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House prices set to rise?

Tuesday, September 27th, 2011

Although financial news from around the world seems to suggest that the next few years are going to be even more austere than the Government first warned, there appears to be a more upbeat attitude from the people in the UK looking to take out homeowners insurance on a property.

According to a survey carried out by the Building Societies Association (BSA) prospective homebuyers believe now is the perfect time to be investing in a property. Although 7 out of 10 said they thought it was harder than ever to get a mortgage, the rewards would be tangible if they did. And contrary to many reports we read, the young people of the UK have not given up on the idea of owning their own home. Eight out of ten said they still had ambitions to purchase a property, and four out of ten said they believed house prices would rise in the next year.

£100 a week!

They may be right because another report from online estate agents findaproperty.com suggests that property prices have been going up £100 a week throughout the year. Although it is hard to decipher whether the company are referring to asking prices or achieved sales. There is a massive difference. However, the difficulty prospective homebuyers have encountered in getting a mortgage has without doubt filtered all the way through the sector to builders, and the resultant shortage of housing will at some point affect the price people will pay.

Mortgage payments not the only worry

Of course it is not only getting a mortgage that is difficult. Although low interest rates mean that many people can pay their mortgage without too much trouble, soaring fuel prices, the cost of a home insurance quote and the uncertainty on the employment front will hold many people back from committing to a new home purchase. The housing sector has seen more than its fair share of false dawns over the last couple of years but perhaps the coming together of certain circumstances will bring a new day and a new life to the housing market.

Long way to go

Certainly some building societies are offering better loan to value deals to first time buyers but until this becomes commonplace with all of the big lenders, it is hard to see house prices getting anywhere near the 14% increase suggested by the Centre for Economics and Business Research by 2015.

Tags: Building Societies Association, Home Insurance Quote, Homeowners insurance, House prices
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Berkeley’s square deal for shareholders

Tuesday, September 6th, 2011

The latest figures provided by South East building group Berkeley show they are having no problems whatsoever persuading customers to commit themselves to mortgages and household insurance on a home built by the well known group.

Sector taken aback by strong performance

In a move that has rocked the housing market they have announced that they will double their profits in three years as opposed to the five year plan they originally aimed for. The group’s success provides strong evidence that the South East corner of the country is experiencing different conditions from the rest of the country which seems to be lagging far behind. Berkeley only operates in this lucrative area of the UK and it definitely shows.

Location attracting overseas investment

The company’s report shows that almost three quarters of their building programme is centred right in the middle of the capital, with the average price of the houses they sell coming in at around £300,000. This is almost double the national average of a home in the UK and shows the wisdom of Berkeley’s modus operandi. Another interesting insight into the sort of customer who buys a Berkeley home is provided by the information that only 30% of their house buyers require a mortgage. This points to the fact that overseas buyers are still ploughing money into the London property market despite the recent riots, and are obviously content to get a good home insurance quote to cover their investment.

AGM brings good news for shareholders

At the recent Annual General Meeting (AGM) meeting, investors were told that the company had purchased a further seven sites in the South East, including some in Kent and saw no reason why their success story would not go on. To the delight of shareholders the company decided that profits would be largely channelled into big dividend payouts rather than investment in the business, with the profits in the first third of the current financial year yielding even better results.

Sector split on Berkeley’s future

It is no secret that others in the business have looked at Berkeley with envious eyes over the last couple of years and some housing sector experts are predicting the recent drops in share markets across the globe could bring about the end of their run of success. However, there are plenty of companies out there who also look at Berkeley as the leaders of the sector and would only be too happy to follow in their footsteps.

Tags: Berkeley square, Home Insurance Quote, household insurance, London, Mayfair
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Low interest rates good news for some

Thursday, August 11th, 2011

City experts were split over the effects of the latest inflation figures released by the Bank of England (BoE) but at least in the short term homeowners can expect to see little change in their mortgage interest rates. How and where savers can find a safe haven for their money, however, becomes more complicated by the day.

Inflation and growth overestimated

The report suggested that the BoE’s prediction for growth in the economy and the inflation rate may both have been too high and they now forecast both to be less than they first thought. Following on from the announcement of the USA’s federal bank’s assumption that low interest rates will be around for at least the next two years the BoE seem to be suggesting the same thing in the UK.

Borrowers will benefit

This is good news for homeowners who have held mortgages for some years and have benefited from the low interest rates that currently are attached to their mortgage. It is also good news for those looking for a home insurance quote on a new home if they have the wherewithal to find the huge deposits that lenders are now looking for. It is not such good news for savers who seem to be running out of options for safe places to put their money.

Riots will make investors think again

The riots in London and other Provincial cities will have caused many homeowners to make household insurance claims; the same will apply to landlords and property investors. The letting and housing sector in London has been booming for the last 12 months and much of the investment in the housing market has come from savers who have been looking for a good return on their cash.

Banks have only offered miserly interest rates for over two years now and the uncertainty of the currency exchanges has ruled them out for all but the boldest of investors. Gold has been a safe haven in times of trouble down the ages but the current price of gold means that opportunity has now passed. That left property and the stock markets as the best two choices for the average investor. The astounding fall in share prices across the globe last week may have decided many global investors to turn their wallets towards the London property markets, the disturbances of the last four days will have ensured that idea is put on the back burner for many, and investors and savers across the world must be wondering just where is a safe place for their money.

Tags: Home Insurance Quote, Homeowners, Mortgage, property market
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