27/11/2007 by Damian.

With the numerous stories about house prices at the moment, it’s hard to know what to believe.Whether house prices are going up, down or sideways, it makes sense to put in the hours to get the best home for you at the best price possible. Less2sell Estate Agents eluded in a previous post titled ‘Pre-Christmas Slow Down comes Early’, that we feel that a series of interest rate cuts are needed in 2008 to re-stimulate the market. Since then rumours are emerging that the Bank of England have declared the need to reduce interest rates next year.Anyway, if you’re looking to buy, Less2sell Online Estate Agency would like to share some top homebuying tips with you.

1. Do Your Own Research

One top reason many parents choose to move home is due to the fact they have a child about to start school, and unsurprisingly, properties in excellent state school catchment areas tend to have a hefty premium slapped on. 

The trouble is, catchment areas usually vary from year to year, the way they are worked out can be mind boggling (involving the school, the local County Council or both) and very few estate agents take the trouble to check.  So if you’re looking to buy in a school catchment area, don’t simply trust the seller’s/estate agent’s word that the property is within it. Call the school yourself and ask. Most should also be able to supply you with a copy of the latest catchment area map. Schools are typically very friendly and more than willing to help.  And remember you can find out all about applying for schools at the DirectGov website, and read the latest school reports at the Ofsted site.

2. What did next-door go for?

When you find something you’d like to make an offer on, check out websites such as NetHousePrices or Mouseprice. These brilliant sites can tell you how much similar properties on the road (or within the postcode) actually sold for and when, and all for free. Use this information when deciding upon your offer, and make sure you mention your reasoning to the estate agent when putting forward the deal.

3. Don’t be afraid to make a low offer

Just because the guide price on a property is set high, it doesn’t mean that’s what it will sell for. Remember, most traditional estate agents try to drive prices up when valuing properties, regardless of the current market.  And the thing is, August is traditionally a pretty slow month for house buying anyway, exacerbated by the fact we’ve seen five interest rates rises in the past year.

4. Extras, extras..

If you can’t do anything to drive down the price, see what you can get thrown in. Dishwashers, washing machines and fridge freezers can save you a few hundred pounds - and good quality curtains and blinds, especially for large or awkward windows can cost a small fortune.

5. Snag it..

Don’t forget to draw up a “snag list” on your second viewing. Check around the house and note down everything that needs to be looked at, fixed or negotiated on, before making your offer.  Many people make the mistake of not snagging a house as they feel this is only done on new builds. Don’t forget this is the most expensive single item purchase you will make!

6. Be a snake..

If you’ve only just started looking in a particular area and would like to know if any of the properties you’re interested in have been reduced, check out PropertySnake — this great site will let you search by postcode or area and find out who’s had to drop their price!

7. It’s not over until you exchange!

One in three property chains break down - so just because your dream home is under offer does not mean it’s lost forever.  Keep in touch with the estate agent to check on the progress of the sale and ask them to call you should anything happen. If its chain should collapse its owner may need to find a new buyer in double quick time - if you’re in a good financial position you could take advantage, and if you’re lucky you could even find a cheeky offer is gratefully snapped up!

8. Be aware of flood affected areas

Remember you can check for free with the Environment Agency whether or not that new property has been built on or near a flood plain before making an offer.

9. Affordability

Crucially, you must also consider whether you can afford your new home.

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23/11/2007 by Damian.

The latest NAEA survey has been published and Less2sell have summarised the key points from the September report below:-

The number of house buyers on estate agents’ books was at its lowest for the past four years, with agents reporting an average of 282 buyers registered in comparison to the 326 recorded in October 2007.

The figures reflect the current housing market cool down, as banks, building societies and borrowers tighten their belts following continued uncertainty in the current economic environment. Prospective purchasers are putting their existing buying and selling ambitions on hold as the present cautionary cloud exists.

CAUTION IN THE MARKET

The number of sales agreed per agent was down in October with on average 10 sales reported, compared with 11 in September 2007. This is a significant drop from the same time last year when a figure of 14 sales was reported for October 2006, but reflects the current caution in the housing market.

Meanwhile, the percentage difference between asking price and sales price widened in October to 4.2%, which is an increase on September’s figure of 3.9%, and October 2006’s figure of 3.1%. This widening gap reflects that it is fast becoming a “buyers market” again.

GOOD NEWS FOR FIRST TIME BUYERS

First time buyers increased their share of the market from 8.8% in September to 9.2% in October in a positive step forward. Prices have calmed down in selected areas giving some first timers a renewed enthusiasm. However, this figure is down on the same time last year when first time buyers had 16.4% share of the market.

Less2sell Online Estate Agents feel that in order to restore confidence in the market several interest rate cuts are needed in 2008.

Related Topics

Some Long Awaited Good News For First Time Buyers

Agents Report A Boyount MArket for First Time Buyers

UK Interest Rate Rises by 0.25%

Posted in First time buyers, UK Interest rates, General | Print | 1 Comment »

23/11/2007 by Damian.

From the 14^th December 2007 all residential properties being put up for sale will require a HIP. This latest announcement has come despite huge opposition from the industry and warnings that HIPs are seriously damaging the market.

A small ray of light today is the decision to extend first day marketing until 1 June 2008. This will allow some breathing space for the market, but is in no way a solution to any part of the HIPs fiasco.

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