UK Property Market

Don’t let the pressure get to you

Along with getting married and having a baby, moving house is one of the most stressful thing you can experience. That stress is doubled if you’re buying a new home; especially if you’re stuck in chain. Trying to keep all those plates spinning and communication channels open can be exhausting, physically and mentally. Though whenever I get too upset about anything, I always think of my Mum and her very stressful work in special needs teaching jobs. Now that’s real pressure!

Of course buying a house is important; it’s one of the biggest, most expensive decisions we’ll ever make in our lives! But what’s the point in having a lovely new house to move into, if you’ve had a nervous breakdown in the meantime?

There are things everyone can do to reduce their stress levels during the house buying process. You also have to accept that there are some things that you can’t control or change no matter how much you want to. A stress-free house sale is as much about what you don’t do as what you do.

Keep in touch with both your buyer and the people whose house you are buying, if you’re in a chain. If you haven’t heard from them or their solicitors in a while, don’t be afraid to give them a call or drop them a quick email to touch base. They’re probably as concerned as you by the radio silence, but someone has to make the first move. Clear and honest communication is the number one tip for a less stressful deal.

If you are having a bad day or things all seem to be going wrong, take yourself out somewhere that will help take your mind off the problem. Chances are by the time you hear about the problem, there’ll be nothing you can do until the next working day, so there’s no point in spending all night chewing over the issue. Go to the gym or suggest a few drinks with some work colleagues. Take your partner to the cinema or out for a meal. Relax with each other – and try and remember that they are probably the main reason that you’re putting yourself through all this…

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5 Reasons to Utilize a Mortgage Broker

People like to get options when shopping for a mortgage loan and even the lladro figurines they put in them.. And, choosing the perfect mortgage loan for you gets easy when you have a mortgage broker to present options for you. Here, you will find 5 reasons that explain the necessity of mortgage brokers.

Mortgage brokers are connected with various lenders networks and they have a wide knowledge about variety of loan packages. These lenders are dependent on the brokers to find customers. As they have access to lenders, you can use a mortgage broker to get benefits by using their access.

Some wholesaler lenders only depend on the mortgage brokers for getting customers. People without a mortgage broker don’t have access to these special discounts and offers offered by these lenders. If you want to get these unique offers, you have no easier option but to work with a broker. It’s the only way that gives you superior access.

When structuring a deal for a loan, a broker can make the loan flexible by limiting or stretching credit union or bank fees or the terms on the loan. Bringing these changes in the terms of loan will help you to get a flexible loan. And you won’t be able to make a flexible deal if you are not working with a broker.

A broker works on your side and tries to achieve the primary goal by choosing the best lender and type of loan to fulfill your demands. If you try to achieve this goal alone, it won’t be too easy for you as you have no experience in this section.

Mortgage broker can help you with your planning and decisions as they have proper idea on mortgage issues. Once the mortgage broker learns your situation, he can help you to take decisions and make plans.

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Retirement villages in the UK

One of the fastest growing sectors in the UK property market is the retirement homes and villages sector. This growth is expected to continue in the coming years, with an ageing population in the UK.

Unlike the United States of America and other countries of Europe, the UK has traditionally not had a system of retirement villages. This trend is now catching on in the UK, as retirement villages are now facing less planning hurdles from the government. These retirement villages have a set of fairly uniform homes, with facilities that are appealing to retirees such as libraries, tennis and squash courts, golf putting greens and hobby classes.

The advantages of living in a retirement villages for retirees include the company of like-minded people in the same age group and top class facilities. These retirement villages also have round-the-clock security, and homes in the villages are usually without a staircase, as elderly people have difficulty in climbing the stairs.

However, before buying a home in a retirement village in the UK, retirees should closely examine the reputation of the village and the different services that come with it. These services usually have a high extra cost, and this should be factored in before deciding to buy a house. Retirees should also make sure that they have the necessary money to buy the home in a retirement village. It is not recommended to take a mortgage for buying a retirement home, as retirees do not have usually have a stable source of income to pay the mortgage.

Finally, it is the retiree’s choice whether to buy a home in a retirement village, or stay in their existing property. One thing is for sure, that never has there been such an attractive option for retirees to live it up in the UK and one does not have to take a holiday or live in some exotic hotels in Looe to bring back the zing in life.

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A Guide for First Time Home Buyers in the UK

In case you are thinking of buying your first home in the UK, and are confused whether to buy a house that has been lived-in or a brand new house, then this article is for you.

Supporters of buying already lived in homes cite the fact that these homes are usually in good locations near the city centre. They also have a comfortable and homely feel to them. Some of these homes may also have a historic value. Additionally, convenient shopping centres are located near these established homes, so one can even go out for shopping expeditions instead of just depending on the internet as in certain cases the quality of products cannot be ascertained such as buying jewellery online.

There is also the prospect of a major appreciation in their price later on, as prices of houses in a good location usually appreciate exponentially in the future.

People not in favour of buying “used” homes cite the reasons of repairs and outdated fittings in the house. They also feel that the construction of these has not been carried out according to modern architectural practices. They feel that buying a new and modern home is a better bet for first time home owners. The architecture and finish of these homes is compliant with the latest designs. The fittings are also usually cutting-edge and carry with them a warranty as well.

The disadvantage of new homes could be that they might be a bit cold and bare to first live in. As they are usually located in new, upcoming neighbourhoods, there may be very few neighbours too! Another disadvantage would be that most of them are usually located a fair distance from the city centres of most British cities.

When objectively assessing the best choice for first time home owners in the UK, there is no one correct choice. In conclusion, both “used” and new homes do fulfil the basic function they were designed for i.e. to provide a shelter for its inhabitants.

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Owning a second home in the UK

Many people in the UK who have a sufficiently high income have often thought of the prospect of owning a second home. These second homes have usually been bought outside the UK, in countries like France and Spain. The primary function of a second home is that of a vacation home, or a home which can be sold at a later date (at a higher price) to gain profit.

However, more and more people are looking to buy their second home property in the UK itself. The reasons for the change in outlook include a realisation of the hassle of travel involved overseas, and also the increasingly unfavourable foreign exchange rate. Moreover, Capital Gains Tax, an important consideration when buying a second home, has not risen as much as expected. This has spurred sales of second homes as many UK residents also see it as a tax benefit.

Another benefit of owning a second home in the UK is the convenience of giving it on rent easily. Often, in foreign countries, it is difficult for UK citizens or residents to find tenants and also monitor their usage of the house. With rents being very high in the UK, it is a win-win situation for the UK second home owners, who choose to give their second home on rent.

It is not difficult for second home owners to find a tenant. If the house is located in a university town, students are sure to make enquiries about renting rooms in it or the house itself. One can also advertise the house through email marketing or online advertisements. Working professionals usually rent homes which are near their place of work, so if the house is near a commercial area, it is sure to attract the attention of these professionals.

In conclusion, buying a second home is highly recommended for its many benefits in the future.

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UK Property Rentals for Students

Every year, thousands of students from around the world go to study in the UK. These students study for undergraduate, postgraduate or doctorate courses. It is important to note that each student has different requirements when it comes to accommodation in the UK, and many students choose to rent a property together in groups. The rooms in the property are shared amongst the group.

This method of renting UK property is often more economical for students than renting rooms in university halls of residences. For example, in a big city like London, renting a house on average costs £20,000 which makes it more expensive than villa rentals in Florida. Even if 4 students can share a house, their rent works out to £5000 a year as individuals. In London, this figure can go up to £1000 a month if an individual student attempts to rent out a room in a house or flat.

Before renting a house in the UK, students should make sure that they are aware of the particular expenses which are covered in their tenancy agreement with the landlord. They must also do research on the area in which they are renting a house, to check its safety record, nearby amenities and transportation links with the main areas of the city. A thorough inspection of the property is recommended, rather than just a quick tour. Students should also check whether they are exempt from paying council tax in the area the house is located. This can be checked from the local housing council’s website or office.

In conclusion, if proper research has been done on the area, nothing should deter students from renting an entire housing property. This will save them money and give them a sense of independence as well. It will also provide them a greater understanding of how the UK housing property market works.

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UK Housing Property Market Trends

The UK housing property market is a mature market, with established controls in place. However, with the recent global economic crisis, prices of houses in the UK have been falling since July 2007. There was a minor rise of 6.4% in house prices in 2010, but in 2011, house prices are again expected to fall.

The fall in house property prices has been due to the lack of credit being extended by banks and financial institutions to individuals. This has resulted in individuals not being able to secure mortgages to buy homes. In effect, the demand for houses has gone down because of the high cost of securing a mortgage to buy a house.

The fall in demand for housing has also been partly due to the house price to earnings ratio, which has reached its peak. Simply explained, this means that the price of a house in relation to a person’s income is still very high. Thus, the ordinary person wanting to buy a house for the first time on an average salary will find it very difficult, buying a house is definitely not the same as purchasing pantone mini mugs.

Another UK housing property market trend is that people will tend not to buy houses when the prices are low, and are projected to go lower. This is because in the mind of the ordinary investor, the feeling is that an investment in such housing is unlikely to yield a profit.

UK unemployment rates, especially youth unemployment, are at very high levels (19.6% in 2010) so these potential first time house buyers cannot afford to buy houses. This is another dampener for the housing property market.

Finally, higher interest rates are another reason for the increase in mortgage rates, and consequently a decrease in housing prices. A brighter future in the housing market will only be possible once the recession ends.

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Reasons for the UK Property Price Collapse

People often wonder why UK property prices largely collapsed after July 2007. There are a number of reasons for this collapse, but the most important one which set the ball rolling was the subprime crisis in the United States of America. This subprime crisis triggered the economic recession globally, and in turn affected the UK property market as well.

Important financial institutions such as Northern Rock collapsed and had to be taken over by the government, and many other banks too had to be bailed out. These institutions had earlier given credit to people for buying homes without any major conditions. The boom in housing prior to July 2007 was fuelled with the lack of credit checks and easy availability of credit. When the providers of this easy credit i.e. most UK banks and financial institutions, could not recover payments from their creditors, the property collapse began.

This price collapse was further established when banks adopted a more conservative approach to giving credit to potential home owners. This triggered a rise in the mortgage rates, which deterred people from buying houses. It should be noted that most buyers require the help of a mortgage to buy a house.

The year 2010 was an exception, as house prices actually rose by 6.4%. The job market also recovered to an extent and various surveys involving HR software also confirms this. However, the general trend of the house price collapse in the UK continues, with experts warning that 2011 will be one of the toughest years for the housing market. A fall of 1.7% in house prices is expected in 2011.

Finally, it has also been seen that housing prices also depend on the overall sentiment of the people towards the economy in general, which is currently low. Experts predict that housing prices will pick up and stabilise only after a sustained recovery from the UK economic recession.

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New UK Government Tax Proposals Targets Holiday Homes

The global economic downturn which started in the middle of 2008 continues to depress economic growth in the United Kingdom and, as a consequence, income from established tax sources has been reduced. In its quest for increased tax revenues from the private sector the UK Government, in announcing it emergency budget on June 22 2010, announced that it is investigating new targets for taxation.

Chief among these new proposals is that it seems the owners of holiday rental properties will lose some of their tax breaks if they do not comply with the new guidelines proposed. To date, the law stated that such furnished rental accommodations only needed to be available for letting for a period of 140 days each year and, out of those 140 days, the property only had actually to be rented out for a maximum of 70 days. Under the new proposals, in order to continue to qualify for tax benefits, owners of such properties will need them to be available to be rented out for 210 days each tax year, while the number of days that they have to be actually occupied by renters rises to 105 days.

The upshot is that if the owners of such holiday rental accommodations do not comply with the new guidelines for their holiday lets in the UK or the European Economic Community, they will have reduced holiday time for their personal use. They will also not be able to offset certain expenses related to such properties (such as interest on mortgages and maintenance costs) against income from other sources at the owner’s top income tax rate. A Capital Gains Tax benefit of 10% will be lost, as will the deferral of Capital Gains Tax for reinvestment in similar holiday rental properties and the ability to transfer such properties, and the Pantone Mugs therein possibly, by way of a gift to family members.

It is to be noted that to date these recommendations are still proposals and have not yet been put into law.

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How to find a good letting agent?

Finding a good letting agent can be just as difficult as finding some good dance fabrics ( I am in the process and still not giving up). It is always good if you can choose a letting agent who is a member of a professional organisation. This would give you a fair understanding of the code of practice of your agent, as they are bound by certain rules by the organisation they represent. Since any bad practice could spoil their brand name, they would think twice before they make a bad move. It would be the best if you have someone who has been dealing with a specific letting agent and can recommend the same to you. This way you can save yourself from some of the hassle. Having said that, never stop looking for a better letting agent after you talk to the first one, you just might find a better one than the recommended person. Recommendation should only strengthen your final decision. A good agent is the one who is capable of giving you great advice and will also keep you informed of both the good and the bad happenings on the property.

Every letting agent would have various options on offer. It’s for you to decide what you would like to get for yourself. There are mainly two services; one is to get the tenant for you and the other where the letting will manage the whole term of rental agreement for you, from the beginning to the end. Most of the letting agents will provide you both of these services. All you need to do is to understand the various terms and condition each agent will provide. In case if you are planning to deal with a letting agency who have the policy of “no let no fee”, then it’s always good to get more than one agency, just to increase the chances of letting your property. Always keep in mind that those agents who charge low fees might not necessarily be the best ones. At the end of the day they are over there to make money out of you. You can also tell your letting agent the kind of tenants that you are looking for in detail, just to avoid any future problems. I am not sure if this would be effective in case if there are not many tenants available for your property.

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