UK Property Market

Under The Hammer: Purchase Below Market Value

Property auctions in the UK are held in a number of towns and city locations, each auction company holding two or three auctions per month and advertising them extensively beforehand in the local press and on the many property auction websites now available. The advantage of purchasing a property by auction is that the property is often sold well below market value. The properties sold are quite often ripe for property developing, providing the buyer with the opportunity to get onto the property ladder or increase their property portfolio, often making substantial profits when they later come to sell the property they bought at auction. Estimates suggest that around 30,000 properties are auctioned each year in the UK and, at the end of each auction; it is unusual for a property not to be sold.

Properties which are most often sold at auctions include dwellings which have been repossessed by lenders from mortgagees who have failed to keep up their payments. Other properties come to auction due to a deceased resident’s estate having to be wound up. Other properties need extensive renovation or building work done to make them habitable, resulting in an auction being the only way to successfully dispose of a property for sale. Many types of property come onto the auction market, both in the commercial and residential sector, including parcels of land and tracts of farmland. Flats, freehold dwellings, leasehold properties, fixed site caravans, office blocks, farms; individual auctions are often dedicated to specific property criteria, although some are mixed auctions.

There are various advantages to buying property in an auction in the UK, apart from a competitive purchase price. Property auctions in the UK provide an opportunity for all interested parties to bid fairly in an open market. Where a bid is successful the vendor is unable to withdraw the property from market and the purchaser can be confident their successful bid will result in a successful acquisition once legal completion has taken place.

Naturally, if you are purchasing a property at auction it is often not possible to view the potential purchase beforehand, although this is sometimes possible. However, if you manage to obtain a property well below market value this is often a risk well worth taking just to obtain a desirable property.

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House Swapping In The UK Rental Market

House swapping in the UK covers more than one eventuality. In the UK, house swapping generally refers to people in rental properties applying to exchange a home of similar quality and type in a different location; permanently. In other words, a family of four might live in Scotland in a socially rented property such as council housing and need to move to another location in England or Wales. They advertise for the kind of home they are seeking and their details are made available so that people who might want to move to Scotland are able to touch base with each other and eventually relocate to the other person’s home.

On the other hand, house swapping in the UK can be interpreted in a completely different way. This relates to a person usually joining a home-swap website which advertises the fact that they might want to holiday in, say Scotland – and they live in England as an example. So the two families arrange to swap homes for the duration of a holiday period. Most people who take part in this scheme acknowledge that this arrangement works well, although problems can always arise. House swapping is often referred to as mutual exchange; it can also be referred to as home swapping. In the interest of clarity, this article refers to the activity of mutual exchange, otherwise known as house swapping in the UK.

From the information available on house swapping, whether in the UK or anywhere else, it does not seem to be a process free of all difficulties and issues. What is a “house” is sometimes the first quesiton. Some people put up their touring caravan houses up for swap, and whilst for them they consider it a house and home, other people might have different standards. House swapping in the UK can get even more difficult if a three-way or even a four-way swap is involved. As an example, somebody could be advertising a four bedroom council house in North London which turns out to be a three-bedroom property with the dining room currently being used as a fourth bedroom. This is a matter of interpretation, certainly, but misleading connotations can inadvertently lead to all sorts of other misconceptions. On the whole, house swapping in the UK seems to be quite successful with one particular website dedicated to house swapping in the UK being very popular, with more than 86,000 members and many successful swaps.

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Different Properties In The UK

If you are looking around for property in the UK, you will be able to find homes that are the single family type and also those with multiple rooms for students. For students, these homes can generally house 7 students or more so they can live near or on campus. For families or couples, you would probably be more interested in a 2 or 3 bedroom home.

Many of the properties that are available in the UK are for investors as well. You can speak with someone who is an overseas specialist. This is a person who will be able to help you with the purchase and paperwork that needs to be done if you find a property that you like and would like to purchase it.

If you are new to the UK and you are looking for a place to rent, you will find that there are certain ways to do this. One of these is called letting. This is when you have a lease for 3 months at a time. This is great if you are not sure if you are going to stay or if you are just passing through on a temporary assignment or a meeting of some sort. There are also holiday lets. You will need to book these far in advance to ensure there is one available. Of course, these properties are for renting and not for purchasing. There are of course properties that are for sale as well.

You need to determine if you are looking for a home that is detached, a bungalow, semi-detached or even with a terrace. All of these things are important to specify to a realtor when you are house shopping. This can make narrowing down the search much easier for you and for the person who is helping you to find your home. There is also now the additional problem of getting a home information pack done before being able to finish buying a house, however this is not the buyers problem. It is the sellers responsibility to pay for and provide a Home information pack or Hip for the buyer, however this is a cost that is sometimes tacked onto the price of the house.

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