Archive for the ‘Property’ Category
The not-so-calm before the storm
Thursday, November 26th, 2009As poor weather conditions sweep the nation, Halifax Home Insurance has offered homeowners some tips for protecting their properties from the elements. Martyn Foulds, Senior Claims Manager at Halifax, commented: “We are advising homeowners who are at risk to take steps now to reduce the risk of damage to their homes, and to monitor local news and weather regularly to keep updated on the conditions.”
Halifax Home Insurance claims data shows that a typical home insurance claim, as a result of damage caused by a storm, is approximately £1,000. Furthermore, it has been revealed that a claim for flood damage can often reach in excess of £20,000.
Homeowners whose properties are at risk of flooding are advised to take the following action:
· Position sandbags outside doorways, airbricks and windows to minimise the flow of water into the property.
· Switch off the water, gas and electricity at the mains.
· Ensure that electrical equipment is unplugged and stored as high up as possible.
· In order to avoid damage to pipes, disconnect any that lead to washing machines, cookers or dishwashers.
· Re-locate as much furniture as possible upstairs.
· Weigh down any bulky items that can not be taken upstairs, to prevent them from floating around and causing additional damage.
· If furniture can not be moved upstairs, move any contents to a high position.
· Protect rugs and curtains by taking them upstairs, or draping them over curtain poles.
· Ensure that home insurance details are accessible just in case a claim needs to be made.
· Be sure to store priceless items of sentimental value in a safe place, as these can not be replaced.
Homeowners whose properties are at risk of being damaged by storms are advised to take the following action:
· Ensure that any potentially perilous belongings, such as garden furniture and barbeques, and doors to outbuildings are secure.
· Be sure to cut back any low hanging branches to avoid them causing damage.
· Remove any debris from gutters and drain pipes to minimise the possibility of a blockage.
· Ensure that any external light fittings are secure.
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Homeowners who feel that their property is in need of a little tender loving care could consider taking out a secured loan for home improvements. One of many finance options available, a secured loan for home improvements could allow the borrower to embark upon a range of projects in and around the home. Leaky roofs, windows or doors could be replaced to make the property watertight and to improve heat retention. Furthermore, borrowers may also wish to completely re-decorate their home in order to create their ideal living space. A secured loan for home improvements could allow homeowners to extend, creating more space if required.
Rural property prices fall less than their urban counterparts
Thursday, October 1st, 2009According to the latest annual Halifax Housing Review, house prices in rural areas have not dropped as much as house prices in urban areas during the past 12 months. In fact, the average house price in rural areas of Britain saw a 13 percent reduction, compared to an 18 percent reduction in urban areas. The value of an average rural property stands at £203,535, which is 21 percent higher than the value of an average urban property at £168,376.
In relation to affordability, the average rural property price is currently 6.3 times average gross annual earnings, which marks the lowest ratio since 2002. In contrast, the average urban property price is represented by a ratio of 5.2.
The Halifax Housing Review also showed that 27 percent of rural home buyers with a mortgage are first time buyers, which is the highest percentage since the year 2000. Despite this increase, the percentage of first time buyers in rural areas remains lower than in urban local authority areas at 44 percent.
Economist at Halifax, Suren Thiru, commented: “Homes in rural areas continue to command a marked premium over urban locations, partly reflecting the quality of life benefits that many people associate with living in the countryside. Higher prices, together with generally lower earnings, mean that housing in rural areas remains significantly less affordable than in urban areas. The difficulties this presents for households living in the countryside are further aggravated by the relatively low levels of social housing in rural areas.”
Homeowners who are keen to put their personal stamp on a new property, or are looking to transform their current property into the ideal living space, could consider taking out a secured loan to fund an array of projects. One of many finance options available, a secured loan for home improvements could allow the borrower to set about turning those dream surroundings into a reality. For example, where extra space is desired, an extension could be built or a conservatory added. In addition, unused loft space could be converted into an extra functional room – perhaps a spare bedroom or office. A secured loan could also be used to carry out home improvements around the exterior of the property, perhaps revamping garden areas to create the ideal play space for children.
What is the difference between buying property from an agent and buying it privately?
Monday, September 7th, 2009If you’re in the market to buy a property, there are essentially two avenues open to you: searching the private listings or engaging the services of an estate agent. There’s no right or wrong way to do it, but there are some key points to remember no-matter which method you employ. First, using an agent… It is important to remember that estate agents work for the property owner, not potential buyers. However, agents want to make a deal for their client as quickly as possible and they are governed by the Estate Agent Act of 1979 and the guidelines of organisations like The National Association of Estate Agents. This offers both parties some protection.
- Check the agent’s qualifications and find out if they’re a member of a professional organisation. This will come in handy if you’re unsatisfied with the service as you can contact these organisations and make a complaint.
- Research their reputation in the local area and their check their sales record for the past couple of years. If you are looking over a wide area, engage the services of other agencies to find property further afield.
- Don’t sign anything that ties you to working exclusively with one agent. If you feel that you’re being pressured into that kind of deal, shop around.
- Don’t be afraid to work with a small agency. You might find that you get a better standard of service and you won’t get lost in amongst a pile of other clients.
- Never pay the agent up front. They receive a commission when the sale goes through. If they want cash up front, walk away.
Secondly, private buying…
- Call or email the owner of the property with any questions you might have, before you waste time travelling to and from the viewing. Providing contact details in the sellers’ listings is a sign that the seller is keen to assist potential buyers.
- Go online and search for the listed property. There are a lot of websites that provide pictures or even virtual tours of the property. You can also use the internet to research the local community and find out about the nearby amenities.
- You can’t do it all yourself. You’ll need a solicitor to assist in the property purchase and a surveyor to assess the condition of the property. Never sign anything before you’ve had a professional look over the documents.
- Try to find out why the property owner chose to advertise by private listing. The cost of selling is a lot lower when selling privately but it’s also a lot more work.
- There’s no need to be confrontational but remember that you’re a prospective buyer and the owner is aiming to make the most money possible from the sale. This is a business transaction and although it’s important to have some kind of rapport, keep it professional.
Demand over supply on the UK property market
Monday, July 20th, 2009According to recent news from the National Association of Estate Agents, there are four house hunters for every property on the market. The monthly survey conducted in May, showed that branches had an average of 299 house hunters registered. This is higher than the previous month, when an average of 265 people were registered, and also higher than the previous year when the average number of people registered was 247.
The National Association of Estate Agents report that sales were positive for a second month in a row, with the average branch selling 10 properties. This is an increase of 30 per cent compared to the same time last year and twice the average sold in August last year.
Gary Smith, President of the NAEA, said: “This is really good news for the housing market and the UK economy in general.
“NAEA members are showing that there are buyers a-plenty out there. More often than not these are also potential sellers who are at the beginning of the process – so there is bound to be a lag which creates a shortage of properties in the short term.
“With mortgage interest rates at historically low levels and prices now far more realistic than in previous years, home ownership in the UK seems to be set to lead the way out of the recession.”
Homeowners who are thinking of moving to accommodate a growing family, but who love the home they already own, could consider improving what they already have. Those looking for finance could consider a secured loan to fund improvements. Large scale home improvements such as extensions could be funded with a secured loan. Home extensions can provide extra space for day to day living such as a larger lounge or a play room for children. Additional bedrooms can also be of benefit where a growing family is concerned. Not only can this provide extra space for children to sleep, but somewhere for Grandparents to stay. Secured loans are one of many options to fund home improvements.
