to this issue of the Kilwinning Property News from RE/MAX
Property Solutions. We look forward to bringing you regular
updates on how the property market in your local area is
doing. If you have any suggestions or items you would like
us to include in your newsletter please feel free to contact
WHAT'S HAPPENING IN THE MARKET
idea that Scotland is proving somehow immune from the crisis
elsewhere is a myth. Because people think carefully before
deciding to move, house prices adjust slowly. A more accurate
barometer of market conditions is transaction volume because,
in a downturn, those who do not have to buy will stay put
to see if prices will fall further.
The bad news for Scotland is that, in the last year, the
number of homes sold here declined by more than 16%. This
may be only around half of the UK fall, because houses in
Scotland are still comparatively affordable, but nobody
should feel complacent.
Privately, lenders and chartered surveyors now admit that
some house prices in Scotland are already falling, though
the market is patchy. Ayrshire is among the worst-hit areas,
while Edinburgh and oil-fuelled Aberdeen are proving the
most resilient. Glasgow is "flat", a description
that hides healthy turnover and buoyant prices in the leafier
parts of the city, while a rash of fixed-price offers at
the lower end of the market tells its own story. (The Herald
Despite the perception that nothing is moving in our market,
there are currently 23 properties “under offer”
in KA13 from 224 on rightmove.co.uk; just over 10% of available
of slow selling market?
One consequence of the banks’ reluctance to lend
and the resulting slowdown in sales is many more families
are forced to the rental option. However, that same reluctance
to lend has hampered the buy to let investors, which, coupled
with a low level of social housing availability has resulted
in a shortage of quality rental properties available. Subsequently,
rental prices have risen over the last year or so. The average
rental is now £516 pcm and the average time on the
market – a mere 24 days.
(stats from home.co.uk 6th October)
MORTGAGE INFO - Property and the cost
of buying your next home is never very far from many conversations
these days. It has been predicted that base rates will stay
at this rate until June of next year. However in reality
it’s anyone’s guess. The important thing is
not to allow this unpredictability of interest rates stop
us from moving home or buying our first home. There has
never been a more important time to make sure that you get
the best advice to suit your specific borrowing needs when
looking to finance your next move. it doesn’t mean
there isn’t money to available to “ be got"...
Here are a few tips:
Seek the advice from a Mortgage Broker who is “whole
of market” which means they can search with the majority
of lenders to find the right mortgage for you. Banks/Building
Society’s are “tied” to their own products
therefore cannot prove you with impartial advice.
Choose a Mortgage Broker you trust & like as you want
to form lasting business relationship so that shouldn’t
need to go anywhere else in the future.
A good Mortgage Broker will help you to understand your
needs and find the best solution that suits you they will
be honest, trustworthy, fully qualified & independent.
Buying your next home doesn’t need to be a “maze
of dead ends” just seek the advice of a professionals
and you will come out the other end unscathed!
Fisk Mortgage Services www.fiskmortgageservices.co.uk
Tel: 01560 484100 or 07962711956
WHY ARE THERE SO MANY
HOUSES ON THE MARKET?
it's true that the Banks are far more reluctant to lend
mortgages than 3 years ago and are demanding at least a
10% deposit for first time buyers, there are a few other
factors which effect the market.
* Estate Agents – Reluctance of
agents to tell sellers the full effect that the downturn
in the market has had on the value of their home.
Despite reports of sold house prices reductions being
at least 13% lower on Average in Scotland* since the height
of the market in late 2007/early 2008 the asking prices
in KA13 have not reduced accordingly (see opposite). Result;
fewer sales than expected.
* Unmotivated Sellers – Some vendors
may not be willing or able to accept 2010 prices for their
property. Neighbours see their asking price is high and
so expectation is raised for their own sale.
If your neighbour’s house has been on the market
more than a year and has not had regular price reviews with
their agent or are unwilling to reduce, then their property
will not sell. Such properties would probably best be removed
from the market.
* Large Deposits – With the banks
demanding at least 10% deposit upon a purchase and 25% for
investors (Buy To Let), a shortage of housing has resulted.
There are too few rental properties in the market.
If your property is realistically priced, although sales
times are longer in 2010, there is more chance you will
attract the viewers/buyers and ultimately get your sold
*source GSPC website Sept 2010