House Price Spy Blog

While your home is the biggest investment you make and losing a big wack of cash on that can make all your other outgoings seem like a pittance, the economy is a larger picture that has many facets one affecting another so it pays to look at the bigger picture. The average sold property prices for May 2009 were up a few percent on the previous month but more importantly other indications are also good for an economic recovery during the next year or so.

Just in time for summer the Pound is well up against both the Dollar and the Euro, if you are planning to get away your cash should go further.

Mortgage lending for new properties is up for the 4th consecutive month.

Renting property average rents have started to rise after 9 consecutive months falling.

The asking price of propeties for sale is now rising, showing confidence is growing in the the market.

Overseas investers are seeing the UK as a good steady investment and record numbers are entering the UK market.

OK, so mortgages never went away but the crazy deals that almost brought the world to its knees are back on the market. Lloyds TSB have just released a 95% ‘loan to value’ mortgage, for first time buyers. The only proviso being that family members must find 20% of the value of the property which sits in a bank account, the people despositing the money would make regular 3.5% interest on it and this money held for as long as the mortgage runs.

High value mortgages (and irresponsible lending between banks) led us where we are now, do we really want to go back to this? Mortgage approvals are up in the last month or so and with interest rates still at their lowest for ages lenders are looking to raise their profits up after the losses that have been felt by everyone in the finance sector. This is where the government and IFA need to step in and legislate and regulate like they are meant to.

We were assured that the UK would never return to the problems of 2008, are we falling back into the bad practices that lost the UK billions? As we now know what one company does effects others and the public, the government will bail out companies who hold mortgages for the public so this effects us all. Private companies with boards, share holders and giant profits cant be let alone a free market if they expect to be bailed out with public money…

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The average asking price for UK non-commercial properties rose by around 2.4% (This figure rises to over 5% for regions like East Anglia) which represents the largest rise for more than a year. I stress this was asking price rather than sale price, but this surely shows that confidence is returning to the market during the peak selling/buying period of summer. Whether this is just the busy time of the year and not an upturn it still helps the industry and the finance industry.

There will be plenty of deals done during the next quarter, people are not accepting the recession bunker mentality-unless you or your partner lose your jobs then belt tightening will be all that is required. The number of mortgages approved rose to a 10 month high, so there are still sales being made.

The fact that prices are down means there are more overseas buyers and government schemes to put government workers into housing and the usual speculators. Low prices are just another challenge, unless you are selling up and NOT buying such as pensioners, in which case the rapid rise during the last 10 years will have been misleading. More importantly loss of jobs and the pensions crash has hit millions with a real re-think of their future needed.

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Property prices in the UK have slowed their fall and are set to level off at around 25% to 28% from 2007 values. The panic in the market seems to be over and most lenders, borrowers, media types and experts are coming to the concensus that late 2009 will see the bottoming out and 2010 will see the recovery machine going into operation.

How long will the low mortgage rates survive Gordons borrowing crisis? People enjoying a temporary bit of relief from their mortgage woes will want to know when this bubble will burst, budgeting has never been so hard-knowing what is going to happen in a years time rather than just saving every penny we have even though the savings rates are so low.

One group of people who have doing their bit for property sales in the UK are MPs. With MPs claiming millions for properties (some further away than their own, some never lived in at all) we are all paying for some better paid people to get themselves a start on their property empire. Personally I dont see why the government does not buy a block of flats somewhere and house them all there, although they would still find some way of ripping us off! Hazel Blears changed the home she claimd as her constituency home twice a year, claiming expenses on that property and selling it later without paying 40% capital gains tax. Assuming this is one of the common dodges how many MPs are using the property market to feather their nests?

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The media is mixed in its messages at the moment. Usually it is hyping one way or another, either doom and gloom or trying to be on trend with predictions for recovery (without sticking their necks out too much!). At the moment every publication seems to be predicting a different way or using their data differently, after the slight rise in average prices the UK experienced a drop last month. What can they all agree on?

Property prices will see a drop for around 6 months and then see a slow recovery.

Mortgage approvals have risen 4% last month and are expected to grow steadily.

First time buyers will have a larger percentage of sales.

Overseas and holiday homes will become more expensive. Tax relief on these properties has been cut for the first time since the Eighties.

The government has been sending out mixed messages as has the finance industry, what are you and me meant to think? Millions will certainly sit out the next year or two, those not able to do that will need to put more effort than ever into finding a bargain! House Price Spy lets you find out for free what properties are worth, when used with your won knowledge and intuition about the market.

After last months slight rise, the average property prices in the UK fell prompting the media to change their predictions of a full recovery to around 2012 rather than 2010 that had been voiced a few weeks ago. The slight rise in average price during March could have been just people who had to sell and had been waiting for developments, total sales are still falling faster than ever.

With swine flu taking up the media’s attention in the last week or so hopefully the doom and gloom machine will switch its attention to exotic diseases rather than filling the finance sector with fear. Having recently dealt with mortgage lenders they appear to be going to the other extreme (from their previous free lending) and are very reticent to lend these days and not trusted their own valuers! I had a valuation done, on the property I am buying, from a top company who were on the recommended list of the mortgage lender who had made me an offer, they subsequently withdrew the offer pending another valuation. This valuation wiped £20,000 off the valuation. Is this normal? Why have a recommended list, when the lender does not trust them?

The last thing we need is to have another valuation, the expense of £300 and the hastle! Is the last thing I need. Has anyone else had this experience? Is this the way mortgage lenders work these days, do they want the most gloomy valuation of any property?