National Home Buyers’note changes to latest property market update
National Home Buyers market noted in the press in the last few days there have been calls from the chief executive of the UK’s largest estate agent for the government to intervene in the housing market to prevent future generations being priced out of owning a home.
Grenville Turner, the head of Countrywide, has claimed that the UK could become a country of renters after a survey commissioned by the company found that almost half of 18 to 34-year-olds found it difficult to raise a deposit, citing it as the biggest barrier to buying a property.
National Home Buyers speculate Bank of England Base Rate will stay on a plateau ’til 2014
UK Mortgage market experts, economists and fund managers are predicting that until 2014, the Bank of England base interest rate will remain at 0.5% – which is a new record low level in the UK.
National Home Buyers and the entire UK housing market have been speculating that the base rate may not rise for another three to five years, despite this March’s shock rise in inflation.
When it comes to people who are asking ‘how can I sell my home quickly?’ this spells a favourable move towards home buyers takng Base Rate Tracked Mortgages until the foreseeable future.
Good News for National House Buyers; central urban areas most appealing
According to a recent report conducted by a national financial institution, anyone looking to purchase an urban property has picked the right time to do it, with housing affordability for city dwellers reportedly at its most favourable in nearly a decade.
The report spells good news for national house buyers and those looking for a new property to invest in; specifically those people who wish to live within inner city locations such as Manchester, London, Leeds and Birmingham amongst other cities.
The average price for a city home in the UK – £173,202 – is 5.5 times the gross annual average earnings for full time employees, which is the lowest ratio since 2003, according to the Lloyds TSB Affordable Cities Review.
Government’s target 2% Base Rate has UK property owners asking ‘how can I sell my house fast?’
The CPI experienced a small rise recently from 3.4% to 3.5%, however, this is significantly higher than the government’s target rate of 2%. This prompted some speculation that the Bank of England monetary policy committee (MPC) might raise interest rates in an attempt to curb inflation.
UK economists and financial experts are doubtful there will be sufficient improvement in the UK economy to enable the MPC to raise interest rates before the end of 2013 at the earliest.
Those who have been asking ‘How can I sell my house fast?’ will be pleased to know that a fast cash exchange on a property is possible now that there are property businesses such as ours who can organise all administration, surveys and will buy
any house regardless of the condition. This means that those struggling for money will not be required to pay funds in advance to update their homes or pay and put right house survey issues because a fast sale is possible without doing this.
Chief economist at Nationwide building society, Robert Gardner, said the economic date was too volatile to enable the MPC to gauge the strength of the economy accurately. This volatility would be increased further in 2012 with the Olympics and the diamond jubilee.
Will quick house sales be prompted by the government’s New Buy Initiative ?
The York-based house builders, Persimmon, have confirmed their support and belief in the Government’s NewBuy initiative, insisting that it will get buyers on the housing ladder.
Persimmon says the Government’s NewBuy initiative to get buyers on the housing ladder is helping to increase the demand for new homes.
The York-based housebuilder detected a rise in interest following the launch of the NewBuy 95% loan-to-value mortgage guarantee product in March.
Regarding the NewBuy scheme, Persimmon said: ‘We believe this scheme will support increased sales activity for the UK housebuilding industry once all the major mortgage lenders have entered the market, and made NewBuy widely available at attractive rates.’
There have been some doubts expressed by critics about mortgage lenders’ commitment to the scheme, claiming that they have been pricing interest rates on the product too high.
Four mortgage providers – Nationwide, Barclays, Halifax and NatWest – have started offering products under the NewBuy scheme, while Santander have revealed that they will follow suit by the middle of the year.
Quick house sales are possible particularly with properties’ located near reputable schools
It has been revealed that property prices in areas that are home to the most sought-after primary schools in England can be inflated by 42% compared with others in the local area.
For example, houses in the catchment area of one Lancashire school sell for an average of £572,500 – around two-and-a-half times the cost of homes in the rest of the region
To combat the middle-class stranglehold on places, some schools are now introducing a lottery-style admission process, in which names are picked at random from a ballot.
As many as nine pupils are currently competing to secure access to top state schools.
This is an ideal situation for those who live near a school and are looking to sell their home. We buy any house at Quick House Sales and, with the vast increase in prices, you will be able to get a fantastic deal.