First time buyers in the UK

Saturday, July 11th, 2009

New research suggest that in the UK more and more first time buyers are relying on parental help to raise finance for the huge deposits now required for home buying.

The research reveals a huge jump in the percentage of young people requiring help to raise finance, up more than 30% since last year. The new figures reflect the change in lenders requirements since the freezing of credit on early 2009.  A record eight in ten first time borrowers now require help to raise the appropriate finance for the deposit on homes, typically around 25% of the properties value.

In the UK, there are tentative signs that lenders lending criteria have slowly eased from the last few months of frugality - possibly a reflection of the country’s quiet expectation of a turnaround in the market. The average first time buyer now puts down a £30,000 deposit - roughly the same as the average wage in the UK.

Whilst first time buyer figures continue on an upward trend for the forth consecutive month, giving rise to the current optimism that we may have seem an end to the housing slump - the big picture still shows we have a long way to go. In May there were 14,000 new buyers registered, up from the lows of 9,000 in january.

In 2008 however, figures were as high as 30,000 first time buyers every month acquiring property. In recent weeks there have been numerous reports of a upturn in the UK housing market, with a sustained increase in buyer interest and an increase in property sales - giving rise to a general optimism that we may have seen the bottom of the market.

In the U.S., there has been much talk of a bottoming out of the market. President Obama was recently quoted as saying that the economic stimulus plans affect would only really come into play towards the end of the year, and that is was still to early to witness it’s real effect. In the UK certainly, we appear to be seeing now a gradual turn in the market, be it small and gradual.

To look at what’s happening in your local housing market, click here.

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Foreclosures Down in the U.S?

Thursday, June 25th, 2009

RealtyTrac, the U.S website that tracks foreclosures across America, yesterday claimed that foreclosures are down 6% in may,  but are still up 18% from this time last year. These recent figures have sparked heated debate amongst real estate watchers in the U.S.

It may seem on first glance that figures augur well for the future, until you look at the bigger picture. Mainstream media may tell you one thing, but the reality tells you another:  300,000 + foreclosures in May, the third straight month of 300,000 + foreclosures. The media’s job on this particular downturn is to do everything they can to help the market recover, and good on them. But keep your eye on the reality, and you’ll be doing better than most.

In the last 3 months, that comes to around a million foreclosures - 2008’s total was 850,000. There’s a great opportunities out here to sell for a reasonable price, and great opportunities to buy for a reasonable price. For a gauge on the current real estate market in your town, click here: http://www.sell-my-house-quick.com/search.

Some commentators are scepticle about realtytrac’s fugures, and are using California’s condition as a barometer for the U.S.’s physical health. California remains a hugely important element of the U.S real estate market, with the state’s unemployment surging to 11.5 %. With Arnold Schwarzenegger recently commenting ‘ Our wallets are empty, Our bank is closed’ many fear the worst for the U.S.’s most populated state with 38 million people. Forclosures are expected to increase over the summer, so sellers are expected to have to reduce the price of their homes for a quick sale, with many buyers looking for good prices.

There will also be an increase in the states where foreclosures are not traditionally previlent.  With mortgage rates quietly rising, many people who were expecting to be able to re-finance about now, are finding rising repayements inevitable. California State Treasurer Bill Lockyer has been to washington to plead for help from the Obama administration, and has been told in now uncertain terms ‘your on your own’.

There is also problems with the governments’ help plans, which are admittedly still in their infancy, to aid the rising flow of troubles. It remains to be seen if Obama’s aid can stem the rising tide of financial troubles.

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Home Improvements and Adding Value

Friday, June 12th, 2009

Tips on getting the best return for your money.

When considering developing your home to add value, you have to carefully consider what improvements you are going to make. In truth, many imrovements people make, don’t actually make money, and rarely cover the cost. If you are considering moving, and would like to spruce up your house to create a higher sale value, check out the tips below. They will show you the top 10 areas that will improve the value of your home, and which areas you should be considering for development.  There are also some simple ideas that should help you get your home ready for sales and presentation to potential sellers:

1. Removing clutter from your home: It may seem obvious, but de-clutter! If you have a basement full of old cardboard boxes - store them at a friends house, or better still, put them in storage! It’s very important to let people see your home with little or no clutter around - its can help people relax when viewing your home.  Keep all the house clean and fresh during open hours, when people will be viewing your home.

2. Brighten up your home: It’s important to keep your home light and bright. Replace any old bulbs, and put in brighter ones. Keep drapes and curtains open, and windows too, to keep the air fresh.

3. Your Garden: How is the front of your home looking? Does the garden need updates? DOes it look a bit tired? If so, why not get a gardener in, or a professional landscaper. You’d be amazed at the difference they can make, and add huge value to your home. Make sure your lawn is healthy looking, and as green as you can get it!

4. Electrical and plumbing maintenance: You should consider replacing any old wiring or plumbing in your home - do you need a new boiler? Are there unsighly wires anywhere? Do you know anyone that can do a good job for you? Any friends who can recommend the right man for the job? Shop around in your local area, and get several estimates.

5. Home Staging: You may not have heard of ‘Staging’. There are some companies who can do this for a fee, but with common sense, you can do it yourself, and save more money!  What would liven up your home? Fresh flowers? New furniture? Lamps, or a new fireplace? It might be a good idea to get rid of that sofa you’ve had for years. Have a look on the internet - find some inspiring images from sites or interior magazines. You can also temporarily hire furniture, that will look great.

6. Rennovate Kitchen and baths: Is there nothing worse that a toilet or nath that looks old? Theres nothing better to add value than a fabulous kitchen or bathroom! New kitchens and bathrooms can be cheap to source and fit, and they make an incredible difference to the buyers. They can imagine being there more easily if the place looks great. If you don’t want the expense of changing whole rooms, then replace old fixtures, and things that are looking worn. Even a new bathtub can make a difference.  Re-doing caulk and grout around sinks and baths can be a great tip too - its help the rooms feel fresh.

7. Repian any tired looking rooms:What a difference a paint job can make! You know yourself - you walk into a freshly painted room and it looks good. Make sure your house is presented in the best possible manner - you can repair all knocks and chips in any walls too, and paint in nice, neutral colours any rooms that have been painted in colours that potential buyers may be put off by. You want to present the house in a way that people will be welcomed by, not challenged. Magnolias, cremes and light yellows are always easy on the eye.

8. Replace old carpeting: You may not notice it, but perhaps your carpets are looking tired. Have a look around - lighter coloured carpets are always succeptible to dirt and wear. If the carpets are still in good condition, then you can find someone to professionally clean the carpet, or you can do it yourself. If you find rips or tears then its time to put new ones in. They’ll make a big diffrence too.

9. Doors: Check your interior and exterior doors. How are they looking? You can clean then if they’re looking ok, or sand and paint them if they have nicks and chips in them.

10. Exterior painting: This is a big selling point for you - the first impression- How does the exterior look? the game can be lost or won here! How much time have you spent on the exterior of your home for selling? If its not alot, then this is your opportunity to do more, and add value. We mentioned landscaping earlier, but what about a new paint job? How’s the front door looking? Is it bright and fresh? Is it colourful? The fence and the gate? Maybe you can add some garden furniture if you need have the space. Have you cleaned all the windows? Maybe you can ask some friends for advice - get them to have a look at the outside of your home and have a look, they may have some great ideas!

Check out our FAQ page, for more tips on how to advertise your home in the best possible light:

http://www.sell-my-house-quick.com/faq

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