08/06/2009 by bill.

The recent signs of some recovery in the UK housing market may tempt investors to consider getting into Buy To Let. We strongly recomend that you thoroughly research the options and risks and seek professional advice before investing.

A good place to start is the moneyjungle.net Buy to Let Investment section.

Remember that rent is taxable and you may have a capital gains tax liability if you sell a property at a profit. The Direct Gov website is a useful source of information and it is advisable to consult an accountant or tax adviser on how to minimise your tax liability.

The inexperienced buy to let investor should consider using the services of a letting agent to manage their property, a letting agent will charge 10% or more of the rent to do so although this cost can be offset against tax.Property Portfolio Software provides solutions to help self managing landlords get better organised when managing multiple properties. Their software solutions are designed by landlords for landlords and are guaranteed to save you time, money and effort in running all aspects of your property business.

Invest with moneyjungle.net

Posted in Buy to Let, Property | Print | No Comments »

13/02/2009 by bill.

PropertyIndex.com is the UK’s fastest growing property website with thousands of UK estate agency branches signing up to advertise every day.

The website now features a rapidly increasing choice of properties for sale and rent from UK estate agents right across the country, as well as thousands of overseas properties for sale and rent across more than 4,000 destinations worldwide.

The UK residential sales and lettings search was unveiled on PropertyIndex.com in September 2008 following the site’s overwhelming success in the overseas market since the portal launched in September 2007.

Check out the moneyjungle.net home buyers guide

Posted in Renting a home, buying a home, Property | Print | No Comments »

02/09/2008 by bill.

The Government today announced a package of measures designed to help first time buyers struggling to get onto the housing ladder, support vulnerable homeowners at risk of repossession, and support the house-building industry.

In more detail the package comprises:

1. Mortgage Rescue

A £200 million mortgage rescue scheme being announced tomorrow is aimed at helping up to 6,000 of the most vulnerable families avoid repossession. This will not help those who have acted recklessly or irresponsibly. It is firmly targeted on those families who can no longer afford their repayments, and who would be eligible for homelessness assistance.

Local authorities will have a major role in this scheme assessing applications. Depending on their specific circumstances, eligible home owners will be offered one of three options:

Shared ownership: a registered social landlord buys a share (enabling the purchaser to pay off some of their mortgage) and coverts the property to shared ownership by issuing a shared ownership lease.

Shared equity: a registered social landlord provides an equity loan enabling the householders mortgage payments to be reduced.

Sale and rent back: a registered social landlord (RSL) clears the secured debt completely and the applicant pays rent to the RSL at a level they can afford.

The level of support the RSL will offer depends on the assessment of the individual’s circumstances, which will include a review by a money adviser.

2. HomeBuy Direct

A £300 million scheme which will help up to 10 000 first time buyers into affordable homeownership over the next two years.

HomeBuy Direct will give eligible first time buyers keen to own a place of their own the chance to buy some newly built properties. Buyers will be offered an equity loan of up to thirty per cent of the value, co-funded by the government and the developer, free of charge for five years. As with other HomeBuy schemes, any first-time buyers whose household income is under £60 000 will be able to apply.

Not only will this help first time buyers, but it will also support the industry by identifying buyers for their new homes. This will help the housebuilding industry weather difficult conditions, so that, when the market recovers, they are ready to expand and get back on with building the new homes the country needs for the long term.

The Home Buy Direct scheme will be welcomed by those unable to get on the housing ladder and should also help house builders. The mortgage rescue scheme may be more controversial, if it helps people who find themselves in difficulty having bought homes or taken out mortgages they couldn’t really afford. Hence the Government assurances that it is not for those who find themselves in difficulties having acted irresponsibly.

In a further announcement today, the Chancellor announced a freeze on stamp duty for properties up to £175,000. This seems like a bit of a knee jerk reaction to pressure from house builders, estate agents and others who have been calling for a freeze on stamp duty for properties costing up to the £250,000 threshold or even a total freeze. The number of home buyers benefiting will be limited and it is unlikely to make much difference to affordability. Currently the stamp duty is 1% for properties up to £250,000. It seems likely that,in the current market, most sellers would be willing to Knock the selling price of a £175,000 home down by £1,750!

For more information for homebuyers see moneyjungle.net

Click here for advice on finding the right mortgage.

Posted in buying a home, Mortgages, Property | Print | 2 Comments »

11/06/2008 by bill.

Falling house prices are a worry for many home owners especially those facing negative equity issues but for anyone buying a home, particularly the first time buyer, the current market means that there are bargains to be had.

The first advise is to thoroughly research the housing market in the area you are buying. Look at the Land Registry website which will give you house price trends for the area, compare prices for the type of property and location you are looking at, look at UpMyStreet for recent actual sold property prices.

Before making an offer try to establish how long the property has been on the market and why the property is on the market, try to judge how anxious the seller is to get a speedy sale.

You will be in stronger position if you already have a mortgage offer or an assurance that you will be lent the money.

Always make an offer lower than the asking price, even if your offer is rejected you will have the opportunity to make a better one. In the current market offering 10% less is reasonable and in some places you could offer even less. Recent reports suggest that in some cities where supply of apartments outstrips demand selling prices at auction may be 30 - 40% down on the peak of a year or so ago.

If your offer is rejected try to negotiate, ask for the seller’s best offer and offer something between the two amounts. Try to get fixtures and fittings included in the price, remember that even expensive carpets and curtains will probably not fit the sellers new property.

If you are looking at buying a new property remember that many builders are facing a sales crisis and may well accept a much lower price than that the advertised price, particularly if a development is near complete with just a small number of units left for sale. If you have a property to sell, look for part exchange or assisted sales deals. Many developers will make a contribution to your mortgage payments for the first year and pay the stamp duty - 3% on properties over £250,000.

Also look for extras, often the show home will have kitchen and bathrooms equiped to a higher standard with floor tiles offered at an additional cost, try getting the upgrade included in the deal.

For more about buying a home see moneyjungle.net

Posted in buying a home, House Prices, Property | Print | No Comments »

09/05/2008 by bill.

Since 14th December 2007, anyone selling a home requires a Home Information Pack (HIP) but a temproray provision allowed sellers to put their home on the market in advance of obtaining a HIP, this was due to end from 1st June.

The Minister for Housing has now announced an extension of the temporary first day marketing provision from 1 June to 31 December 2008. The temporary first day marketing provision allows a property to be marketed without a HIP where the documents required for inclusion in the HIP have been commissioned and paid for, or arrangement for payment been made and are expected to arrive within 28 days.

Click here for more information about HIPs.

See also the Money Jungle Property section.

Posted in Property | Print | No Comments »

21/04/2008 by bill.

The April 2008 Rightmove House Price Index Report published today show sthat the average house price fell by 0.1% in April with prices up just 1.3% on April 2007, the lowest annual increase recorded by Rightmove since 2005.

Miles Shipside, commercial director of Rightmove, commented: “Buyers who have saved
through the winter and are now emerging to enter the spring market will find there are
deals to be had. It’s a buyers’ market, but only if that buyer is buying for cash or can put
down a good deposit.”

The report shows that in the North West the average price fell by 1.4% with annual prices down by 4.2%, in Greater London prices were down 0.9% bringing the annual increase down to 6.2%. According to Rightmove, month on month prices were up by 5.5% in East Anglia and by 2.9% in the West Midlands.

Rightmove suggests that the fall in prices of flats and terraced houses offers opportunities for first time buyers.

The Rightmove House Price Index is compiled from asking prices of properties as they come on the market via Rightmove’s member estate agents.

If you are thinking of buying a home see moneyjungle.net

Posted in House Prices, Property | Print | No Comments »

05/03/2008 by bill.

According to the RICS European Housing Review 2008, house price growth has slowed substantially across Europe with falls during 2007 in some countries, including Germany and Ireland.

Housing markets across the continent experienced marked falls in activity from summer onwards.

Rising interest rates rather than the post-autumn credit crunch were the prime causes of the slowdowns and prospects for 2008 depend on what happens to interest rates.

High year on year price changes in countries like Poland reflected developments in the first half of 2007 only, as early gains were trimmed from late summer onwards.

There are prospects for some house price falls during 2008 but the scale of any housing market downturn is likely to be far less than the last downturn in the early 1990s.

According to the Review, the UK housing market looks much better placed than many others in Europe. Interest rate cuts are likely to stabilise prices in 2008.

If you are thinking of investing in property abroad, see moneyjungle.net

Posted in Living abroad, House Prices, Property | Print | No Comments »

29/01/2008 by bill.

The latest Land Registry House Price Index report indicates that average house prices in England and Wales fell by 0.4% in December and with the year on year increase down to 6.7%.

Following similar reports from other indexes, the Land Registry data provides further evidence of a downward trend in house prices. The December index is the first since 2005 to show a fall in average prices.

Only 3 regions showed a monthly increaase in prices - the North East, the South East and London. Wales (-2.1%) and the East Midlands (-3.3%) showed the biggest falls.

moneyjungle.net has information for anyone looking to buy a home in what is now a buyers market in across most of England and Wales.

Posted in House Prices, Property | Print | 1 Comment »

28/01/2008 by bill.

According to the latest Hometrack House Price Survey report published today, house prices in England and Wales fell for the fourth month in a row in January with average values falling by 0.3%. Prices were up just 2.3% compare to January 2007,the lowest rate of growth for 19 months.

Estate agents reporting falling prices in 23% of the country, compared to 30% in December.

moneyjungle.net has information for anyone looking to buy a home in what has bcome a buyers market in most regions of the UK.

Posted in House Prices, Property | Print | No Comments »

28/12/2007 by bill.

The Nationwide House Price Survey indicates that prices fell by 0.5%, this follows a 0.8% in November.

However, average house prices were still 4.8% up on December 2006.

The Nationwide City Movers and Shakers Survey of 30 cities and towns shows that a third experienced double digit growth in 2007, but Newcastle and Durham saw average prices fall.

Anyone looking to buy a home in the current market is advised by moneyjungle.net to thoroughly research what is happening in the local housing market.

Posted in House Prices, Property | Print | No Comments »