Housing Markets and Business Updates

25/02/2021

The housing market has good news as mortgage choices have risen during pandemic !!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

More choices in the mortgage market are available since March than before the pandemic reached peak time. According to the recent studies from the Independent market monitor Moneyfacts, overall mortgage availability has risen in January this year for the 4th consecutive months to 3215 products - the highest since March 2020. 

 

There is a 42% increment in total product choice since October that is the largest four monthly rise as per the record of Moneyfacts. About 386 per cent growth in availability with 248 products available in the market since October 2020.

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

 

 

 

 

 

23/02/2021

Are You Thinking of Investing In Birmingham Area?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Birmingham is located in the centre of the UK and has become known as the “midlands engine”.It's all due to investment and new projects taking place there, which is backed by businesses, local authorities and local enterprise partnerships. It is one of the most happening parts of the country to invest and credit goes to the booming property market and economy.

 

Birmingham is the second-largest business hub outside London, home to a growing number of national and international businesses. Birmingham's record for last year shows that it has high residential transactions. Activity from developers and housebuilders was notable over last year. There is an increasing level of interest from overseas investors as well as domestic buyers. 

 

Build to rent sector is booming in Birmingham. Over the next decade, CBRE predicts more than 10,000 additional renting households will live in the city.

 

Recent investments have improved the city’s transport options. It is at the heart of the planned High Speed 2 (HS2). Once built this will reduce journey times to London to just 45 minutes. Timeframe to finish this phase is 2028-2031.

 

These can be one of the reasons why you are looking for investing in the Birmingham area.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

 

19/02/2021

Are You Buying Small Flats or Apartments?

 

The usual minimum for a small flat to be acceptable for a mortgage is 30 sq metres. There are a couple of lenders who do not state a minimum size for studio flats because their suitability as security depends not only on their size and location but how easy they will be to sell if the lender has to take possession.

 

While micro-homes are a cheaper way of getting onto the housing ladder, it’s important to consider whether your investment will grow in value over time. The ratio of properties growth for small size properties is not always the same. It depends on different factors such as location, lease of the properties, building structural type etc. 

 

Nationwide and RBS wouldn’t lend on properties with floor areas smaller than 30 sqm. RBS added that smaller properties run the risk of ‘restricted demand’ and ‘volatile pricing on resale’.

 

Some mortgage lenders will not lend on properties with less than 30 square metres. However, there are very limited lenders who are willing to accept such small properties.
 

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

 

18/02/2021

Landlord’s Responsibility!

 

Other days we talked about tenant responsibilities. This time let's point out the key responsibilities of the landlord. This will guide first-time landlords or who consider becoming buy to let landlord.

 

Make a checklist below:

 

  • Firstly get a licence for the property if it is a licensable property for peace of your mind. This applies to properties where you rent your room in a shared house known as HMOs.

 

  • Ensure the building to cover any damage from flood or to protect yourself. Double-check if the smoke alarms are on each floor. Fit carbon monoxide alarms in rooms using solid fuels like coal or wood.

 

  • Maintain the structure and exterior of the property. 

 

  • Carry out most repairs. If something is not working fix it as soon as possible.

 

  • Make an annual appointment for a gas safety check by a gas engineer.

 

  • Always give at least 24-48 hrs notice of visits for repair or maintenance.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

 

16/02/2021

Tenant Responsibilities that cannot be ignored!

 

Renting gives more flexibility than owning your own property especially when you don't have enough deposit and have other financial planning. However, there are still some of the facts that you need to think about. Let's highlight today the responsibilities of the tenant that cannot be ignored.


 

- Responsibility is to pay rent in full and on time ignoring or taking it lighter will put you in breach of your tenancy agreement and risk losing your roof soon.

- Looking after property, keeping clean and taking care of any furniture or appliances. If any problem or issue tenant need to contact your agent or landlord before arranging any repair. Not reporting any issue will put your deposit at risk.

- Find out where the fuse box, any meter, carbon monoxide alarm etc. are located. Much better to know in advance that any emergency hit you.​

- Regularly test the smoke alarm.

- Lastly, anti-social behaviour could get you evicted so considerate to the neighbours.

 

If you are looking to buy property either for your first time or as an investment or looking to let the property or for renting out and would like to get more information, you can book schedule a free consultation with us.

 

15/02/2021

Lockdown Effect on House Prices In UK

 

If we see across Europe, the UK is a relatively small country where there is a tendency for house prices to rise by more than the overall inflation rate due to a number of factors. Factors mainly affecting the house price such as,

  1. Prices are high due to a structural imbalance between supply and demand.

  2. Populations are growing every year, as a result of not enough supply of homes causes by tough green belt regulations, local planning rules and by the lack of a land value tax to deter hoarding.

  3. Official interest rates

  4. The implication of different programme for mortgage lending by the government and the Bank of England.

 

Besides the above crucial factors, there are other factors such as this lockdown etc has affected the housing scenario in a way. The first lockdown made people look for a home with a big garden and an extra office room area. However, there is no such big jump in house price due to government’s furlough scheme. Due to the different government scheme, people are still managing to afford to buy the houses.

 

According to the Guardian paper by Elliot, the generation rent, there is nothing to cheer about when prices spiral upwards because it means they have to save for even longer to put down a deposit. Most people under 30 would see a big drop in house prices as a blessing, not a curse. That possibility shouldn’t be ruled out entirely. The market is already softening because the stamp duty holiday had the effect of pulling forward to 2020 moves that would have taken place in 2021. Moreover, if Sunak seeks to withdraw stimulus too fast or there is another wave of infections, it is entirely feasible that there will be a tsunami of redundancies this spring and summer.

 

More likely though, prices will either go up a bit or down a bit with big variations according to the region and house type.

If you are looking to buy property either for your first time or as an investment and would like to get more information, you can book schedule a free consultation with us.

10/02/2021

House market 10-year prediction

If the current property market trends carry on as they are, the UK could see an average house price of £392,301 by 2050.

The research shows that the house prices in the UK have increased by 26 compared to 2015 and 7 % this year compared to 2019.

 

House prices are a big talking point in the industry this past year, and we wanted to see what we could come to expect if they continue to rise at the same rate as they have since 1980.

Many things have made an impact on house prices, and nobody can predict for certain what the economy and property market might look like in the future. It is interesting to see what we could expect in the UK if house prices follow in the footsteps of the past.

Whatever the precise house values are a decade on from now, average salaries are unlikely to catch up at the same rate, and houses will remain unaffordable for a huge section of the population unless drastic changes are made to help first-time buyers and increase housing stock.

If you are looking to buy property either for your first time or as an investment and would like to get more information, you can book schedule a free consultation with us.

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