Posts with tag: moving home

Top Tips to make sure your Property Offer is Accepted

Published On: September 11, 2017 at 8:16 am

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Falling in love with a dream property is something that most homebuyers will experience, but there is always a risk that your property offer won’t be accepted and you’ll lose out.

NAEA Propertymark (the National Association of Estate Agents) has a few simple tips that you can follow to help you secure your perfect property, whether you’re a landlord, home mover or first time buyer…

Katie Griffin, the President of NAEA Propertymark, says: “Finding your dream property is no mean feat, but, when you do eventually find it, the biggest task is keeping hold of it. It’s really important to try and connect with the seller or agents involved, but keep a clear head and make a strong case for why the seller should choose you. An ideal buyer will show that they have done their homework, are clear about how quickly they can move and that they are taking the process seriously.”

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Top Tips to make sure your Property Offer is Accepted

Top Tips to make sure your Property Offer is Accepted

Before you place a property offer, do your homework so that you can go into the process comfortable and confident. There is lots of information available on the internet about the home buying process and the local area, so take advantage. Look into what similar properties in the area have sold for, so that you’re confident the price you’ve offered is the right one.

Get your finances in order 

Confirm that you can get a mortgage and have enough money for a full deposit before you start your search; there’s nothing worse than falling in love with a property you can’t afford. Estate agents must verify your ID before solicitors are instructed, so remember to take in your passport and a utility bill, to provide your proof of funds. Estate agents shouldn’t accept an offer without confirmation that the prospective buyer has their finances in place.

Make your position clear

First time buyers with no chain make for attractive buyers. Your seller may be looking to move as soon as possible and, if you’re in a good position, you should make that clear, as it will make you more attractive than other potential buyers.

Build relationships

Building a relationship with your estate agent will help to ensure that you’re getting the best possible advice regarding your purchase. Try to go into their offices rather than having a phone call, and sit down with them face-to-face to discuss your requirements.

Act quickly

Vendors are busy and don’t want to deal with time-wasters. If you like the look of a property, don’t dawdle – be the first to book a viewing. Being proactive is one way to show the seller that you’re a serious contender.

Find the right price

Although a bit of negotiating is to be expected, don’t go too low. This can cause tension with the vendor, and you may end up losing the property altogether if someone else offers a higher bid. You should also try to avoid round numbers, to prevent making the same bid as someone else.

Protect your purchase

Once your property offer has been accepted, ask for the home to be taken off the market straightaway. This can minimise the chances of additional offers coming in over and above yours, and finding that you’ve been trumped.

If you or someone you know is planning to make a property offer in the near future, make sure they stick to these top tips!

ICA-JL-VOTE-FOR-US

Rightmove Reveals Drop in New Instructions

Published On: August 17, 2015 at 2:57 pm

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Rightmove has revealed that estate agents have 8% fewer new instructions than this time last year, as a lack of supply is causing possible vendors to stay put.

Director and Housing Market Analyst at Rightmove, Miles Shipside, says there is a “vicious cycle of not enough property on the market to meet demand, increasing prices and a reluctance among homeowners to come to market if they think the prospects of finding and funding their next move are severely compromised.”

Rightmove’s report states three reasons that prospective vendors are not putting their homes on the market.

Rightmove Reveals Drop in New Instructions

Rightmove Reveals Drop in New Instructions

Having studied homeowners who were seriously considering selling their home, Rightmove found that they either cannot find anywhere they want to buy, property is too expensive or the cost of moving is too high.

Shipside adds: “[The prospective vendors] could be helping to get the country’s limited property stock circulating, but they have concerns about coming to market, deepening the supply shortages affecting many areas.”1

The report also claims that the difference between supply and demand has caused the strongest August price performance since 2007.

Between July and August, the price of new homes on the market dropped by only 0.8%, breaking the eight-year trend of huge summer holiday price decreases.

The national average asking price for new properties on the market is £292,284, from £294,542 in July. However, it is still 6.4% higher than August 2014’s figure.

The typical estate agent in the UK has 65 homes for sale on their books, with the average time on the market standing at 65 days.

Regionally, asking prices have generally fallen monthly in the south and risen in the north.

Between July and August, prices declined by 1.2% in the East of England and the South East, 1.3% in Greater London and 1.4% in the East Midlands and the South West.

In the West Midlands, prices increased by 0.1%, by 0.2% in Wales, 0.5% in the North West and 1.2% in the North East.

However, many agents believe homeowners wish to sell, even if they are held back by Rightmove’s suggested factors.

Director of Manning Stainton in Leeds, Harrogate, Wetherby and Wakefield, states: “In July, the number of appraisals that we carried out was 21% higher than usual, so there’s definitely a sense that there are a greater number of people who are considering selling.

“With regards to stock level, it’s not that there’s no stock, it’s just that when good property does come on, the demand is so high that it’s selling much more quickly than usual.”1

1 http://www.propertyindustryeye.com/rightmove-reveals-extent-of-drop-in-new-instructions/

 

 

Moving home stressful for majority

Published On: August 3, 2015 at 4:21 pm

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Categories: Landlord News

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New research has highlighted the stressful experience attributed to moving home in the UK, with the majority of respondents to the survey indicating that this was the case.

Stress

An investigation by finance comparison website MoneySuperMarket found that 86% of people questioned indicated that moving home got them stressed. 46% said they did not feel in control, with 39% revealing the cost of a new home was more than they had anticipated. Two-fifths of respondents were found to have paid £5,000 more than they had expected.[1]

In addition, data from the report shows that 19% of people said moving home led them to change or compromise their career, with 20% admitting a house move caused an argument with a partner.[1]

Where people were found to have overpaid, 63% said that they utilised their savings, 16% used credit cards and 11% were forced to rely on financial assistance from their parents.[1]

Moving misery

71% of people questioned indicated that packing up their belongings was the most stressful part of moving home. 62% said that finding a property in the right price bracket was most concerning, with 57% outlining choosing the correct location.[1]

57% stated that setting up new utility contracts was the most stressful part of the process, with 56% saying unpacking and dealing with estate agents riled them the most. What’s more, 20% said that they were unable to concentrate on their work, with 19% taking annual leave to make sure things were sorted.[1]

‘Whether for the first time, or stepping up the ladder, moving home is a momentous life choice for people to make,’ noted Dan Plant, consumer expert at MoneySuperMarket. ‘There is so much to consider, both before and after keys are handed over, and as it takes an average of six months just to find a property, it’s understandably stressful and has a knock on effect in all aspects of all people’s lives.’[1]

Moving home stressful for majority

Moving home stressful for majority

Tiring

Plant said that despite moving housing normally being an exciting time, ‘the most common words people associate with moving are tiring, draining and frustrating. However, he said that, ‘moving house doesn’t have to be a completely arduous process. Being as prepared as possible will help ease the angst.’[1]

He went on to say that, ‘it’s important to consider all costs involved so you aren’t hit with an unexpected bill at any point from the mortgage, surveys and stamp duty, to removal hire and any other necessary additions to the new house. Simple steps such as creating a checklist and timeline will also alleviate the extra pressure on your relationships, jobs and health.’[1]

[1] http://www.propertywire.com/news/europe/uk-moving-home-stress-2015080310815.html

 

 

Third of Homeowners Can’t Move Up Property Ladder

Published On: July 6, 2015 at 8:56 am

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Categories: Landlord News

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34% of homeowners in the UK looking to move up the property ladder think that it is too difficult for them to move, according to new research by MoneySuperMarket.

On average, current mortgage holders say they need to save £10,549 before they can move. High house prices and the expense of moving are named as the two main reasons people have not yet moved house.

MoneySuperMarket found that 26% of respondents think it will be difficult to move up the ladder and a further 9% believe it is very difficult.

Among those aged between 35-54-years-old, this rises to 41% who would struggle to upscale and 28% of 18-34-year-olds would find it tough.

Third of Homeowners Can't Move Up Property Ladder

Third of Homeowners Can’t Move Up Property Ladder

Head of Banking at MoneySuperMarket, Kevin Mountford, says: “There was a time when those in the 35-54 age group would have been looking to downsize, but now this is the age group where people are starting a family in some cases or still housing grown up children who are struggling to find their own way.

“Although they might have the earning potential to make that next step, there is the constraint of mortgage terms that comes with their age. Lenders will tend to fix the term of repayments to retirement age, so for those movers aged over 34, the repayments on increased value mortgages will be much higher, as they’re paying it back over a shorter time.

“For example, a £250,000 mortgage on the leading two-year fixed at 1.05% could be taken out by a 30-year-old with a 30-year term and the monthly repayments would be £810. However, for someone aged 45, the same mortgage over a 20-year term would have monthly repayments of £1,155; that’s £345 extra to find each month to make that next move.”

Generally, money is the main reason property owners cannot move, with 47% saying that house prices restrict their movement up the ladder. 43% say they cannot afford the cost of moving.

Current homeowners believe they must save an average of £10,549 to move house, with Londoners expecting to need £12,946. In the North East, this drops to £6,772.

Mountford continues: “Getting a foot on the property ladder in the first place can be hard work, but for many homeowners, it’s just as difficult to take the next step. House prices have rocketed in recent years and tougher borrowing rules have made the search for a mortgage slightly harder.

“It is vital for a healthy housing market that people are able to move up the property ladder, otherwise the whole system can come to a grinding halt, leading to a shortage of property. As a result, second steppers can’t afford to be complacent when it comes to deciding whether to upsize their home. Planning a budget will be crucial, and really taking the time to sit down and work out exactly what costs will be involved is essential.”

Mountford adds: “The good news for those looking to move is that there’s a great deal of competition in the mortgage market at the moment. We’ve seen a huge drop in fixed mortgage rates over the past few years, some with manageable fees. Perks such as free legal costs and free valuations on properties are also offered by some lenders in order to get customers through their doors. As such, there really hasn’t been a better time to get a mortgage.”

Mountford explains that it is important to look at the bigger picture when looking for a new mortgage: “Don’t get lured in by a headline rate, and work out the total cost you have to repay over the term of the offer before agreeing to a deal.

“Also, think about whether you want a fixed or variable rate deal. If you opt for a variable rate mortgage, you need to ensure that you will be able to afford your monthly repayments if and when interest rates do rise, as they won’t stay at this level forever.”1 

1 http://www.propertywire.com/news/europe/uk-home-movers-afford-2015063010687.html

Small percentage of people consider energy ratings

Published On: June 4, 2015 at 9:15 am

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Categories: Landlord News

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Concerning findings indicate that very few people think about the energy efficiency rating of a property when assessing whether to buy or rent. Instead, features such a location, parking and local amenities are more of a concern.

Efficient benefits

A study from construction and regeneration company Keepmoat has shown that many people simply neglect the energy efficiency rating of a home. This is despite the fact that a poor rating can cost thousands of pounds in wasted energy.

It is a legal requirement for all properties to have an Energy Property Certificate, which must be provided when a home is bought, sold or rented. Ratings can range between A and G, with upcoming legislation soon to affect properties on the low end of the performance scale.

Worrying results

Findings from the Keepmoat report show that the most important features considered when moving house was being close to local amenities and transport links, which applied to 35.9% of those questioned. 30% said that good parking was their upmost concern, while 26% were more worried about green space. Only 10% considered the energy efficiency of a property as an important feature when moving into a new home.[1]

Small percentage of people consider energy ratings

Small percentage of people consider energy ratings

Overall results suggested that knowledge of the importance of energy efficiency was low across all regions. Nottingham boasted the highest percentage of respondents that considered a high rating as a priority with 16%. Inhabitants of Edinburgh were proved unlikely to see energy efficiency as a concern, with just 4% of people saying that this was the case.[2]

Nigel Banks, sustainability director at Keepmoat, stated that, ‘for many households, energy bills are one of the biggest expenses and understanding much energy a new house or flat will use, as well as what they can do to reduce these bills, can go a long way to reducing their outgoings.’[3]

‘However, the results of our survey clearly show many people are not prioritising the energy efficiency rating of a property when moving home and this could well be a decision they regret when they get their first winter energy bills,’ he continued. Banks also feels that, ‘people should try and consider the total cost of living in home, including mortgage repayments or rents as well as bills.’[4]

[1] http://www.propertywire.com/news/europe/uk-home-buyers-energy-2015060310581.html

 

 

Rightmove’s School Checker will Help Buyers and Renters

Published On: April 29, 2015 at 11:12 am

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Categories: Landlord News

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Rightmove is introducing a new school checker system on all properties listed on the website after research revealed it is the most important factor for people choosing where to live.

Rightmove's School Checker will Help Buyers and Renters

Rightmove’s School Checker will Help Buyers and Renters

This feature will make Rightmove the only property site to use catchment area indicators and school inspection report details for the whole of the UK on over one million homes for sale or to rent.

Rightmove sought the opinion of several focus groups that indicated that finding the right home near the right school can be an ordeal. Until now, no portal has connected the two.

Rightmove has teamed up with School Guide, an independent source of school data.

Each property listing on Rightmove will now display a catchment area indicator using heat maps. These are based on the last available admissions figures.

The latest Ofsted/HMIe/Estyn rating will also be shown, alongside links to more information about the school from School Guide.

Head of Product Development at Rightmove, James Micklethwait, says: “This is a resource which will provide home-hunters with valuable schools information, including catchment indicators, that they cannot find anywhere else, and we hope it will help them find the right property.

“This launch has been made possible by the creation of a strong partnership with School Guide and more than 5,500 hours of design and development time.

“Rightmove customers will now be able to tell potential vendors that not only will their property be marketed to the biggest home-hunting audience, it will also include one of the most important pieces of information to help consumers decide if a location is right for them.

“We hope that agents will be able to use this feature to augment their own local expertise and help them win more instructions.”1

1 http://www.propertyindustryeye.com/rightmove-launches-new-school-checker-feature-on-all-properties/