New Medway Council Legislation Could Hit Buy-to-Let Landlords

Current Government policy dictates that owners of houses in multiple occupation (HMO) require a special licence if the building is three storeys or higher and has more than five people living in the building. This is due to be extended in October to include all property housing more than five people from two or more households, regardless of how many storeys high the building is.

According to a report in the Medway Property News, several Medway councils are considering planning further licensing schemes making it more difficult for landlords to procure licences for their rental properties and could also affect those who need to sell my house for cash.

Selective Licensing Schemes Could Cause Problems for Buy-to-Let Landlords

Some areas in the Medway are proposing to implement licensing schemes for all HMO rental properties, regardless of how many tenants are in situ. Others are looking at selective licensing where they can target certain areas that may have problems with anti-social behaviour linked to rental properties.

For landlords with large portfolios covering different areas in Medway, this could cause some confusion as each council may have different rules regarding licensing. It’s up to the landlord to check the policy regarding each property they own and ensure they have the relevant licence for each property.

Not Complying with New Licensing Regulations Could Lead to Large Fines

This may lead to a huge impact on the buy-to-let sector and turn many would-be landlords away from purchasing property in the area for private rentals. Landlords who already own HMOs which now require further licensing may be tempted to offload eligible properties and look to buy property in other areas, where less licensing is needed. Failing to get the correct licences could lead to large fines.

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More Restrictions on Rental Properties May Have an Effect on the Medway Housing Market

There is the potential for many private rental properties to suddenly come onto the market in Medway, which could cause significant problems for those who need to sell my house fast. If large numbers of landlords choose to downsize their portfolios to eliminate HMOs from their stock, it could lead to many people who need to sell my house for cash.

With larger numbers of property with multiple sitting tenants, the housing market may be affected in the Medway and this could have an adverse effect on both prices and the average time it takes to sell a property of this nature. For those looking to sell my house today, there is a viable alternative solution.

How to Sell My House Fast

Approved property buyers can assist those who need a fast house sale. They are often in a position to give an immediate quote on the property and offer to buy property for cash.

With competitive valuations and instant access to the equity in your home, anyone who needs a fast house sale should make a point of contacting buyingpropertyfast.com to find out how they can help them quickly move forwards with their house sale and get the best return for their property.

Council Plans to Build 400 New Homes in Stoke-on-Trent

Fortior Homes, which is owned by Stoke City council, has declared that it has plans for building a property portfolio worth £68million. The company hopes to have built 400 new homes in the area over the next ten years according to a report in The Sentinel.

The council has budgeted for a £55million investment in its self-owned Fortior Homes over the next two years and hopes that taxpayers in the area will reap the benefits of the investment.

Construction work is due to begin over the next two years on various projects including two sites in Hanley, one of which is a project involving 277 apartments in Smithfield and another, 120 houses at Bridgewater.

Council Hopes to Reinvest Revenue Raised on Local Services

Stoke City Council hopes the investment will yield an average of around 5.9% return on investment each year, which has been revised from its previous figure of 5.4%. It’s estimated that through dividends, interest and additional council tax, the project could yield a £10.3 million return over the next ten years.

Residents in Stoke hope that this revenue is used by the city council to improve local services, whereas private home building companies’ priority would be to pay their shareholders.

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Sell My House Fast | Sell My House For cash | Need to sell my house fast

Could an Influx of New Properties Affect Local House Prices?

How might this affect house prices in Stoke-on-Trent? This may make selling property in the area a little more difficult and in turn have an adverse effect on house prices. Anyone who wants to sell my house fast, could find that it takes much longer to sell their home through conventional methods, particularly if the new properties lead to a slow-down of other house and apartment sales.

With new properties on the markets, many property owners may be prompted to find alternative solutions if they need to sell my house fast. If you’re in this situation in Stoke and are wondering how can I sell my house today, there is an answer.

Sell my house for cash

With these new property developments about to take shape, many would-be buyers might be thinking of waiting and buying a brand-new property, rather than an existing property. This could make life difficult for anyone who needs a fast house sale. However, property buying companies may be the answer and can help home owners in Stoke-on-Trent to navigate a quick, cash sale without having to wait for the right buyer to come along.

Buyingpropertyfast.com can help people in Stoke to quickly sell their property for cash. This negates the need for the services of an estate agent or trying to sell their homes online which could take months, or even years. If you’re wondering how to sell my house fast, your first point of call should be to Buyingpropertyfast.com who can give you a quick valuation and offer you a fair price for your home, regardless of whether it needs any repair work or if it is in a location where properties are slow moving.

Medway Council Announce Plans to Combat Housing Crisis

According to an article in the Medway Property News, Medway Council are putting into place plans to address the chronic housing deficit in the area and how to meet the predicted rise in population.

It has been suggested that Central Government have told Medway Council that it needs 37,000 new properties to keep up with demand. However, other news sources have said that Medway Council has plans to construct from 730 to 1,410 homes a year by 2035, which would make a maximum of 23,970 – falling short of the Government recommendations. More confusion has arisen when another draft suggested 30,000 new homes would be built by Medway Council by 2035, coming closer to the Government target.

Medway Population Set to Rise By at Least 17% by 2035

It has been estimated that Medway’s, which includes, Chatham, Rochester, Strood, Gillingham and Rainham population is set to grow by at least 17% over the next 23 years and is predicted to be home to around 330,200 people in 2035. This is an increase of 18.5% since June 2016 where the region’s population stood at 278,542.

The additional population has put a great strain on housing in the area and investment into building new homes for residents will be greatly received, although residents are keen for Medway Council to also invest in other vital services which will be required from a larger population such as more classrooms, doctors’ surgeries, road links and other essential amenities.

Property investors are looking at Medway as a possible place to build their property portfolios. The predicted increase in population means that they are guaranteed a large number of tenants to choose from and as new housing take time to be put into place, a high demand for rental property could lead to increased rents.

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How Will This Affect House Prices in Medway?

It is uncertain as to how this news will affect house prices in Medway and what affect it will have on the housing market overall. If you’re struggling to sell my house fast, an influx of new properties in the area could lead to a slower overall time taken to sell a property.

For many home owners, waiting months or even years to sell their property is not an option, they simply need to sell my house today. Approved property buyers can assist in these situations, particularly for those who need to sell my house for cash.

How to Sell My House Fast?

Buyingpropertyfast.com can help home owners in Medway quickly sell their home with the minimum of fuss. We can offer a quick and fair valuation which can help you sell your house for cash and begin a new chapter in your life.

This option allows home owners who need a fast house sale to forego the traditional route of trying to sell their house or apartment through an estate agent, or even have to try to market the property themselves via online websites.

If you’re in a situation where you need a fast house sale, a quick call to us could help you on your way and save you months of stress and worry.

House Prices Slumping in Many London Areas

According to a recent report in the Guardian, house prices in London are falling in various areas. Figures released by Zoopla show that while other areas such as Manchester and Liverpool are showing increases in house prices, many post codes across the capital are seeing a decline.

Since the economic crisis in 2008, most properties in London and the South East has risen in value, in sharp contrast to areas such as Hartlepool where the prices have struggled to return to pre-crisis value and has hindered home owners who need a fast house sale.

Knock-On Effect for Suburban Areas

It’s estimated that around 40% of postcodes in London are experiencing slumps in house prices, including prominent areas such as Islington, Wandsworth and Camden. This is starting to have an affect on some of the more suburban areas surrounding the capital like Kingston-Upon-Thames and Harrow, prompting concern among estate agents and home owners who want to sell my house fast.

House Prices in Hartlepool and Peterlee Still on the Decline

The average house price across the UK grew by 4.9% and costs an average of £226,000 in January, according to figures from the Office for National Statistics (ONS). House prices in London typically grew by £5,000 in the same month and were worth an average of £486,000. However, the north east area, including Hartlepool continued to see house prices fall, with a massive £7,000 wiped off the value in January, and the average home in the area being valued at £123,000.

While many property experts feel that the gap between the north and south of the country in terms of property value is narrowing, the continued fall in prices in the North East shows that the gap is ever-widening making it difficult for the housing market to gather any momentum.

Conversely, house prices in London have rocketed since the financial crisis, with some properties increasing in value by as much as 86%. This has forced many people into looking outside of the capital for property or having to remain in rented property if they wish to continue living in London.

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Sell My House Fast | Sell My House For cash

Sell My House Today

For those living in Hartlepool and the surrounding areas, houses are continuing to be slow moving. Anyone thinking “I need to sell my house fast” may be concerned that their property could take months or even years to move.

Thankfully, there are ways to quickly sell my house for cash, giving home owners a rapid solution and saving them from months of stress and potential financial problems.

Home owners wondering how to sell my house fast, can use the services of reputable property buying companies who can offer cash for property regardless of the condition of the property or the current housing market.

Buyingpropertyfast.com gives people who need to sell my house fast peace of mind and allows them to quickly move on with their lives. Taking away the expense and stress of trying to sell their house through an estate agent and any costly repairs needed to bring their house up to a saleable standard.

Landlord Repossessions Set to Rise Rapidly

According to a recent report in the Independent, tenants failing to keep up with rental payments is causing a record number of evictions and repossessions by landlords. This is leading to many landlords being in a situation where they need a fast house sale in order to rectify their mortgage arrears and clear their debts.

Data released by the Ministry of Justice shows that while repossessions of owner occupied homes by building societies, banks and other money lenders has stabilised at a low level for the past few years, repossessions of rental properties have risen sharply.

Some financial experts are predicting that landlord repossessions may rise by 10% over the next few months as more tenants default on rent and more landlords become in mortgage arrears.

Rent Arrears Leading to Record Number of Repossessions

During the final quarter of 2017, there were more than 15,500 legal repossessions made by landlords to evict their tenants. Although London is a rising hotspot for areas where tenants are being evicted for rent arrears, other areas in the north and north east of the country such as Grimsby, Hull, Doncaster and Peterlee have also been particularly hard hit.

Interestingly, it isn’t just lower rental value properties that have been repossessed. London and the South East has seen a dramatic rise in the number of repossessions of high value rental homes, some worth millions of pounds.

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Sell My House Today | Sell My House For cash

Interest-Only Mortgages Outstrip Current House Values

In addition to tenants not paying their rents, repossession of rental properties from money lenders has increased as more landlords have been unable to repay their debts as lower house prices have meant they are unable to raise enough from the sale of the property to fully clear the outstanding mortgage.

Many landlords who took out Buy-to-Let mortgages on interest-only repayments in the 1990s are now finding their mortgage expired but their investment has considerably dropped in value and is no longer worth more than the original mortgage. While this is a problem in London, it is also a particular issue in Grimsby and Peterlee where house prices have still not recovered from the 2008 financial crisis.

Need a Fast House Sale?

This could be a reason for many landlords in areas such as Grimsby or Peterlee needing to sell their property fast. In order to appease their mortgage lenders, who need a fast house sale is often needed to offset the debt and stop them sliding further into financial trouble.

In many cases of landlord repossessions, the time taken between the landlord making the claim and the property being repossessed is now an average of 41 weeks according to figures from the Ministry of Justice.

Approved property buyers and companies that buy houses fast are offering people in these situations a rapid solution. Rather than have to sell their house via the route of an estate agent. Property buying companies can facilitate a fast house sale and buy property for cash.

BuyingPropertyFast.com is a reputable property buying company which specialises in buying houses for cash in Peterlee and Grimsby.

House Prices Slump in February

For the first time in six months house prices have fallen rather than risen, creating concern of a new trend. House prices in the UK have fallen by an average of £1,350 according to data released by the high-street lenders, Nationwide, which could cause major problems for people who need a fast house sale in Doncaster.

A recent Daily Mail article explains that although house prices rose by 0.8% in January, last month saw a 0.3% dip, slowing the increase in house prices from 3.2% to 2.2% so far this year.

House Price Increases Predicted to Be Slow in 2018

The Nationwide predicts that house price rises will be extremely slow this year, citing between 1% and 1.5% increase on the 2017 values.

The average price of a home in the UK fell in February to £210,402, going against the back to back increases witnessed in December ’17 and January ’18. Although monthly figures can fluctuate wildly, the building society was keen to stress that a slump in property value can indicate problems within the property market, particularly in areas such as Doncaster where the property market has been depressed for some time and house values have struggled to get back to pre-crisis levels.

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Sell My House Today | Sell My House For cash

Consumer Confidence Affecting the Housing Market

Consumer confidence and the lack of spending over Christmas and the New Year is also being cited as one of the reasons for the drop off in property prices. Household incomes are continuing to be squeezed due to a number of concerns such as inflation, slow salary increases, zero hours contracts, and the looming problem of Brexit and what that may mean for employment prospects in the country.

While lower house prices are good for those house hunting or wishing to get onto the property ladder, they can cause problems for those who need a fast house sale. If too many houses are on the market, people may have difficult in securing a quick sale and may need to look for alternative ways to sell their house fast in Doncaster.

The Nationwide also reported that mortgage approval levels are the lowest they’ve been for three years, as lenders tighten up their criteria for lending and fewer people feel they are in a financial position to commit to such a big financial undertaking. This too will have a knock-on effect for the property market and could further limit the number of potential buyers.

Companies that Buy Houses for Cash Can Help

Property buying companies can offer people who are wondering how to sell their house fast a viable option. Approved property buyers can buy property for cash, which can alleviate much of the waiting and stress involved with selling a property through the conventional route of estate agents and mortgage lenders.

BuyingPropertyFast.com can offer hope to people who need a fast house sale in the Doncaster area. This will allow them to quickly sell their home before the value of their property falls further and without the worry of opening up their home to viewers and making costly renovations to improve the marketability of the property.

Bank of England Interest Rate Rises Will Hit Mortgage Borrowers

According to a recent report in the Guardian, a rise in interest rates could potentially cost UK mortgage borrowers an average of £930 per annum.

Savills estate agency has estimated that a 1% rise in interest rates could rock family finances by close to a thousand pounds a year on average, with mortgage borrowers in the South of England, in such areas like Kent and Sussex suffering more than those in the north in such areas like Grimsby and Peterlee and other parts of the UK as they typically have higher value homes with larger mortgages.

Interest Rate Rises Imminent

The Bank of England is proposing a move from the current 0.25% base rate of interest to 0.5% before May to keep up with rising inflation. Investment experts are advising those with variable rate mortgages to shop around and quickly try to secure a better mortgage deal before further rises are announced.

The Governor of the Bank of England, Mark Carney, has eluded to further interest rate increases along the line, although he has assured the British public that they will be staggered and limited.

While the news of interest rate rises will be well received by savers and investors, many people with mortgages may begin to feel the pinch on their monthly finances, particularly those who have one or more Buy-to-Let mortgages who are unable to raise rents to cover the costs.

Interest Rate Rises May Impact Property Markets

The move may begin to affect the property market if more home owners choose to put their properties up for sale. There could be a dramatic increase in people who want to sell their house fast before any further interest rate increases affect them. Property buying companies may offer a solution to those who are not in a position to sell their house via an estate agent, particularly if they live in an area where property is fairly slow moving due to a depressed market.

 

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Sell My House For cash | Need to sell my house fast

Selling your house for cash can help to overcome many of the obstacles of a long, drawn-out selling process, including not having to open up your home to potential buyers and needing to make costly repairs or renovations to improve the condition of your property to make it more appealing to buyers. A fast house sale could mean that people can either free up equity in their homes or secure a better deal on a mortgage for their next home before interest rates increase more.

Sell Your Home for Cash

Buyingpropertyfast.com specialises in helping those who need a fast house sale, offering a service which allows property owners to quickly sell their house at a fair rate with as little stress as possible.

Whether it is due to increasing mortgage repayments or simply need a fast house sale, whatever the reason for needing to sell your property fast, an approved property buyer that buys houses for cash may be able to offer a solution where you can quickly sell your home and release the money tied up in the property.

Need a fast house sale? Know what is better, a big improvement or small improvement to your home

Need a fast house sale? Know what is better, a big improvement or small improvement to your home

“When I wanted to sell my house fast, I got lots of advice from agents and friends regarding the improvements I needed to do to get a decent price for my property. However, I ended up spending more than I wanted and got no real benefits in terms of difference in the value of the house.” said one of our clients.

Being one of the best companies that buy houses fast, we come across this type of scenario a lot with our clients, with many believing that they need to spend a lot of money on their property in order to sell their house fast.

Some are told they should make improvements in the kitchen, others will be advised to update their flooring. Other will recommend a new bathroom or to give the garden an expensive make-over for a better chance of a quick house sale.

While some changes could help you sell your house fast, most are not necessary and you can save valuable time and money by not doing them.

Property buying companies have unique experience of giving realistic valuations for your property without needing to undergo any major alterations or improvements. We understand the property market and the types of things buyers look for in a property, so we can advise where any priorities are when it comes to making small and relatively inexpensive changes.

We understand that you need a fast house sale, and we appreciate that you are probably not in a financial position to make expensive alterations or improvements to your home in order to achieve this.Property buying companies are aware that there is rarely a return on investment when it comes to spending large sums of money on home improvements for a fast house sale.

While some small changes could make the difference and add value to your home, it’s important to remember that spending thousands of pounds on your property will not necessarily equate to the same amount of money being added to the value. In fact, it is highly unlikely that you will recoup all the money spent with any increase in the property’s value.

Small and inexpensive changes could include a lick of paint in tired looking rooms, deep cleaning areas such as the bathroom or kitchen flooring and tiles to brighten them up, and tidying up the garden and investing in a few inexpensive flowering plants. These changes will help to improve the appeal of the home, without costing a fortune.

Buying property fast suggests you spend money on necessary things to improve the look of your house and increase appeal, but not on bigger home improvement projects which will have a low return value on the original investment.

If you need a fast house sale and want to sell your home quickly for a realistic price, then you can contact one of the best property buying companiesbuyingpropertyfast.com. Call or email buyingpropertyfast.com and we can value your property and offer the best deal for you.

UK House Prices Fall for Second Month

UK House Prices Fall for Second Month

There has been more bad news for people who need to sell their house fast in Grimsby, as property prices across the UK fell for a second month in a row.  According to an article in The Guardian, the average house price in the UK dropped by 0.6% in January to £223,285, this was on the back of a 0.8% fall in December.  The consecutive drops have led to just a 2.2% annual growth rate for house prices in Britain, the slowest increase in property pieces over the past six months.

Improved employment figures and Government incentives such as eliminating stamp duty for first time buyers on properties below the value of £300,000, have done little to help the housing market bounce back to pre-crisis values.

Inflation Harming Those Who Need a Fast House Sale

Inflation has been one of the main causes of slow house price increases, with the CPI rate of inflation currently standing at 3% compared to average wage increase of 2.4%. The ongoing saga of Brexit has also added pressure to an already precarious market, as both people and companies are concerned about their futures and are cautious about financial commitment.  Unfortunately for people wanting to sell my house fast, these issues can work against them.

With less household income to work with, fewer people are in a position to buy a home, this particularly affects first time buyers who will often choose to continue to rent when they are unsure of their future finances than commit to a mortgage. With fewer potential buyers around, house prices often slump further in a bid to attract those who are well placed to get a foot on the property ladder. However, for those who need a fast house sale, this often means disappointment or lengthy wait.

A Fast House Sale is Possible in Grimsby

Areas of high unemployment or traditionally lower priced properties such as Grimsby, have felt this slowing of property prices more keenly than other areas of the UK. For those who need a fast house sale, a slow-moving property market can seriously hinder their chances. However, there are property buyer companies that can offer quick solutions, allowing people to sell my house for cash.

Companies that buy houses fast allow people to move quickly without having to undergo costly renovation work to their properties, or to have to wait months or even years to attract a buyer in a slow-moving area such as Grimsby.

For those thinking “how can I sell my house today?”, in today’s climate of slow-moving property markets and sluggish property value rises, the traditional route of estate agents may not be the best solution for attracting cash buyers who can move quickly. Often it can take months of showing around prospective buyers before the transaction is completed. In some cases, the property sale falls through as the buyer fails to secure a mortgage or some other unforeseen circumstances brings proceedings to a halt.

Buyingpropertyfast.com are Approved property buyers can help avoid these pitfalls, allowing people to sell their house for cash without worrying if the deal will fall through.

Recent Tax Changes Hit Buy-to-Let Sector Hard

Recent Tax Changes Hit Buy-to-Let Sector Hard

Recent Tax Changes Hit Buy-to-Let Sector Hard

A recent article in the Daily Mail reports that over the past two years, investments in the buy-to-let sector have plummeted by 80%.

Figures released by the Intermediary Mortgage Lenders Association (IMLA) demonstrate that buy-to-let investments dropped substantially from £25billion in 2015 to £5billion last year and have surpassed the decrease in investment level seen directly after the credit crisis in 2008.

Government tax reforms for landlords such as the scrapping of the “wear and tear allowance” and the phased retraction of tax relief on mortgage interest for people paying higher levels of income tax have had a dramatic effect on the profits for landlords. In addition, the stamp duty surcharge of 3% payable on second (or more) properties has led to many landlords in Kent selling their buy-to-let properties or reducing their portfolios.

Mortgage Lenders Require Higher Rent Returns

As well as tax changes, mortgage lenders are becoming more cautious when it comes to buy-to-let lenders as many landlords have arrears on their buy-to-let mortgages. It’s been reported that there were around 5000 buy-to-let mortgages with arrears of 2.5% or more of the mortgage balance in the last quarter of 2017, an increase of 2% in the final quarter of 2016. There were also around 1,200 with arrears of 10% or more – an increase of 20% year on year.

Landlords now need to be able to cover 145% of mortgage payments through rental income, which given the high value of property price in Medway towns can often be problematic, particularly for those starting out on their buy-to-let journey or those wishing to expand their portfolio in Kent due to high house prices.

Still a Large Demand for Private Rental Accommodation

With so many landlords now reconsidering their investments, there is concerned that tenants may face future problems as many privately owned rental property disappear. This will leave many people with a severe lack of choice when it comes to rental properties and likely to face higher rents. However, with an estimated 4.5 million people in the UK relying on private rental accommodation, it is clear there is still a necessity for private landlords.

Others are choosing to remain in the buy-to-let sector but switching their properties in their portfolio from areas in the South East such as Kent and Medway towns, to more profitable areas in the north of the country, where landlords can easily buy property for cash which will give high yield returns on investment and easily attract tenants.

Property Buying Companies Can Held Landlords to Maximise Their Investments

Companies that buy houses fast can help those who wish to switch their investments to improve their portfolios and their profit margins. With many home owners in northern areas in situations where they need a fast house sale, opportunities are there for those who are willing to look outside of the Kent area.

Buyingpropertyfast.com specialises in helping people sell their house for cash. Property buying companies allow people to navigate a quick house sale in areas where property may traditionally be slow moving.