The FindaProperty.com house prices and affordability index
Some interesting news from FindaProperty.com’s October affordability index - house prices are rising, but affordability for first time buyers is deteriorating…
“It’s never easy to get on the housing ladder but until the summer we had been seeing a gradual narrowing of the affordability gap. This has led to a definite pick-up in first time buyer activity as people have taken advantage of improved affordability and the stamp duty exemption on properties priced under £175,000. With prices now rising and affordability tightening again it becomes even more important that the Government retain this beyond its end date of December 31st.” Michael Flynn, Director of FindaProperty.com offers his opinion on the findings.
Rightmove releases new iPhone application
Rightmove make finding your new home even easier! You can simply download their app to your iPhone and start your search from there.
What would you like to see in the blog?
We’re opening up our blog to customers. We feel it’s really important to get your feedback (good or bad), comments and opinions too. Have you got any questions on the market? Any tips you can offer? What’s your outlook on the market? Do you live locally and can offer any comments about the local area?
We are really open to suggestions and want to make this blog just as much about what you want to hear as well as what we’ve already started doing.
Email me on blog@greene.co.uk
Where do you want to live?
Just found this cool little tool on Nestoria. It can help you find the prefect area to live in based on your communte to work. This can be a particular concern, especially for Londoners, and getting to work in the easiest and quickest way is a big consideration when looking for a new home.
It merges Nestoria’s property listings with average travel times by train and tube, which means you can see the locations and the properties for sale or rent in the areas that match with your work location. It also shows you the average property prices in that area.
It can open your eyes to possibilities you hadn’t considered before. Why not give it a go: Where can I live?
New development in Queens Park, NW6 - fab apartments, great location, reasonable price
Yes, another swanky development under our belts, this time in sought after Queens Park. I was in Queens Park this weekend actually, topping up my tan in the local park. Not only does Queens Park have a quiet suburban feel to it, with lots of families and leafy roads, it’s not that far from West Hampstead, Maida Vale and Notting Hill. This part of town is ridiculously well connected to the rest of London, so if you need to travel a bit further for work or just to do a bit of cheeky clothes shopping, you can pretty much get all over the place.
All that aside, I actually found a fish and chip shop in Queens Park this weekend. Now, I know it’s a bit naughty but there is a serious lack of proper fish and chips shops in London!
Ahem, back to the apartments….they’re simply stunning with integrated kitchens, en-suite bathrooms and balconies.
Have a closer look at one of the apartments here. (The prices and number of bedrooms range from a studio @ 250,000 upwards)
Swanky new apartments for sale in Maida Vale
I don’t normally mention what properties we have for sale, but we’ve instructed on some seriously stunning developments recently. Not only are these apartments state of the art, desirable and a bit funky, they’re in one of the lovliest parts of London and the price tag aint half bad either! I actually don’t live to far from Maida Vale and I love it. Just down the road is Little Venice. Next time we get a scorcher on the weekend, get yourself down there and go for a stroll along the canal…you can even take a canal ride all the way to Camden, if you fancy a bit more hustle and bustle (ooh and maybe a bit of celeb spotting).
Anyway - just gone off on a bit of a tangent! Look at these pics, they speak for themselves…some of the apartment features include solid wooden floors, intelligent lighting systems, Villeroy & Boch Bathrooms, feature gas fire places and decked terraces. Ooh forgot to mention - they’re not far from Notting Hill too - what more can you ask for?
Find out more details on Fermoy building here.
Maida Vale defies the downturn
Have a look at the article from The London Paper.
19% leap in mortgage approvals
http://news.uk.msn.com/uk/article.aspx?cp-documentid=15538579
So, mortgage approvals are on the up…could this mean buyers are flooding back to the market? Well, I don’t think we should be too hasty, but things did take a bit of a turn for the better this February. Just having a quick look at our figures, our offer rate is up 43% in Febraury, compared to the previous month and our exchanges have increased by 10%. I think the figures speak for themselves, things are picking up.
Personally, I think it’s a really great time to buy right now and if I was in such a position I would definitely be snapping up a nifty little pad for a bargain price. Then just hold tight and watch it’s value go up again in a few years. What do you think?
Confused about mortgages?
Do you know the difference between fixed, discount and tracker 
mortgages? It’s all a bit of a mine field, especially if you’re a first time buyer!
The money saving expert is a great website that gives you plenty of tips on saving money and explains things in simple terms. Have a look at their tips on picking the right mortgage for you. It also features a calculator which can help you decide whether to ditch your fix rate mortgage.
If you’re still confused, I’m sure the friendly Financial Services team and Greene & Co, would be happy to give you some FREE advise. Visit their website. enquiries@greenefs.co.uk” target=”_blank”>Email them or give them a call on 020 7328 3280.
House price trends
Just stumbled across this website about house trends. You can view the latest property prices and statistics and compare property prices by borough…it’s quite a useful tool if you’re looking to buy or sell at the moment. Have a look at the house trends website here.
To buy or not to buy…that is the question
It’s a hot topic right now, regardless of whether you’re looking to buy or not! All of a sudden everyone is fascinated about the housing market…maybe it’s all that media we’re getting. So, our esteemed MD Daivd Pollock, has put together some reasons for and against, read on and make your own mind up!
I’ve been asked time after time recently from friends, clients and applicants “Is now the time to buy or should I wait?” My answer is always the same… “It depends on your personal circumstances!”
How do you know when it’s the right time for you to buy a property? One day you think it’s a great opportunity to “bag a bargain”, the next day the press tell you that prices are set to continue dropping for another six months.
Of course, no one has a crystal ball when it comes to forecasting and we wouldn’t be so presumptuous as to suggest that this kind of economic climate is a great time for everyone to purchase… but we do have an opinion and we do see what is happening in the property sphere every day.
Reasons to buy…
- You are paying rent. It makes much more sense whilst the market is low, to be paying a mortgage (even if you club together with a mate).
- 75%-90% mortgages (subject to status) are available. If you don’t believe me, call Simon Redler, the MD of our Financial Services Company on 020 7328 3280.
- You are moving up price wise. It is the differential that counts. Say you are moving from a £200,000 home to a £300,000 home and the market has dropped 20%. Now, instead of having to find £100,000 to move up, now you only have to find £80,000.
- Remember, everyone speculates on the market conditions - nobody can ring a bell when the market is at the bottom.
- Property is in true terms, a minimum of 20% cheaper than a year ago. This is more than the papers tell us. Does it mean the market is closer to the bottom than people think?
- Our phones are starting to ring again with developers and investors looking to buy a bargain.
- Research says that we are far off target on the number of new homes needed in London. (See report in link here http://www.guardian.co.uk/politics/2008/nov/20/boris-london)
- More choice on products / homes as there are more available.
- Interest rates are low and therefore more affordable.
- Exchange rates are favourable to overseas investors looking to purchase again in the area, which could lead to higher demand and higher prices.
- It is time to bag a bargain.
- Properties are a home first, then an investment.
- Lack of competition for flats means you can buy at a more competitive level.
- Refurbishment costs are down as builders seek more work.
Reasons not to buy:
- You are moving side wards or down price-wise and are in no hurry.
- The market may drop further.
- You are not secure with your job or earnings and would therefore be foolish to take on a commitment.
- You only plan to be in your new home for a year or so. With the cost of stamp duty and the state of the market, you should stay where you are.
- There is so much supply of properties on for people looking to rent as well as sell, that rents could well drop further.
- Lack of sentiment.
Of course, the choice is yours as to whether you agree that now is a good time to buy. But if you want facts - current property prices in “true terms” then give us a call.
