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One In Five Property Buyers Pay Over The Asking Price To Secure Purchases

One In Five Property Buyers Pay Over The Asking Price To Secure Purchases

20% Of Property Buyers Are
Willing To Pay Premium Prices

One in five buyers willingly paid more than the original asking price for a residential property during the month of March, as the competition in the UK property sales market continues to heat up, according to the latest data published by the National Association of Estate Agents (NAEA).

According to the NAEA data, the average number of residential properties available for purchase through estate agencies across the UK has fallen for the sixth consecutive month (March 2014) resulting in the number of properties available for sale reaching an almost a 10-year low.

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Residential Property Prices Continue To Rise

Residential Property Prices Continue To Rise

Residential Property Prices Up For Fourth Consecutive month

UK residential property prices increased for the fourth consecutive month in May 2013, according to the latest Halifax House Price Index (HPI).

Data from the latest Halifax House Price Index has shown that UK residential property prices rose by 0.4% in May 2013.

This means that the value of UK residential properties have now risen for four consecutive months, with prices in the three months to May 2013 coming in at 1.5% higher than in the preceding three-month period.

UK residential property prices have been rising modestly on this quarter-on-quarter measure since December 2012, with price increases between 1-2% in each of the past five months, while an increase in residential property sales has also been observed in the property market.

The Halifax House Price Index report as a whole indicated that UK residential property market conditions are better now than they were in 2012, with the ratio of residential property sales against the stock of unsold properties improving and demand for UK residential property purchases gradually gaining momentum.

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New Help to Buy scheme may not be much use to first-time buyers as property prices continue to rise

New Help to Buy scheme may not be much use to first-time buyers as property prices continue to rise

Help to Buy scheme may boost

UK property prices
but may not be much use

to first time buyers

The controversial Government incentive scheme “Help to Buy” set for launch on 1st January 2014 is designed to aid first time buyers with property purchases and in turn this incentive could boost the UK residential property sales market without being of any real use to first-time buyers.

Morgan Stanley have issued a forecast that UK residential property prices are expected to increase between 8% and 13% before the end of 2014 and the bank reckons that its forecast is “supported by government policy”.

The investment bank’s prediction follows a warning by the Organisation for Economic Co-operation and Development (OECD) which says that the Help to Buy scheme offering 95% mortgages, due to launch in January 2014, could pump up UK residential property prices but would not necessarily increase the supply of available residential property.

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Property Investors Still Cashing In As Property Prices Continue To Fall

Residential property prices slipped by 0.7% during October 2012 as the weak economy continued to dampen demand, according to UK mortgage lender Halifax.

UK residential property prices dropped again in October 2012

UK residential property prices dropped again in October 2012

The latest residential property price decline, which contributed to a 1.7% drop compared with a year ago, took the UK average residential property price down to £158,426 (GBP).

Residential property prices in the third quarter up to October 2012 were 1.2% lower than the previous quarter, Halifax says, marking the fifth property price drop in a row for this measure of the underlying trend.

Nationwide said last week house prices had risen 0.6% month-on-month in October, but it added prices had fallen 0.9% year-on-year, taking the average UK property price in October to £164,153 (GBP).

House prices have been dropping on a monthly basis since June, and analysts have said distractions such as the Olympics and Paralympics have disrupted the UK residential property sales market.

Halifax housing economist Martin Ellis said: “The latest figures are evidence that the trend for a modest deterioration in property prices is continuing. The weak economic background has been a key factor dampening housing demand this year. Recent encouraging developments relating to the level of overall economic activity and conditions in the labour market, however, may help to support demand and underpin house prices around current levels over the coming months.”

Residential Property Prices Continue To Fall

Future UK property price falls may not just be down to the usual festive period slowdown as the latest Hometrack data has indicated that the number of new instructions for the sale of residential property, available on the open market, are increasing at a much faster rate than the number of potential buyers registering with estate agents.

Howard Archer, chief UK economist for IHS Global Insight, thinks UK house prices are likely to drift even lower in the coming months, stating: “Certainly, any significant turnaround in house prices still looks some way off. House prices are likely to stay under pressure from persistent limited market activity, low and fragile consumer confidence, and muted earnings growth.

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A leading mortgage lender has stated that on average UK residential property values are now 1.5% lower than a year ago. 

Average property prices in the UK slipped to £165,738 (GBP) down by 0.6% in June this year, compared with May 2012.

Robert Gardner, Nationwide Chief Economist, said: “The slightly weaker trend we’ve observed since March is unsurprising, given the difficult economic backdrop, with the UK economy dipping back into recession at the start of the year and few signs of a near-term rebound. Part of the weakness in property prices may also relate to the ending of the Stamp Duty holiday in March. However, the outlook for UK house prices remains highly uncertain.”

The perceived drop in property values is good news for property investors who negotiate directly with distressed property vendors, allowing them to ease the property owners financial burdens without breaking the bank.

Nationwide also estimate that over 200,000 First-Time Buyers (FTBs) saved around £1,800 each reaping maximum benefit from the Stamp Duty break. 

Popular property portal – Rightmove reckon first-time buyers are ‘surprisingly’ upbeat and that there are now more prospective first-time buyers than at any time over the last three years, with almost three in ten people expecting to buy property in the next 12 months.

However, the biggest concern for 33% is about raising a deposit, although this proportion is down from 42% a year ago.

Miles Shipside, director of Rightmove, said: “The results come as a welcome surprise, and hopefully, this three-year high in intending first-time buyers will come to fruition. It seems that some five years into the property market downturn, more people are beginning to get their heads and wallets around the new rules of first-time home ownership, though they still face some testing challenges.”

UK Residential Property Prices Slip Again

UK Residential Property Prices Slip Again

New research by the Royal Institution of Chartered Surveyors (RICS) has revealed that the revival of the UK residential property market has apparently run out of steam following the end of the stamp duty holiday for first-time buyers in March this year.

The RICS report found that 19% more chartered surveyors observed residential property price decreases than increases in April 2012 and 17% of them predicted further slippage of UK residential property prices in the near future.

6% of chartered surveyors also reported a drop in residential property sales as opposed to a rise, the first time this has happened since September 2011.

Peter Bolton King, Housing spokesman for RICS, stated that the results of the research are far from surprising: “With the recent surge in activity brought on by March’s stamp duty holiday coming to an end, it is unsurprising to see that prices across much of the country are continuing to fall”.

Many of the negative forecasts for UK residential property in the near future are based on the fact that many of property sales would ordinarily have happened throughout the year, but the scramble to push through deals and invest in property before the end of the stamp duty holiday in March has seriously affected the annual pattern of residential property sales.

With UK residential property prices on the slide once again it is time for property investors to keep the market afloat whilst snapping up property bargains across the country. Wales and the West Midlands have experience the largest drops in residential property values, so these areas could see heavy interest from investors.

Mortgage approvals, residential property sales and first time buyer numbers increase

Is the UK property market making a comeback?

January figures from a variety of trusted and respected sources offer a major boost for the UK property market as mortgage approvals, first time buyer numbers and residential property sales all increased during January.

Data gathered from the Council of Mortgage Lenders (CML), British Bankers’ Association (BBA), National Association of Estate Agents (NAEA) and HM Revenue and Customs (HMRC) is viewed as a major boost to the UK property market.

UK property buyers have been taking advantage of the two-year stamp duty exemption due to end in March 2012, with the number of First-Time Buyers (FTB’s) registering with estate agents also being the highest since May 2011.

The British Bankers’ Association (BBA) say that, 38,092 applications were approved in January, 34% up on the same time last year, and the highest figure seen in two years.

The National Association of Estate Agents (NAEA) figures show that 23% of overall property sales in January were made to First-Time Buyers, a rise from 21% in December, marking the third consecutive monthly increase.

Mortgage lenders have claimed that one of the driving forces behind the increase in activity has been the imminent end of the two-year stamp duty holiday for first-time buyers.

The Council of Mortgage Lenders (CML) reported that the £10.5 Billion (GBP) loaned in the form of mortgages during January 2012 was the sixth month in a row that the year-on-year figure has risen, and overall mortgage lending in January was up 10% on a year ago.

Despite general consumer caution around borrowing, first-time buyers have flocked to get on the property ladder, showing stamp duty was a major deterrant.

NAEA President, Wendy Evans-Scott, said: “The figures suggest that stamp duty is a key factor for those on tight budgets who are considering a property investment”.

Overall residential sales across the UK property market increased from 5% per branch in December to 6% in January.

The number of residential properties sold in the UK was 12,000 up on January 2011 and also at its highest level for four years.

HM Revenue and Customs (HMRC) figures showed that a total of 64,000 property transactions went through during January, up on the 52,000 deals in January 2011 and the best start to a year since 2008’s tally of 79,000.

David Dooks, BBA statistics director, said: “January saw the high street banks approve more mortgages for house purchase than of late, despite low household confidence, as some people try to complete transactions before the stamp duty holiday ends in March.”

All in all, this is great news for the UK property market and a warning sign to property investors that they are no longer the only people buying property.

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