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Rental Market 2014 Predictions

Renting is rapidly becoming a complete new way of life for us British, despite the lower interest rates and better mortgage deals on offer for new homebuyers. According to the Office of National Statistics the number or 25-34 year olds who own their own homes has dramatically fallen in the past decade from two million to 1.3 million. Out of an estimated 23.4 million homes in the UK 36% of these are being rented – that’s 8.3 million! In comparison to the 64% (15 million) that are owner occupied, it’s more than half.

Within this growing trend of ‘Generation Rent’, new tenants of privately rented properties are challenging for ever-improving high standards from their living accommodation. Anyone who is looking to become a  prospective investor, don’t run to your nearest property agents just yet,  consider the on-going cost of planned work to ensure that properties are maintained in ‘tip top’ condition to keep them eye-catching and desirable to all prospective tenants. This won’t just be a lick of paint! Consider:

  • Expense of painting and decorating regularly
  • Money to replace flooring/carpet every few years
  • Your kitchens, bathrooms and lighting need to be updated roughly every five years
  • Make sure you have enough money for a new boiler/heating system every ten years
  • Review new roof, guttering, fascias, windows and doors every 15-20 years
  • You will need to have a renewed damp course every 25 years, maybe even more often if the property is older

Renting is no longer just limited to students and the transient young. Over 874,000 couples with children now rent their home, up from just 274,000 since 1999. In certain areas, such as Brent and Newham in London, or seaside towns such as Blackpool and Bournemouth; over a third of all families with children live in privately-rented homes.

Upturn?

The housing market is unrecognisable; especially from the economic downturn that has occurred over the past year – and in some places it’s still happening! During 2013 house price growth has rippled out from the capital and has inevitably touched every region. Mortgage lending and transaction volumes are dramatically increased. Rents are stable – at last! All mortgage costs remain at record lows; all of these factors appear to provide an attractive rental yield plus the bonus of capital growth. Is it any wonder that two in three (more…)

The Current State Of Scotland’s Real Estate Market

Since the economic collapse that spanned from 2007 to 2009, the Scottish housing market has remained sluggish. Those who could stay in their homes did so, whilst home owners that needed to sell saw few interested buyers and were forced to lower prices again and again.

In the past few years, however, the housing market has seen gradual growth. Although Scotland’s homebuyers only are buying about half as many homes each year as they were before 2007, the most recent numbers suggest that the market is looking up.

A Property Wire article states that compared to 2012, sales are up by as much as 10 percent. The increase partly is owed to a growing number of first time homebuyers. It seems that everyone who has been waiting for a good time to buy can’t wait any longer.

There Are Variations By Region, But The Trend Holds Countrywide

As should be expected, not every location has seen the same increase in sales, but this variation from the trend might be results of factors outside of the economy. These could be low-income housing development or industrial changes.

In most locations, however, the increase in sales is fairly pronounced. In Aberdeen, for example, prices have grown by approximately 6.6 percent, indicating that more buyers are on the market. In Clackmannanshire, prices rose by 7.5 percent this month.

The Scottish Government Has Helped Boost Real Estate Sales

The Scottish government has set aside approximately £220 million to help banks increase lending, which echoes the UK government’s Funding For Lending programme.

This programme contributed to lowering mortgage rates in 2012. After seeing the improvements, the government allocated more (more…)

The Housing Market: Why Higher Prices Could Mean Increased Sales

6138116257_c35cd96b29The housing crisis, which became relevant in the United States in 2008, has more than made its contribution to the financial crisis and the subsequent collapse of many major financial institutions. As a result, housing prices shot down significantly and the housing market appeared to be a buyer’s market, catering to purchasers rather than sellers. Even today, the price of purchasing real estate remains at an all-time low.

When U.S. housing prices dropped by a whopping 30 percent, the U.S. stock market fell 50 percent and unemployment rose to all-time highs, leaving a lasting impression on the nation. From an outsider’s perspective, it would seem that these amazingly affordable rates would, at the very least, entice buyers to purchase real estate. Strangely, the opposite seems to be true. As the mortgage market remains at a standstill, more and more buyers are becoming reluctant to take on a new property.

So, why isn’t anybody buying? There are a number of reasons that contribute to the new, wide spread buying reluctance that is now sweeping the nation.

Number One: The Market Seems Shaky

A large number of United States citizens view property, even residential property, as an investment. The haphazard charting of property has become unpredictable. Any given piece of real estate can decrease dramatically in value, making home purchasers feel less secure. Few buyers are interested in a risky purchase, even if it comes at a bargain that looks like a steal.

Number Two: Lack of Motivation

The inventory of available homes for sale is now substantially lacking. More and more sellers are holding off, waiting for the market to (more…)

Is Hiring A Professional Builder A Wise Choice

Professional builders provide a lot of benefits when you are looking forward to buy a new home. While buying a new home, you usually have to visit a lot of different places to check a few options. However, you do not have to waste your time and energy on visiting unknown places when you hire a professional builder. Professional builders try to understand all your needs and requirements and design a place that suits your preference and style. Hiring a professional home builder is always a wise choice. In this article, we will tell you how a professional builder is the best option when you are buying a new home.

Builders Arms Albert Road

Why Are Professional Builders A Smart Choice

1) Professionalism – A professional builder understands the importance of reputation in the market. Therefore, such builders act as professionals and try to understand all your needs and requirements. Even when we talk about commercial construction Minnesota companies try to build an establishment as per your requirements, preference and style. Moreover, professional builders always try to get the work done on time.

2) Experience and Training – Professional builders are always experienced with handling a lot of different projects. Therefore, they know how to cater to your needs even in the most difficult situations. Moreover, professional builders are properly trained to use (more…)