London Property Finder

Barnard Marcus had a good auction last week with sales reaching 82pts which is about where sales have been for some years – excluding the 2nd quarter of this year.  I.e. auction houses generally sell between 75pts and 85pts of their stock during the good times.

London property was in short supply but in general values also held their own: only four houses didn’t sell and of those the margin betwen final offer and reserve was between £5K and 25K.

12 Clitterhouse Road sold for £235K. £20,000 more than number 131 sold for in May of this year but £75K less than 111 and 27 which sold for £310 a piece in April and May respectively.  We suspect numbers 12 and 131 needed a little work, but even if they didn’t the auction price reflects a 24pts saving, which is roughly where you would expect to see the average auction property.

14 Preston Waye in Harrow sold for £400K, £20K over the reserve price but offering a 20pts discount versus number 9 which sold for £494,950 in March of last year.  We didn’t view either, so number 9 could be a palace in comparison, in which case this is even better news.

Why?  Because the auction market is pretty indicative of the market as a whole and if people are buying at 20pts off ‘market value’ at auction, then clearly there is hope for the homeowners in general.  In a good market, it makes sense for property at auction to be sold for 20-30pts below the neighbouring house sold through an estate agent.  It’s generally a distress sale. In a slow market – it is fabulous news.  It means prices are holding up in general because of the supply problem we have in London in particular.  The reason the housing market is a mess is because no-one wants to lend much to first time buyers or anyone else for that matter.  And when the credit crunch eases, the buyers market will disappear,  because more people want to have property in London than there are properties to go around.  To find a house quickly now before it is too late just contact this London Property Finder.

Technorati Tags: Auctions, Buyers market, London Property Finder

Tags: Auctions, Buyers market, London Property Finder

Musings of a London Property Finder

Nationwide Building Society published their monthly sales figures for August today stating that average prices are down 1.9pts month on month down 10.5pts since last year. 

New build is predictably badly affected with estate agents reporting increased enquiries as people seek to find a bargain.  Sales are still in short supply and the high number of property on sale is having a negative effect on prices in many areas.

Depressingly, the masses are opting for fixed rate loans, despite the fact that if anything rates are likely to decrease and that trackers now represent better value.

Message for today is get good mortgage advice and buy through someone who is on your side and who knows the market and every haggling trick in the book.  It will save you a great deal of money, not to mention time, stress and hassle!  This London Property Finder can save you time and money.

Technorati Tags: Fixed Rate Mortgages, house price fall, London Property Finder, New Build

Tags: Fixed Rate Mortgages, house price fall, London Property Finder, New Build

Musings of a London Property Finder

The Alliance and Leicester have cut rates for homebuyers with deposits by 0.55pts but reporting on City Wire today, Iain Martin says that a 25pts deposit is required to achieve the best rates.
Alliance & Leicester cut their loan to value ratio to 85pts from 90pts meaning that First Time Buyers need to come up with a 15pts deposit.  There are still lenders willing to lend 90pts of the value of a home.  The message to First Time Buyers should be threefold:

• Don’t buy if you can’t afford to
• Buy something you can afford comfortably
• If you haven’t managed to save/borrow/blag your 10pts deposit, you are probably not ready to buy.

For those who really want to get onto the property market and have the finances ready, this London Property Finder can find repossessions or other low value property which will perform in the short to medium term.

Technorati Tags: House Purchase Deposits, Interest Rates Fall, London Property Finder, Repossessions

Tags: House Purchase Deposits, Interest Rates Fall, London Property Finder, Repossessions