The Quick and Easy Property Buying Service
If you’ve been debating selling your London property, but are still on the fence about it, there are some good reasons why it’s worth opting to do so in 2019. In this post, we highlight the issues affecting the property market and why it could be a good idea to sell your London property this year.
Although London housing prices have risen for decades on end, many experts believe that we may be turning a corner during 2017. Could this be the final year of such upward momentum and can we expect a slow decline or a massive reduction in the coming months? While the opinions of experts vary, the fact of the matter is that we could be in for an interesting year. Let’s take a look at why these prices may decline and what to expect in the future. In order to make the best decisions possible when selling London property it is critical to appreciate what may occur.
Since Brexit, the state of the London property market has been a concern for both property buyers and sellers alike. There are still a number of risks for anyone who may be considering selling a rental property during the coming year. We will first take a look at some of the predictions that experts are making in regards to housing prices. Then, we will offer a few very targeted suggestions that will help you obtain the best value for your efforts. With a bit of forethought and knowledge, you can be confident that you’ll be able to make the most informed decisions when they matter the most.
If you’re landlord selling property (or planning a sale), there are a few different factors that you will need to take into account. What are some of the issues to consider and how can you put these to your advantage? Let’s take a look at three areas to concentrate on in order for you to put your best foot forward.
There’s no doubt that the Brexit vote has had (and will have) a dramatic impact on many sectors within the United Kingdom. One of the most important areas to examine is the London property market. What trends have we seen and perhaps more importantly, what can we expect for the remainder of 2016 and into 2017? If you’re looking to sell your house fast, you should should take these factors into account so you know where you stand.
One of the most common online search terms in recent times is “London house prices 2016”. This is no accident since many buyers and sellers are wondering what the remainder of the year has in store. Most economists predicted a slowdown as a result of the recent Brexit vote. So what can we expect to witness during the next six months? Although nothing is set in stone, it’s a good idea to take a look at what some of the experts have to say. Then, you’ll be able to make an informed decision when the time is right.
For the last two years, we have seen a steady increase in house prices throughout London. However, this trend may be soon coming to an end. A handful of indicators now illustrate a weakening in the market.. In turn, first-time homeowners may now be witnessing more opportunities than in the past to obtain an affordable property within the metropolitan area. However, many feel that the ultimate trend of London house prices in 2016 is still to early to tell. What factors are behind this change and what can we expect to experience in the near future?
Let’s imagine for a moment that you require a quick property sale in London due to an impending repossession or a similar unfortunate circumstance. You have remained confident due to the fact that your current home is valued at only £300,000 pounds. So, you are not concerned in regards to a quick turnover. Unfortunately, you might very well be wrong in taking this stance. A recent article highlighted the fact that London properties costing between £650,000 pounds and £1 million pounds are selling faster than more moderately priced homes. This is actually a bit ironic considering the fact that only the richest house hunters seem to be active while middle-income buyers complain that they are being shut out of the market. This is another example of how London house prices appear to have become detached from local incomes. What does this mean in regard to a fast London house sale?
If you are like most, it is very difficult to keep up with the latest economic and housing data. One month the “experts” are claiming that London is in the midst of a veritable boom while the next month these very same analysts bring fear into the picture; alluding that the bubble could soon burst. Unfortunately, not much is expected to change in the new year.
Many analysts have hinted that the London housing bubble may soon be due to burst. In fact, this may not be far off from the truth. A recent survey has found that the value of the top 2015 property sales fell by one quarter. This is great news for those who are looking to pick up a home at a highly discounted price, but what does this mean for those who may be looking to sell in the coming year? In particular, how can you secure a quick London property sale with the minimal of effort and aggravation? Let’s take a closer look.
Quick house sale companies do have a place in the market. Perhaps you have just learned that you owe a massive amount in back taxes. You may not be able to afford mandatory major works that will soon be carried out or you could simply wish to liquidate the estate of a recently departed family member. These are a few examples of when a quick house sale company is advantageous. What are some of the positive attributes of these firms and which policies should be avoided?
Some property owners will be happy to learn that the risks of a bursting housing bubble are seen by many analysts to be highly overstated. This could be great news for those who are casually looking to sell their home and are not in a rush for cash. However, this very same scenario (believe it or not) may very well represent a further burden upon the shoulders of those who need a quick London property sale. Although this may seem counter-intuitive, let’s look at why such an observation may turn out to be true.
To be sure, analysts within the United Kingdom have been concerned about the price of homes suddenly “bursting”, as a bubble has appeared to be growing in recent times. Is there any truth to this worry? Indeed, there may very well be a fall in home prices during 2016. According to the Financial Times, next year could be the first year when prices slow or even witness a reversal. While these projections may be a boon to the would-be home buyer, the fact of the matter is that falling prices signify a slowing market.
Are you looking for a quick London house sale? Perhaps you have recently come into money and hope to retire early; enjoying the possibilities of travelling abroad. Of course, this may represent the best-case scenario for many. It is far more common that the need to suddenly sell a house quickly in London revolves around the pragmatic need for financial liquidity or the requirement to dispose of an inherited estate. There may even be HMRC tax obligations which dictate such a sale. Unfortunately, this is incredibly difficult due to recent market figures.
There are many families and individuals that may be looking for a quick house sale in London. A professional property buying company will provide you with such a service and allow you to liquidate your property asset in a quick and efficient manner. Typically, they will offer to buy the property at between 70-80% of the true market value of the property in return for the service they provide. Unfortunately, all that glitters is certainly not gold in terms of quick house sale companies. Let’s take a look at some of the worst practices to avoid as well as a handful of tips to select the right agency.
Those who are looking to sell a house quickly in London and the surrounding areas are likely to encounter a handful of issues. First, the market is anything but forgiving. Asking prices may be difficult to achieve and we should never forget about the logistics tied up with estate agents. In fact, many authoritative sites point out that these agents are more interested in the listing and the sale; less concerned with the ultimate price provided to the customer. Therefore, it becomes clear that selling a property of someone who is recently deceased can present even more of a challenge.
Securing a quick sale of your property
We are living in tricky and surprising times.
It is frankly amazing to see banks being nationalised, going out of business and stellar “brands” such as Merrill Lynch and Goldman Sachs being forced to restructure to survive.
It wasn’t so long ago that an asking price for property was more than achievable with many buyers ending up in a “sealed bid” scenario to cope with the excess demand for houses.
Recent figures from RICS suggest that the gap between asking price and offer price has reached on average 10%.
Over the past 2 weeks there has been significant commentary regarding stamp duty and whether it could be temporarily suspended to eject some much needed momentum in to the beleaguered housing market.
What role has the mortgage market played in falling house prices? Is there an end in sight to the current collapse of the housing market? “Not in the near future” seems to be the verdict.
The government has, to date, prided itself on the management of the economy and the resilience of the UK economy versus the rest of the world. Many homeowners have enjoyed unprecedented growth in house prices. Those however not on the property ladder have been forced to rent as houses and flats in many areas, once considered a good “first time buy” have simply become unaffordable.
Rising costs such as fuel and food are hitting homeowners hard and repossessions have increased dramatically as households struggle to manage monthly costs. However, many commentators argue that it is the impact of banks and building societies restricting and withdrawing mortgage products that has been the key factor in the current housing crisis.
If you are looking to sell your property in London then the hardest decision is to decide at what level to market the property. Estate Agents are clearly desperate for business and some will place a value on a property to secure the property on their books in the hope of then selling it.
However, the shrewd estate agents will not operate in this way as they need sellers to be realistic as to the value of property. Some estate agents are now simply refusing to market property outside of the valuation they are providing as nobody wants to work hard to secure an impossible sale!
Is there such a thing in 2008 as a quick house sale? The heady days of 2006/07 when houses were being snapped up for over asking price and often the subject of sealed bids is over, for now anyway. So is a quick house sale a thing of the past?
London house prices have fallen on average by around £28,000 in the last month, as the downturn in the property market hits the capital. The survey by property website Rightmove finds that prices fell by 6.8% in London, compared with 3.2% for the rest of the UK.
House prices fall in the UK for the fourth month in a row, as higher interests rates have dented homebuyers’ confidence, according to new statistics. According to property website Hometrack, the average house price in England and Wales fell by 0.3% to £174,700.
Selling your house can be very stressful – the process can take a long time, and there is always the risk of getting stuck in a chain, meaning that you are dependant on your buyer selling their own house before they can complete the purchase of yours. There is also the risk of a chain breaking down at the last minute because their own property sale has fallen through, which means you have to start all over again.
House prices in the capital are falling, and have dropped by an average £28,000 in the last month alone, as experts warn of a property-led downturn in investment affecting the economy next year.
Many homeowners will have been relieved by the Bank of England decision to cut interest rates by 0.25% to 5.5%, but money experts are warning that it ill take some time for the benefits to trickle down to homeowners. The reason is that banks are currently lending money to each other at 6.65%, which is the highest level for almost a decade.
Mortgage lenders in the UK are planning to get tough with the tens of thousands of homeowners that have taken out sub prime mortgages intended for borrowers with less than perfect credit histories.
A number of mortgage lenders are offering home buyers loans that they are unable to repay, according to the Financial Services Authority (FSA) and thereby creating the risk of repossession.
With rising interest rates, more people are getting into mortgage arrears recently; while the number of repossessions is tipped to rise next year. Here are ten steps to help borrowers stop mortgage arrears from building up and risking repossession.
Home repossessions are set to rise dramatically next year, and will reach levels not seen since the 1990s house price crash, according to figures released by the Council of Mortgage Lenders.
With rising interest rates, home introduction packs, as well as the effect of Northern Rock’s recent difficulties, the housing market seems to be cooling in a number of areas.
The Telegraph recently reported that sellers in some areas are being forced to reduce the prices they are asking for their houses. In some cases, sellers are cutting asking prices by as much as 20%.
The UK housing market is in danger of a serious downturn, according to Alan Greenspan, the former chairman of the US Federal Reserve, who also advises Gordon Brown.
According to the FT, the number of companies offering quick house sale solutions has increased dramatically over the last couple of years. There are now more than 200 companies that offer homeowners a fast house sale. This figure has risen from around 25 property cash buying companies about a year ago.
House repossessions rose in the first half of the year, by 30% on the same period in 2006, indicating that some homeowners are struggling with the five recent interest rate rises.
The figures are from the Council of Mortgage Lenders, the industry body, which laid the blame on two factors:
An increase in sub-prime mortgage lending, where the higher risks from lending to people with poor credit histories means those arrears more often lead to repossessions.
The UK house prices are currently overvalued by at least 20% when compared with long term averages, according to credit rating agency, Fitch. The agency also says that house prices have outpaced incomes over the past ten years.
In addition, the high levels of debt in the UK means that the UK economy is particularly vulnerable to interest rate rises, the third most vulnerable of the sixteen countries studied by Fitch.
Fitch assessed the countries based on a range of indicators of household debts and house price valuation measures.
Sub-prime mortgages are set for strong growth in the UK over the next four years, according to market analyst Datamonitor.
Datamonitor predicts that the market for this type of mortgage will be worth £31.5bn by 2011, compared to £24.6bn in 2006.
House price growth in the capital is set to slow down this month as potential buyers are beginning to be dissuaded by high house prices and rising interest rates.
Though property prices in central London rose by 3.1% in June, it is predicted that this growth will slow in July.
First time buyers are borrowing more and more to get themselves on the property ladder, according to figures from the Council of Mortgage Lenders.
The CML survey shows that first-time buyer income multiples reached their highest level ever in May at 3.37 times the average first-time buyer income, up from 3.33 in April.
Homeowners face the highest mortgage rates for six years after the Bank of England decided to increase interest rates to 5.75% this week.
This has prompted concern from debt counsellors and property experts that the rise will push struggling homeowners over the edge, forcing them further into debt, and raising the prospect of increased mortgage arrears and repossessions.
Average asking prices for houses in London are less than the national average for the first time in the past six months, which may be a sign that the house price boom is nearing its end.
The average house price rose by 0.8% nationwide this month, while London’s property prices rose by just 0.7%, with over half of London boroughs seeing a fall in asking prices, including Hammersmith and Fulham.
Mortgage interest payments are now at their highest levels for around 15 years, as a result of the four interest rate rises since last August.
This is particularly bad news for first time buyers, as well as those who are currently struggling to keep up with their monthly mortgage payments, especially as there may yet be another rate rise this year.
Many UK homeowners could experience rises of up to 30% in their monthly mortgage repayments over the next year, as they reach the end of discounted mortgage deals.
Up to a million households are nearing the end of two- and three-year fixed-rate mortgages taken out in 2005, and these policies will shift to more expensive rates. Many fixed rate deals were around in 2005 after an interest rate cut in that year.
The Telegraph reports today that almost a million households will face court action over their debts this year.
The number of county court judgements served against people for debt issues is close to reaching a ten year high this year, according to figures from the Registry Trust.
According to new research, many people underestimate the length of time it takes to sell their house.
48% of those surveyed thought that they would be able to sell their house relatively quickly within three months.
The number of complaints to the Ombudsman for Estate Agents (OEA) rose by 41% to a total of 8,472 in 2006.
As a result, 586 cases were referred for formal review and resolution. 18% more than in 2005, though the largest number of complaints to the OEA occurred in 2002.
Recent interest rate rises have added an extra £15 a month to the cost of a £100,000 repayment mortgage, and have increased the risk of debt and repossession for many householders.
It is very easy to get into troubles with mortgage repayments, especially as so many people borrow up to the hilt to get the house they want.
According to analysis from Experian, further interest rate rises, combined with a March’s rise in consumer price inflation to 3.1%, could lead to an increase in bad debt and repossessions.
According to Experian’s MD of economic forecasting, DR Neil Blake:
Not only will interest rate increases have a dampening impact on economic growth and inflation but there will also be a likely knock on impact on bad debt.
The number of new mortgages dropped slightly during March, which may be an indication of a slowing housing market, according to the Bank of England.
The total value of mortgages in March was £9.9bn, compared to the adjusted figure of £10bn for February. 111,000 new mortgages were approved in March, compared with 117,000 the previous month.
Nationwide is predicting another interest rate rise in May, due to the robust growth of house prices in the UK this month, though it points out the underlying trend towards a cooling of the market.
Nationwide latest monthly survey reveals that house prices rose by 0.9% in April, compared with 0.5% in March. This represents the highest monthly increase since December 2006.
The London property market continues to grow, with the latest indication being the fact that there are now over 1,000 homes in London which are on the market for more than 2m.
The growth in London house prices is being driven by foreign buyers attracted by the city’s financial and business status. Added to a shortage of properties in prime locations, this has triggered bidding wars which have pushed prices up further.
Homeowners have been warned that a slowdown in the housing market could lead to a crisis in the sub-prime mortgage sector, and the threat of repossessions.
Standard & Poor’s, a credit rating agency, expressed concern about the British sub-prime industry, which provides mortgages to people with poor credit histories who have been unable to get mortgages from more well-known lenders.
Though house price rises in the majority of the country are beginning to slow down, the London housing market continues to rise, as demand for property in the capital shows no signs of slowing down.
For those currently renting property, and first time buyers looking to get onto the housing ladder, the slowing of house price inflation around the country will be welcome news, though the Halifax reports that, for key public sector workers, 70% of towns are out of their price range.
Research by the Halifax has revealed the difficulties faced by public sector workers, and first time buyers in general, finding that these groups are priced out of up to 70% of Britains towns.
Halifax looked at the affordability of houses for five different key workers, nurses, teachers, firefighters, the police, and ambulance workers.
House prices in the London area are at their highest level for four years, and the rate of growth in that area is different from the rest of the country.
Across the country, the headline rate of house price growth continues to accelerate. The average house price grew by 0.8% in March and the year on year rate growth now stands at 6.7% – the highest since June 2003.
Increasing numbers of wealthy older people are choosing to sell their homes and rent them back. Letting agents report that they are seeing more over-50s choosing this option.
The desire to free up cash to enjoy life is one of the reasons for this trend of selling to rent, or the fact that children have left home and the house is too big. In addition, many want to avoid the prospect of avoiding leaving their families with a large inheritance tax bill.
Figures from property research firm Hometrack suggest that the housing market remains buoyant despite recent interest rate rises, with the average house price rising by 0.7% in February,
The average home is now worth £172,000, and the rise in February means that annual house price inflation is now at 6.4%, the highest level since June 2003.
Demand for housing continues to outstrip supply – Hometrack reported that, while the number of homes registered with estate agents rose by 14% in February, the number people wanting to buy rose by 23%.
The sale of my property was well managed with regular communication and advice and support provided throughout the process. The company also provided legal support through one of their panel solicitors which was professional friendly and reassuring during what was a complex sale. They are trustworthy and reliable and I would recommend this company to anyone looking to sell their property. Thank you for making this a much easier process.
R. Mangal, Leyton, London, E10
