UK House Prices Don't Matter, You Can Do Well in Any Market with the Right Attitude

by RichardM 9. September 2009 21:31

The UK housing market has bottomed, price falls have finished, and price growth, though slow will return next year. That is according to a survey of 30 analysts conducted by Reuters, who said that prices will end the year slightly lower than they started it, grow by 0.5% next year, and 2.5% the year after.

The UK is absolutely obsessed by house prices, but it is all much of a much-ness; if you have the right attitude you can do just as well out of the current housing market as you could in 2006.

There are people who are refusing to sell their houses because they won't get the peak price for it, even if they bought the house years before and could still make a profit at a 30% discount on peak, they are sitting on it, depressing and waiting for better days.

The fact of the matter is, house prices are relative. That is to say, all houses are falling in value, so by the time you sell up, remortgage and buy the bigger house your family needs, you will end up paying the same amount in mortgage repayments as you would at the peak in 2007.

Because, while you would have got a lot more for your house then, the bigger house would have been a lot more expensive also, and vice versa, now, the bigger house is a lot cheaper. And the same goes for people who want to downsize; yes, they lose out on the sale, but the smaller house will also be cheaper and they will come away with the same amount (approximately) left over.

So, in answer to the question: is now the time to sell your house? Yes, now is the time to sell your house, because it is no different to any other time.

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Private Property Sellers Can Benefit from Valuing their Own Properties

by RichardM 13. August 2009 16:41

The Little House Company, has unveiled a new paid-for service to allow private property sellers to gain detailed information about a property so that they can reach the best possible valuation.

As people continue to be disappointed with the length of time their property has been on the market for, more and more people are advertising their properties on private property sales sites like Little House and Zungalow, and adding a clause to their estate agents' contract so that they pay no fee if their private efforts sell the property.

Doing this makes their estate agent work harder and also gives them a better chance of selling their property in a timely fashion.

The biggest challenge to a timely house sale is an inaccurate valuation. During high times estate agents have admitted inflating house prices to make more money, and in the current (low times) climate estate agents have been known to inflate valuations to gain instructions.

That said; it is a good idea to conduct your own valuation, even if you have an agent value and then make a judgement based on all the information to hand. This is a good idea whether you plan to sell your house privately or not.

If you do not want to pay for the ability to do your own valuation, here is how you can do it for free:

 

  1. Put your postcode into the Land Registry's index page
    This will tell you how much houses in your area are selling for
  2. Use Nationwide's House Price Calculator
    This allows you to enter the value of your house at previous valuations to calculate how much it is worth now.
  3. Take the two figures and apply a little common sense to reach your sale price
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Zungalow Goes Rental - Lettings Property Ads a New Dimension

by Zungalow 22. May 2009 15:27
to let sign

After receiving several requests from users of the site, Zungalow.com has decided to accommodate rental property adverts within the community.

Of course, people looking to let properties out could always add them to Zungalow.com, because it is simply a community site allowing people to showcase their properties for any reason. But the decision has been made to allow more high profile advertising of the fact that said properties are seeking tenants.

The latest data released today from the council of Mortgage Lenders showed UK mortgage lending declined yet further in April, a month after the Bank of England proclaimed mortgage lending at an 8 year low in March.

This means that further falls in UK house prices look increasingly likely, and for one reason or another, more people looking for rented accommodation, which they will now find in abundance on Zungalow.com.

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UK House Prices | UK Housing Market | UK Property | Renting Property

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