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.

Pressure for Local Authorities to Clamp Down on Empty Properties

Liberal Democrat leader, Vince Clark, has expressed his concerns over the number of vacant properties around the country and pledges to do more to encourage local authorities to implement empty dwelling management orders (EDMO) to help rectify the growing problems of homelessness.

A recent report in the Telegraph has shown that there are around 11,000 properties in the UK which have been left vacant for more than ten years. In addition, there are around 60,000 properties which have been left empty for two years or longer, and more than 200,000 that have been vacant for at least six months. Property buying companies figures which have apparently doubled over the past 20 years and could well rise over the coming months and years.

Depressed Housing Market

This makes depressing reading for anyone who lives in an area with a depressed housing market but needs a fast house sale. Buying Property fast  analysis there are many different regions across the UK that are experiencing slow moving property due to various factors, particularly areas in the North East such as Peterlee.

Decreased wages, zero-hour contracts, low rising house prices and high unemployment are all amongst the factors contributing towards the problem. Approved property buyers resulting in more and more homeowners having to leave their property empty because they are unable to sell their house within a certain time frame.

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Even more worrying for those who are faced with the prospect of having to leave their property empty, is the move to give local councils the powers to take over properties which have been left empty for more than six months to help alleviate the housing crisis.

Few Local Authorities Currently Use EDMOs

EDMOs are currently used very rarely with just one in 13 local authorities putting the order into practice but Liberal Democrat leader, Vince Cable, is keen to push the Government into encouraging local authorities to use this act more to provide much needed social housing for vulnerable people and the homeless.

While the move may help local authorities address their housing problems, it could leave the owners of the property seriously out of pocket. Sell my house today If you are the owner of a home that has been left empty for a considerable amount of time, there is a danger of wiping tens of thousands of pounds off the value of the property. Vacant houses and flats are prone to rapid deterioration as well as being easy targets for vandals and squatters.

According to Government figures, Durham currently sits top of the table with the number of vacant properties according to the Telegraph report, with more than 6,500 homes that have been empty for at least six months, many of which will be in the Peterlee area.

Houses Can Be Sold Fast for Cash

However, all is not lost for those who may find themselves in this predicament. There are ways that you can sell your house for cash and eliminate the worry of your property remaining vacant for months or even years. Companies that buy houses fast and buy property for cash can help to solve the issue of relying on a slow-moving property market in areas with depressed house sales.

Companies such as buyingpropertyfast.com will allow homeowners the chance to sell their house fast. This will allow them to move on with their lives and relinquish the equity in their homes,  Need to sell my house fast rather than chance the uncertainty of their local property market and potentially losing many thousands of pounds from the value of their home and having to deal with the many months or years of stress involved with having a property sat empty.

 

Buying property fast is among the fastest Companies that buy houses fast

Buying property fast is among the fastest Companies that buy houses fast

Many people raise themselves the question: How to sell my house fast? Well, you’re looking at the solution. Selling your home to buyingpropertyfast.co.uk couldn’t be easier or faster. First, we tend to price your property, then we tend to cause you to a proposal and, if you settle for, we have a deal. A month or less late (typically), the method is complete. And that’s it. No unpleasant surprises, no trouble simply an honest (and highly competitive) offer, followed by quick completion.

In short, when it comes to Companies that buy houses fast, buyingpropertyfast is among the quickest and also the best value!

As one of the UK’s leading Companies that buy houses fast, we’ve got the expertise, skills, and funds to buy homes quickly and easily and, if we create a proposal to buy property for cash, that’s exactly what we’ll do. Notwithstanding what kind of property you have got, even though it’s infrastructural or residence issues, we will assist you to move on, whether or not you would like to buy a new home, retire, move abroad or the rest. We’ll assist to you keep your life on the right track.

 Need a fast house sale | Sell my house today
Need a fast house sale

If you wish to move out and wish to sell your old home quickly for the better costs in order that you can get your new dream house then you can contact Property buying companies. You only need to contact buyingpropertyfast.co.uk we’ll make a visit to your home and will make the deal for your property.

Know how timing is important when selling with the Property buying companies

Know how timing is important when selling with the Property buying companies

We always want a good return whether it is property selling or anything and we want it to be fast as well. Need a fast house sale with a maximum return is what always you have in your mind. But have you ever wondered what the season plays the important role in giving you the good return? Yes, it is that factor myth we don’t know but as per the analysis and the observation, it depicts that the season plays the crucial role in giving you the good return for your property.

Well, timing is the key to selling as well. We encounter many seasons in a year and according to the reports, winter is the worst season for selling. Don’t be surprised but it the truth. The reason is the snow everywhere and selling your property, balance finance, moving to new place, busy in Christmas vacation planning is the reason for making it the worst season for selling. Summer is better than winter as it is not as exciting as winter due to the festival holiday but it has its drawbacks like people don’t want to spend their afternoon roaming for a house so it decreases the buyer list. According to the Property buying companies, the winner is spring and the autumn as it the balanced season with no snow and no heat and people have the most positive attitude during the season which can help you to get the good return for your property.

If you want to move out and want to sell your old home for better prices so that you can buy your new dream house then you can contact buying property fast. You just have to contact us buyingpropertyfast.co.uk, we will make a visit to your place and will make the deal for your property.