Buying and Selling Property – Don’t be the one who holds things up

House Sales

Quick Sales Avoid Chains Collapsing

Check Your House Sale Progress

If you are thinking of buying and selling property in the UK you can help to ensure the process goes smoothly by making sure you are ready and staying on top of the process.

You cannot influence the whole chain but you can keep on top of the process by speaking to everyone involved on a regular basis and asking some searching questions about the status of all the links in the chain. A good agent will do this for you and they will report back to you.

Last year a survey by 1st Property Lawyers revealed that 29 per cent of deals fell through. To avoid your sale or purchase falling down make sure you are doing all you can to speed up the process.

The faster things move, the less likely it is that the sale will fall through.

6 Ways To Speed Up a Property Sale

  1. Get a mortgage approved – speak to a mortgage advisor and chose the mortgage product you want, then get yourselves approved so the mortgage doesn’t slow down the buying process.
  2. Have a solicitor in place to deal with the conveyancing, and provide them with the documents they need before you find your property so they are ready to act immediately.
  3. Respond quickly to all requests for paperwork, signatures and queries from your agent or solicitor as soon as you can.
  4. If you’re selling a property to buy another, make sure you have all guarantees up to date and to hand, if there is building work to do you can identify and price up work to save being held to ransom by a buyers survey report.
  5. If you need building work done on a house you are buying or selling you can use the Government -approved Trustmark register or find reliable, vetted and insured tradesmen through Checkatrade.
  6. Arrange to review the process once a week – your agent should be ringing you, but if they don’t, you should ring or email the agent and your solicitor to make sure everything is moving along as it should.

Quicker House Sales

If you want a quick sale of your property you can speak to your agent about open days, which generate a large amount of interest and prompt buyers to make an offer because they actually see the competition for a property.

Speak to one of our Sales Negotiators about your buying and selling options 0207 394 1160 or email us on sales@rileymarshall.co.uk.

It’s Good News for House Prices in London so Buyers Need to be Ready to Move

London house prices are rising

The London Property Market is Buoyant

Help to Buy Set to End in 2016

The Government’s Help to Buy initiative has been responsible for increasing the number of house sales and housing prices. It has given a valuable helping hand to buyers who would not otherwise have qualified for a mortgage, and it has encouraged developers to build, knowing there is a market once they are completed.

Chief Executive Pete Redfern confirms the Help to Buy scheme has helped Taylor Wimpey start 2014 with a £1.2 billion pipeline of new orders: An increase of 27% year on year.

However the Help to Buy is scheduled to finish at the end of 2016, and while the Chancellor George Osborne has yet to comment on extending the programme the Bank of England opposes any extension of the scheme.

So if you can benefit from Help to Buy make sure you plan to move in the next two years to take advantage of the help on offer.

Housebuilding Initiatives

Market activity has increased dramatically, and with the second phase of the Help to Buy initiative now available to buyers, the issue in many areas is a lack of property for sale.

The Government is well aware of the link between a healthy housing market and economic recovery. The number of homes built in Britain last year was the highest since the start of the economic downturn in 2007. According to figures collected by The National House Building Council (NHBC) 133,670 homes were built in the UK in 2013, which is a 28% increase on 2012.

There have been signs of economic recovery for the UK as a whole, and of the housing market in particular. Mark Carney, Governor of the Bank of England, has recently delivered the Bank’s revised economic forecast. He is projecting growth of 2.8% in 2014.

The latest Land Registry House Price Index figures (published December 2013) show an annual house price increase of 4.4 per cent, which takes the average property value in England and Wales to £167,353.

As a buyer it is often seen to be best to buy on a rising market rather than a falling one, so you do not run the risk of falling into negative equity. This gives you options when you do need to move, as you will be building up equity in your home as the market rises.

Interest Rates linked to Unemployment figures

Chancellor George Osbourne had said that he would not consider raising interest rates until unemployment fell below 7%. Figures released by the ONS, the Office for National Statistics (ONS), show the number of people out of work fell by 167,000 to 2.32 million in the three months to November, which is 7.1%.

The chancellor’s original plan was to leave interest at the current low rate until 2016, and despite the sooner-than-expected drop in unemployment he may not make increases and risk slowing economic growth.

George Osbourne has not confirmed if or when he will raise interest rates, although if he does do so this will have an effect on mortgage payments, unless you have a fixed rate mortgage. Fixing your repayments on a mortgage will mean that your repayments will be higher than a flexible rate mortgage but you will be protected against any interest rate increases for the term of the mortgage rate deal.

Get Yourself Ready to Move

Mortgage approval rates are up 25% on a four year average according to Rightmove. In the nine months between January and September 2013 the rate of approvals increased to nearly 60,000. Rightmove attributes this increase to the Funding for Lending Scheme.

Funding for lending is a joint initiative between the Bank of England and HM Treasury to incentives banks and building societies to boost lending by reducing the cost of borrowing for lenders. Funding for lending was extended in April last year and will now run until January next year, although the focus on lending is moving away from mortgages and towards small businesses.

As a buyer you should take advantage of the increased mortgage approval rates. Seek advice from an independent mortgage advisor and shop around for the deal that will suit your circumstances.

Get your mortgage approved before you start looking for property to buy. That way you can be sure you are looking in the right price range. More importantly you can get the sale moving quickly once you have found the right property.

Search on our website for our range of properties for sale.

See ‘Don’t be the one who holds things up’ next week…