Housing market is losing momentum, Nationwide says

housing market1 Housing market is losing momentum, Nationwide saysNationwide said house price inflation slowed to 9.0% in October on an annual basis, down from 9.4% in September

House price growth is continuing to show signs of slowing down, according to the UK’s second biggest mortgage lender.

Nationwide said house price inflation slowed to 9.0% in October on an annual basis, down from 9.4% in September.

Indicators suggest the market has “lost momentum”, it said.

The trend may continue in the near term, especially in London, Nationwide added.

Monthly house prices rose by 0.5% in October, taking the average house price up to £189,333.

However, Robert Gardner, Nationwide’s chief economist, said: “A variety of indicators suggest that the market has lost momentum.

“The number of mortgages approved for house purchase in September was almost 20% below the level prevailing at the start of the year,” he said.

Despite the gradual slowdown in house price growth, the broader economic outlook remains positive, Nationwide said.

‘Irrational Exuberance’

The figures are the third piece of evidence this week which suggest a cooling of the UK housing market.

Yesterday the Bank of England said that the number of mortgages being approved had fallen to its lowest level in 14 months.

The Land Registry said that house prices in England and Wales had fallen during September, for the first time in nearly a year.

The Land Registry figures include cash sales, which can be a third of the market.

The Nationwide said tougher mortgage lending rules which began in April may be one reason for the slow-down; a fear of higher mortgage rates next year another.

Jonathan Samuels, chief executive of Dragonfly Property Finance, said the “irrational exuberance” in the market appeared to have subsided.

“The new lending rules introduced earlier in the year clearly triggered a slowdown, but since then I suspect some good old-fashioned common sense has also played a role,” he added.

Original Article Posted by the BBC

Online property portals – Your platform for selling your own house

Thanks to advanced technology, ,the Internet now offers opportunities to people to do a lot of things on their own – things that would typically be handled by professionals or experts can now be managed economically and reasonably on your own terms. The days when you had to advertise purely in local newspapers and through shop windows are gone. Newspaper advertising has faced serious decline against the huge growth in Internet advertising.

For sale by owner Online property portals – Your platform for selling your own houseWhen it comes to selling or buying of houses, many people pay a huge amount of their hard earned money to estate agents. These agents in turn simply add their clients’ details onto major property websites and wait for a phone call themselves.

The online property portal is creating a buzz these days. While searching online you come across numerous property portals. It saves your precious time and energy. Thus, you can gain information about properties from the comfort of your home. In the same way, these sites will serve as a platform for you to help you sell your own house.

 

These sites are not meant to knock out estate agents as some of them do provide a very professional and useful service, including taking care of viewings and handling things whilst you are out working. However, if you have plans for selling your own house without an agent’s help, these sites provide you with the ability take your house photos and add a short description of your home and its key features. By doing this you can save a big amount of your earnings by taking care of some of the processes involved in selling your own house.

Should you choose to not go down this avenue, you can find a list of the various real estate agents, brokers and consultants on these property portals to take care of this for you.

These portals prove very beneficial for selling or buying a property. You can browse though the sites for details online, with very little hassle. Being able to at the images of the properties online is the main benefit of online property listings, saving you going from agent to agent looking in windows, picking up descriptions, or buying local press.

House Swift is especially meant for the sellers, and provides a cheaper, more flexible as well as a convenient way to direct sell property in the United Kingdom. With our easy to use site these services are available to you 24 hours a day, throughout the year, for you to advertise you property easily.

Now you can enjoy with ease the process of selling your own house, and feel that the experience is quicker, professional and more detailed to help you selling your own house or find the exact properties you are looking for.

10 Steps to selling your property.

1

  • Clean out your home. As soon as you decide to sell your house, thoroughly clean it from top to bottom. Don’t forget rarely-cleaned areas such as baseboards, blinds, roof gutters and window wells. If you don’t have time to undertake a deep clean, hire a maid or a cleaning company. A clean home will help an appraiser see your house in a better light and value it more highly, as well as appealing to buyers.
  • Clear up clutter while you clean. Make your home look more spacious by getting rid of any unnecessary junk. You’ll see a big difference in how your wardrobes look, as well as your garage, porch and bathroom. Buyers want to feel like they’re purchasing sufficient space, and clearing out more of your stuff helps them see themselves in your home. If you can’t bear to part with anything, consider moving the items to a storage unit temporarily.

2

Have your property valued. As much as you’d like to set the price of your home as high as possible, you have to be realistic. Many for-sale-by-owner listings fail to sell because owners persist in thinking their home is worth more than the market will offer, or because they have already settled on a set amount of money that they want and refuse to budge. Having a professional, third-party assessment of your home’s worth will help you get comfortable with a price range, in addition to providing you with a solid reference point if a buyer or realtor accuses you of setting the price too high.

  • Don’t just rely on the property tax assessment. Many property tax assessments are out of date, and they don’t necessarily reflect the current real estate market.
  • Hire an appraiser. A certified residential appraiser will come to your house, measure the property, take notes and photos, research information about any land parcels, and assemble a list of comparable sales in your neighbourhood to determine the value of your home. A visit from an appraiser will cost you far less than the services of a real estate agent, and the value the appraiser sets will be more accurate. Many banks keep a list of reputable appraisers they contact for refinancing or mortgage loans; ask your local branch manager to refer you to an honest, qualified professional. Once you receive your copy of the appraisal, make a second copy and store it in a secure location. Keep the first copy on-hand to go over with serious buyers.
  • Be aware of the effects of your neighbourhood. If your neighbourhood is undergoing a mini boom of strong residential sales, those transactions will increase the value of your home. Conversely, if your neighbourhood has seen a lot of short sales or foreclosures, your home’s value will be decreased. Try to time your listing so that you’re not affected by distressed sales. For instance, in most areas, a comparable sale can only weigh against the value of your home for 90 days after the sale date. It might be worth it to wait a few months to list your home if you can do it at a higher price.

3

Have your home inspected. Many standard real estate contracts are going to give the home buyer the right to inspect the property, so be prepared. Have your home inspected before you advertise. Under a general inspection you might be obligated to make major repairs to appliances, plumbing, septic, electrical and heating systems, etc. You can expect your home’s roof and foundations to be inspected, as well. Follow the recommendations and make necessary repairs. Additional inspections requested by the buyer are customarily at their expense.

4

Know your selling points. Before you start marketing your home, write up a list of special selling points you think will attract buyers. Potential items include good school districts, recent renovations, benefits that have been grandfathered into the property, energy-saving windows or insulation and new appliances. Highlight these items in your ads, when you talk to people about your home or while you’re showing it. Memorise them so that you don’t forget anything.

5

Time it right. Be aware that the real estate sector sees a noticeable uptick in business over the summer – people prefer to move when it’s warm, and they’re reluctant to have their children change schools in the middle of the school year. Start trying to sell your home in April or May and continue to promote it throughout the summer. If you haven’t sold it by late fall, scale back your efforts and begin marketing more intensely when the weather warms up again.

6

Market your home. Staking a “For Sale By Owner” sign in your garden is good if you live in a high-traffic neighbourhood, but you can go further.

  • Put up fliers. If local ordinances permit it, place fliers on stoplight poles at prominent intersections.
  • Fish out potential buyers. Call local bank managers, as well as school principals, and let them know that you have a great home for sale if they know a family who’s looking. If you know that a nearby company often relocates workers to your area, contact their recruiting or human resources department and tell them you have a home you’re ready to sell. Do whatever you can to get the word out.
  • Rely on word of mouth. Alert your friends, family and business associates that you’re selling your house. If you need to sell quickly, offer them a carrot – say that if they can find someone who’s looking for a house and that buyer makes an offer, you’ll buy them an expensive bottle of wine, a nice dinner out, or some other reward.

7

Know how to show your home. When potential buyers or their realtors contact you and want to see the home, try to be as available and flexible as possible. Be aware that many people will want to see the home in the middle of the day, when you might be working. If you can’t be home for appointments, try to arrange for a close friend or family member to be there.

  • Set a peaceful, enticing mood. Before your potential buyers arrive, quickly clean up any clutter. Put away food on the counter, throw dishes into the dishwasher, and gather up laundry. Light a scented candle if you have one, or put a few drops of vanilla on a cookie sheet at put it in the oven at around 120 Celsius. Put some light, soft classical music on in the background. If the weather is nice, open a few windows; if not, light a fireplace or turn the heater up a bit. These extra little steps will make your home seem inviting and calm.
  • Be a good host. This might seem like obvious advice, but some people are so anxious about selling their home that they forget basic etiquette. When your potential buyers arrive, greet them with a firm handshake and look them in the eye. Introduce yourself, and ask and remember their names. As they step inside your home, ask if you can provide them with a glass of water or light refreshment. Hone in on their interests (i.e., do they have kids? Are they empty-nesters?) and talk about the house in those terms. Lead them from room to room without rushing. At the end of the tour, ask if they have any questions or if they’d like to see anything again. Have your contact information ready to give them on a small note or card. Coming off as polite and prepared will make you seem like someone with whom they could enter a real estate transaction with minimal hassle.
  • Keep it positive. Be honest, but do not dwell on the home’s flaws or offer apologies like “Sorry it’s so messy in here!” If you’re selling your house because of a divorce, lost job or other personal tragedy, do not discuss these issues with your buyers, even in jest (i.e., “I could have kept this house if my husband could have kept his pants up!”) Make your entire interaction with them as positive as possible. You want them to leave your home feeling happy and excited at the possibilities.
  • Secure your valuables. Lock up everything truly irreplaceable in a safe location before you open your home to strangers. Don’t let your buyers walk around unsupervised; if they ask for a moment alone, try to give them some privacy in the garden or the kitchen.

8

Navigate financing. Most sellers assume that the buyer has been through the process and know the stages of buying a home. The fact is, that this is one of the many valuable services that a Realtor would normally provide, but now it is left to You, the seller, to walk them through choosing a mortgage broker to getting to the closing table. By aligning yourself with a local mortgage company first, you are giving the financial advisor leads in return for assisting you with the transaction, a virtual win-win. Mortgage brokers often have clients that are approved but have yet to find a home; this is a great way to tap into their client list to find a qualified buyer. The financial advisor should also estimate the closing costs for your home and give you strategic financing tips for marketing (Zero Percent Down, 2-1 Buy own options, Interest only options or community funding & grants available). Financing can sell a home just as quickly as good staging.

9

Be prepared to negotiate . If a buyer says he or she likes your home but is not sure about buying it, this is your opportunity to sweeten the deal. Did you notice the buyer looking longingly at your new barbecue? Throw it in. Did they seem dismayed that the fence hadn’t been treated for a while? Say you’ll come down £200 to cover the cost of treating.

Giving up an appliance or making a small concession for home improvements could cost you less than continuing to pay a mortgage on a house you don’t want.

10

Try to close cleanly and quickly. Once the buyer is making offers and negotiating, try to close the transaction as quickly as you can. Make sure you’ve provided all the necessary disclosure documents required by your state. If you don’t like the buyer’s offer, don’t just say no. Always make a counter offer. Try to accommodate the buyer wherever you can afford to. Also, consider taking the offer to a solicitor for professional evaluation. Once everything is settled, try to move out as quickly as you reasonably can.

Beckingham Palace Up For Sale

beckingham palace Beckingham Palace Up For Sale

They’ve made Los Angeles their home for the last five years.

But now the Beckhams have decided to make it more permanent and are to put their famous English residence Beckingham Palace up for sale.

David and Victoria are having their Hertfordshire mansion, believed to be worth around £18million, valued by estate agents.

The couple, who are worth over £160million, love the home which holds many happy memories for them, but felt it was wasteful to hold on to it when they never visit.

Victoria said in her recent Vogue interview that she’s in London she prefers to stay at The Savoy hotel, as she would have to spend four hours in the car just to get to and from the office.

The couple bought Beckhingham Palace’s sprawling 22-acre estate in 1999, shortly after tying the knot.

And they have since spent £18 million renovating the mansion to include swimming pools and a gym, amongst other highlights.

The latest buzz is that Hollywood hotty Kim Kardashian is planning to buy the Beckingham Palace for her family. Recently reports have come that Beckhams are planning to sell their house for 18 million pound as the British player has settled full time in America with wife Victoria and four children. According to a Sun Online report, the Reality TV star wants to use the property as a European base for her family which includes sisters Khloe and Kourtney and mother Kris Jenner. “That when Kim’s family isn’t there, she hopes to rent the place out to fans of the Beckhams,” sources said.