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Archive for the ‘Property’ Category

UK house prices fall for third month

Monday, October 1st, 2012

House Prices in UK

Slump in demand for homes comes as government launches Funding for Lending scheme to assist first-time buyers. house prices have fallen for the third month in a row as a summer slowdown in demand continued, according to property analysts Hometrack. Their September report shows the price of homes has dropped again in England and Wales, with no region recording monthly price rises. #property #mortgage    http://www.guardian.co.uk/money/2012/oct/01/uk-house-prices-fall?newsfeed=true

House prices

These latest disappointing property figures come as the government seeks to increase mortgage lending through its Funding for Lending initiative to help buyers on to the ever more treacherous property ladder. house prices fell by 0.1% in September, the same fall as in July and August, with north-west England dropping the most to -0.3%.

“The legacy of summer, which saw a slowdown in demand driven by seasonal factors and compounded by the Olympics, has continued into September. This has added further to low consumer confidence which has been a feature of the housing market for some considerable time,” said Hometrack director of research Richard Donnell.

Unsurprisingly, London saw the strongest market figures with property taking on average 5.8 weeks to find a buyer, compared to the overall national figure of 9.9 weeks. house prices in the Greater London area also tended to achieve 94% of the asking price: one percent up on the national average.

Future house prices

Commenting on the future outlook, Donnell said: “Looking ahead to the remainder of the year, levels of market activity are set to remain subdued with house prices continuing to drift slowly lower. However supply will continue to tighten, acting as a support to and limiting the scale of, price falls.”

These comments provide an element of hope for the market which has seen an almost relentless decline over the last few months. Overall, Donnell argues, the 0.9% reduction in supply seen in September- the first reduction for seven months- should ensure that levels of demand are not too far exceeded by available properties and a prices free fall should be avoided in the near future.

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Mortgage availability shows ‘significant’ improvement, says Bank of England

Friday, September 28th, 2012

The Bank of England said overall availability of secured mortgage credit to households increased significantly in the quarter to September, in contrast to previous expectations for little change. #property #mortgages     http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9568420/Mortgage-availability-shows-significant-improvement-says-Bank-of-England.html

mortgage

Mortgage

However, most of the products were aimed at people with big deposits and the Bank noted that credit-scoring criteria tightened over the quarter. The overall availability of credit to the corporate sector was reported to have remained unchanged for small, medium and large companies.

The Bank of England and the Treasury’s £80 billion Funding for Lending scheme was fired into action at the beginning of last month to unclog the flow of mortgage credit to households and businesses.

Yesterday, the Bank said it had seen an “early impact” of its scheme as mortgage borrowing rates begin to come down, but warned it might not be able to prevent total lending from falling over the next 18 months as wider global economic troubles continue to weigh on markets. In its credit conditions survey today, the Bank said mortgage availability is expected to increase further over the next three months, including to borrowers spread accross mortgage loan to value ratios.

Vicky Redwood, chief UK economist for Capital Economics, said: “Overall, the outlook for mortgage bank lending is better than it was a few months ago, helped by the latest policy initiatives. Nonetheless, we think it will be a long and slow process to get credit flowing freely around the economy again.”

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Estate Agents referring Conveyancing

Friday, August 3rd, 2012

Estate Agents

If and when your estate agent demands you must use their recommended solicitors for the conveyancing on your home, listen carefully, but don’t be bullied – conveyancing solicitors and estate agents working together will often give you the best chance of a stress free move. However, motivation to get you the best person for the job, has been eroded over the years by corporate owned estate agents, who often own their own firms of Licensed Conveyancers. There are many corporate estate agents whose company policy is to push conveyancing to their sister companies. This option is usually the most expensive and involves high pressure tactics to get you to sign up to the conveyancing service as soon as possible or face the prospect of being pestered until you make a decision.

estate agents

 

 

 

 

 

This option invariably results in a conveyancing “factory” or “call centre” operation. There are many examples, where buyers have been denied access or at best strongly advised against using their existing conveyancing solicitors in favour of the more expensive in house solution. There are many estate agents who are paid a referral fee to refer conveyancing to conveyancing firms of solicitors – this will include some corporate estate agents as well as independent agents. In all cases the estate agent should disclose that they will receive a referral fee. When it is a genuine arrangement (in the best interests of the client) the fee is for promoting the benefits of the particular conveyancing services, and will involve streamlined conveyancing with protocols of agreed service standards; telephone communication, updates etc, enhanced cooperation and is generally on a no fee no sale basis. There are agents who recommend conveyancing solicitors who may be independent estate agents, owner run, who have worked closely with efficient and competent law firms and conveyancing solicitors over the years, and whose services they are happy to recommend without payment. This is also happens to be usually the cheapest option as well. Use wherever possible, a firm of solicitors, who are members of the Conveyancing Quality Scheme. Don’t accept the first offer of conveyancing without doing your own research, by asking friends, family and finding out about the type of estate agent and the conveyancing firm online. You should decide who you would like to do your conveyancing and then tell your estate agent whom you are using.

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House prices rise month on month but are still down on the year

Monday, July 30th, 2012

House Prices

As the world sleep-walks blearily through August and most people are happily ensconced on their summer break (mine was very nice thanks), there are some real news items trying to make headway in the traditional silly season. For example, this week it was revealed that house prices rose in many areas of the UK in June compared with the previous month, but year-on-year values have fallen, according to official government figures. On average, house prices increased by 0.6% in June compared with the previous month, the Department for Communities and Local Government (DCLG) said. The average UK home was valued at £204,981, although house prices were down 2% from a year ago. But London again bucked the trend, with a year-on-year rise of 1.5%. The annual change was sharpest in Northern Ireland, where prices fell by 8.1%, followed by Wales, down 5.6%, and Scotland, down 2.3%. In England, year-on-year house prices fell by 1.8%, with regional changes ranging from a 5.1% fall in the North West of England to the rise in the capital. However, seven of the nine English regions showed month-on-month increases. This was greatest in London with a 1.6% rise in June compared with May. Only Yorkshire and the Humber (down 0.5%) and the North West (down 1.4%) recorded falls. The snapshot lags behind other house price surveys, although figures from the Halifax also showed month-on-month price rises recently. The DCLG figures were published the day after property website Rightmove said that house sellers had been dropping their asking prices. It said asking house prices fell by 2.1% this month after a 1.6% fall in July, but the gap between asking prices and selling prices remained wide. In related news, those in the north of the UK are more likely to face mortgage arrears than those in the south, according to an analysis by credit ratings agency Standard and Poor’s. The agency looked at a sample of 1.5 million home loans across the UK and came to the conclusion that the widening north-south gap in arrears is partly due to the significantly more robust employment trends evident in the south of the UK since the start of the recent downturn in 2007, compared with the trends in the north. The Standard and Poor’s study also found that more mortgage borrowers in the north continue to be in negative equity. It is believed that the sluggish housing market in northern regions over recent quarters may be partly responsible for this rise in house prices.

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First Time Buyers

Friday, July 27th, 2012

First Time Buyers

A recent survey by the Halifax estimates that the first half of 2012 sees 114,000 first time buyers making it onto the property ladder. Lower interest rates and falling house prices have improved the overall affordability of buying a house. However, the pressure to save, save, save remains because the average deposit needed for a first time purchase in the UK is now £27,850, up by 59 per cent from ten years ago. Following the end of the temporary increase in the stamp duty threshold for properties in the price bracket £125,000 to £250,000 one third more first time buyers now pay stamp duty at 1% of the total purchase price.

first time buyers

 

 

The buyers are the life blood of the property industry, without them chains cannot be completed and the whole market stagnates.

Savvy first purchasers are seeking to reduce their costs in other areas and at Conveyancing Marketing Services we have found that more and more buyers are searching the internet for affordable conveyancing rather than accepting the first quote from the estate agent, mortgage advisor or local solicitor. Through our solicitor panel CMS provide a high level of conveyancing service at value for money prices. All conveyancing transactions are monitored by CMS to ensure a first class service and we regularly check the internet to ensure that we offer unbeatable prices. Most buyers also appreciate our ‘Quote Beater’ service which is free and without obligation, together with our helpful legally trained customer service.

 

 

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