Buy Property in UK

Bank of England have revealed the figures about mortgage application rejections for each month. According to the report, there is a huge increase in turning down mortgage applications since last December’s 12,000 to 16,000. CML also not lately published that mortgage lending fell by 58% in respect to previous year. Totals for mortgage lending are not also promising. In May, gross mortgage lending result at £10.3 billion. It is a 69% decrease of summer 2007 results. Strategy of lenders changed apparently. Homeowners will have harder days to be accepted for sure.

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Royal Institute of Chartered Surveyors published an interesting UK residential property market report.  63% of surveyors said that the gap is becoming less each day and maybe the downturn is easing. Below is the most important figures from the search :

Overall UK average gap : Sales at 11% below the asking price

North Area : The worst results are from this area. Up to %26 percent discounts on asking prices

NorthWest Area : Slight improvements. With a yearly 2% increase, sellers acception rate is 84%

London Gap : Smallest in the country. Sales at 93% of asking price

Scotland : The most successful region with a rate of 97%

Eventhough the latest reports seem to be more positive, it is needed to be cautious against economical uncertainties, unemployment rates and hard mortgage finance issues.

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London Hotels: Guaranteed Low Rates

Finding the best hotels in London at bargain rates is easy with GtaHotels website. Their easy to use hotel search engine will list at first top deals and seasonal sales for the advantage to the customers.

Each London accommodation is with detailed information, photos and reviews. You will see the detailed list of facilities, map, area info as well. No hidden fees. You can instantly get confirmation on your hotel bookings.

World-Wide Discounted Hotels Reservations.

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This inspirational UK Home Concepts book & DVD set which features the 60 unique designs of five talented British architects is designed for self-builders who are looking for a variety of ideas, designs and information on how to do it right, with style and in keeping with planning regulations. All images in the book and DVD are highly qualified, 3D floor plans (with suggested furniture items as well)and 360 degrees animations are on the DVD. As a self builder, you will have also chance to learn more about selecting a site, house design, building regulations, landscape design, latest Eco friendly technologies. If you dream about something different and beautiful, this UK homes book will surely trigger your smart ideas.

The Home Concepts Book UK: Inspiring Designs for Contemporary Houses

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Turmoil has wiped more than 12 per cent off the value of the 500 biggest property empires by slashing almost £15billion from UK’s richest property tycoons.

The 500 wealthiest property owners were worth £117billion before the crisis a year ago. That has fallen to £102.5 billion, according to the Estates Gazette rich list. With property falling and banks circling there is every sign that the pain is only just beginning, we should prepare ourselves for more.

Among the biggest fallers is Vincent Tchenguiz, listed last year with brother Robert with £1billion. This time he is listed alone with an estimated wealth of £200million. This is really a huge value loss.

House builders David Wilson and Keith Miller lost £484 million, or 66 per cent, and £530million, or 65 per cent respectively. The Duke of Westminster remains the richest property owner with £7billion.

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The Housebuilder’s Bible: An Insider’s Guide to the Construction Jungle is the best-selling book on construction for builders and selfbuilders containing information, advice and yardstick costings. The is new edition is fully updated and is compliant with the latest building regs. It also includes an expanded green building section, more information on extensions and a new snagging list.

Absolutely astounding book. Informative practical and useful. Don’t think about self build, renovation, or major DIY until you have got a copy. It is practical and will save you much more than the cover price. Well written and concise.

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Buying property is one of the most serious investments and in most situations there is no turning back from the mistake. So, read carefully these tips.

1. Poorly selected locations : Such places are typically busy roads, train and Tube lines, and the flight-paths of major airports. Also consider avoiding expansion areas.
2. Damp and dry rot structural problems : It is always nice checking structure against dry rot and damp because it can cost you much later. Actually, they are easy to identify. Jo Eccles, director of Sourcing Property, a property search company, says: “The smell of damp puts buyers and tenants off straightaway, despite it often being fairly easy to sort out.”
3. Inflexibility : “In Central London, there are some leases that have a non-alteration clause,” Hirst says. “This can be problematic where properties are unmodernised. You need to get your lawyer to check the lease carefully before making serious steps”
4. Noisy neighbors : Justin Bhoday, of KFH in Kennington, says : “It is really hard to sell a property with rude and loud neighbors. Most people avoid homes beside busy pubs or bars. Flats above commercial premises are now more acceptable to mortgage lenders, but may struggle to sell in a weak market.
5. 1960s architecture, uneven proportions : 1960s and 1970s architecture is a definite ‘no’ for some buyers. However, a well-laid-out interior can rescue an ugly house. Eccles explains: “I would avoid buying a property with uneven proportions - for example, one big bedroom and one box room. This is especially important if you are buying-to-let, because tenants looking for two-bed properties will want evenly-sized bedrooms.” Important tips to consider.
6. 1970s interiors : Buyers looking to let properties need to avoid dated interiors, or face up to replacing them. Ancient avocado or pink suites will almost certainly prompt a tenant to move on to the next property on the list.
7. Darkness : Natural lighting is an important factor. Unless they are cleverly lit, basement flats and those in the shadow of another building are often hard to sell or let.
8. Poor management : If you are purchasing a leasehold property, ask your lawyer to do plenty of research on the managing agent’s track record. The management of communal areas are important. Ask residents in the buildings about management issues.
9. Properties with a past : A house with a crime scene certainly a “no” for buyers but strangely enough talk of ghostly presences may not. With haunted homes, buyers tend to instantly love them or hate them.
10. Access problems : Anything that is more than three floors and is a walk-up is difficult to sell. This is especially true in prime areas, as foreign buyers often prefer lateral living, or at the very least a decent lift.

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Inexperience plays a dominant role in UK property market crisis and according to Research And Markets organization report, younger estate agents might withdraw from the market.

‘There are already suggestions that the market as we know it today will not exist in 10 years’ time, given the currently dire state of the property market and the opportunities for developments on the Internet,’ it also says.

The report examines the UK market for estate agents, focusing on the residential property agencies. It excludes property services such as auctioneers, valuers, estate managers, property companies and property consultants.

It is estimated that there will be 2,000 fewer estate agency branches than there were at the beginning of the year, with more likely to close in 2009.

The sad fact that both the number of transactions and estate agency revenue will decline in 2008 and 2009, and the market is not expected to recover until at least 2010.

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Despite the fact that annual growth of London house prices remain positive, the market declined for the last three months including July. July fall was recorded 1.6 percent following the 1.7 and 1.5 percent during June and May. It is the fastest annual rate since at least 1991.

You should remember that previous year there were a phenomenal increase rate of 36.4 annually. Total yearly slow-down for this year is 1.8 per cent.

Even given these falls the London market is still outperforming the majority of the country, with Nationwide today reporting prices across the country have fallen 8.1 per cent over the last year.

Only the super-prime market stays unaffected by the crisis, with properties valued over £10 million achieving a one per cent hike in prices during July, to stand 16.7 per cent up over the year.

Liam Bailey, Head of Residential Research at Knight Frank commented as

“The situation is unlikely to change until the mortgage market eases and the economic outlook improves. Therefore, further price falls are probable - confined to single figures if the market begins to ease, but potentially more significant if the global outlook deteriorates.”

Related News :
Record housing slump fans recession fears

Related Charts :

Nationwide: Annual % change in house prices

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Number of unsold properties went to a new record since 2002 according to Rightmove Plc.

The average asking price for a home fell an annual 2 percent to 235,219 pounds ($469,544), Britain’s most-used property Web site said in a statement today. On the month, prices declined 1.8 percent, the biggest drop since December. Prices increased in London by 0.3 percent from June.

House prices will fall about 10 percent this year and 6 percent in 2009, the Ernst & Young Item Club, a forecasting group which uses the same model as the Treasury, said today. Britons, laden with a record 1.4 trillion pounds of debt, are struggling to afford homes as banks curb lending and credit costs increase.

It is suggested by sector professionals that banks need to be extra careful they don’t get blamed for a doomed crash.

The stock of unsold property per real estate agent rose for a sixth month to 77, the highest ever measured by Rightmove, from 74 in June. Prices for properties in the West Midlands fell the most on the month, declining 3.7 percent. London was the only region to show an increase in prices.

Consumer confidence is low in the face of redundancies, a pessimistic business community and ever rising energy costs.

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