House Prices

Bumpy Ride For House Prices

Fri, 20 Feb 2009 00:00:00 GMT

House prices in England and Wales fell by an average of 13.8% last year. There are conflicting opinions on how the property market will fare as the recession deepens, although it is certain that substantial gains are out of the question. Anyone embarking on the property ladder for the first time or trying to sell their home is in for a bumpy ride.

The 2008 price fall was the biggest drop the market has seen, even outdoing the famous 1932 depression. Some parts of the country fared better than others with Wales only seeing an 8.6% drop, while the South West saw almost double that as a massive 15.6% was cut off the value of their homes.

The practice of taking out equity in the home, or re-mortgaging, has almost come to a halt as lenders become more cautious and homeowners are unsure as to what their property will be worth in a year or two’s time. But is this caution justified?

On the one hand the signs that property values will fall further seem strong. They include factors such as:

-    a worsening recession
-    an increasing number of company bankruptcies and personal insolvencies
-    a rise in the jobless figures
-    a lack of availability in the mortgage market
-    a belief that property was over-priced and still has some way to fall before it     achieves realistic values

The other side of the argument points to more positive signals, including:

-    a steady rise over the past six months of people wanting to buy
-    a bottoming out of the housing market, prompting people to buy now
-    a strong message from the Government that lending needs to start again
-    low interest rates, making mortgages more affordable

In fact, the situation is so complicated that two of the biggest lenders, Halifax and Nationwide, have declined to predict how the market will perform this year. Likewise, the Council of Mortgage Lenders is not putting forward an opinion, arguing that there are too many unknowns to make an accurate forecast. The most pessimistic commentators see prices falling continually through 2010, 2011 and even into 2012, but many others think that the economy as a whole will start to come out of recession during 2010 and therefore don’t agree with such a gloomy outlook.

People who need to move house are in an awkward situation. How much is their property worth? Is that figure going down or is it stable? What’s the likelihood of finding a buyer, and will that buyer be able see the deal through to its conclusion?

There are so many unknowns in property sales even when the market is buoyant. It is good to know that there is a way of selling your property regardless of the state of the market, and that is through Property Rescue. They promise to give you a valuation for your home which, if you accept it, will lead to a guaranteed sale.

For information on how to sell your home fast, contact Property Rescue.

Purchasing Property Overseas

Wed, 18 Feb 2009 00:00:00 GMT

Many expatriates are purchasing property overseas instead of on their native soil. Whether the properties are being purchased as an investment or as a home, there are many benefits and deterrents surrounding the subject of purchasing property overseas. Let us look into a few of the pros and cons together:

Price of Property Abroad

Purchasing property overseas can be a big draw for investors because of the fact that most land is cheaper in less developed nations. For instance, many investors are purchasing property overseas in places like Dubai and Thailand, because they can get more value for their dollars in these nations than they can in their own. Many overseas land developments are geared toward drawing tourists; investors should consider this factor when deciding which property to purchase, as tourists have the potential to bring in a lot of revenue.

Red Tape

One of the biggest deterrents to purchasing property overseas in daunting amount of paperwork that needs to be filled out in connection with your purchase. The property taxes, land laws and rental terms are different from country to country. It can be difficult to properly cooperate with a foreign government's property policies, as they are drastically different than our own.

For this reason, many people purchasing property overseas hire consultants to guide them through the process of securing property overseas. In addition, some investors hire locals in their property investment area, in order to oversee any rental agreements and facilitate any property sales.

Research

There is much research to be done before entering into the process of purchasing property overseas. Long before you get to the nuts and bolts of securing a property investment, you need to seek out your area of interest and define your goals as they relate to purchasing property overseas. Many different regions must be researched in order to determine the specific climate, social landscape and growth potential you are aiming for with any given property.

Some people are interested in purchasing property overseas in order to relocate and live in a new place. For these people, social and climate concerns are of the utmost importance. Other people are interested in purchasing property overseas for strictly investment related purposes. These people will need to focus their research on property rates and the growth potential of the community.

The internet is a much called upon source of information for investors all over the world. With the click of a mouse, hundreds of options for purchasing property overseas can be browsed and researched in depth. In addition, many online forums have been created, in which people interested in purchasing property overseas can exchange information and make connections. These forums can be found by entering key words about your interests into popular search engines such as Google or Yahoo.

Cutting Ties

One of the most reported difficulties in purchasing property overeseas for the purpose of relocating, is the seperation from one's family and friends. Many people purchase property overseas in order to retire in style. Others are looking for a change of pace and scenary. Whatever the case may be, seperation anxiety is a very real fact that must be taken into consideration when purchasing property overseas.

Property Prices and Bank Lending

Tue, 10 Feb 2009 00:00:00 GMT

The state of the world’s economy is in crisis and its effects are being felt by the lenders and home owners. The average price of a home in the UK has been falling continuously since the autumn of 2007. Although, the lending institutions are trying their best to stop the credit crunch but it seems that all the efforts are in vain; at least for the time being.

The buyers are feeling the sting of the mortgage approval rates that have declined significantly to only 60.7 percent. Those that have been approved are not something to brag about. According to the British Bankers Association, the average price of the mortgage approval was only £117,000 in 2008.

Major Players

The reaction of the banks is in direct relation to the house prices. More lenders are now awaiting financial assistance from the UK government to approve more loans. The government has stepped up its efforts to bail out the UK banking system by providing nearly £500 billion of the public money. Despite such hectic efforts, it remains to be seen if the plan has any significance.

Halifax and Nationwide have already announced, what may be called recovery packages. Halifax has even gone a step further by passing out 0.5 percent of the initial interest rate cuts to the consumer. Still it’s the buyer and sellers who decide the eventual outcome. The house prices are still down mainly due to a very cautious buyer who is waiting to gauge the results of the recent efforts. As a consequence of such a behavior, there are fewer buyers and the lending institutions are reluctant to give the remaining stockpile to every potential buyer.

What Next?

Experts agree that this tit for tat scenario will keep the lenders from giving large loans unless the home prices rebound. Furthermore, the lending has receded due to the lenders own concern over the rising unemployment and low income. They average income of a UK worker has increased only 3.5% in comparison to a 5% increase in the retail price index. What lenders worry is the inability of the borrowers to pay of their debts, if the economy doesn’t stabilize. Whatever the case may be, one thing is for sure that the UK property value will not rebound if both consumers and lenders remain skeptic about the future. Without a strong consumer sentiment, the declining house prices will mean little incentive for the lenders even if there is a drastic cut in interest rates.

The Future

As discussed, the average price of the new borrowings has declined which is 24% lower than the last year. In order to compensate, the banks are demanding a larger deposit to secure a loan. The Council of Mortgage Lenders, which accounts for more than 98% of the residential mortgage, has stopped predicting the house prices due to uncertainties surrounding the housing markets. Everyone is waiting but all agree that the next six months may provide a definite clue regarding the state of UK property prices.

House Prices Continue Downward

Thu, 29 Jan 2009 00:00:00 GMT

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.

Recession - The Big Freeze!

Thu, 08 Jan 2009 00:00:00 GMT

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.

Christmas 2008 - A Look Back

Tue, 23 Dec 2008 00:00:00 GMT

As we approach Christmas and the New Year it’s a good time to reflect on what has happened in our economy during the past 12 months and where we are likely to go as the recession bites in 2009.

2008 has been a traumatic year for the world’s financial markets. One could be forgiven for being rather gloomy about the current situation and no one would argue that there is plenty to be gloomy about! However, there are one or two chinks of sunshine and perhaps we should – especially at this time of year – try to look at the more positive aspects of recent events. After all, the banks could have gone bankrupt and they didn’t, housing prices could have crashed beyond all expectations and they haven’t, and now, as we head towards 2009, there is just a glimmer of hope that property is starting to pick up again, albeit very slowly.

Another fact is low interest rates – bad news for savers but good news for mortgage holders because whilst lenders haven’t passed on the full interest rate decrease, the majority of loans cost substantially less to service than they did this time last year. Oil prices are about a third of their peak and this is reflected in fuel prices on the forecourt. Food prices have stabilised but with competition strong, the supermarkets have some exceptionally good promotions that are likely to benefit most shoppers.

Nevertheless, thousands of people have already lost their jobs and more will do so over the coming months. Some pundits say that the total jobless will reach 2.5 million by April next year. Let’s hope they’re wrong but if those predictions are anywhere near correct there are many who will be struggling with their mortgage repayments, even should bank rates fall further.

Christmas is a time when we expect to be in our homes with our family and loved ones, feeling secure about the future. Unfortunately, there are many who will not be able to do that this year, and will be very fearful about their job security as they start back at work in 2009. Remaining in your home is a top priority for many, no matter what their financial circumstances, but as income reduces it’s an objective that can sometimes seem impossible.

Property Rescue has a scheme whereby people can stay in their own homes even if they can no longer afford their mortgage repayments. This is called a ‘sell and rent back’ scheme, where you, as a property owner, sell your home to Property Rescue but can stay in it as a tenant. Rent is agreed in advance and you have the normal protection under the law that any tenant has. Although you will no longer own your home, you don’t have the disruption of moving house nor the trauma of repossession.

Property Rescue has helped hundreds of families over 2008. If you are in a situation where you face the possibility of repossession or your debts are threatening to overwhelm you, call Property Rescue for an informal chat. Their consultants will talk to you without obligation and give you a free valuation for your home.

Jobless Figures Rise

Thu, 18 Dec 2008 00:00:00 GMT

For the first time this decade the number of people without jobs has risen to more than one million.

In an economic downturn this announcement was very much on the cards but of greater concern over the long term is the fall in job vacancies coming on to the market. The Office for National Statistics (ONC) reports that employment amongst people of working age fell by 0.4% in the quarter ended October 2008, a similar fall to that seen in the previous quarter. This percentage may not seem large, but what is worth noting is that the number of available jobs fell by 134,000 over the same quarter – the biggest fall for 16 years.

Over one million people are now claiming unemployment benefit, an increase of some 75,000 over the previous month’s figures and up more than a quarter of a million during 2008 as a whole. Redundancies are also on the increase with 41,000 more people losing their jobs than in the quarter ended July 2008.

At present, the ONS reports that average earnings for those in employment is unchanged. With bargains on the high street, petrol prices coming down and the promise of massive January sales, those who are still in work can make significant savings by shopping carefully. However, there is a huge feeling of nervousness amongst the employed, not helped by analysts’ predictions that three million will be unemployed by 2010.

To present a balanced view, not every commentator shares this pessimistic approach and it is only as the recession plays out its next act that we will see more clearly how the global and UK downturn is likely to affect us all. In the meantime, the people who cannot find jobs are the ones who are suffering, especially in the lead up to Christmas. Some of those worst affected will be facing a very real possibility of losing their homes as a result of failing to keep up their mortgage repayments. For these, Property Rescue offers a solution by buying their home and allowing them to stay there as tenants. This can mean that people in seemingly impossible situations can rebuild their lives without the stress of moving or, worse, becoming homeless.

Property Rescue deals with every client individually and makes sure all aspects of the transaction are explained in full before a decision is made. There is no obligation to proceed if, after initial discussions, you feel their offer isn’t right for you. No salesmen will call and you won’t be pestered by phone.

Call Property Rescue today to find out more about their buy and rent back scheme. Remember, the advice of their consultants is without charge and in complete confidence.

UK Recession is real

Fri, 24 Oct 2008 00:00:00 GMT

In a speech given on Tuesday 21 October in Leeds, the governor of the Bank of England, Mervyn King, admitted that the likelihood of recession in the UK was real and that the downturn could be ‘prolonged’. Hot on his heels came the Prime Minister admitting in Parliament that recession was around the corner.

This could hardly have come as a surprise to anyone who has read the papers, watched the news or observed the downward spiralling of global economies over the past few weeks, yet the markets reacted the morning after Mr King’s speech with a tumble. One does not doubt the validity of his warning but wonders whether spelling out the impending doom was justified. After all, anyone unaware of impending recession must have been visiting from a far away planet! It all begs the question of whether those in the know are talking a bad situation into a worse one.

There is just a glimmer of light, however, peeping through the darkness of the very long tunnel of home ownership. The Bank of England reduced interest rates by half of one per cent earlier this month and some pundits think that that another cut will be necessary if Mr King’s warnings about controlling inflation are to be heeded. Lenders have already responded to the initial cut and are likely to feel pressure to cut mortgage interest rates further should there be another cut in Bank rates.

Meanwhile, back in the long dark tunnel, the numbers of people entering negative equity are rising fast. There is no end in sight to the fall in house prices, leaving some of those who have purchased recently in the worrying situation of knowing that their loan is more than the worth of their home.; all a grim reminder of the last property crash in the early 1990s. Currently it is estimated that around 60,000 home owners are entering negative equity every month.

If you are in that situation, you may be content to wait for stabilisation of the property market. If cyclical trends are to be believed, property is likely to recover some, if not all, of its value over time. For many, sitting tight could be the best option.

But not everyone has the luxury of choice. If you need to sell up because of rising debts or inability to meet your mortgage repayments, give Property Rescue a call and ask about their guaranteed valuation service. Initial consultation with one of their experts is free and entirely without obligation. They will not pressure you into proceeding and will not pester you with phone calls should you decide not to go ahead. In a market where almost nothing is moving, it is still possible to sell your home. Call Property Rescue for an informal chat and more details.

Steep fall in house prices

Thu, 02 Oct 2008 00:00:00 GMT

Figures just released show that house prices fell at a record level during the past year. From October 2007 prices are down 12.4%, bringing the average house price to around £162,000 and cutting a massive £20,000 off last year’s value.

This is the 11th consecutive month that prices have dropped, with Northern Ireland and East Anglia being particularly hard hit. The only place that has bucked the trend is the city of Durham, where prices have actually shown a slight increase.

Although home owners may be distressed about the cut in value of their property, in theory the fall should be good news for first time buyers who have previously been unable to get on the housing ladder. But the downward trend is making such buyers nervous as they wonder how much further prices will fall and, understandably, are showing reluctance to expose themselves to the threat of negative equity. More importantly, the credit crunch and the crisis in the banking system means that mortgages are hard to get; a factor that looks unlikely to be resolved in the short term.

Commentators are pessimistic about the outlook over the next 12 months, many predicting that property will continue its decline in value. Some see the fall being halted at the end of 2009 and a gradual increase happening over the following two to three years. At present, the US economy and the world financial situation is so volatile that any forecasts must surely be taken with a pinch of salt.

Is it impossible therefore to sell your house? The lack of first time buyers, the instability and nervousness of the market and the wider economic issues all combine to put people off moving house. There are some, however, that have no choice other than to move, perhaps through work relocation, family reasons or personal debt. Estate agents are advising that people need to be very realistic in their pricing if their house is to attract the few buyers out there. They add that sensible vendors will make sure surveys don’t throw up any nasty surprises, and advise that properties need to be presented in the best possible way.

If you need to sell quickly for whatever reason, there is an alternative to the open market. Selling your home through Property Rescue gives a number of advantages, including a fast secure sale, ‘paid for’ solicitors fees on the sale, no requirement for a Home Information Pack, and a guarantee that Property Rescue will make an offer for your home.

For information about how to sell property in a volatile market, call Property Rescue today. Their advice is free and entirely without obligation.

The Divorce Trap

Thu, 18 Sep 2008 00:00:00 GMT

A rather surprising side effect of the current economic slowdown is that the numbers of couples getting divorced has dropped by about 3%. It seems that people who would like to sell the family home and move on to a new life find they can’t sell and therefore can’t divide up their assets.

It’s not known how many couples are affected; regardless of what the economy is doing it’s always difficult to sort out fundamental truths about relationship breakdowns from the mass of statistics. But however we look at it, the fact is that many people getting married today will not spend the rest of their lives together. The peak age for divorce remains the late twenties – a time when career and family start to make demands and, perhaps, when people drift apart in order in an attempt to fulfil their goals.

Regardless of the causes or numbers of divorce in this country, every one of the statistics hides a relationship breakdown that is almost always accompanied by pain and unhappiness. For the unfortunate few who find themselves in a broken relationship yet trapped within the same four walls as their partner, the situation must be intolerable. Re-establishing boundaries and re-creating a new life are both important parts of getting back on solid ground, emotionally, following a divorce, and it must be almost impossible to do either when your former partner is present on a daily basis.

In a market where homes simply aren’t moving off the estate agents’ books, is there anything that couples can do to move their situation forward? Property Rescue offers a service whereby they guarantee to make an offer for any property, in any condition, in any location throughout England and Wales. If the sellers accept that offer, the sale will go ahead quickly without any risk of it failing at a later stage.

The amount Property Rescue offers will be below the market value, but with house prices continually falling, this is not always a significant factor. Moving out of the family home, dividing up the assets and moving on are often the most important considerations. Selling your home fast through Property Rescue offers other money saving incentives such as no estate agent fees, no Home Information Pack preparation and the regular legal costs on the sale are included.

If you are feeling trapped by the property crisis and an emotionally fraught relationship, give Property Rescue a call. They will talk to both you and your ex partner – individually if you wish – so that you can get all the information you need to make your decisions. Give them a call today and talk to one of their advisers in complete confidence.

Interest Rate Fall – Is It Enough?

Thu, 06 Dec 2007 00:00:00 GMT

The Bank of England has just cut the interest rate by one quarter of a per cent to 5.5%, but will it be enough to re-generate a housing market with a severe attack of the blues?

The rate cut was no surprise as pressure on the Bank of England was coming from all directions: the housing market as well as industry and business leaders. The strong pound and fears about the level of borrowing are perceived as a threat to the future of the economy. Fears over the credit crisis in the States further compounds the situation and surveys are reporting a generalised gloom from both directors and the high street.

Furthermore, sales of houses are slowing and in some areas prices are actually falling – unheard of even a few months ago. A drive around any town is likely to show more ‘for sale’ boards than those that proclaim boldly that they have been sold.

If you plan to sell your home in this climate it’s not going to be easy. Making your house as attractive as possible to purchasers is good advice, but it’s not everyone who feels confident in doing up their property to the extent recommended by popular TV shows. In any case, for those whose home is in a hard to sell area no amount of off-white paint will deflect from the negatives of its location.

If your home is in good condition with excellent decoration, in a nice residential area and reasonably priced, then you will probably still be able to sell – if you’re prepared for the wait. But if you can’t wait for whatever reason, or you find that your home simply isn’t shifting, give Property Rescue a call. They guarantee to buy your home for cash no matter where it is or how long it’s already been on the market. Once you’ve agreed the sale price, they take care of everything for you and conclude the deal within a few days; far quicker than you could ever do by selling via the traditional route.

Give Property Rescue a call and find a way out of the ‘hard to sell’ trap. Selling now could mean the difference between keeping or losing that dream home you want to buy.

Property Rescue will explain everything to you in clear detail and take care of the paperwork and legal necessities. If at any time you decide not to proceed, you are free to walk away without obligation.

Buyer Confidence Drops in Housing Market

Fri, 16 Nov 2007 00:00:00 GMT

This week the financial commentators have reported on several factors that are hitting the housing market via a lowering of buyer confidence.

Property prices are slowing almost everywhere and in some areas of the country they are falling. One of the few locations to buck the trend is the capital where estate agents report reasonable levels of sales against the backdrop of a buyers’ market where the price paid is not always the price at which the property was marketed. The Royal Institute of Chartered Surveyors has reported a 22.2% increase in the number of its members that have seen a fall in the price of properties they have on their books.
House prices might be going down but the rate of inflation isn’t, despite the Bank of England’s hold on interest rates last week. The government failed to meet its target of 1.9% inflation during October, with figures coming in at 2.1%. Inflationary pressure might just persuade the Bank of England to hold interest rates yet again when it meets later this month, rather than make the cut that the housing market has been hoping for.
Energy prices are up, as anyone who has recently been to a petrol station will know! Not so long ago the media – and the rest of us who drive cars or heat our homes with oil – were horrified to think of a barrel of crude pushing through the $50 barrier, but today it looks as if prices will soon reach a staggering $100 a barrel.
Northern Rock has rocked the market, showing that even the largest financial institutions are at the mercy of global economics. The sub-prime mortgage market in the US is still in some difficulty, leading to speculation that there may be more problems to come.

Trying to sell a home in this climate isn’t easy. Attention must be paid to how your property is marketed and your home must be in tip top condition if it is going to attract the attention of buyers and ultimately achieve that longed for sale. But Property Rescue guarantees to buy your house, regardless of its structural or decorative condition. They complete sales in super-fast time leaving the seller free to benefit from the ever-growing number of properties on the market. Although you won’t get the maximum sale price that might be achieved on the open market in ‘good times’, the price Property Rescue quote is what you’ll receive, without additional expenses or a deduction of fees.

The guarantee of a sale in the current property market must be worth a second look. Give Property Rescue a call to find out more. They will talk to you in total confidence and there will be no obligation to proceed.

The Open Market - The Slow Market!

Thu, 25 Oct 2007 00:00:00 GMT

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.

Property Crash Talk On The High Street

Fri, 05 Oct 2007 00:00:00 GMT

There has been so much media speculation this year about a forthcoming UK property crash that you couldn’t be blamed for switching to a different channel every time a commentator comes on the box.

The Bank of England has, to date, failed to respond to pressure to cut rates and decided at its meeting on 4 October to keep interest rates unchanged at 5.75%. For home owners, the rises that have taken place during 2007 have increased their mortgage repayments dramatically – a good reason, say some experts, to look at cutting interest rates before we reach economic meltdown and the market crashes.

But is it just those with high mortgages that are feeling the pressure and will the market crash? Obviously, the higher your loan the more impact the interest rate rises will have had. But what tends to hit the media are stories about first time buyers on very stretched incomes or those who have taken out enormous loans, well out of the reach of most. That leaves a vast gap in the middle consisting of the ‘average’ home-buyer, if there is such a thing. These people have suffered in silence, absorbing the rate increases and making the necessary cut-backs. If there were to be a crash – and the financial analysts are far from agreed as to whether that will happen, in any shape or form – anyone with a high mortgage could be left in a negative equity situation.

Everyone has a breaking point in their budget, a fact that hasn’t escaped the notice of Property Rescue. If you are facing a situation where you are continually building up debt secured against your home, you have arrears on your mortgage repayments, or are simply in an overstretched financial situation, give them a call to discuss the options. Everything is done in complete confidence and there’s no obligation to proceed.

Volatile Shares Send Shivers Through Housing Market

Wed, 22 Aug 2007 00:00:00 GMT

Stockbrokers the world over have had a scary ride over the past week or so. The effects of events in the US have been felt around the globe and have sent jitters through the UK housing market in case what’s happened in America were to be replicated here.

Property lenders in the US have, it seems, been less than careful about the credit history of those to whom they grant loans. Consequently when many of these people have defaulted on payments the loan companies have felt the effect. The reason for the global ripple is that it is hard to identify where these loans are actually sourced because of the way in which loan companies borrow extensively from each other.

It might be difficult to relate what’s happening in the US to our own property market, but some commentators have questioned whether a similar cause and effect reaction could take place here. Whatever happens, it now seems clear that although property prices remain on the up, the increase is slowing substantially. Could the recent share market volatility lead to UK lenders being just that little bit more strict about ensuring they only lend to people who are the ‘least risk’?

If that were to be the case it would be all the more important to avoid having your home repossessed and incurring County Court Judgments through personal debt. Property Rescue can eliminate the threat of repossession through its buy and rent back scheme, and can even help you deal with credit card debts at the same time.

If you are already someone who has a bad credit history you will know how much impact that can have on your life. If your credit history is currently unblemished, then you would be well advised to do your utmost to keep it that way. Property Rescue guarantee to buy your home and help solve your debt problems, no matter what has happened in the past. Contact them for a free valuation and the opportunity to get rid of your debt and worry. All calls are in strict confidence and with no obligation whatsoever.

House Prices Hit New High

Fri, 27 Apr 2007 00:00:00 GMT

The £100,000 price ceiling for the average house has been smashed. According to news articles this week there is now nowhere in the UK where you can buy an average house for less than £100,000. The last place to break through the barrier was Lochgelly in Fife. Compare this to just 5 years ago, where 200 UK locations had average house prices below the £100,000 mark.

It seems that the house market everywhere is on the up but in England, London continues to set the pace with the largest increase over the past year. Properties in the city have gone up an average of 14.9 per cent. Northern Ireland has seen a boom in its property prices as the impact of the peace deal takes hold and locations become more desirable both to individuals and to business. Some areas have risen a staggering 55% in just one year making Northern Ireland one of the most expensive places to live in the whole of the UK.

Some commentators expect there to be a dampening in demand for houses and some agents are reporting that although houses are selling, they are staying on the market longer. The rises in interest rates since last August and small pay increases mean that people are thinking harder before committing themselves to multiples of their salaries in big mortgages. For many, however, there is little choice if they want to get their foot on the first rung of the housing ladder.

If you are having difficulties selling your home, Property Rescue will offer a guaranteed price and will tie up the legalities of moving in the minimum time, allowing you to get on with your life. Contact them for instant pricing and confidential advice.