Property Rescue Blog

The Nationwide Building Society has released figures showing that house prices continue to fall in 2009, although the rate of decline has slowed.  In January, prices dropped a further 1.3%, whereas December’s fall was 2.5%.  This is the 15th consecutive month of decline in the property market, with the cost of the average home now standing at approximately £150,000.

Low prices and the lowest interest rates on record should add up to a buyers’ market yet there is continued reluctance to make a move amongst buyers at all levels.  The chief factor in this reluctance appears to be uncertainty about the future.  As job cuts, company bankruptcies and redundancies increase, even those in relatively stable employment are likely to adopt a cautious approach to taking on long term financial commitments.

Adding to the pessimism are findings from fiscal studies and financial bodies.  The International Monetary Fund (IMF) says that the world economy is facing a deep recession from which it is unlikely to recover before 2010, and goes further by saying that recovery even at this point is highly uncertain with much dependent upon financial policy decisions by world leaders.  It is hardly surprising, therefore, that even the most financially stable family feels under threat. 

Meanwhile, there is little sign that mortgage lenders are slackening their restrictive policy on loans and, at a commercial level, the banks remain reluctant to lend to each other thus stifling activity within the economy as a whole.  Until confidence returns to the markets it is difficult to see how changes will filter through to homeowners.

Caught in the midst of this are families who must sell their home for reasons such as redundancy, job moves, family commitments, financial problems, ill health, etc.  Those lucky enough to have attractive properties in sought after locations will probably still be able to sell, although maybe not at the price they would wish to achieve.  But what about the properties that are less desirable – what options are available to their owners? 

As the recession worsens, Property Rescue maintains its offer to buy homes regardless of their condition or location.  The valuation they make for your home may not be at today’s market rate but in a falling market to know that your house has a buyer is a very attractive proposition and a welcome discovery for anyone trying to achieve that elusive sale.  Property Rescue will give you a free valuation on your home, which you can then choose to accept or decline.  If you decide to go ahead, the sale will be guaranteed once the necessary paperwork has been signed; no last minute collapse of the sale, no broken chain and no possibility that you will be left high and dry without a buyer.

More information is freely available from Property Rescue.  Call them today for an informal chat in complete confidence.

The Nationwide Building Society has released figures showing that house prices continue to fall in 2009, although the rate of decline has slowed.  In January, prices dropped a further 1.3%, whereas December’s fall was 2.5%.  This is the 15th consecutive month of decline in the property market, with the cost of the average home now standing at approximately £150,000.

Low prices and the lowest interest rates on record should add up to a buyers’ market yet there is continued reluctance to make a move amongst buyers at all levels.  The chief factor in this reluctance appears to be uncertainty about the future.  As job cuts, company bankruptcies and redundancies increase, even those in relatively stable employment are likely to adopt a cautious approach to taking on long term financial commitments.

Adding to the pessimism are findings from fiscal studies and financial bodies.  The International Monetary Fund (IMF) says that the world economy is facing a deep recession from which it is unlikely to recover before 2010, and goes further by saying that recovery even at this point is highly uncertain with much dependent upon financial policy decisions by world leaders.  It is hardly surprising, therefore, that even the most financially stable family feels under threat. 

Meanwhile, there is little sign that mortgage lenders are slackening their restrictive policy on loans and, at a commercial level, the banks remain reluctant to lend to each other thus stifling activity within the economy as a whole.  Until confidence returns to the markets it is difficult to see how changes will filter through to homeowners.

Caught in the midst of this are families who must sell their home for reasons such as redundancy, job moves, family commitments, financial problems, ill health, etc.  Those lucky enough to have attractive properties in sought after locations will probably still be able to sell, although maybe not at the price they would wish to achieve.  But what about the properties that are less desirable – what options are available to their owners? 

As the recession worsens, Property Rescue maintains its offer to buy homes regardless of their condition or location.  The valuation they make for your home may not be at today’s market rate but in a falling market to know that your house has a buyer is a very attractive proposition and a welcome discovery for anyone trying to achieve that elusive sale.  Property Rescue will give you a free valuation on your home, which you can then choose to accept or decline.  If you decide to go ahead, the sale will be guaranteed once the necessary paperwork has been signed; no last minute collapse of the sale, no broken chain and no possibility that you will be left high and dry without a buyer.

More information is freely available from Property Rescue.  Call them today for an informal chat in complete confidence.

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.

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.

Over recent years the buy to let market has been buoyant.  People who either had the cash or access to mortgage lending saw property as a failsafe means of making money and a solid long term investment.  But as property prices have crashed the buy to let market has suffered.  Those with several properties have found themselves particularly vulnerable as huge sums have been wiped off their portfolios.

Mortgage lenders have traditionally viewed the buy to let market as safer than the general mortgage sector as it has, generally, performed better.  But statistics from the Council of Mortgage Lenders (CML) published in November last year, show buy to let mortgages are also subject to arrears.  In many areas of the country, apartments and starter homes have been built until the market is close on saturation point and this, combined with falling rents, has left landlords dangerously exposed to the situation where their rental income does not fulfil their mortgage obligations.  If landlords cannot sell their property, or achieve a high enough price to cover the outstanding mortgage, then they will find themselves in trouble. 

Defaults on mortgage payments in this sector were rising at the end of last year – a trend that is expected to continue for the foreseeable future.  The CML does not anticipate a substantial number of repossessions in the buy to let market, but it does warn that landlords are being – and will continue to be – affected by the property crash and economic downturn, with some going into administration or declaring themselves bankrupt. 

Should landlords need to re-mortgage it is likely to be difficult to find a buy to let deal in the current lending market place.  The number and availability of products is far less than it was this time last year; landlords can expect to pay higher interest rates and/or fund a large proportion of the property price as a deposit. 

Until the market picks up and lending flows more freely, the situation is unlikely to improve.  Inevitably, some landlords will find themselves facing repossession or the possibility of becoming bankrupt simply because there looks to be no available exit strategy.

Property Rescue will buy property of any type, in any condition.  If you are a landlord and need to sell up to avoid going further into debt or tarnishing your credit rating by getting into arrears, contact Property Rescue for an informal chat with one of their advisers.  They will want to know about the tenancy of your property, whether it is currently occupied and when the lease ends.  All calls are in complete confidence and there is no obligation to proceed, even once a valuation has been provided.

Happy New Year from everyone at Property Rescue.  We wish you a successful year but remind you that we are here to help should you find yourself in financial difficulties and need to sell your home fast.

As we start 2009 the financial climate is very similar to the one we’ve been experiencing outside…freezing!  Predictions for the New Year are worrying for everyone – savers, borrowers, young and old alike.  No one is unaffected by what’s happening in the UK and world economies, and despite the raft of government measures taken over recent months the forecasts of what’s to come remain pessimistic.

Two of the big lenders have reported that house prices dropped by approximately 16% last year.  This is a massive drop and the biggest fall seen in a calendar year since records began.  In real terms that equates to more than £22,000 wiped off the value of the average UK home. 

A key effect of house price falls is the negative equity trap.  Some leading bankers and financial commentators feel that the property price drop is only about half-way through and could amount to around 25-30% from ‘top to bottom’.  This is a gloomy view that is certainly not shared by everyone, but it is food for thought for those who are already in – or nearing – the situation where their mortgage is more than the value of their home.  The decision of whether to sit it out and wait for prices to eventually recover or to sell up and cut losses is a tricky one, especially in a market where there is no end in sight to the downward price spiral.

Another difficulty for prospective sellers is knowing the true value of their homes.  In the current market an estate agent’s valuation today may not be the same as the house can achieve tomorrow.  Buyers are in a position of strength and are likely to negotiate hard to get a good deal.  After all, they too are nervous about what their new investment is likely to be worth in a year’s time.

None of these factors do much to warm the financial frost being keenly felt by many homeowners.  Sit tight or sell up depends on your individual circumstances and how you believe the market will look in a year or two’s time, but if you are on the brink of selling or you need to sell fast, consider how Property Rescue could help.

In such a difficult market place Property Rescue still give you a guarantee that they will buy your home, subject to your acceptance of their valuation.  It’s a glimmer of warmth in an otherwise cold outlook, so if you need to sell, call Property Rescue for more information.  All calls are in strict confidence and a valuation will be given on your home without obligation.

Happy New Year from everyone at Property Rescue.  We wish you a successful year but remind you that we are here to help should you find yourself in financial difficulties and need to sell your home fast.

As we start 2009 the financial climate is very similar to the one we’ve been experiencing outside…freezing!  Predictions for the New Year are worrying for everyone – savers, borrowers, young and old alike.  No one is unaffected by what’s happening in the UK and world economies, and despite the raft of government measures taken over recent months the forecasts of what’s to come remain pessimistic.

Two of the big lenders have reported that house prices dropped by approximately 16% last year.  This is a massive drop and the biggest fall seen in a calendar year since records began.  In real terms that equates to more than £22,000 wiped off the value of the average UK home. 

A key effect of house price falls is the negative equity trap.  Some leading bankers and financial commentators feel that the property price drop is only about half-way through and could amount to around 25-30% from ‘top to bottom’.  This is a gloomy view that is certainly not shared by everyone, but it is food for thought for those who are already in – or nearing – the situation where their mortgage is more than the value of their home.  The decision of whether to sit it out and wait for prices to eventually recover or to sell up and cut losses is a tricky one, especially in a market where there is no end in sight to the downward price spiral.

Another difficulty for prospective sellers is knowing the true value of their homes.  In the current market an estate agent’s valuation today may not be the same as the house can achieve tomorrow.  Buyers are in a position of strength and are likely to negotiate hard to get a good deal.  After all, they too are nervous about what their new investment is likely to be worth in a year’s time.

None of these factors do much to warm the financial frost being keenly felt by many homeowners.  Sit tight or sell up depends on your individual circumstances and how you believe the market will look in a year or two’s time, but if you are on the brink of selling or you need to sell fast, consider how Property Rescue could help.

In such a difficult market place Property Rescue still give you a guarantee that they will buy your home, subject to your acceptance of their valuation.  It’s a glimmer of warmth in an otherwise cold outlook, so if you need to sell, call Property Rescue for more information.  All calls are in strict confidence and a valuation will be given on your home without obligation.