Selling a Property at Auction.

                                                Selling a property at auction.

A property auction is designed to provide a way of selling properties quickly and more easily than on the open market.

There are certain types of properties that are more suitable to be sold at auction than others, these include:

–         Houses that would be hard to sell by traditional means as they are in a bad state of repair and therefore may need substantial investment

–         Reposed houses as they usually need to be sold as quickly as possible to cover the former owners debts

–         Unconventional properties such as lighthouses and churches

–         Properties that are in high demand as the price paid for such properties at auction can often exceed their estimated market value. Read more

‘New Towns’ are the Most Affordable Places to Live.

                     ‘New Towns’ are the most affordable places to live.

Recent research has revealed that anyone wanting an affordable property at the moment has to consider either squeezing in to a town centre flat or buying a small terraced house in the burbs, but it seems that now these are not the only options as Britain’s ‘New Towns’ are currently at their most affordable.

The term ‘New Town’ often refers to planned towns built after World War 2. These ‘New Town’ were originally created to disperse the population beyond the green belt aroundLondon, but ‘New Towns’ were also built further north in the 1960’s. Read more

Marks and Spencer Decide not to Offer ‘Free’ Banking.

Marks and Spencer decide not to offer ‘free’ banking.

Marks and Spencer has recently announced it is to launch an in store banking service from this summer, backed by the HSBC. Legally though, the new bank is structured as a separate entity to HSBC, therefore when it comes down to investor protection, savers are not covered by HSBC.

The first bank branch is to open at the group’s flagship store at marble arch, after which the retailer plans to open a total of 50 branches in stores over the next 2 years, thus creating 500 jobs by the end of 2013. Read more

Mortgage Deposits.

                                                    Mortgage deposits.

It seems that in the current financial climate home buyers are now facing a two tier mortgage market, with a growing gap between those lucky enough to be able to put down substantial deposits and those who can not.

Getting a foot on the property ladder can be a tricky business, especially if you are a first time buyer with banks demanding high deposits before they will even consider lending. Read more

Lenders Begin to Cut Rates Again!

                                Lenders begin to cut rates again!

The Bank of England’s ‘funding for lending’ scheme was recent unveiled in the UK with the aim of providing banks with up to £80 billion of cheap loans to pass on to customers in the form of loans and mortgages.

If banks decided to use this scheme it will essentially mean they get mortgage funding at base rate plus 0.25 for 4 years. This means they will be able to get £1 for every £20 worth of lending they currently have to home owners. Read more

Is There a Future for Interest Only Mortgages?

                           Is there a future for interest only mortgages?

Before the financial crisis began interest only mortgages were very much viewed as a fast track to home ownership and in 2007 33% of residential mortgages were sold on an interest only basis.

However, in recent times these mortgages seem to be becoming a thing of the past. While it is still possible to get an interest only mortgage, these are now subject to the level of equity in the property and the repayment vehicle that will be used. Read more

First Time Buyers Need To Save.

                                              First time buyers need to save.

It seems that in these challenging financial times along with the wider economic issues at the present time, does not appear to have dampened first time buyers aspirations to get on to the property ladder.

A recent survey has suggested that around 1 in 8 potential buyers are hoping to buy their first property with in the next 5 years. Read more

Customers service in banking.

Most people in the banking industry refer to banking as a ‘utility’, something that just there like gas and electricity, basically use it or don’t know one cares.

Customers do not switch banks either simply because they too see it as a utility or because they can not be bothered as they believe “they are all as bad as on another” and the banks know this so they rarely try to compete on customer service as they make money regardless. Read more

Buying a Property at Auction Part 2

While the auction room has typically been considered bargain hunting territory developer territory, it can also provide rich pickings for the residential buyer.

Before going to an auction, buyers should have a firm idea of exactly how much they can afford to spend and therefore they should stick to it. They should never leave themselves overstretched and should also remember that property prices can still fall further. Read more

Buying property at auction part 1

All potential home buyers know that falling house prices are not good news, however they are creating other opportunities such as being able to ‘snap up’ heavily reduced properties at auction.

Until recently, auction properties were mainly bought by investors looking to sell them on at a profit, but it seems now that more and more average buyers are starting to use property auctions as a way to buy a new home cheaply and quickly. Read more

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