Property Rescue Blog

The latest unemployment figures show 1.92 million people were out of work at the end of November last year.  Bearing in mind that almost two months have passed since this time and further redundancies are being announced on an almost daily basis, this figure cannot reflect the true number of those without a job.  One substantial employer not included in these statistics is Woolworths, which closed stores up and down the country in the lead up to Christmas and early in the New Year. 

The TUC has reported that women are first in the firing line when it comes to redundancies, currently being twice as likely as their male counterparts to lose their jobs.  Perhaps this is because more women work as shop assistants in a hard hit retail sector but whatever the reason, women’s wages make up an essential part of many household incomes and their loss will have a severe impact on family budgets.

Every job loss represents a family or an individual who is suffering loss of income, often loss of self esteem, and sometimes the loss of a home.  Mervyn King, the Governor of the Bank of England, has made it clear that the recession is unlikely to end soon.  In fact, his predictions as to when the economy is likely to start growing again are so uncertain that he has been accused of making the money markets more nervous than they are already.  A deepening recession inevitably leads to more job losses.  Employers are looking for ways to reduce their wages bill by cutting jobs, freezing headcount and reducing work outsourced to agency or temporary personnel.  To forecast a bleak outlook may be pessimistic but to do otherwise would be unrealistic.

The threat to homeowners is significant.  Interest rates are low but mortgage repayments remain the biggest financial commitment for many households.  Without a regular income, defaults on loans are sure to rise.

If you are struggling to pay your mortgage you should talk to your lender or approach one of the free independent debt advice agencies who will help you tackle the problems.  When debts and loss of income are short term the threat of repossession can usually be avoided.  But a different solution will need to be found for those who are without work long term and simply cannot meet their financial commitments. 

Property Rescue has strong financial backing that means they can make an offer for your home, regardless of its condition or location.  They will present you with a free valuation, which – if you accept – can be followed up with a sale within a matter of days, thus avoiding repossession and allowing you to re-build your lives in a cheaper property or rented accommodation.  There is even a ‘buy and rent back’ scheme that means you can stay in your home as a tenant after the sale.  To find out more, contact Property Rescue for a free, confidential discussion.

As we approach the end of the year it is a good time to look back at the property market during 2007 and look at the current situation.

The year began with what had become a familiar trend of rising prices, which, it seemed, would go on for ever.  But it was not long before some commentators and financial experts were warning of potential slowdown or even disaster in the months and years ahead.  The credit crunch in the US sent shivers through the economy, the effects of which are still with us today and likely to continue for a while yet, whilst bank interest rates rose and mortgages followed suit.  By mid year we were seeing a general slow down in property prices all across the country and in the final quarter of the year prices have begun to fall.

November saw a 1.1% drop according to the Halifax – the 3rd consecutive month of falling property prices.  The Bank of England lowered its interest rate by one quarter of a per cent at its meeting in early December but the effects of this rate cut seem to be limited.  Lending between banks has become very expensive and the Northern Rock crisis has done nothing to bring confidence back to the markets.

As if this weren’t enough, some commentators are predicting that the change in capital gains tax rules, due to come into force next April, will bring a lot of ‘buy to let’ properties back on to the market as investors seek to capitalise on their gains.  The net result of this could be a ‘buyers’ market where the number of homes for sale pushes prices down.  If this prediction is realised, those who took out mortgages during 2007 could find themselves in negative equity situations.

If you need to sell your home fast but can’t find a buyer you might, justifiably, be concerned about what will happen to the market in the months ahead.  For a guaranteed quick sale speak to Property Rescue, who will make an offer on your home within a matter of days, or in some cases just hours.  The price they offer will be a little below market value but it will include the legal fees on your sale, and will avoid the need to prepare a Home Information Pack, which could save you hundreds of pounds.

Property Rescue will be happy to talk to you in complete confidence and make a ‘no obligation’ offer on your property.  If you then decide not to proceed that will be the end of the matter – no salesmen will call, nor will you be pestered by phone calls.  Talk to Property Rescue and sell your property…fast!

As we approach the end of the year it is a good time to look back at the property market during 2007 and look at the current situation.

The year began with what had become a familiar trend of rising prices, which, it seemed, would go on for ever.  But it was not long before some commentators and financial experts were warning of potential slowdown or even disaster in the months and years ahead.  The credit crunch in the US sent shivers through the economy, the effects of which are still with us today and likely to continue for a while yet, whilst bank interest rates rose and mortgages followed suit.  By mid year we were seeing a general slow down in property prices all across the country and in the final quarter of the year prices have begun to fall.

November saw a 1.1% drop according to the Halifax – the 3rd consecutive month of falling property prices.  The Bank of England lowered its interest rate by one quarter of a per cent at its meeting in early December but the effects of this rate cut seem to be limited.  Lending between banks has become very expensive and the Northern Rock crisis has done nothing to bring confidence back to the markets.

As if this weren’t enough, some commentators are predicting that the change in capital gains tax rules, due to come into force next April, will bring a lot of ‘buy to let’ properties back on to the market as investors seek to capitalise on their gains.  The net result of this could be a ‘buyers’ market where the number of homes for sale pushes prices down.  If this prediction is realised, those who took out mortgages during 2007 could find themselves in negative equity situations.

If you need to sell your home fast but can’t find a buyer you might, justifiably, be concerned about what will happen to the market in the months ahead.  For a guaranteed quick sale speak to Property Rescue, who will make an offer on your home within a matter of days, or in some cases just hours.  The price they offer will be a little below market value but it will include the legal fees on your sale, and will avoid the need to prepare a Home Information Pack, which could save you hundreds of pounds.

Property Rescue will be happy to talk to you in complete confidence and make a ‘no obligation’ offer on your property.  If you then decide not to proceed that will be the end of the matter – no salesmen will call, nor will you be pestered by phone calls.  Talk to Property Rescue and sell your property…fast!