occupiers often prefer one or two spacious bedrooms. Consult an experienced property developer (Sarah Beeny if she’s available!) before you make any decisions.

Opening up space

There's no sign that the trend for open-plan living is going away. Any why should it? Natural light, sociable cooking space and luxurious living areas appeal to all sorts of buyers, young and old. Just don't get carried away. Practical family homes often need rooms to shut away white goods, household waste, children and pets. It's also essential to get the professionals in to make sure you're not bashing down load-bearing walls.

Kitchen-diners are a popular use of space, but the sitting room was ranked the most important room in the house by respondents in the Halifax survey. The most successful open-plan rooms tend to be 'zoned' to define space.

Fitting central heating

Fitting central heating is not the most inspiring project, but it's a must-do for anyone renovating a property without it. While other improvements have the potential to go wrong, central heating and a modern boiler are a safe bet. Figures from Nationwide suggest this can add 13% to the value of a property.

Even if your property is already kitted out, investment in a new high-efficiency boiler is worth considering. These can cost £100-£200 more than conventional boilers, but will reduce your heating bills and attract 'green' buyers.

To give you some firm figures on what home improvement will add how much, look a these figures from the National Association of Estate Agents:

Which Home Improvements Add Value And How Much?(percentage figures in brackets are approximate)

1 An extension (10 to 50 per cent extra value)
2 New kitchen (five to 10 per cent)
3 Loft conversion (five to 10 per cent)
4 Off-road parking (10 per cent)
5 A conservatory or glass extension (five per cent)
6 Creating an en suite bathroom (0 to five per cent)
7 Upgrading the exterior (15 per cent)

So make sure you're research and opinion gathering is done properly or you may end up losing thousands of pounds.

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Tuesday, 3 November 2009

Houses Prices Rise for the 4th Month in a Row

Figures from the Halifax show that average house prices rose by 1.2% in Ocotber, the 4th month in a row that prices have risen.

The Halifax survey shows that houses are now 7.1% above their low in April, or £11,000 higher. There has been a shortage of houses on the market for some time which has mostly led to these prices increase - the Halifax warns that higher prices are encouraging more people to put their homes on the market, which would help to dampen any further price rises.

Also the rate that potential buyers are registering with agents is falling as prices continue to rise, which could impact on demand and future price rises.

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Monday, 26 October 2009

Buying A House In Scotland

This blog recently covered the house buying process in England; we will now have a look at the process in Scotland, where things work slightly differently.

One of first steps of the house buying process is similar to England: the buyer must obtain an "In Principle" mortgage offer. Buyers must also appoint a solicitor; solicitors are generally appointed at an earlier stage than in England - this has the benefit of eliminating gazumping, since once the vendors have accepted an offer they are legally bound to not accept another offer.

Once you have seen a property that you like your solicitor must "note interest" with the seller's agent. This isn't a commitment - it simply means that the seller's solicitor must inform you if anyone else puts in an offer – but it prevents the property from being sold without you having had the option to bid.

Another difference between the house purchase process in England and Scotland is the fact that buyers usually have a survey done before an offer is put in on a property. Should a bid be successful, the next stage of the process leads towards a legally binding agreement, so the survey allows you to make sure you're not going to be bound to something that's literally on shaky ground. The downside is, of course, that the property can only be sold to one buyer which can leave a lot of people both disappointed and out of pocket.

This "multiple survey" issue is one of the most criticised aspects of the Scottish buying system, and, unsurprisingly, more buyers are opting to submit an offer as "subject to survey".

Once you've decided on the survey issue, the next stage is to put in an offer. Contrary to popular belief, this is not a legal commitment. The Scottish house-buying system operates on an "offers over" basis, where a guide price is given and buyers are invited to offer above it.

Once the buyer has decided on the amount they want to offer, the solicitor will submit a bid on their behalf which will include a financial amount as well as a proposed Date of Entry.

Having a specified date of entry means that both parties are working to a mutually agreed deadline which neither can delay once the offer becomes binding, and this helps to stop the formation of a property chain.

When an offer is accepted, the next stage of the process is known as Concluding the Missives, and is similar to the exchange of contracts in the southern system.

Solicitors on both sides will iron out the fine and final details via a series of letters until a mutual agreement is reached.

To conclude there are points in favour and against the Scottish house purchase process. On the one hand it pretty much eliminates gazumping, which has to be a good thing, and sales don't get held up in chains, as they do down south.

On the downside, the "offers over" pricing system means that most house sales are, in effect, a closed auction with buyers often resorting to wild over-bidding in an attempt to secure a home. The issue of getting surveys done on properties buyers are interested in can be expensive for buyers.

So it’s debatable whether the Scottish system is superior to the English system, as is often stated.

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Friday, 23 October 2009

Mortgage Approvals up in September

Mortgage approvals are still rising, with 42,100 home loans for buyers approved in September, up 77% on the same time last year. This is the 8th month in which approvals have risen.

Lenders expect this activity to continue, with the availability of mortgages continuing to rise.

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Wednesday, 14 October 2009

Top 5 Ways To Sell Your House - Part 5 - Selling To A House Buyer

Today is the final instalment in our guide, "Top 5 Ways To Sell Your House". Over the past few days we have looked at different ways to sell your home: selling through an estate agent, selling at auction, selling privately and selling through a part exchange. Today we will look at a final option that is becoming increasingly popular with people that are looking to sell their house quickly: selling their home to a house buying company.

Since the late 90's the number of house buying companies had increased massively. Quick Move Now (QMN) was one of the first major players on the scene in 1998, and has become one of the biggest players on the market.

The usual process for selling your home to QMN is as follows: the vendor contacts us to say that they are looking for someone to buy their house. This could be for a number of reasons, such as: their house is about to be repossessed, they have to relocate quickly for their work, or they are getting divorced.

QMN takes the phone call, then arranges for 3 local estate agents to value the home. The estate agents visit your home and undertake an external and internal inspection.
There is no cost or obligation in receiving an offer to buy your home. Once a valuation has been made, an offer will be made (up to 90% of the property's value).

If the customer decides to accept the offer, they decide the date that they want the sale of the house to complete. The vendor then instructs their solicitor (QMN pay £500 towards solicitors fees).

QMN require a refundable deposit of £500, to cover some of our purchase costs, should the vendor withdraw from the sale. We then instruct a RICS surveyor who completes a Home Buyers Survey to check the structural integrity of the property. We then exchange contracts and complete on the day of your choosing subject to survey and clear legal title.

The main benefit of selling to QMN is the speed of sale. QMN can turn around a sale (from initial phone call to completion) in as little as a week, making selling to a house buyer by far the speediest of the selling avenues this blog has recently covered. This rapid turnaround period can mean the difference between your house being repossessed or not.

The benefits of QMN specifically are the fact that QMN are established professionals with years of experience, plus the fact that we use our own cash to buy, and do not rely on third parties, mortgages or investors. This means that we can often complete faster than other house buyers, since we have large cash reserves (QMN turnover was £70 million last year) to draw upon when buying houses.

Two other benefits of selling your house to QMN is that vendors avoid the expense of paying estate agent or auction fees, plus the fact that you don't need a Home Information Pack when selling to QMN; this saves significant cost and hassle.

If you are thinking "I need someone to buy my house," or "I need someone to sell my house to.", then get in contact with Quick Move Now and see how we can help

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Tuesday, 13 October 2009

House Price Rises Underpinned by Lack of Supply

Further evidence of the potential fragility of the recent rise in house prices was provided by the latest RICS survey, confirming what we've heard for some time now, that house prices are being underpinned by a shortage of houses for sale.

For the first time since May 2007, more surveyors reported house price rises than falls. However, this is not the case across the whole country. Prices are rising in London and the South East, but falls are reported in Wales, Yorkshire and Humber.

The fragile support for house prices is evident in figures that show new buyer enquiries rose in September but new instructions from sellers fell from August's figures, generally a quiet time in the housing market.

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Top 5 Ways To Sell your Home - Part 4 - Part Exchange

Part four of our series on the top 5 ways to sell your home is one of the lesser used techniques: part exchange.

The usual process goes something like this: the home owners decide that they would like to move house, and find a suitable new-build property to buy. The house builder will arrange for at least two independent valuations of your existing home and will make you an offer based on their suggestions. This is typically around 90-95 per cent of the average value returned by the surveyors, and will usually happen within seven days to a month.

Once you agree the offer, and subject to satisfactory surveys, the development company becomes your buyer, freeing you up to put in a confirmed offer on your new home. After that it’s just a case of moving in, and the part exchange is completed.

The main advantages of doing a part exchange like this with a house builder is the speed and convenience: all the hassle of selling your house is taken away, such as showing potential buyers round your property, and negotiating a selling price. The possibility the sale falling through because of the chain breaking is also removed.

Most part exchangers also find it cheaper to part exchange your property rather than pay pricey estate agent fees.

The downside of using a property part exchange is that vendors will not get the full asking price of their home; house builders will normally offer 80%-90% of the market value.

By offering less than the asking price of your property, and completing quickly and with no chain to possibly break, part exchange deals are similar to selling with a home buyer like Quick Move Now, except that QMN often gives 90% of the market value of a property; we would advise you come to us for a no-obligation valuation and offer from one of the premier home buyers in the UK: Quick Move Now.

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Monday, 12 October 2009

Top 5 Ways To Sell Your Home - Part 3 - Selling Your Home Privately

Selling your home privately has traditionally been a much less popular option than using an estate agent, but with the arrival of the internet, it is becoming an increasingly popular option.

The procedure is quite simple: vendors first decide what price they are going to sell their property at, then simply place an ad on a property website, in the local paper or on a local community board, then wait for potential buyers to contact them. Viewings are then arranged, then the vendor prepares themselves for an army of potential buyers traipsing through their house. One of these viewers will hopefully make on offer, and if it is to the vendors' liking, it will be accepted and the deal completed.

There are a number of private house sale websites on the web including www.houseladder.co.uk, www.mypropertyforsale.co.uk and www.privatehomeseller.co.uk. Prices for advertising on these sites varies, but they typically charge £100+ for a listing. The rise in popularity of the internet in the last few years has made sites like these an increasingly attractive option for home buyers and sellers.

There are many other ways to advertise your home when selling privately: spending £50 to get some flyers printed can be a great investment, as is advertising in all sorts of magazines and local press. Word of mouth is often the best form of marketing in any industry; use it to your advantage by telling friends, family, colleagues, neighbors, anyone, that you are selling your house.

The main reason some people are choosing to sell their homes privately rather than using an auction, estate agent or house buyer is the cost savings. Spending a few hundred pounds marketing your property can be greatly preferable to spending thousands on estate agents commissions or auction fees.

The downside is the increased hassle involved in selling privately. With an estate agent, all the marketing and arranging viewings etc is done for you. With a private sale, you have to do all the running yourself. With many people having such busy lives these days, many are still choosing to go with more traditional channels.

Quick Move Now's perspective on selling privately is that it is a viable option for some people, but for those that don't have the time or energy to market their property to the public themselves, other channels would be preferable.

One reason selling to a house buyer like Quick Move Now is preferable to selling privately is the speed: when selling privately, vendors can often be waiting many months to find a buyer (as is often the case when selling through an estate agent). When selling to Quick Move Now, the process is completed in as little as two weeks. See the other benefits of using Quick Move Now here.

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Friday, 9 October 2009

Where are UK House Prices Heading?

We've seen a few house price surveys this month that seem to indicate, at least on the surface, a housing market in the throes of recovery with price rises being recorded month on month. The latest Halifax survey showed the average house price having risen by £10,000 since April this year.

We've always argued that there is possibly further house price falls to come, particularly when you look at the underlying factors that have led to the recent rises, which is mainly a restriction in suppy. If higher prices and a more certain economy encourage more sellers, we could quickly see price levelling off as supply increases.

However, we're more concerned about the underlying economic factors such as rising unemployment that will create fear and uncertainty, negativily affecting the housing market. The recent fiscal stimulus could also lead to a rise in interest rates, which with the already tight supply of mortgages, could again constrict the market.

Fitch Ratings today has forecast that house prices in the UK still have 17% to fall from their peak in October 2007 with this further fall due entirely to te problems facing the UK economy.

Fitch had forecast that prices would fall 30% from their high and with prices down 13%, they are saying there is further to fall. Rising unemplyment, low wage inflation and poor credit will drag prices down. A fall of 30% would bring the house price-to-income ratio back to around or even below its long term average.

Fitch's report also warns that recent easing in credit is liekly to be temporary - as unemployment rises, so repossessions and arrears will rise, prompting banks to tighten their lending criteria.

High deposit requirements is meaning that there are fewer first time buyers, stifling the bottom end of the market, with most first-time buyers needing a deposit of £32,000.

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Top 5 Ways To Sell Your Home - Part 2 - Auctions

One method of selling your house that has grown in popularity in recent years is selling at auction. The normal process is: the vendor registers their property with an auction house, who send an auctioneer to your house to take details and photographs for the auction catalogue. Possible buyers then visit the property in the weeks before the auction.

Before the auction the vendor agrees a reserve price, below which the house will not be sold. This is typically around 30% below the market value. Vendors also have to pay a 2.5% of the sale price fee to the auction house, and there is a catalogue entry fee of £375-£700, depending on how much space you take. You will also need to pay a solicitor to complete the sale.

When the auction happens and the hammer falls, the buyer is legally bound to purchase the property, and must pay a 10% deposit immediately. The sale will then normally complete within 28 days; this is the main reason that people sell their properties through auctions - speed. When selling through an estate agent, it can often take months for the sale to complete, from the date from which you first decide to sell. With auctions, this process is speeded up. However, even with an auction house, the sale normally takes around 2 months from start to finish, which compares unfavourable with selling to a house buyer like Quick Move Now, who can turn around in as little as two weeks.

House auctions are often used for selling properties that would be hard to sell by ordinary means (e.g. in a bad state of repair); repossessed homes; unconventional properties or properties that are in high demand. For these types of properties, selling at auction is an option, but for most people, selling at auction would normally be ill-advised, for the following reasons:

1. You can never know how much your property will sell for. An auction is a highly volatile marketplace - if there is no demand on the day of your sale, you might end up selling it below its market value.

2. You will have to pay your solicitor to be present at the auction in order to sort out any last-minute irregularities and answer questions. Depending on how enthusiastic your solicitor is about travelling, this can be quite a costly affair.

3. Selling your house at auction can be more expensive than selling it via an Estate Agent. Also, you will have to cover certain expenses even if your property does not sell.

4. No guarantee your home will sell by auction. Recent auctions have seen 50%+ of lots going unsold.

5. Fewer investors are looking to buy. Due to the credit crisis many cannot secure lending. Those with cash are buying less while they wait for the market to bottom out.

Vendors looking to sell quickly would be better off contacting Quick Move Now; that way the risk and cost of a quick house sale is reduced.

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