Property Rescue Blog

Getting on the housing ladder is like beginning a journey on which you are not quite sure of the destination.  Initially, the object of the exercise is to have somewhere to call your own and, perhaps, to start married life or a long term relationship with the person you love.  If the rose-coloured spectacles of love are really working, you might not be too particular about where or what that home turns out to be – so long as it’s yours it is sure to be your castle!

As life continues and family arrives, your next choice of home might be based on its suitability for your children.  Or if the move happens when the kids are a bit older, the school catchment area could become your number one priority.  As well as choosing a home for its accommodation and location, factors such as adding value and investment start to come into play.

But it is often not until middle age that people get to the point when they can choose a home based on nothing more than their own preferences.  Family considerations may have lessened by this time, leaving you free to look for that elusive dream property that you know must exist somewhere.  You have lived in several homes and have found the good and bad things about each one; now you know what is important to you and you’re determined to find it.  But is it that easy?

Without wishing to dampen anyone’s enthusiasm, many estate agents and property search companies will tell you that the definitive dream home is a rare beast.  There will always be something that isn’t exactly as you want, and often the budget dominates the selection.  You may find the perfect home in the less than perfect location, or have to compromise about the type of property you buy if you are intent on living in a particular area.

So if the dream home is really that elusive, can you afford to lose out when you do eventually find it?  Selling your home via conventional means can mean getting stuck in a chain due to factors beyond your control, or worse, having to stand by while a better offer is made on the home you want to buy.

In the current housing market it can be difficult to sell any type of property.  If you have found a home that you really want, you need to ask yourself whether you can afford to let it slip through your grasp.  If you are convinced that this is the one, then you might want to call Property Rescue.  They guarantee to buy your existing home, leaving you free to move and finalise that purchase.  Their offer is fully inclusive of legal fees on your sale and you won’t need to prepare a Home Information Pack because the sale is classified as private.  Contact Property Rescue to see how much they will offer for your home.  By accepting that offer, your dream home could turn into reality.

We reported a couple of weeks ago on ‘A Buyer’s Market’, focusing on a fall in the number of properties sold and the downward trend in the price of housing stock.  Since then news for sellers has worsened, with this week several mortgage lenders withdrawing offers and all becoming more particular about where they allocate limited funds.

Only a few months back lenders were falling over themselves to offer special rates to get mortgage customers through their doors.  But now those very same doors have been slammed in the faces of would-be borrowers.  First Direct, owned by Britain’s largest bank, HSBC, has responded to what it terms ‘overwhelming demand’ by calling a halt to mortgage lending for new customers and cutting the number of mortgage products it has on offer.  It seems that the bank has been over-run with applicants after other lenders have increased their prices.

The 100% mortgage could be a thing of the past if speculation that lenders will require a minimum 10% deposit is correct.  With the average house price in the south east over £260,000 that works out to a considerable sum, but bear a thought for the buyer who wants an average home in Windsor or Maidenhead; they would need to fork out a deposit of around £43,000 and take on a substantial mortgage to finance the other 90%.  Although we are not yet at that stage, in the current economic climate a mandatory 10% deposit isn’t hard to envisage.

It’s inevitable that many first time buyers will be put off entering the market amidst such uncertainty.  Without them, those further up the housing ladder will find it more difficult to sell, so it looks as if the credit crunch and the subsequent mortgage shortage will further slow an already sluggish market.

People who need to sell quickly could find themselves backed into a corner.  Until recently, putting property on the open market was considered the one and only way of selling your home – perhaps with the exception of going to auction.  The service offered by Property Rescue provides a way out of the ‘can’t sell’ trap through a guarantee, which it gives on any residential property.  This guaranteed offer extends to farmhouses, flats, buildings in a poor state of repair or those in a less than desirable location.

The team at Property Rescue is experienced in property transactions and mortgage matters.  This means they can advise people who are having difficulty selling their homes.  Property Rescue will give a valuation for the property in question and, if the seller accepts that valuation, the deal will be tied up quickly, without fuss and with the minimum of complexities. 

In the current market selling can be at best difficult and at worst impossible.  Get in touch with Property Rescue and find out about their guaranteed offer for your home.  You don’t have to sit and wait for a buyer to walk through the door – help is literally a phone call away.

House sales are in a slump and prices are falling.  So say the latest reports on house price trends throughout the country.

The key reason appears to be the disparity between the number of buyers and the number of sellers.  The credit crunch has made lenders reluctant to say ‘yes’ to those with poor credit histories or those that want 100% or near 100% mortgages.  This is understandable because in a falling market 100% mortgage today could mean negative equity tomorrow.  But that leaves sellers in a poor position.  With more houses on the market than there are potential buyers to snap them up, the only way to ensure a quick sale seems to be to slash the asking price.

Even the traditional stronghold of London has seen a reduction in prices with a 0.3% drop in the six months up to February this year.  Other areas have been harder hit; Wales, for example, has seen a 3.5% fall.  Some say that the reduction in property value is long overdue and is nothing more than a reaction to the over-inflated prices that we’ve seen over the past few years.  Whether or not you believe this argument is somewhat academic; if you have a house that won’t sell you’re likely to be more keen on resolving the problem than on understanding the reasons behind it.

To reduce the asking price might seem the obvious answer, but in itself this raises further questions: how much should you reduce it by; will the reduction ensure a sale; will the sale go through; will the buyer simply push the price down further at a later stage when it’s difficult for you to back out?  If you don’t need to sell your home quickly then you might decide the best thing is to sit it out and wait for a buyer to come along, or drop out of the current market altogether and try marketing your home at a later date when, we all hope, property prices are more stable and the buying public more confident.

Not everyone, however, has that luxury.  In some cases the property sale is imperative if financial or family difficulties are to be avoided.  In situations like this, consider asking Property Rescue to value your home.  The best thing about their offer is that it is guaranteed.  From the time you accept it, you can have confidence that the sale will go through.  You won’t be let down at the last minute, nor will the price alter from the original valuation.  This is a guaranteed way to sell your home fast and although you probably won’t achieve the same value as you might on the open market, you will have a confirmed sale at a date that suits you and avoid paying costly extras such as estate agents’ fees.

You can find out more by calling Property Rescue in complete confidence.  One of their advisers will be pleased to explain the process to you.  The valuation is completely free and at no stage will you be put under any pressure to proceed.

Alistair Darling gave his first budget on 12 March.  Although no longer the event it used to be, the budget still attracts the attention of the media and, to a lesser extent, the average man or woman in the street.  Few surprises are unveiled in budget speeches nowadays, as most of it has already been announced, promised, threatened or leaked!  So as anticipated, there’s very little that’s brand new.

Mr Darling did announce some help for those trying to get their feet on the first rung of the housing ladder.  Recognising how difficult it is to raise funds for a mortgage, the Chancellor announced that key workers (such as nurses and teachers) will be able to borrow from shared equity schemes.  He also introduced the idea of long term fixed interest loans, an issue that Gordon Brown made no secret of supporting in his days as Chancellor.  The idea behind this is that people would be given the ability to plan their finances over the long term and be protected against interest rate rises. 

First time purchasers are also set to benefit from a new scheme that delays the payment of stamp duty on shared ownership homes until 80% of the home has been paid for.  Although this will reduce initial up front payments at a time of financial strain, it’s likely to be a blow to home owners when the time comes to pay up; stamp duty normally amounts to a substantial sum and it’s never a pleasant surprise to have to pay for something that was incurred many years previously.

There is little or no respite for those trying to sell their homes in a beleaguered property market.  The only slight glimmer of hope over the long term is the fact that 70,000 more homes will be built on sites that have been identified by the government.  This may help ease the housing shortage, but is unlikely to do anything for buyers or sellers in the short term. 

If you are trying to sell because of financial pressures, work commitments, or you are simply in the position where your house has been on the market for a long time, then give Property Rescue a call.  They act in complete confidence and will be pleased to talk through how their guaranteed offer scheme works.  No matter where your home is or what condition it is in, Property Rescue will value it and make you an offer.  If you decide to accept, your home could be sold within a few days or weeks.

Property Rescue’s valuation service is completely free and at no stage will you be put under any pressure to proceed.

In the current property market sales are slow.  Beleaguered buyers are less than keen on the introduction of new policies that might slow down the sale or make it even more expensive than it is already…and understandably so.  The advent of Home Information Packs places an obligation on the seller to provide certain information ready for anyone who might want to buy their property, but how onerous is that obligation and is it likely to quicken or elongate property purchases?

Home Information Packs, or HIPs as they have become known, were introduced gradually from 1 August last year.  As from 14 December 2007 every home in England and Wales needs a HIP, unless that home meets certain exceptions.  In brief, these are:

• Accommodation that is used for holiday lets at least 11 months a year.  But the accommodation must be restricted to holiday use by planning regulations – the owners’ intentions on property use are not enough.
• Accommodation or land that is sold as a ‘mixed sale’, i.e. part of another sale.  This is a complicated ruling but might, for example, apply to farms where barns, sheds or outbuildings are considered part of the lot for sale.
• Park homes.
• New builds.
• Properties about to be demolished (where planning permission to demolish has been granted) and properties considered as unsafe to enter.
• Properties for sale without vacant possession, i.e. with a tenant in situ.

This is only a basic list and you are advised to consult an estate agent or solicitor to find out the details for your own situation.  Most homes for sale do need a HIP if they are to be sold on the open market; the cost of preparation can range from a few hundred pounds upwards.

Commentators have yet to agree on whether HIPs are worthwhile.  Some are holding to the opinion that the information provided in a HIP is unlikely to be of much use should the sale take several months to conclude.  However, potential buyers are able to see the HIP at an early stage in negotiations and at least they have the opportunity to take note of any factors that might stop them going ahead.  There is some evidence that the necessity to prepare a HIP is holding back home owners from putting their property on the market.  In overall terms the HIP is a relatively small part of the ‘moving house’ budget, so one could draw the conclusion that deterring the less than serious vendor is no bad thing.

Forecasters say the market is unlikely to pick up over the next few months.  For some, the delay is frustrating but little more than inconvenient.  But for others, delays can mean splitting up their family or risking financial meltdown.  If you find yourself in this situation call Property Rescue.  They guarantee to make an offer for your home whatever its condition or location.  Best of all, selling privately to Property Rescue means you don’t need to prepare a HIP…hooray!

For more information on selling your home fast call Property Rescue in complete confidence.  There is no obligation to proceed and no pressure will be put on you if you feel their offer isn’t what you want.

There has been a debate raging amongst sellers, buyers, estate agents, lawyers, developers and others involved in the property sector as to how the process of buying and selling property in England might be speeded up, clarified and made less vulnerable to last minute breakdown.

In many countries a ‘sealed bid’ system is preferred whereby the sale is made to the highest bidder on the day the bids close.  This has advantages and disadvantages; on the one hand it’s hard to predict what the selling price will be and buyers may find themselves paying well in excess of the next closest bid; on the other hand the seller may find that bids fall short of expectations.  Despite this, the obvious advantage is that everyone knows where they stand from the moment the bids are unsealed in the lawyer’s office.

But in England we have little choice as to how we sell our homes and almost everyone is familiar with the well publicised down-sides, such as:

• the length of time it takes
• the costs involved in legal, professional, and estate agency fees
• the stress caused by not knowing whether the sale will stand or fall
• the possibility that the chain will break down at the last minute
• the inevitable trail of uninterested buyers that pass through your home before the ‘right one’ comes along.

Unless our legal system is changed there seems little option but to put up with such complaints.  Of course, one choice is to take a price below market value and sell through a company such as Property Rescue.  At first glance, this course of action may not seem appealing, but it is worth studying the benefits:

• sale completed within a very short space of time, sometimes just a few days
• no chain, no broken promises
• the seller pays no legal fees on the sale, and no estate agents fees
• no ‘viewings’ that go on for weeks on end
• guaranteed sale on the date you want
• any type of property can be sold, even those labelled as ‘hard to shift’

In a market of uncertainty, the time taken to sell a home is likely to lengthen from its current average of seven months; this, together with the possibility of buyers dropping out due to poor survey results, interest rate rises or lack of funding, make the Property Rescue proposition worth a second look.

If you want to sell your home and need a fast turnaround, give Property Rescue a call to find out more.  The contact will be completely in confidence and there will be no obligation on you to proceed if you then decide to sell your home via traditional routes.

Click on the links below to listen to the latest radio adverts from Property Rescue:

Radio Advert 1

Radio Advert 2

This week has seen the publication of the 37th social trends statistics from the Office for National Statistics. They show a marked difference in the type of housing being built in this country, the age at which children leave home to set up on their own and the way in which the family operates in the 21st century.

The high points of the report show us that there are almost three times as many young adults in further education as there were in the early ‘70s; as a nation we take more holidays and go to further away destinations, and our road accident rate for children under 14 is the lowest in Europe.

Amongst the low points are the facts that we produce three times more household waste than we did 30 years ago; the expected number of years that we live in poor health has increased, and marital and relationship breakdown is on the increase.

Homes built today are more likely to be the one or two bedroom starter variety than four bedroom detached properties, which is unsurprising when one considers the need for lower cost housing driven by divorce, separation, or those who simply choose to live alone.

Splitting up from a partner usually means having to buy one or two smaller houses or apartments and sell the property that was the family home. In a market where lower priced homes are the ones selling the fastest it is not always easy to market a larger or more expensive property, particularly if you want, or need, to move quickly. Property Rescue can help avoid these type of situations becoming intolerable for everyone concerned. They will guarantee to buy your property no matter what its size, condition or location. This even applies to properties that are more unusual or have land attached to them, such as farms or small-holdings.

Living with the stress of relationship breakdown is bad enough, without adding to that stress by not being able to sell your property and move on with your life. Contact Property Rescue for details of how they can help.