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.

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

 

Sell My House Fast | Sell My House Today | Sell My House For cash
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.

Nationwide Announce Reduction in Profits Following Buy-to-Let Changes

Nationwide Announce Reduction in Profits Following Buy-to-Let Changes

Nationwide Announce Reduction in Profits Following Buy-to-Let Changes

Recent tax changes affecting landlords have led to a rapid decrease in buy-to-let mortgages as the financial sting takes hold. As well as forcing many landlords to either sell their rental properties or reduce their portfolio, the affect is also hitting the profit margins of high street lenders such as Nationwide.

In a bid to create more homes for first-time buyers, the Government has introduced a range of tax changes which have hit landlords hard. Phased mortgage tax relief for high income tax payers, increased stamp duty, the discontinued ”wear and tear” allowance and more stringent buy-to-let mortgage rules have led to a massive downturn in the number of people seeking out buy-to-let mortgages.

Downturn in Buy-to-Let Mortgages

According to a recent report in the Daily Mail, the UK’s biggest building society, Nationwide, announced a £886million decrease in profit in the last three quarters of 2017, which equates to a 6% slump compared to 2016’s figures over the same time period.

In addition to fewer landlords taking out buy-to-let mortgages, it’s been revealed that more landlords were now in arrears with their mortgages. Higher house prices and lowered rents could be responsible for this downturn, with many landlords struggling to make a large enough yield on their rental properties to cover their mortgage repayments.  A slow-moving property market is also making it difficult for landlords to procure a Need a fast house sale for property they need to offload, particularly if they have tenants in situ.

Although there has been a large downturn in potential landlords taking out buy-to-let mortgages, there hasn’t as yet been a corresponding rise in the number of first-time buyers getting onto the property ladder, leaving a slew of properties of the market.

Still a Need for Privately Rented Accommodation

A combination of Brexit, low wage increases and high inflation have made many people cautious about making such a large financial commitment. However, there is still a massive need for private rental accommodation in the UK as local councils and housing associations simply do not have enough housing stock to cope with demand.

Many landlords are looking further afield to increase their property portfolio, looking at areas with lower house prices, suppressed housing markets and a greater number of people looking to sell their house fast. These types of areas usually offer very good returns on investments and are more likely to give the yields required by lenders to cover buy-to-let mortgage repayments.

Companies That Buy Houses Fast Could Help

Property buying companies that operate in areas where people are more likely to need a fast house sale are well placed to organise property sales in areas attractive to tenants and help those who want to buy property for cash.

Buyingpropertyfast.com are Approved property buyers which specialise in helping people to sell their house for cash. Selling a house fast allows both buyer and seller to move quickly with their plans, without having to worry about renovations to the property or how to deal with any sitting tenants.

A Decrease in Buy-to-Let Properties May Slow Down House Sales in Peterlee

A Decrease in Buy-to-Let Properties May Slow Down House Sales in Peterlee

A Decrease in Buy-to-Let Properties May Slow Down House Sales in Peterlee

According to the National Landlords Association (NLA), around 20% of Landlords in the UK are considering selling up or downsizing their property portfolio, which could have devastating consequences for people who need a fast house sale in areas where there are many rental properties, such as Peterlee.

Information released from the NLA, states that recent Government changes have to led to landlords paying more in tax and seeing sizable downturns in profits. The changes have meant that around one in five landlords are giving serious consideration to the future of their portfolio and many are looking to offload some or all of their buy-to-let properties. The NLA says that a record number of its members are reviewing their futures as landlords and the tax changes are likely to put off potential landlords wishing to buy property for rental purposes.

Government Tax Changes are Affecting Landlords

The Conservative government has introduced various tax changes which has harmed the buy-to-let market. Notably, these include withdrawing landlords’ “wear and tear allowance” and abolishing mortgage interest tax relief for people who pay higher rate income tax, both of which have ensured hefty dents in profit margins for landlords.

In addition, potential landlords are facing a 3% stamp duty surcharge for second (or more) properties and are now banned from charging their tenants letting fees.  This has forced many landlords in Peterlee to review the number of buy-to-let properties they have in their portfolio or to quit being landlords full stop.

Fewer Rental Properties Could Have an Effect on the Housing Market

This could have a knock-on effect in two different ways. Firstly, tenants may well be affected by increased rents and less choice as fewer properties become available for rental. Secondly, there could be a surge of smaller properties hitting the market which may adversely affect property prices in places such as Peterlee. For anyone wishing to sell their house fast, this sudden influx of similar priced properties could well hinder their progress and substantially increase how long it takes to sell a property.

If you’re in this position, you may well be concerned and thinking “how to sell my house fast?” Thankfully, there are companies that buy houses fast which can help to address this problem and help you quickly and easily sell my house fastProperty buying companies help people to navigate a fast house sale without the need for estate agents or waiting patiently for a suitable buyer to come along.

There is a way to sell your house for cash.

Buyingpropertyfast.com can help you to sell my house for cash while avoiding many of the pitfalls of the traditional route.  As Approved property buyers, we can buy property for cash regardless of the condition of the property or the state of the property market in Peterlee.

If you’re a landlord who wants to sell a property fast, then companies that buy property for cash can offer you a quick solution that will not affect your tenants and allow you to withdraw the financial investment from your portfolio.

Could Your Tenants Be Subletting?

Could Your Tenants Be Subletting?

Subletting, if not agreed by the landlord, can cause all sorts of problems and is also illegal. Landlords in Doncaster who discover that their tenants are subletting can start legal proceedings and take steps to evict if necessary.

Some of the problems encountered with illegal subletting include extra wear and tear on the property, potential debt issues with the property becoming blacklisted, and the potential to affect the landlord’s insurance policy – all of which can have a detrimental effect on profit as well as the market value of the property.

There are lots of rental properties in Doncaster, many of which may be illegally sublet. Whether this is a simple case of a person allowing their partner to move in without getting prior agreement from their landlord, or the tenants subletting out other rooms in the property or even moving themselves and renting the entire house out at a profit.  Often it can take months or even years before the tenants subletting becomes known.

Extra people in a rental property in Doncaster can cause many problems for the landlord. It many cases it leads to problems with anti-social behaviour – particularly if there’s lots of noise coming from the property. There will often be an excess of rubbish outside the property. If this is not disposed of regularly by the tenant or removed by the council in the fortnightly rubbish collections, it could lead to a vermin infestation, unpleasant odours and complaints from the neighbours.

 

More worryingly, if there’s an emergency at the property, such as a fire, the landlord or letting agency may not be able to account for all the people living there, which could have devastating consequences.

Ways to check if your tenant is subletting:

There are ways to determine if your tenant is likely to be subletting, these include:

  • Making it difficult for the landlord or letting agency enter the building
  • An excess of bedding or clothing in spare rooms
  • More toothbrushes and toiletries than expected
  • Mail addressed to people other than the agreed tenant
  • Reports from neighbours
  • Other cars frequently parked outside the property

Subletting Problems are Prompting Many Landlords to Sell

Persistent problems with subletting have led many landlords to consider selling their buy-to-let properties. However, this is often fraught with difficulties as some are unsure of how to procure a fast house sale. Very few buyers on the open market are willing to buy property for cash, particularly a buy-to-let property which may still have tenants.

Companies that buy houses fast are able to give landlords in Doncaster an easy option to sell their house for cash if they need a fast house sale.

Property buyer companies such as buyingpropertyfast.com are able to eliminate the usual stresses and worries landlords may encounter when trying to sell a property with sitting tenants. We are able to give realistic valuations for properties regardless of the condition of the property or whether it has tenants or not, saving landlords valuable time and money trying to improve their properties or give their tenants notice to leave.

 

With property buying companies, you have a strategy in place to sell your house fast

With property buying companies, you have a strategy in place to sell your house fast

With property buying companies, you have a strategy in place to sell your house fast.

When you decide to sell your house or property, you need to have a fundamental understanding of the proper procedure and strategy involved. Not having much experience in this field, could lead you to be misled by some unscrupulous middle agents or you may suffer financially if your house is valued too low.

A sound strategy can make all the difference and lead to the success of selling your home so, often the best property buying and selling strategy is to use companies that buy houses fast. This way you can be assured of a swift purchase of your property without any worry.

The strategy of property buying companies consists of:

Free Visit – We send someone from our experienced team to assess your property and give you a fair quotation.

Intense Research – We will give you the valuation after researching all of various aspects and constraints of your home and the property market in your area.

Offering the best price quickly – with Buyingpropertyfast you won’t have to wait too long for your valuation, we will give you a fair quotation in no time.

Cash Offer Property buying companies will buy your property for cash, making the process of selling your home much quicker and easier.

How to find cash buyers?

One way to search out a cash buyer is to list your house “For Sale By Owner” (FSBO). However, you’ll have to specify that you’re solely accepting cash offers, which may severely limit the number of individuals who are able to purchase the property.

Another way to attract a cash buyer is to look online for a “sell my house fast” buyer or “sell my house for cash” website and reach out to individuals who may be interested. However, there are no guarantees that the buyer will offer a fair price for the property or be willing to buy the house as fast as you would like.

Fortunately, companies that buy houses fast can assist you – we’re cash buyers with the funds available to shop for a property fast.

Here’s the way to work with a cash buyer.

When you do find a cash buyer, they’ll most likely need to determine the value your house before they can negotiate a cash offer. In some cases (such as once you work with us), there’s no obligation to accept the valuation on offer or move forwards with the sale of the property and no fees will be taken.

If you do opt to settle for the offer, then you simply tell the cash buyer and if they’re an expert property buying company, they’ll will be able to make all the necessary legal arrangements for you, saving you a lot of time and hassle.

Forget about Agent and Legal fees – There are no hidden costs and all legal fees will be covered by the property buying companies

Best professional service – Selling your home fast can be a relatively stress-free experience. Our professional and experienced team can help to take a lot of the worry and stress out of selling your home, and we will give you the price for your house.

All you need to do is contact us and we can set the wheels in motion. We will value your house and make an offer for your property. With property buying companies, you can be assured of proper planning which can lead to the quick selling of your house.

Slow rising property prices in Grimsby

As we’re about to embark upon a new year, the decade anniversary of the financial crash is about the descend upon us. While many parts of the country have recovered nicely from the 2008 banking disaster and it is but a dim and distant memory, there are many areas, particularly in the north of the country such as Grimsby, that have yet to bounce back. These areas are still feeling the pain of the crisis ten years later, and the immediate future doesn’t look bright.

Sadly, unlike more sought-after areas in the home counties and other parts of the country, many northern towns are continuing to face a property market nightmare, with some homes still in negative equity ten years later and more that have fallen far behind the trajectory of increase experienced before the crash.

Some parts of the region have been particularly hard hit, with up to a 37% decrease in property prices compared to pre-crisis values. According to figures from the National Office for Statistics (ONS), around 92% of boroughs in North East Lincolnshire are experiencing house prices that have much lower values than they would have done had the crisis not occurred. This stalling in house prices has a knock-on effect on the property market, making it much more difficult for people who Need a Fast House Sell , particularly if they want to Sell house for cash or for the market price.

How to sell my house fast
Sell My House Fast | Need a fast house sell

Many people have resigned to staying put in their homes, even when their personal situations would benefit from moving. In addition to negative equity and the painfully slow rise in property prices, stagnating wages have meant that people have less money in their pockets than they did back in 2007. This makes them less inclined to move home as they are unlikely to be able to afford a new mortgage or pay off the equity on their existing mortgage, although there options for them with property buying companies

According to the property buying companies First-time buyers in the region also face challenges, as zero-hour contracts and lower wages makes them less likely candidates for mortgages from banks who are now much more cautious about lending than they were pre-crisis. With fewer first-time buyers around, there is less incentive for property prices to increase.

This sequence of events means that most people will be forced continue as they are, with homeowners taking much longer to move up the housing chain and potential first-time buyers staying in the rental sector rather than get onto the property ladder. Those who do Need a fast house sell may find their property on the market for months, even years before they can attract a buyer, and may need to seek the services of companies that buy house fast such as buyingpropertyfast.com.

In the current financial climate, it is unlikely that the situation will change particularly quickly. While house prices are rising, they are rising much slower in the Grimsby region than any other area bar the North East. The knock-on effect of Brexit may also spell more doom for property prices in the future, particularly if jobs are affected in the region. Meaning many people may need to move out of the area to secure jobs, yet be unable to sell their property to do so.