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House prices

House prices

How to conduct your own free house valuation

04/05/2017

Those days are gone when you had to reach out to property agents in the quest to know what a home is worth, or the average price you could sell your house. Nowadays almost everything is online. To understand the value of property all you need to do is simply feel the necessary details on certain websites designed for that. However, you will need to incorporate some wisdom together with these online tools to be able to arrive at a narrower estimate of the property worth. How does that go? Check below detailed points for more insight.

Analyse the price trends of an area

House prices range with geographical location or area. Some places are much expensive than others, and that is because of many factors such as prestige, closeness to certain amenities and so on. What happens is that the Land Registry is entitled to collect data on real house sales officially. They keep detailed records of virtually all residential sold in Wales and England, and that helps to observe trends. You can take a glimpse at check House Price Index. This tool will help you with viewing the prices by region, and country where the property is situated. You can also narrow your search to the property type as well as the date it was available. However sometimes the info can be outdated, and when you may need expert advice.

At Registers of Scotland, you will get to know the average house sales district-wise as well as the sale volumes. Halifax’s housing research is another tool in the list to help you estimate what a property will cost. It features house price index, gives average prices by postal code and provides a regional house price map. This website tends to be much quicker with updates, even faster than the Land Registry.

Check for the prices of homes streetwise

To be clearer, the reliable tools that help in property evaluation get their data from the Land Registry and the Registers of Scotland. These sources are quite reliable. In fact, agents and mortgage lenders also greatly depend on such sources. However, sometimes you need a face to face interaction with an agent or specialist for some details that the online tools do not provide. When using Nethouseprices, you enter a postcode or street. This one helps with information about the properties already sold in the particular street in question. To narrow the search further, you will need to use Zoopla; it gives you the age, style and the map of it.

A detailed estimated price range

Should we say these valuation tools are becoming intelligent with each daybreak? Sure, that comes even without having to mention. Mouseprice.com is a bit smart, but sometimes it can overprice a property, so there is a long way to go. It requires you to key in the postcode and other details such as the number of bedrooms in question.

Online free house valuation tools are a great point to begin your research. However, you may still need to get in touch with an expert to be on the assured side. 


Reasons Behind the recent House Prices Fall

28/04/2017

The last time the United Kingdom registered house prices fall in a two month row was five years ago. This repeat has necessitated an analysis of the causes of this occurrence. Reasons that have come up to be the triggers include:

Brexit

The British exit out of the European Union has been blamed in several occasions for the fall in prices of houses but is it the main reason? While it may seem to be a part of the issue, it cannot be termed as the main reason. This is because even after Brexit some house prices in the outskirts of London were faring on well. The role of Brexit however in the house prices can be looked at regarding the effect on the interest rate which will impact on the mortgage. Since mortgage rates have remained low, the sale of properties has also reduced.

Upcoming General Elections

The forthcoming general elections in May have brought about an uncertain situation for buyers who are not willing to risk their hard earned money. The election could either degrade the situation further, or it could elevate it through the increase of interests to benefit buyers and sellers alike. For buyers, treading through this unpredictable occurrence is not something they are willing to do, and therefore, they are not taking part in purchasing properties at the moment.

Taxation changes on landlords

The housing markets are currently feeling the impact of taxation change, and this is evident through the fall in prices. Reduction in tax allowances and the additional stamp duty for properties are one of the main reasons that have resulted in the house prices drop in the country.

Lack of new properties

Buyers always look for new properties to invest in. If they lack variety and what comes on the bargaining table are the same old properties to purchase, they withhold their money. As they await new housing deals, which are also not forthcoming either. Moreover, with that, the buyers end up shifting their attention to other properties. For sellers, they are left with no market for their properties and are therefore forced to reduce the prices.

Affordability pressure on the consumers

Consumers are the primary concern in this situation, and their inability to afford reflects in less interest in purchasing houses. Key parts of the United Kingdom have been affected by the financial crisis that has forced these consumers to regulate on their spending to make ends meet.

Inflation

What else can be a setback to development if not inflation? The rising inflation in the country is at 2.3% and is not expected to reduce any time soon instead analysts are expecting it to rise further to 3%. This situation has impacted on the consumers who are destructed by other expenses and thus cannot focus on home buying.

Although the country has experienced this fall in property prices, a full blown crash has not been experienced. Realisation by buyers and sellers as well as increasing the supply of housing will return the situation to normalcy.