Homes

“The mortgage market is in continuous move and it can affect you as well. ”

If you’re one of those shopping for a house soon and you are considering a mortgage, you should carefully analyse a couple of factors before making a decision. The location, the time you are going to spend in your new home (if it is temporary or, hopefully, for the rest of your life), the purpose of the investment (for your own living or if it is a buy to let), and other life circumstances should be considered when choosing a type of mortgage.

However, even with all these cleared up, there is still one more factor that might influence your decision. The mortgage market is in continuous move and it can affect you as well.

The analysis after the first quarter of 2017 proves that some types of mortgages are increasing, while other products for loans are remaining unchanged. For example, the number of contracted mortgages rose in the first three months. These are bank products offered for self-employed people, people with complex incomes or other underserved segments of the buyers’ market. Looking closely upon the offer of bank products, you may see that banks will speculate this moment and will come with new and improved offers. You will just have to pick the most advantageous for you.

The mortgage market also seems to be improving since the number of completed applications  for first time buyers is rising. 67% of first time mortgage applications were completed in the first quarter of 2017, up substantially from 48% in the same period of 2016. Intermediaries have eased up the applications because of the struggle to obtain a mortgage that was intensely publicised last year.

And one of the most important news that the mortgage market received at the beginning of this month is that the lending rates reached their lowest point. The figures from the Bank of England showed that this year’s borrowers received the lowest mortgage rates ever.

These effects are sometimes connected and influence one another, but paying enough attention to the movements of the market might pay off eventually.

Sources:

http://www.propertywire.com/news/uk/brokers-see-demand-specialist-mortgages-less-buy-let-forecast/

http://www.propertywire.com/news/uk/uk-mortgage-applications-intermediaries-successful-year-ago/

http://www.propertywire.com/news/uk/mortgage-lending-rates-uk-reaching-lowest-rates-ever/

 

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Buying a home for the first time is one of the biggest decisions you will make.

You will need to choose what mortgage company is best for you and what kind of deposit you will need to have. There are quite a few choices out there now though that can help you.

Here is a list of things you should look into:

  • How much can you borrow?

Before you jump in and start looking for your home, check your credit and speak to a mortgage adviser to find out how much you may be able to borrow and if you can afford the monthly payments. Don’t forget to put some money aside for legal fees to. Always ask your lender if they cover mortgages above a commercial property as some lender may not.

  • Decide what you’re looking for and where

Once you have either got a mortgage agreement in place or you know what you are able to borrow then you can start looking into what type of property you are looking for, how many bedrooms, is a garden important to you and how far is the transport. When looking at a area check what

  • Start house hunting

When looking for a property the first step is to look on your local estate agent’s website. You may look at quite a few places before you find the right property for you. When you see a property that you want to view, look around for any signs of dump, is the building structure sound, how old is the roof, how much storage space.

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Selling or buying a home can be daunting at the best of times. Victor Michael are here to assist their clients during this process, giving them a personable service to make this process, and life easier to bare.

Spring is the optimum time to sell a home. Regardless of whether it’s a buyer’s market or a seller’s market, inventory almost always rises in the spring. Why? Because the largest number of buyers are actively searching for a new home during the months of April, May and June.

While mortgage rates have risen in the last year, experts say 2017 will still see strong home sales as job growth continues and people who’d been waiting to enter the market take the plunge into homeownership. To attract buyers in any season — and sell for a good price — sellers need to show their homes in the best possible light. That means cleaning up the interior and exterior, removing personal items that could distract potential buyers, adding a fresh coat of paint, and deciding which upgrades and repairs will deliver the best return on investment. Of course, real estate is a hyper-local industry, so national trends may not hold true in all markets. A good estate agent can help you understand what buyers in your area are looking for and how to appeal to them.

What if I’m not ready to start selling yet?

Simple, don’t sell. It’s much more important to choose a time that works for you. If you rush your home on to the market without preparing it and yourself, could set yourself up for a fall. And if you do get a buyer, you want to be able to move as quickly as possible before they can change their mind.

Take some time first to make sure you have your home looking its best. That doesn’t necessarily mean spending thousands of pounds on huge renovation projects – just take some time fixing the little details, such as wonky gates and cracked toilet seats.

Remember, Victor Michael will be here, waiting for you when you are ready…

 

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As if there isn’t enough stress involved in buying and selling a property, once the purchase is agreed it’s far from over.

Here is some top tips to ensure your move goes as stress-free as possible:

1. If you’re renting, you’re in a strong position. Keep the rental property for an overlapping week (or as long as you need/can afford) to make the process deliciously smooth.

2. There’s an idea that moving on a Friday is a good idea, but we think Tuesday is the best day, especially if you have young children. Take Monday, Tuesday and Wednesday off work, giving you Saturday, Sunday and Monday to get ready; move on Tuesday; then Wednesday to straighten things up while the children are at school. The weekend’s not far away for a final push. The good news is that removal firms generally charge less for a Tuesday, Wednesday or Thursday move.

3. Spend several months pre-move having your children’s friends to stay, so you can call in all sleepover favours over your moving period. Farm out children, pets, or any other member of your family who won’t be a positive asset to the process.

4. Don’t even think about packing the contents of your house yourself. Look at the removal costs as part of the big picture and get the pros to do as much as possible. (You will of course already have de-cluttered and dispensed with anything that, in the words of William Morris, ‘you do not know to be useful or believe to be beautiful’).

5. If you find you are moving a box that hasn’t been opened since your last move – now is the time to get rid of it!

6. Use your pre-move time productively by obsessively labelling boxes with their contents AND which room the box should go into on arrival in its new home. Use as much colour coding, labelling, post-it noting and organisational brilliance as you can muster.

 

7. If you’re downsizing, build in as much time as possible between exchange and completion to give you adequate opportunity to dispense with the possessions you will no longer have space for.

8. Not all removal companies are the same (or charge the same). Personal recommendation is generally best, but social media is extremely helpful for finding the best suppliers of this kind of service. Get quotes from, and meet, three companies before you make a final choice.

9. It’s better to find a removal company that is local to your new home than to use one in your existing area. You should be able to advise them about local access and parking issues at your existing home, and they will have a good understanding of any problems in your new area.

10. If you’re moving out of London, bear in mind that London removal companies charge like angry rhinos as soon as they see a postcode outside the M25. And if you’re moving down the road, don’t be tempted to do it yourself – it’s no easier to move 300 metres than 300 miles, so grit your teeth and get over it!

11. Check and double check access. Several smaller vans are more flexible than one big one, but it will cost more. If you’re relying on on-road parking space for the removal van, speak nicely to your new neighbours before putting some cones out.

12. Take a picture of the metres at your old home as you leave the premises, and the new ones as you cross the threshold. That way, arguments with utility companies are easy to resolve.

Finally, stay calm, and try to see the funny side if things don’t go according to plan. The chances are you will be gaining anecdotal entertainment on which you will be able to dine out.”

Source: http://www.propertyreporter.co.uk/household/top-tips-for-stress-free-house-moving.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-202776-Campaign+-+18%2F04%2F2017+MC 

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The number of million pound apartment sales in England and Wales has grown nearly threefold, up 196%, in the last decade, according to new research.

The rate of sales growth for apartments has far outpaced other prime market property types with sales of million pound terraces rising by 165%, followed by semi-detached properties up 154% and detached homes up 88%.

The research from Lloyds Private Banking also shows that apartments represented 22% of all million pound property sales in England and Wales in 2016 compared with 17% in 2006 and accounted for 26% of the increase of all million pound property sales between 2006 and 2016.

Unsurprisingly, the overwhelming majority of million pound plus apartments were in London with 96% of sales and the sale number in the capital has increased 193% from 973 in 2006 to 2,853 in 2016, representing 35% of all million pound property sales in Greater London in 2016.

Source: http://www.propertywire.com/news/uk/demand-luxury-apartments-soars-parts-uk-particularly-london/?utm_source=Property+Wire+News&utm_campaign=fc980f14bb-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_cb0fe1dd73-fc980f14bb-108361813&goal=0_cb0fe1dd73-fc980f14bb-108361813 

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A new survey lifts the lid on the UK property market, with Brits sharing exactly what made them buy their homes.

Wood flooring specialists Flooring Republic asked 1,000 Brits what led them to fall in love with their homes, and which factors they consider non-negotiable when buying a property – and between community appeal and room size, it seems Brits are swayed by more than an attractive price tag.

After the BBC reported that the number of first-time buyers was at its highest in a decade, this new study reveals what it takes to get Brits excited about buying a house. With 60% of the vote, a safe and friendly neighbourhood took the top spot, followed closely by the price of the property (52%).

The local community also proved to be a key selling point for 45-54 year olds – with a huge 73% citing this as a major factor in their decision-making process. In terms of what Brits love about their living space, room size came out on top – taking 38% of the vote.

At one with nature

For 31% of participants, a good-looking garden is what got them to sign on the dotted line – and half of over-65s declared this the ultimate highlight of their homes. Natural elements proved popular across the board, with a fifth of those surveyed saying natural light is what they love most about their home.

Price versus practicality

Perhaps surprisingly, just over half of all respondents believe the price of a property is the most important aspect when it comes to making an offer.

Generation Y are more price-conscious, however – with 18-24 (57%) and 25-34 year olds (69%) admitting the asking price was the thing that ultimately swayed their decision. Space proved a key concern for 37% of Brits, who said the number of rooms in a property would influence whether or not they bought it.

Aesthetic appeal

When it comes to a property’s appearance, it looks like it’s not just what’s on the inside that counts – with 16% of Brits saying they’re swayed by both exterior appeal and interior styling. For 17% of male respondents, the outward appearance of a house is a deciding factor – while 18% of women favour the property’s interior design.

11% of Brits revealed they bought their home because of high ceilings – a factor which sweetened the deal for just under a quarter of 25-34 year olds.

Smart solutions

According to 35% of all respondents, parking availability is a key issue when it comes to deciding on a suitable property – and more than half of over-65s agree. This is less of a concern for those living in the capital, though – with just 17% of Londoners put off by limited parking. Organisation addicts across Britain declared practicality a priority when buying a house – with storage space scooping 15% of the vote.

Other answers

For 14% of homeowners, accessibility is a deal-breaker – with proximity to local transport networks and amenities proving particularly important. Respondents were also invited to offer up their own answers when it came to the reason they fell in love with their home and what they consider to be the key factors when buying a house – with answers including the property’s character, affordability and a double garage.

With Brits divided over what makes the perfect home, as housing prices continuing to fluctuate, the future of the property market shows no signs of stabilising any time soon.

Mark Haskell, Ecommerce Manager of Flooring Republic said “It’s great to see just how many Brits value a welcoming neighbourhood, and it’s really interesting that most homeowners are concerned with more than the price of a property. Spacious rooms and beautiful gardens will always hold plenty of appeal for buyers – although they generally come with larger price tags.”

 

Source: http://www.propertyreporter.co.uk/property/brits-reveal-what-made-them-fall-in-love-with-their-property.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-201394-Campaign+-+06%2F04%2F2017+

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At Victor Michael we look at every possible way of ensuring that every home we are marketing has the best possible chance of being sold for the highest price in the shortest amount of time.
I read a lot of estate agency and property industry magazines and websites to stay on the ball and hear about new ideas and ways of marketing people’s homes.
An article which caught my eye last week was from America. It said how estate agents (or realtors as they’re known across the pond) were calling in Feng Shui experts in a bid to make homes sell quickly and for the best price.
For those of you who are unaware Feng Shui is an ancient Chinese philosophy based around positioning objects and buildings to maximise a positive flow of energy and, many believe, to create good luck.
Feng Shui has been around for 5,000 years, so it’s nothing new. You might think it’s all a bit New Age but some Feng Shui principles are actually just common sense.
Read these five ways Feng Shui can help sell your home and decide for yourself.
Arrange your living room so that people who walk in aren’t met with the backs of furniture. i.e. sofas.
Keep a lid on it. Yes I’m talking about your loo. Feng Shui experts believe that water is linked to money and the toilet is one place that water (money) ‘escapes’. Even if you don’t buy this theory, keep your lid closed anyway. It just looks better.
Place thriving plants or flowers in the corners of rooms. This gives the property energy and life according to Feng Shui.
Less is more. Feng Shui experts share estate agents’ beliefs when it comes to clutter. Their view is get rid of it to create a good flow of energy in every room.
Let go. This is an interesting one and I’ve seen this before. Sometimes people subconsciously don’t want their homes to sell for whatever reason. In this situation they advise sitting down and thinking about why you want or need to sell and why it’s for the best.
So what do you think? Is FS full of BS? Or can it really change people’s lives and make homes more saleable?
Thanks for reading.
Want to get a SOLD or LET sign outside your property quicker? Call Victor Michael and our team on 0208 559 7040 or email: info@victormichael.com for honest, expert and friendly advice.

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THINK OF YOUR GARDEN LIKE AN INTERIORS ‘SCHEME’

Gone are the days of neglected gardens that are only used on the sunniest of days. With space often at a premium, gardens are increasingly seen as an extension of the home. And this year, interiors trends are set to make their way outside more than ever before.

Swedish cool

Both of the major Swedish interiors trends – hygge and lagom – translate to the outdoors. Whether you want flaming fire pits and cosy blankets or favour a more minimalist, pared-back approach, the latest Scandi trends will work in your garden, too.

Natural materials


As the popularity of natural materials rise in interiors, gardeners are making them their friends, too. Less concrete, less composite materials, more timber, and more soft, free-flowing elements are the key.

Colour hit

Colour is heading out into the garden and if you think clear wooden varnishes are the only option for fences, think again. Bright block colours are a great way to create the feel of an outdoor ‘room’.

2. CREATE AN ENVIRONMENTALLY FRIENDLY PLOT
The environment is a hot topic and the garden is the place to put your eco-friendly credentials to the test.

Native plants


This year will see a move to planting more and more native plants that won’t disrupt the ecosystem. Shopping locally will also avoid transportation costs and is likely to be more affordable in this current economic climate.

Avoid chemicals


Natural weed killers and fertilisers will become more and more important too, to avoid the polluting effect of chemicals.

Grow wild


But it’s not just what you plant – it’s how you plant. Wilder gardens that are slightly more unkempt are great for birds and insects, plus wildflowers attract bees. Less work, more eco– bonus!

3. REAP THE HEALTH AND WELL BEING BENEFITS OF THE OUTDOORS
Green spaces are well known for their stress-busting properties and being outside regularly will make you feel more Zen. With long work hours and more time spent in offices, 2017 is set to be a year when people remember to get back to nature.

Solo pursuits


With this in mind, you might want to use your garden as a calming retreat for reading or having a post-work glass of wine. Or you may want to get active and do some yoga stretches.

Grow your own

To be truly at one with nature, why not grow your own fruit and veg? The satisfaction of producing your own food is bound to give you a boost, plus you’ll know that everything you’re growing is 100% organic. What could be better for body and mind?

4) TREAT YOUR SPACE LIKE AN EXTRA ROOM
People are beginning to want more comfort from their outside spaces, so expect a big move towards furnishing your garden as you would your interior.

Outdoor furniture

The lines between indoors and outdoors are being more and more blurred, especially as French or sliding doors often lead from an open-plan space directly out into the garden. That feeling of flow means people are demanding more from their gardens and want to make sure that they are comfortable. Large seating that resembles a three-piece suite, huge multi-function cooking stations, plus sturdy dining furniture that isn’t easily moved will all help to build a feeling of an ‘extra room’.

Light up


Garden lighting is set to become more of a feature, rather than a functional afterthought. Uplighters beneath big plants, pretty hurricane lanterns and even fairy lights will add a magical feel after dark.

5) PLAN AN EASY-CARE GARDEN
We all know what it’s like to be busy. Time is of the essence and anything that can be done to make sure that gardens aren’t a time drain will be a bonus in 2017.

Mow no more


If you hate mowing the lawn, artificial grass will be your friend. With modern production techniques, faking it is a far more natural-looking alternative than ever before. No mowing, no watering – simple! If you feel you are desperate for a real lawn to sit on, minimise the work by keeping it small and filling the rest of the space with pretty pale pebbles.

Dig free


Flower beds need a lot of attention, but you can get plenty of foliage from container grown-plants. Terracotta pots are super on-trend for 2017. A variety of plant sizes will add interest to your garden.

Robust plants


Hardy shrubs and plants are the answer for those who are tight on time. There will be a move to planting varieties that aren’t overly sensitive and that can thrive in any conditions. Sounds good to us. Achillea ‘Coronation Gold’, Alchemilla mollis and Lamprocapnos spectabilis are just a few recommended by the RHS.

 

Source: http://www.idealhome.co.uk/garden/garden-ideas/hot-garden-trends-2017-156339

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New research by the Federation of Master Builders has found that when it comes to making vital decisions regarding building work, women are twice as likely to have the final say on the style and scope of the project.

The FMB also asked female home owners if they have ever carried out a range of basic DIY tasks around the home and the results were as follows:

• Almost 80 percent have painted a room;
• 65 percent have put together flat-pack furniture;
• 58 percent have unblocked a sink;
• Over 50 percent have changed a fuse;
• 44 percent have unblocked a toilet;
• Over a quarter have cleared the guttering.

Jenny Carter, mum of one from North West London, said: “I’m happy to hire a builder for the big jobs but it would cost me a fortune if I had to pay a trades person every time I needed to change a fuse. If I’m a bit unsure, I tend to search online for “how-to” videos to help guide me through the process – these videos give people like me a bit more confidence to tackle the smaller jobs. Every family is different but in our house, when it comes to these sorts of tasks, I’m easily as handy as my other half.”

Brian Berry, Chief Executive of the Federation of Master Builders, said: “This research shows that any lingering gender stereotypes regarding domestic life are totally outdated. Not only do women lead on decisions regarding the style and scope of building projects, they also get stuck in themselves when hiring a builder isn’t necessary. In 21st century Britain, you’re just as likely to find a woman up a ladder clearing out the guttering or battling with flat-pack furniture, as you might be likely to find her performing some of the more traditional domestic chores.”

Berry concluded: “On a more serious note, the construction industry is facing a massive skills shortage and we’re crying out for more female builders. At present, only 2% of construction workers onsite are female and until we start to appeal to 50% of the population, we won’t be able to plug the skills gap. It is my hope that these hands-on women, many of whom will be mums, are inspiring their daughters to think differently about what is an acceptable career path for girls. There is no reason why young women can’t become the next generation of brickies and sparks and it’s our job to remind them of that.”

Source: http://www.propertyreporter.co.uk/property/women-twice-as-likely-to-take-charge-of-building-projects.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-198646-Campaign+-+21%2F03%2F2017+FRA 

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The latest research from Connells Survey & Valuation shows that, during February, first-time-buyer activity soared to a market share of 36% – an 8% rise against February 2016.

The near zero base rate has ensured that mortgages remain more affordable than ever – with gross lending at its highest level since 2008.

First-time buyers have seized the opportunity to get on the property ladder. This group now accounts for a third of activity in the property market during February (36%) – the highest proportion of first-time buyers since July 2011 and the highest February since 2010.

John Bagshaw, corporate services director of Connells Survey & Valuation, said: “Continued affordable mortgages have provided first-time buyers with an ideal opportunity to take their first step onto the ladder in February. Lending to aspiring homeowners continues to rise, while the base rate remains so low. For those with enough savings for a deposit, now is a great time to buy. Many are taking advantage of the opportunities on offer.”

John said: “The stamp duty surcharge has succeeded in helping first-time buyers at the expense of landlords. But this may well be temporary. Less competition for today’s first-time buyers comes at the expense of tomorrow’s. Most people rent as they save for a deposit, but the steady investment into the rental market is running dry. With limited new homes being built for the PRS, rents will soon start to rise. This will devour tenants’ disposable income which would otherwise have been saved for a deposit. The problem will be exacerbated next month as mortgage tax relief is removed, forcing more landlords to exit the market or ramp up rents.

In the Housing white paper, the Government announced plans to boost build-to-rent and institutional landlords, but it will be years before anyone can move into the accompanying new homes. Rents remained relatively stable following the influx of investment before the stamp duty surcharge but tenants could soon feel the full force of recently announced Government policies.”

However, the increase does not mean the Government has succeeded in boosting the prospects of first-time buyers long-term, says Connells Survey & Valuation. The surge from 28 per cent last February to 36 per cent this February is only marginally higher than the 10 year average.  Over the course of the last decade first-time buyers have been responsible, on average, for 35 per cent of the market. And the 36 per cent of valuations that first-time buyers represented in February 2017 pales into insignificance compared to the 41 per cent peak in February 2010.

John continues: “The rapid growth in first-time buyer activity is a recovery from a lower position, rather than a substantial improvement in market conditions. It’s important to not just look at the snapshot numbers but take into account the long-term trends. It’s still incredibly difficult to get on the property ladder. Most aspiring home owners will tell you about the Herculean challenges they face to save for a deposit. Despite all the Help to Buy programmes, first-time buyer activity is only 1 per cent higher than it has been, on average, over the last decade.

We may be in the eye of the storm in Britain’s housing market – a brief period of calm before the turbulence begins again. The base rate can’t stay on the floor forever. With Brexit approaching, economic conditions may get tougher. First-time buyers may need to board the ladder now before it’s hoisted up again.”

 

Source: http://www.propertyreporter.co.uk/property/ftbs-storm-the-property-ladder-in-february.html?utm_source=Email+Campaign&utm_medium=email&utm_campaign=21136-197729-Campaign+-+15%2F03%2F2017+CT 

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